Issued and Outstanding Common Shares
LME - 66,043,683
TORONTO, Oct. 27 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME)
("Laurion" or the "Corporation") announced today that after completing
extensive mining exploration programs that included geological mapping,
sampling, geophysical surveys and drilling on the Lydian ("Lydian"), German
("German") Properties, and Côté-Bihar ("Côté-Bihar") Mining Claims, it has
notified parties that it has terminated the following three option agreements:
1. Option agreement among Laurion and each of Comaplex Minerals Corp.,
Ember Holdings Ltd., Silvertip Inc., JKl Investments Ltd. and St.
Andrew Goldfields Ltd. dated March 30, 2005 (the "Comaplex
Agreement"). The German is located in the German Township, 30 km
east-northeast of Timmins.
2. Option agreement between Laurion and Unor Inc. (formerly Hornby Bay
Exploration Limited) dated April 21, 2005 (the "Unor Agreement"). The
Lydian is located in Stock Township 45 km east-northeast of Timmins.
3. Option agreement among Laurion and each of Ronald Davidson and George
Hargraves dated September 24, 2007 (the "Wallingford Agreement"). The
Côté-Bihar Claims "considered a part of the Corporation's Enid-Massey
Property" comprises eleven mining claims located in the Côté Township
40 km west of Timmins.
Hereinafter the Comaplex Agreement, the Unor Agreement and the
Wallingford Agreement shall be referred to as (the "Option Agreements").
Pursuant to the terms of each Option Agreement, Laurion no longer has any
right nor any obligation with respect to the mining properties originally
optioned to Laurion under the Option Agreements.
Laurion's President, Cynthia Le Sueur-Aquin, explained, "Dropping the
options on Lydian, German and Côté-Bihar eliminates future funding commitments
and leaves Laurion in the position to conserve its working capital to advance
its remaining projects ("Resource Properties") prudently".
The Resource Properties are:
Sturgeon River : The Sturgeon River Mine Property ("Sturgeon") is located
in the historic Geraldton-Beardmore Gold Camp, 120 km northeast of Thunder
Bay, Ontario, and to the southwest of the Kodiak Hercules "Golden Mile"
property. The Corporation completed a NI 43-101 Technical Report in June 2008
which was followed by an encouraging channel sampling program which returned
values up to 65.73 g/t Au (2.31 oz/t) in July/August 2008. The Sturgeon
produced 73,439 oz of Au, and 15,922 oz of Ag between 1936 and 1942.
Midlothian and Raymond : Located in the Gowganda Area, well known for the
Ag-Co-Cu and minor Ni-bearing carbonate/quartz veins. The Co-Ag Gowganda
"camps", together, produced about 600 million oz of Ag (about 18.7 million
kg). A helicopter-borne magnetic and electromagnetic survey (VTEM) was
completed in May 2008 highlighting prominent magnetic / electromagnetic
anomalies on both the Raymond and Midlothian in the search for massive
sulphide Ni-Cu-Pt-Pd targets. Three diamond drill holes were completed on the
Midlothian in late June 2008 returning 348.8 metres grading 0.26% Ni and 0.22%
Chrome. Assays on the two Midlothian holes and one diamond drill hole on the
Raymond Target are pending analyses of whole rock and thin sections.
Graydon Lake, Fox Mountain, and Dorothea : Located within the Nipigon
area of Ontario. A helicopter-borne magnetic and electromagnetic survey (VTEM)
was completed by June/July 2008 on all three properties focusing on Ni-Cu
and/or PGE's. This area hosts an abundance of high potential mafic-ultramafic
rocks that are often poorly exposed and have received limited exploration.
Enid-Massey : The Enid-Massey Project is 100% owned and located on
Côté-Massey-Enid Mafic Complex ("CEMMI"), 40 km west of Timmins with excellent
potential for Ni-Cu-Zn-Au-PGE discoveries. Diamond drilling on the Santrap has
identified several distinct exhalative horizons with strong Au-Ag-Cu-Zn
Davidson-Tisdale : The Corporation holds an approximate 40% interest in
the Davidson-Tisdale property which is located in the Porcupine Gold Camp in
Ontario. A total of 64,173 metres of drilling has been drilled in over 642
holes to date. (Resource of 668,662 tonnes at 8.33 g/t Au equating to 179,187
oz measured and indicated at a 4.0 g/t Au cut off grade as per NI 43-101
Technical Report by Geostat, 2003).
North Tisdale: Very little exploration property-wide to date. The
Corporation recently completed a program of ground geophysics focused on an
ultramafic unit thought to represent an area hosting a sulphide-bearing quartz
and carbonate vein system. The Tisdale Kinch Shaft Zone is reported to host
historic exploration shafts. Visible Au is noted at several locations with
surface grab samples returning values up to 15.59 g/t Au. Historic drilling in
1954 in quartz veining and notable sulphides reported one assay at 20.98 g/t
Au over 2.0 ft (Summary of Exploration -Davidson-Broulan Exploration Project
April 1986 - Kenneth Guy).
Fripp Township : Located 23 km southwest of Timmins, Ontario. Historical
assays returned up to approximately 0.3% Cu. A preliminary field visit to the
Fripp Property was completed in late June 2008. One sample was collected
(No.439015) and assayed at 0.5% Cu.
Laurion Mineral Exploration Inc. is an early stage exploration specialist
company with projects in Ontario. Laurion's exploration horizons encompass not
only gold, but also base metals and PGE's. Laurion continues to evaluate the
successes and progress of each of its mineral properties and will perform
ongoing due diligence investigations on additional prospective mineral
properties with a view to possibly acquiring a more advanced exploration
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
Neither Laurion nor its management assumes any obligation to revise or
update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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; CHF Investor Relations: Jacqueline Wagenaar, Account Manager,
firstname.lastname@example.org, Tel: (416) 868-1079 x 289, Website: www.chfir.com