TORONTO, Sept. 9, 2011 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) (OTCQX: LMEFF) ("Laurion" or the "Corporation") issued a press release on August 30, 2011, announcing that it had
entered into a definitive option agreement (the "Option Agreement") with Jubilee Gold Inc. (TSX-V: JUB) ("Jubilee Gold"), whereby Laurion would: (i) acquire the sole, exclusive, irrevocable
and immediate right and authorization to enter upon and to conduct
mining operations, according to the terms and conditions set forth in
the Option Agreement, in and on all parts of certain mining leases
located in Elmhirst Township, Beardmore, Ontario (the "Leases"); and (ii) obtain the option to acquire up to a 100% interest in the
Laurion is pleased to announce that, subject to final approval by the
TSX Venture Exchange, it has otherwise received all necessary corporate
and regulatory approvals with respect to the above transaction with
Jubilee Gold, and confirms that the transaction has now closed. The
common shares of Laurion issued to Jubilee Gold in connection with this
transaction are subject to a four-month and one day hold period from
the date of issuance.
The objective of this transaction is to encompass the extensions along
strike of the Tehya, Ahki, Loki and A2 Vein trends, which are
prospective horizons for precious metal rich VMS mineralization on the
Sturgeon River Property. In April 2011, Laurion completed a 7 hole
drill program on polymetallic base metal targets on the Tehya, Ahki,
Loki and A2 Vein trends in the north east grid of the Sturgeon River
property. All 7 holes intersected Au, Ag, Cu, Zn mineralization.
Highlights of this drill program reported assays of 3.10 g/t Au, 27.5
g/t Ag, 0.38% Cu and 5.63% Zn over 3.10m and 0.10 g/t Au, 10.1 g/t Ag,
0.11% Cu and 2.85% Zn over 5.85m from precious metal rich VMS horizon
(see press release May 26, 2011).
About Jubilee Gold Inc.
Jubilee Gold came into existence on January 1, 2010 being an
amalgamation of five companies: Union Gold Inc., Sheldon-Larder Mines,
Limited, Golden Harker Explorations Limited, Wood-Croesus Gold Mines,
Limited and Milestone Exploration Limited.
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, with key interests in prospective
mining properties located in Ontario and Churchill County, Nevada USA.
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.
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 Laurion's acquisition of the
property from Jubilee Gold as described above. 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.
SOURCE Laurion Mineral Exploration Inc.
For further information:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur‐Aquin - President & CEO