Hornby Bay Exploration Limited

Hornby Bay Exploration Limited
Laurion Gold Inc.

February 15, 2005 10:17 ET

Laurion Gold to acquire 50% interest in Hornby Bay Exploration's East Clavos Gold Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HORNBY BAY EXPLORATION LIMITED

TSX VENTURE SYMBOL: HBE

AND LAURION GOLD INC.

TSX VENTURE SYMBOL: LAG

FEBRUARY 15, 2005 - 10:17 ET

Laurion Gold to acquire 50% interest in Hornby Bay
Exploration's East Clavos Gold Property

TORONTO, ONTARIO--(CCNMatthews - Feb. 15, 2005) - Laurion Gold Inc. (TSX
VENTURE:LAG) ("Laurion") and Hornby Bay Exploration Limited (TSX
VENTURE:HBE) ("Hornby Bay") are pleased to announce that they have
agreed to enter into an option agreement pursuant to which Hornby Bay
will grant to Laurion the option to acquire a 50% interest in Hornby
Bay's East Clavos gold project (the "Property") in consideration for
Laurion making certain payments, deliveries and expenditures. Laurion
will be able to earn the interest by incurring work expenditures of $1.0
million on the Property over a four year period and by issuing 480,000
Laurion common shares and by making cash payments totaling $100,000 to
Hornby Bay over a three year period. It is expected that the agreement,
which is subject to the approval of the TSX Venture Exchange, will be
finalized prior to the end of February.

The Property is located in the Stock Township and the prolific Porcupine
Mining District approximately 45 kilometers east northeast of Timmins,
Ontario. It comprises 20 mining claim units and is approximately 324
hectares in area. The Property straddles the economically significant
Pipestone Fault (the "Pipestone Fault"), which is a major offshoot of
the Destor Porcupine Break ("DPDZ"). The DPDZ and its associated faults,
including the Pipestone Fault, is a key structural feature of the
gold-bearing rocks of the Abitibi Greenstone Belt of northeastern
Ontario. Between the Pipestone Fault and the contact are a number of
irregular and discontinuous felsic porphyry intrusive bodies. These
intrusions strike and dip parallel to the stratigraphy and are the
likely loci for gold mineralization on the Property.

Two holes were drilled under the supervision of Hornby Bay on the
Property in 1996 to test an I.P. anomaly. Both holes intersected a 20-25
foot wide, east west trending gold zone located at the contact of the
ultramafic volcanic rocks to the north and the sedimentary rocks to the
south. The gold zone appears to be situated on the south side of the
Pipestone Fault that separates the two main rock units. Gold
mineralization occurs in a series of quartz and quartz-carbonate veins,
which are interpreted from past drilling to be steeply dipping and east
west striking, roughly parallel to the Pipestone Fault.

The Property is also located to the north and east of the Clavos
property (the "Clavos Property") owned by St Andrew Goldfields Ltd.
("St. Andrew"), which is presently being brought into production. The
annual information form dated May 20, 2004 filed by St. Andrews stated
that Roscoe Postle & Associates, an independent consulting firm, defined
an indicated resource of 753,000 tonnes @ 7.3 g/t and an inferred
resource of 452,000 tonnes on the Property. Exploration to date has
indicated that the Clavos gold system is open to depth and along strike.

Laurion Gold Inc. is a gold exploration company with resource properties
located in the North East part of Tisdale Township, approximately 12 km
north east of Timmins, Ontario.

Hornby Bay Exploration is a uranium exploration company and its focus is
uranium exploration on its 100% owned 214 claims covering 210,600
hectares (520,400 acres) in western Nunavut, Canada.

LAURION GOLD INC.

Issued and Outstanding 33,701,350 Common Shares

HORNBY BAY EXPLORATION LIMITED.

Issued and Outstanding 67,620,656 Common Shares

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Laurion Gold Inc.
    Cynthia Le Sueur-Aquin
    President
    1-705-788-9186
    1-705-788-9187 (FAX)
    www.lauriongold.com
    or
    Hornby Bay Exploration Limited
    George Bell
    President & CEO
    416-368-0114
    416-368-0198 (FAX)
    www.hornbybay.com
    The TSX Venture Exchange has neither approved nor disapproved the
    information contained herein and does not accept responsibility for the
    adequacy or accuracy of this release.