Laurion Provides Exploration Update: Announcement of Commencement of Drill Programs on its Projects in Ontario and Nevada

TORONTO, Nov. 1, 2011 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) (OTCQX: LMEFF) ("Laurion" or the "Corporation") is pleased to provide an update on forthcoming drill programs and exploration activities at its Bell Mountain property in Nevada and Sturgeon River project in Beardmore, Ontario.

Bell Mountain

The Corporation has retained Major Drilling of Salt Lake City, Utah to complete 1,219.2m (4,000ft.) of reverse circulation drilling ("RC") on its Bell Mountain property located 95km south-east of Reno, Nevada. Approximately 823m (2,700ft.) will be completed on the Sphinx Zone. Historic sampling indicates that the Sphinx Zone is approximately 300m (1,000ft.) along strike and up to 24m (75ft.) in maximum width. It dips approximately 60 degrees to the south-west and thus drilling could contribute significantly to the resource totals. The remaining RC drill holes will be on the west-facing slope of Varga Zone.

Exploration Updates, Goals and Objectives on Bell Mountain (2011)

  • Resource at time of Bell Mountain acquisition (2010) 133,870 AuEq (including 2,535,286 ozs Ag).
  • Completed 56 holes of RC drilling on Spurr and Varga Zones.
  • Completed NI 43-101 Technical Report. Measured and indicated resource of 9,761,000 tonnes of material at an average grade of 0.526 g/t gold and 17.63 g/t silver, hosting 165,018 ounces gold and 5,533,907 ounces silver. The resource is based on 54,692ft. (16,671m) of reverse circulation ("RC") drilling completed on the Varga, Spurr and Sphinx Zones. Mineral Resources are estimated at a pit discard cut-off grade at 0.192 g/t AuEQ and the assumed parameters is identified as follows:
    • Gold Price - $1,149.89/oz (US) - 60% 3-year previous average/40% 2-year forward (Dec. 31, 2010)
    • Silver Price - $20.92/oz US - 60% 3-year previous average/40% 2-year forward (Dec. 31, 2010)
    • Recovery - Gold 80%, Silver 51%
    • Total Operating Costs - $11.43/ton (mining, processing and G&A)
    • Gold Equivalent Ratio - 55 to 1 (calculations assume metallurgical recoveries and net smelter returns to be 100%)
  • Initiated Baseline data collection (cultural, biological ground water hydrology, ore and waste characterization and air quality studies and reports). These baseline studies are used as input to model possible project impacts and enhance the efficiency of the project permitting process [Environmental Assessment Permit ("EA")]. The completion of the EA permitting phase is scheduled for Q4-2012.
  • Commenced Preliminary Economic Assessment ("PEA"). Completion of the PEA is anticipated in Q4-2012/Q1-2013.

Sturgeon River

The Corporation has retained Cobra Drilling of Thunder Bay to complete approximately eight holes of diamond drilling. The Corporation has completed line-cutting and geophysics on the recently acquired Walter-Elmhirst Property (October 11, 2011). Two diamond drill holes are planned on the Walter-Elmhirst Property.

The Corporation also completed line-cutting and geophysics on the Sturgeon Pifher North Claims and plan to complete three diamond drill holes over the targets. These drill holes will also follow up on Augmitto Explorations Ltd. 1972 drilling which resulted in the discovery of a zone of chalcopyrite-pyrrhotite mineralization in a north easterly zone of approximately 4.88m to 6.1m wide and 76.2m in strike length, reporting assays of 6.9m of 1.1 g/t Au, 8.25 g/t Ag and 1.02 % Cu (38.8m to 45.7m).

Exploration Goals, Objectives and Updates on Sturgeon River (2011)

  • Completed comprehensive surface sampling program, reporting assays of:
    • up to 32 g/t Au from the waste rock pile; and
    • up to 21.50 g/t Au from mill tailings.
  • Completed 3,856m of drilling testing down plunge extent of the Sturgeon River Mine below the 530m level. Drilling was successful in intersecting the No. 3, 10, 11, and M veins in the lower mine levels, reporting assays of:
    • up to 14.30 g/t Au (No 3 Vein); and,
    • Identifying eight new mineralized gold zones including a wide shear zone of 53.68m in length, reporting assays of up to 24.80 g/t Au in one of the new zones.
  • Completed acquisition of

