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

Laurion Mineral Exploration Inc.

May 03, 2011 14:11 ET

Laurion Announces Filing of the 2010 Financial Statements and MD&A

TORONTO, ONTARIO--(Marketwire - May 3, 2011) -Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion") has filed the 2010 Consolidated Financial Statements and Management Discussion and Analysis. The full reports are available for download on the company website, www.laurion.ca, and on SEDAR.

2010 Financial Highlights:
  • Basic and diluted earnings per share of $0.041 (up from a basic and diluted loss per share of $0.01 in 2009).
  • Total Assets of $7,079,252 at December 31st, 2010 (up from Total Assets of $3,409,951 as at December 31st, 2009).
  • Cash and Cash Equivalents2 of $2,790,194 as at December 31st, 2010 (up from Cash and Cash Equivalents of $162,423 as at December 31st, 2009).
  • Sold 31.5% interest in the North Tisdale and Davidson-Tisdale Claims to San Gold Corporation resulting in a gain on sale of property of $4,354,414.
2010 Operational Highlights:
  • Acquisition of a 100% interest in Bell Mountain property, located in Churchill County, Nevada, from Globex Mining Enterprises.
  • Staking of 119 additional contiguous claims to Bell Mountain property to encompass the 1.8 km strike length of the mineralized Spurr-Varga.
  • Drilling of 56 holes for a total of 14,240 feet at Bell Mountain property to generate a NI43-101 Compliant Resource on April 6, 2011, resulting in a 198% increase of Measured and Indicated.
  • Drilling of 6 holes below the historical workings of Sturgeon River Mine, confirming continuity of the high grade quartz vein system at depth, and the discovery of 7 new gold shear zones.
  • Discovery of three new gold and base metal targets on Sturgeon River property – Tala, Asha, and Ahki Zones.
  • Drilling of 5 holes on Sturgeon River Marge Zone, intersecting high grade gold intercepts including 20.20 g/t over 0.36 metres and the discovery of two shear gold zones.
  • Drilling of 2 holes on Sturgeon River Tehya Zone, intersecting mineralized zones, including 0.94% copper, 3.91% zinc, 27.80 g/t silver, 0.45 g/t gold over 4.08 metres.
  • Acquisition of 13 contiguous mining claims (2,900 Hectares) to the North of the Sturgeon River property for consideration of $68,000 in shares.

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, Canada and Nevada, USA.

(1)Includes a $0.06 per share one-time gain on property sale
(2)Short-term investment of shares in San Gold Corporation having a market value of $2,497,130 at December 31st, 2011

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
    1-888-212-4070 or 1-705-788-9186
    1-705-788-9187 (FAX)

    Laurion Mineral Exploration Inc.
    Karen Doxsee
    Vice President, Corporate Communications
    1-888-212-4070 or 1-705-788-9186
    1-705-788-9187 (FAX)
    www.laurion.ca