Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

February 24, 2011 09:00 ET

Laurion Acquires 100% Interest in 179 Mining Claim Units Contiguous to the North of the Sturgeon River Project, Beardmore ON

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion" or the "Corporation") and James E. Bond II and Russell P. Renner (collectively, "Bond and Renner") are pleased to announce that they have entered into a letter of intent (the "LOI") for Laurion to acquire an undivided 100% interest in 13 mining claims totaling 179 units and primarily located in Pifher Township north of the Corporations 100% owned Sturgeon River Project (" known as the "Sturgeon Pifher North Claims") The purchase price payable by Laurion for the Property is [$68,000] payable by the issuance of 800,000 Laurion common shares at a deemed price of $[0.085] per share to be divided equally between Bond and Renner.

The LOI contemplates that a definitive purchase agreement incorporating the LOI terms will be subject to the parties obtaining all necessary corporate and regulatory approvals.

Highlights of the Sturgeon Pifher North Claims

In 1972, Augmitto Explorations Ltd. conducted a prospecting program followed by an Induced Polarization ("I.P.") survey which resulted in the reported discovery of a zone of chalcopyrite-pyrrhotite mineralization of approximately 16 to 20 ft. wide and 250 ft. in strike length in a north easterly direction, hosted in an altered, chloritized acid volcanic or rock of dacitic to rhyolitic composition. A second zone was stripped uncovering fine disseminated chalcopyrite and pyrite. This zone was located on the extension of one of the higher I.P survey anomalies over which mineralization was found to extend over a width of approximately 200 ft. A grab sample was reported to assay 0.250 ozs/ton gold, 1.43 ozs /ton silver and 3.77% copper.

A program of diamond drilling was commenced in November 1972 to test the surface showing and geophysical anomalies. Three holes were drilled in the phase totaling 1,302 ft. of drilling. Drill hole reported the following results show in the table below:

Drill Hole From (ft.) To (ft.) Width (ft.) Width (m) Ozs /ton Gold Ozs /ton Silver Copper %
AM-2 127.3 165 37.7 11.49 0.022 0.196 0.76
including 127.3 150 27.7 8.44 0.033 0.240 1.02

Carling Gold Resources Inc. carried out a several drill programs of diamond drilling following up on a VLF-EM survey carried out in 1960 and a VLF and I.P. survey in the 1970 and encouraging gold results from the "H" zone outlined in surface trenching and diamond drilling between 1983 and 1985 and extended the "H" zone from 100ft to a 600 ft. strike length. The "H" zone is reported to be the northern strike extension of the Laurion Sturgeon River gold-bearing Marge Vein. In 1984, 155 m of Marge vein was exposed by trenching and the accumulated channel samples resulted in an average of 25 g/t gold over 0.36 m of vein width. Trenching in 2008 by Laurion exposed and additional 47 m of the Marge vein and achieved an average grade of 17 g/t over 0.47 m in channel sampling. Drill results from LME10-01 reported a high grade gold intercept of 20.20 g/t over 0.36 m on Marge Vein confirming the historical high grade for this vein.

Carling Gold reported a grab sample of 21.5 g/t gold in 1984 and followed up in 1985 and 1987 with the following drill hole results:

Drill Hole From (ft.) To (ft.) Width (ft.) Width (m.) Ozs /ton Au
CP84-1 24.4 27.3 2.7 0.85 0.130
CP85-8 57.1 63.1 6.0 1.83 0.364
CG/87-1 783.9 784.8 0.9 0.27 0.108
  158 164.7 6.7 2.04 0.026
  1,107.8 1,114.5 6.7 2.04 0.053
CG/87-2 177.5 178 0.5 0.15 0.152
CG/87-5 168.4 169.2 0.8 0.24 0.285
  523.5 525.6 2.1 0.64 0.155
CG/87-11 1,312.4 1,312.8 0.4 0.12 0.595
CG/87-12 324 325 1.0 0.30 0.137
  325 326.7 1.7 0.52 0.045
  383 348.4 1.0 0.30 0.165

The technical information contained in this news release has been verified by Joe Campbell, P. Geo., consulting geologist with GeoVector Management Inc. Mr. Campbell is the project manager for Laurion's Sturgeon River project and he is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."

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.

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 Laurion's acquisition of the Property from Bond and Renner as described above, 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 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)