        i. Elmhirst Claims (Jubilee Gold);
        ii. Walter- Elmhirst claims (Prodigy Gold) to encompass strike of parallel extensions which lay south and east of the Tehya, Ahki, Loki and A2 Vein trends that are potential prospective horizons for precious metal rich VMS mineralization; and,
        iii. Sturgeon Pifher North Claims (Renner/Bond), host to the numerous reported zones of chalcopyrite-pyrrhotite mineralization. Grab sample reported to assay 0.250 ozs/ton gold, 1.43 ozs/ton silver and 3.77% copper.
  • Completed 473m of drilling (seven holes) on Tehya, Ahki and Loki Zones. All seven holes intersected Au, Ag, Cu, Zn mineralization, thus identifying the potential for a precious metal rich VMS deposit. Reported assays as follows:
    • Ahki Zone - LME11-013 - 3.10 g/t Au, 27.5 g/t Ag, 0.38% Cu and 5.63% Zn over 3.10m, including 0.80 g/t Au, 10.40 Ag, 77.1 g/t Ag, 0.83% Cu and 14.30% Zn over 0.80m; and,
    • Tehya Zone - LME11-017 - 0.10 g/t Au, 10.1 g/t Ag, 0.11% Cu and 2.85% Zn over 5.85m including 0.05 g/t Au, 14.9 g/t Ag,0.21% Cu and 9.79% Zn over 1.30m (Tehya extension).
  • Completed 1,678m of drilling (eight holes) on Asha and Tehya Zones. Drill holes on Asha Zone approximately 1.1 kilometres southwest and along strike trend from recognized Tehya Zone drill intercepts and surface showings. This could well increase the strike length of the Tehya mineralization to 1.9km with the seven drill holes completed to date through the Tehya horizon. Highlights of reported assays as follows:
    • LME11-024 - 9.91 g/t Au and 2.8 g/t Ag over 1.0m (28.30 to 29.30m), including 17.50 g/t over 0.5m (28.30 to 28.80m);
    • LME11-024 - 7.59 g/t Au, 2.0 g/t Ag and 1.01% Zn over 1.26m (56.74 to 58m), including 12.90 g/t Au, 3.4 g/t Ag and 1.73 % Zn over 0.73m (57.27 to 58m);
    • LME11-025 - 0.11g/t Au, 3.0 g/t Ag, 0.07% Cu and 0.68% Zn over 4.58m (7.57 to 12.15m), including 3.2 g/t Ag and 2.23% Zn over 0.50m (11.00 to 11.50m);
    • LME11-025a* - 0.06 g/t Au, 2.7 g/t Ag 0.06 % Cu and 1.11% Zn over 4.58m (7.56 to 12.12m), including 3.0 g/t Ag and 2.36% Zn over 0.68m (7.56 to 8.24m); and including 5.0 g/t Ag and 3.31% Zn over 0.55m (11.00-11.55m);
    • LME11-025a - 4.11 g/t Au, 2.3 g/t Ag over 0.50m (30.40 - 30.90m).

Below is a cross-section of the Tehya Zone. The Tehya Zone was intersected in drill hole LME11-017 located 800m to the north-east. A possible further strike extension to the Tehya Zone is indicated in holes LME11-018 and LME11-019 located than 1.1km southwest and along strike trend from the recognized Tehya Zone drill intercepts.

Planned Drill Programs

  • Drilling Tehya Zone to develop resource base. Confirm depth and presence of zone with downhole I.P.
  • Drilling Sturgeon River unmined stope areas of mine workings. Historical reports suggest a target deposit of a 300,000 - 400,000 ton resource at 0.12 ozs to 0.17 ozs/tonne gold (3.75 to 5.30 g/t) down to the 2000ft. (610m) level. Compilation of the historic workings coupled with recent drilling and discovery of new zones should result in enough information to generate a National Instrument 43-101 compliant ore resource report.
  • Drilling of Ahmik Zone - north of Sturgeon River shaft. Soil samples indicate assays over 3.0g/t Au.
  • Sampling of Tala zone (new discovery zone) located east-northeast trend with 1km strike with reported assays of 124 g/t Au and 79 g/t Ag.
  • Drilling Ahki Zone on strike to two holes which were drilled 25 metres apart to test a 1.5m surface exposure reporting the following assays:-
    • LME11-012 reported 0.09 g/t Au, 1.0 g/t Ag, 0.025 % Cu and 0.74% Zn over 6.50m, including 0.50 g/t Au 0.76 g/t Ag, 4.3% Cu and 7.90% Zn over 0.5m; and,
    • LME11-013 reported 3.22 g/t Au, 27.5 g/t Ag, 0.38% Cu and 5.635% Zn over 3.10m (19.25 to 22.35m) including 10.40 g/t Au, 0.83% Cu and 14.30% Zn (19.25 to 20.05m).

The technical information contained in this news release has been verified by Joe Campbell, P. Geo., consulting geologist with GeoVector Management Inc. Mr. Campbell is the project manager for Laurion's Sturgeon River project and he is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."

The technical information contained in this news release has also been verified by Mr. Dana C. Durgin (MSc, P. Geo). Mr. Dana C. Durgin is the project manager for Laurion's Bell Mountain project and he is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."

About Laurion Mineral 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.

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. 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.

Image with caption: "Cross-section of the Tehya Zone(CNW Group/Laurion Mineral Exploration Inc.)". Image available at: http://photos.newswire.ca/images/download/20111101_C9352_PHOTO_EN_5883.jpg

SOURCE Laurion Mineral Exploration Inc.

For further information:

Laurion Mineral Exploration Inc.
Cynthia Le Sueur‐Aquin - President
Tel: 1-888-212-4070
Tel: 1-705-788-9186
Fax: 1-705-788-9187
Website: www.laurion.ca

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Laurion Mineral Exploration Inc.

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