Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

August 23, 2010 14:02 ET

Laurion Announces Aggressive Drill Program on Bell Mountain Gold Project, Nevada

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2010) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME) ("Laurion") announced the commencement of an aggressive drill program on the Bell Mountain gold project located in Churchill County, Nevada.

"This drill program is designed to expand and confirm the resource on two zones that have the best potential to significantly increase gold-silver resources to generate a NI 43-101 compliant resource estimate prior to year end. The majority of the drilling will be completed on the bulk of the known resource in the Varga zone with additional drilling planned on the Spurr zone located west of the Varga." announced Laurion's President and CEO, Cynthia Le Sueur-Aquin.

The reverse circulation ("RC") drill program of 11,600 ft., involves drilling 52 holes ranging from 100 ft. to 350 ft. in depth. A comprehensive historical resource (non NI 43-101 compliant) of 2.1 Mt @ 1.3 g/t gold and 37.6 g/t silver was defined by N.A. Degerstrom ("Degerstrom") in 1992 on the Varga and Spurr zones. Degerstrom completed a detailed feasibility study and permitted for production, the design and construction of three open pits and heap leaching and processing facilities. Falling metals prices caused Degerstrom to shelve the project. 

Note: The historical estimate above should not be relied upon. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or reserves and the Company is not treating the historical estimates as current mineral resources or reserves.

A careful review of existing drilling data on the Varga reveals that the zone is open to depth and along strike to the east and west. The drill holes are sited to test the apparent extensions of known mineralization both along strike and to greater depths. It is likely that the previously designed Degerstrom Varga pit can be extended from 60 to 100 ft. deeper in the center and to similar depths to the east and west, below existing drilling, over the 800 ft. strike length of the pit. Additionally it is expected that the drilling program will extend the mineable mineralization to at least 160 ft. to the east of the pit. The western portion of the Varga vein system, above the Varga adit, was not included in the original Degerstrom pit plan. Assay results from sampling of the vein in the adit and on surface and from six scattered Degerstrom drill holes suggest that systematic drilling will demonstrate that this 650 ft of strike length may be added to the resource.

The Spurr zone located 650 ft. west of the Varga adit has a known mineralized strike length of 850 ft. This Spurr zone was drilled on a sufficiently close spacing for resource estimation and was included in Degerstrom's mining plan. The body of mineralization remains open with depth. Twelve holes have been planned with the objective of testing the extension of mineralization for another 100 ft. down dip. Two additional holes are planned to test an apparent mineralized, but not previously drilled vein segment located between the Spurr and Varga zones. A total of 3,150 ft of drilling is required to complete the Spurr drilling program.

Dana Durgin (MSc, P.Geo), Laurion's Exploration Manager, is the Qualified Person responsible for the scientific and technical work (as defined under National Instrument 43-101) discussed in this press release, and has reviewed this press release.

About Laurion Mineral Exploration Inc.

The Corporation's focus is to make the transition from explorer to near-term producer and envisages the realization of shareholder value and wealth through monetization of its discoveries and assets. Laurion's exploration horizons are focused primarily on gold with a secondary interest in base metals and PGEs with key interests in prospective mining properties located in Ontario and Nevada USA. 

The Corporation has an option to acquire a 100% interest in the Bell Mountain Gold Project with Globex Mining Enterprises Inc. (TSX VENTURE:GMX)(FRANKFURT:G1M), ("Globex") of Rouyn-Noranda, Quebec. 

Laurion is well-funded to complete the next phases of drilling and exploration work on the Bell Mountain and Sturgeon River Project, to successfully advance these projects moving the Corporation closer to being a near-term producer.

This news release includes certain forward-looking statements concerning the future performance of Laurion's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements and Laurion cautions against placing undue reliance thereon. Laurion and its management assume no obligation to revise or update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Laurion Mineral Exploration Inc.
    Cynthia Le Sueur-Aquin
    1-705-788-9187 (FAX)