Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

November 23, 2010 12:10 ET

Laurion Announces Assay Results, Extending Mineralization to Greater Depths

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2010) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion") is pleased to announce assay results for holes BMG-10 to BMG-20 from the recently completed 56 hole drill program at its 100% owned Bell Mountain project located in Churchill County, Nevada. Assay results of these eleven holes indicate gold and silver grades which are consistent with earlier drilling and which have through this phase of drilling been extended to greater depths. The width and distribution of the mineralized intervals coincides generally with those predicted from the interpretation of cross sections and of drill hole logs. Results from the remaining holes, BMG-21 to BMG-56, will be released upon availability.

"The assay results from the recent drill program drilling continues to reflect similar grades and widths to those from historic drilling in the area, suitable for heap leaching," commented Cynthia Le Sueur - Aquin, President and Chief Executive Officer of Laurion Mineral Exploration Inc. "The drill program appears to have been successful in expanding the known resource in the Varga area, both to the east and down dip."

Highlights of assay results for holes BMG-10 to BMG-20 are tabulated below:
Hole   From (ft.) To (ft.) Width (ft.) Au (g/t) Ag (g/t)
BMG-10   0 270 270 0.37 7.1
  Including 115 150 35 0.56 8.4
    160 205 45 0.53 6.3
    230 265 35 0.46 17.1
BMG-11   55 80 25 0.48 4.5
    100 155 55 0.34 9.3
BMG-12   5 40 35 0.76 14.5
BMG-13   55 115 60 0.37 11.6
BMG-14   0 50 50 0.26 7.9
    60 130 70 0.42 15.0
BMG-15   0 35 35 0.35 9.1
    70 115 45 0.34 11.5
    240 300 60 0.33 12.0
BMG-16   174 215 40 0.30 12.6
BMG-17   25 70 45 0.36 7.0
    195 215 20 0.44 12.4
BMG-18   45 55 10 1.40 14.4
    175 190 15 0.53 15.0
    230 250 20 0.31 15.4
BMG-19   105 130 25 0.61 9.8
BMG-20   5 15 10 0.36 4.4
    120 155 35 0.44 8.6

Holes BMG-10, 11 and 12 were drilled in the northeastern portion of the Varga mineralized zone and south and east of holes BMG 5, 6, 7, 8, and 9. These holes indicate that the mineralized trend continues to the east and south of the previous holes, however are narrowing to the east.

Holes BMG-13 and 14 extend the mineralization reported from holes BMG-1, 2, 3 and 4 toward the southwest along strike with strong widths of gold and silver values.

Holes BMG-15, 16, 17 and 18 were drilled along the southeast margin of the Varga zone and down dip from prior holes, with hole BMG-18 located the furthest to the east. The assay results from these holes demonstrate that mineralization persists to greater depths than previously drilled, and that grades appear to increase although over less wide intervals.

Holes BMG-19 and 20 were located near the western end of the main Varga zone where the mineralized band narrows and is cut by two fault zones. The assay values in this area are higher with relatively narrower intervals.

Qualified Person

The technical information contained in this news release has been verified by Mr. Dana C. Durgin (MSc, P.Geo), Laurion's Exploration Manager, and Mr. Douglas R. Wood (MSc, P.Geo), are the Qualified Persons responsible for the scientific and technical work (as defined under National Instrument 43-101) discussed in this press release, and have reviewed 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 expected timing of assay results. 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)