Issued and Outstanding Common Shares - 66,043,683
TORONTO, Jan. 22 /CNW/ - Laurion Mineral Exploration Inc. ("Laurion") is pleased to announce the closing of the sale of all of its property interests (the "Assets") in the Tisdale Township, Ontario, to San Gold Corporation ("San Gold") further to the agreement reached with San Gold and press released on October 8, 2009. The Assets sold to San Gold consist of Laurion's 31.5% interest in the Davidson-Tisdale property (the remaining 68.5% being owned by VG Gold Corp. (VG: TSX)), its 100% interest in the North Tisdale property and the surface rights owned by Laurion related thereto.
In consideration for the sale of the Assets to San Gold, Laurion received cash compensation of $1,000,000 and 1,000,000 common shares in the capital of San Gold, which is being held in escrow, and also retained a 2% net smelter royalty on the North Tisdale property. The transaction remains subject to the satisfaction of certain conditions, including the final approval of the TSX Venture Exchange and the registration of applicable transfers. The consideration will be released from escrow upon the satisfaction of such conditions.
Laurion intends to use the proceeds of the sale to aggressively pursue suitable mineral property acquisitions.
About Laurion Mineral Exploration Inc.
The Corporation is an exploration specialist company with key interests in highly prospective properties in Ontario. The Corporation's primary exploration focus is the identification of gold deposits; its exploration horizon will also encompass base metals and PGEs.
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. Neither Laurion nor its management assumes any obligation to revise or update these forward-looking statements.
SOURCE Laurion Mineral Exploration Inc.
For further information: For further information: Laurion Mineral Exploration Inc., Cynthia Le Sueur-Aquin - President, Tel: (705) 788-9186, Fax: (705) 788-9187, Website: www.laurion.ca