Laurion Mineral Exploration Inc.
TSX VENTURE : LME
OTCQX : LMEFF

Laurion Mineral Exploration Inc.

February 17, 2011 09:00 ET

Clarification: Laurion Identifies Additional Mineralized East Ridge Zone on Bell Mountain Project, Nevada

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2011) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion") is pleased to provide shareholders with an update on the Bell Mountain project located in Churchill County, Nevada. Project geologists have examined an additional mineralized zone in the field called the East Ridge which is located approximately 1.5 kilometers to the east of the current Bell Mountain Varga and Spurr zones on which 56 reverse circulation ("RC") drill holes were completed. The East Ridge zone is on strike with the Varga and Spurr zones and is located within the Laurion claim block area. 

Research has revealed that NDT Ventures Ltd. drilled in the East Ridge area in 2003. A press release dated May 28, 2003 stated that thirteen RC drill holes, totaling 481 meters were completed in late March 2003 in the East Ridge zone. Drill holes were spaced over a strike length of approximately 300 meters and positioned into the vein system angled between 45 and 80 degrees. The objective of the program was to establish continuity of the East Ridge vein system at relatively shallow levels below mineralized vein outcrops.

In the work executed by NDT Ventures, all sampling was completed on 3 foot intervals, with assaying conducted by ALS Chemex in Reno, Nevada. Highlights of these results include intersections of 15 feet grading 2.78 g/t gold and 64 g/t silver; 12 feet grading 3.13 g/t gold and 114 g/t silver; and, 9 feet grading 2.75 g/t gold and 72 g/t silver. The drilling and sampling was reported to be carried out under the direction of Thomas Burkhart, Vice President of Exploration for NDT Ventures, who is a Qualified Person as defined by NI 43-101.

This drilling identified the consistent presence of a Main Vein and the occurrence of hanging-wall and footwall veins and stockworks on strike and down dip. Two drill holes, CC-l and CC-6, lost recovery through the main target zones but all other holes did intercept the predicted vein zones with gold and silver results noted as follows:

Drill Hole ID From
(feet)
To
(feet)
Width
(feet)
Gold
(g/t)
Silver
(g/t)
CC-2 45 54 9 2.75 72
CC-3 54 63 9 1.83 75
CC-4
and
21
96
24
102
3
6
1.64
2.62
*
50
CC-5
and
39
129
42
132
3
6
2.30
1.66
35
66
CC-7
and
21
45
27
60
6
15
2.72
2.78
45
64
CC-8
and
54
99
60
102
6
3
1.60
4.42
40
112
CC-9
and
and
and
63
72
81
93
69
75
84
96
6
3
3
2
3.12
1.64
3.70
1.13
92
68
59
*
CC-10
and
and
and
42
78
99
117
45
84
111
120
3
6
12
3
1.01
2.31
1.80
1.72
*
54
38
36
CC-11
and
42
84
51
87
9
3
1.43
1.49
61
42
CC-12
and
72
87
78
99
6
12
1.79
3.13
*
114
CC-13
and
21
66
27
72
6
6
1.32
1.49
*
60
* less than 30 g/t Silver

Acquisition of the details of this drilling program data from NDT Ventures is in progress. The East Ridge mineralization may add significantly to the resource potential of the Bell Mountain Project. Further work will be completed in the East Ridge area in the spring.

Laurion has engaged Telesto Nevada, Inc. ("Telesto") to develop a National Instrument 43-101 compliant technical report for the Bell Mountains property contemplating a conventional low cost open pit mining method with heap leach processing configuration. The 43-101 compliant technical report will confirm the resource estimate completed in 1991 by N. A. Degerstrom (the "Degerstrom Report") and the 14,240 feet of drilling recently completed in 2010 by Laurion. The Degerstrom report, which was based on 34,682 feet of drilling, concluded that the deposit contained 2.1 million tonnes grading 1.33 g/t gold and 37.6 g/t silver. Falling metals prices made the development of the Property uneconomic at that time and the project was shelved. Although the Degerstrom Report was completed by credible professionals, it was written prior to the enactment of NI 43-101 statute, thus a "Qualified Person" has not completed sufficient work to classify the historical estimate as current mineral resources. Laurion is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Qualified Person

This news release and the technical information contained in it have been reviewed and verified by Mr. Dana C. Durgin (MSc, P.Geo), Laurion's Exploration Manager, who is the Qualified Person responsible for the scientific and technical work (as defined under National Instrument 43-101) discussed in this press release.

About Laurion Minerals 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 Churchill County, Nevada USA.

The Corporation has an option to acquire a 100% interest in the Bell Mountain Gold Project with Globex Mining Enterprises Inc. (TSX: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 Gold Projects and 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. Such statements include, but are not limited to, statements concerning the approval of Laurion's application to trade its common shares over the facilities of the OTCQX and the commencement of such trading. 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 www.sedar.com. 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
    President
    1-705-788-9186
    1-705-788-9187 (FAX)
    www.laurion.ca