Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

October 16, 2009 08:30 ET

Laurion Mineral Exploration Inc. Receives TSX Venture Exchange Approval for the Sale of the Tisdale Properties

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2009) - Laurion Mineral Exploration Inc. ("Laurion") (TSX VENTURE:LME) is pleased to report that it has received conditional approval from the TSX Venture Exchange for the proposed acquisition by San Gold Corporation ("San Gold") with respect to the purchase of Laurion's property interests in the Tisdale Township (collectively the "Tisdale Properties"), which is composed of Laurion's 31.5% interest in the Davidson-Tisdale property and Laurion's 100% interest in the North Tisdale property.

On October 8, 2009, Laurion and San Gold announced that they had entered in to an Letter of Intent confirming San Gold's intension to acquire Laurion's Tisdale Properties in exchange in consideration of CAD$1,000,000 and 1,000,000 common shares of San Gold (collectively the "Purchase Price"). The Corporation will retain a 2% NSR on the North Tisdale Claims. A formal agreement will be entered into between Laurion and San Gold upon completion of standard due diligence, expected to take approximately 60 days.

Laurion intends to use the proceeds of the sale of the Tisdale Properties for the acquisition of an advanced stage project. Laurion considers that it will be better positioned to generate greater shareholder value by directing its exploration expertise towards near-term production gold mining properties, versus grass roots properties.

About Laurion Mineral Exploration Inc.

Laurion is an exploration specialist company with key interests in highly prospective properties in Ontario. Laurion's primary exploration focus will be the identification of gold deposits; its exploration horizon will also encompass base metals and PGEs.

To receive Company press releases, please email and mention "Laurion News" on the subject line.

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. 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. Neither Laurion nor its management assumes any obligation to revise or update these forward-looking statements.

Laurion - Issued and Outstanding Common Shares - 66,043,683

"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)
    CHF Investor Relations
    Jeanny So
    Director of Operations
    (416) 868-1079 x 225