Laurion Mineral Exploration Inc.

Laurion Mineral Exploration Inc.

November 22, 2010 09:02 ET

Laurion Reports Significant Gold/Silver Intercepts From First 9 Holes Assayed From 56 Hole Drill Program at Bell Mountain

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2010) - Laurion Mineral Exploration Inc. (TSX VENTURE:LME)(OTCQX:LMEFF) ("Laurion") is pleased to announce the completion of a 56 hole drill program at its 100% owned Bell Mountain project located in Churchill County, Nevada. The drill program totaled 13,125 feet and all samples collected have now been shipped to ALS Chemex for assay.

Summary of Results from First Nine Holes

At this time the Company has received assay results for the first 9 holes which include significant gold/silver values including 45 feet (14 meters) of 1.0 gram per tonne gold and 30.16 g/t silver and 85 feet (26 meters) of 0.42 g/t gold and 10.67 g/t silver. Barring any unforeseen delays, assay values for the balance of the drill program are expected to be available in the next two to three weeks.

Results from the first four holes were released by press release dated October 26, 2010, however, due to Laurion's systematic quality control program, deficiencies were noted and the holes were re-assayed by a different laboratory, being ALS Chemex. The results summarized below for the first four holes restate the results stated in the press release dated October 26, 2010. For additional information about the restatement, please see below under the heading "Restatement of Results for First Four Holes".

Highlights from the first nine holes include the following (note: the bracketed numbers represent the results of first four holes as stated in the press release dated October 26, 2010):

  Hole     From (ft.)   To (ft.)   Width (ft.)   Au (g/t)   Au (g/t) October 26, 2010   Ag (g/t)   Ag (g/t) October 26, 2010  
  BMG-01     45   90   45   1.00   (1.06)   30.16   (28.61)  
including   50   75   25   1.48   (1.56)   39.38   (39.19)  
  BMG-02     50   100   50   0.75   (0.65)   14.83   (13.69)  
including   50   70   20   1.08   (0.87)   18.35   (16.55)  
  BMG-03     40   125   85   0.42   (0.40)   10.67   (9.02)  
Including   40   60   20   0.78   (0.81)   13.65   (14.93)  
  BMG-04     75   135   60   0.17       8.00      
  BMG-05 No Significant Intercepts  
  BMG-06     120   185   65   0.49       14.90      
  BMG-07     165   205   40   0.53       15.04      
  BMG-08 No Significant Intercepts  
  BMG-09 No Significant Intercepts  

Drill hole BMG-01 was targeted to test the depth extension of the Varga zone, approximately 40 feet below the known mineralization. Drill holes BMG-02 and BMG-03 were collared from the same location, approximately 80 feet West of BMG-01 with BMG-02 being drilled below BMG-03.BMG-04 was drilled 160 feet East of BMG-03 and contained anomalous gold and silver values. These results suggest that mineralization in the Varga zone is similar in grade to previous results and continues significantly below the known mineralized zone.

Drill holes BMG-04 though BMG-09 tested the northeastern extension of the Varga deposit. The drilling indicates that the vein structure is continuous, decreasing towards the northeastern edge of the deposit.

President's Comments on the Drill Results

Commenting on the recent drill results, Cynthia Le Sueur-Aquin, President of Laurion Mineral Exploration Inc. stated, "Drillholes BMG-04 to BMG-10 appear to have closed off the northeast side of the Varga Zone deposit. All further focus of drilling is concentrated on the south and central areas of the Varga and Spurr Zones, which remain open at this time. We anticipate having the assay results for the balance of this program back from the lab shortly. The assay results will be utilized to aid the understanding of the definition the boundaries of the mineralized zones and the strike and dip potential."

Restatement of Results from First Four Holes

Samples from drill holes BMG-01 to BMG-08 of the Bell Mountain project were initially sent to a third party laboratory in Reno, Nevada. Laurion's systematic quality control program included standard and blank samples in the sample series. A review of the assays from the first eight holes submitted proved that assay results did not match the standards and several of American Assay's internal check samples failed to match.

A subset of these samples in a range of values and several standard samples was then submitted to ALS Chemex as a check against the results received from the first laboratory. Assay results from ALS Chemex matched both the standards and their internal checks. Based on this data, the Bell Mountain QA/QC manager decided to use ALS Chemex in place of the first laboratory. The pulps from the first eight holes were submitted to ALS Chemex for re-assay.

Given ALS Chemex's assays, the results of the first four holes announced by press release dated October 26, 2010, have been restated as shown in this press release. All subsequent samples from the Bell Mountain drilling program have been sent to ALS Chemex. Holes BMG- 05 though BMG-09 were all assayed at ALS Chemex.

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 has 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)