Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

July 23, 2009 09:00 ET

Laurion to Commence 2009 Diamond Drill Program on Midlothian Property; Update on Davidson-Tisdale and North Tisdale Properties

TORONTO, ONTARIO--(Marketwire - July 23, 2009) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME) ("Laurion") today announced the plans for the 2009 diamond drill program on the Midlothian Project, located 33 km northwest of Gowganda, Ontario, reported developments on Davidson-Tisdale and North Tisdale properties.

Midlothian Property

A diamond drill program, comprising a minimum of 400 metres, is planned on the Midlothian property to drill test two conductor targets revealed through last month's geophysical re-interpretation of the VTEM data from the heliborne survey conducted in spring 2008.

Laurion diamond drilled three holes in June last year. Drill hole DD-LM-08-01 was drilled to target a 3km long by 1km wide electromagnetic and magnetic geophysical anomaly at Midlothian and yielded the most interesting results of the three holes. The hole intersected mainly serpentinized dunite and peridotite phases (ultramafic rocks that are typical hosts for nickel sulphide deposits elsewhere around the world). It returned 348.8 metres grading 0.26% nickel and 0.22% chrome, where the nickel content increased down-hole with the end of hole assay returning 0.30% Ni. (See Press Release August 13, 2008).

The two additional conductors that will be drilled, which have never been subjected to drilling before, have strike lengths of 200 m and 500 m. These conductors are of interest due to their geological setting as they could represent Type I komatiitic nickel sulphide ("KNS") deposits. The data shows mineralization occurring as massive to net-textured sulphides located at or near the basal portion of ultramafic flows. Examples of such Type I KNS deposits include the Alexo and Langmuir deposits located in the Timmins Nickel Camp.

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Davidson-Tisdale Property

Davidson-Tisdale is owned jointly by Laurion (31.5%) and VG Gold Corp. ("VG Gold") (68.5%). VG Gold announced in a press release yesterday July 22nd that Lexam Energy Corporation ("Lexam") which is 49.4% owned by its Chairman and CEO Rob McEwen, has agreed to make a strategic investment in VG Gold has completed a substantial investment in VG Gold that will makes Lexam owner of approximately 27% of VG Gold's outstanding shares and 42% on a partially diluted basis.

The Davidson-Tisdale property is located approximately 3 km northeast along strike from other major mines in the Timmins camp. From 2003 through 2006, extensive drilling returned significant results. These encouraging drill results are possibly indicative of what could be found at depth. Lexam's management is reported to be excited about the future exploration potential of the Davidson-Tisdale.

VG Gold, as operator, has indicated that new drilling could commence once VG Gold has fulfilled its option on its Paymaster West property. Laurion is expecting to come to terms with VG Gold for future exploration and potential mining on Davidson-Tisdale before any new drilling is confirmed, and awaits VG Gold's joint venture proposal.

North Tisdale Property

Laurion holds 100% interest in the 15 claims, located north of the Davidson-Tisdale Mine in the Tisdale Township, so called North Tisdale property.

Last month Laurion also completed groundtruthing of the induced polarization (IP) anomalies identified from the recent survey completed by Quantec Geoscience Ltd. A single line of soil sampling identified a gold-in-humus anomaly correlating with the chargeability anomaly having values up to 121 ppb Au. Further work is planned for towards the end of summer consisting of expanding the soil sampling program along strike of the anomaly.

Joerg Kleinboeck, B.Sc., P.Geo., is the Qualified Person for all technical information provided in this news release and will be supervising the upcoming drilling program on the Midlothian property.

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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. Neither Laurion nor its management assumes any obligation to revise or update these forward-looking statements.

Issued and Outstanding Common Shares - 66,043,683

"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."

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