TORONTO, Sept. 13, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) (OTCQX: LMEFF) ("Laurion" or the "Corporation") today reported that it will focus on resource development at its
Sturgeon River property in Beardmore, Ontario, using funds from the
disposition transaction announced last week from the sale of its Bell
Mountain property. The transaction contemplated will realize net
proceeds of over 100% from Bell Mountain since Laurion first optioned
it from Globex Mining Enterprises Inc. two years ago. Inclusive of the
Bell Mountain disposition, Laurion has realized a total of $6.35
million in the last two years from monetization of its assets.
As previously announced on September 5, 2012, the Corporation has signed
a binding letter of agreement to monetize the Bell Mountain Nevada
property through a 100% purchase option to Lincoln Mining Corporation
("Lincoln") for an aggregate cash purchase price of $2,350,000.
Payments are to be staged according to Lincoln achieving certain
project milestones. This transaction remains subject to various
conditions, including receipt of necessary approvals from the TSX-V,
approval from Lincoln's shareholders, acceptable due diligence and
third party consents. A definitive agreement is expected within 30
The 100% owned Sturgeon River Project in the Beardmore-Geraldton Gold
Camp in Ontario, is located 120 km northeast of Thunder Bay. Laurion
has been exploring the polymetallic Volcanic Massive Sulphides ("VMS")
potential of the property. Previous work by Laurion and others (265
holes for a total of 35,168 metres) has shown that massive to
semi-massive sulphides occur on multiple horizons within a 3 km long
and 1 km wide corridor of sheared volcanics that trend through the
centre of the Sturgeon River property and strikes northeast. Laurion
has identified this corridor as having the potential to host a precious
metal rich VMS deposit.
Laurion has a diamond drilling campaign underway comprised of twinning,
infill and extensional drilling. This will enable Laurion to complete
a NI 43-101 resource estimate of the polymetallic volcanic massive
sulphide ("VMS") mineralization by the first quarter of 2013.
"Focusing on Sturgeon River makes optimal sense at this time. We sold
the David-Tisdale project and garnered $4 million for Laurion in
January 2010, under a similar successful strategy. The exploration on
Sturgeon River to date indicates that we are close to delivering a
resource estimate that will begin defining the potential of the
corridor. We are continually discovering additional mineral occurrences
as we expand our exploration on the property" commented Cynthia Le
Sueur-Aquin, President of Laurion.
About Laurion Mineral Exploration Inc.
The Corporation's focus is to realize 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, with key interests in prospective mining
properties located in Ontario, Canada.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this news release.
This news release includes certain forward-looking statements concerning
the future performance of Laurion's business, operations 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. 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 except as required by law.
SOURCE: Laurion Mineral Exploration Inc.
For further information:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President