TORONTO, May 3 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME) ("Laurion") is pleased to announce that it has filed its Audited Consolidated Financial Statements and its Management's Discussion and Analysis for the year ended December 31, 2009 ("MD&A") on SEDAR (www.sedar.com). To review these documents, please visit Laurion's website, at http://www.laurion.ca/i/pdf/2009YE_FS.pdf. Laurion incurred a loss from operations for the year ended December 31, 2009 of $408,783 or $0.01 per share. This compares to a loss of $1,197,511 or $0.02 per share for the year ended December 31, 2008.
In its MD&A, Laurion announced that on January 21, 2010, it completed the sale of all its mining property interests in the Tisdale Township, Ontario (the "Tisdale Claims") to San Gold Corporation ("San Gold"). In consideration for the Tisdale Claims, Laurion received cash compensation of $1,000,000 and 1,000,000 common shares in the capital of San Gold (the "San Gold Common Shares"), and retained a 2% net smelter royalty on a portion of the Tisdale Claims known as the Tisdale Property. The San Gold Common Shares are subject to a 4 month hold period expiring on May 21, 2010. On October 8, 2009, which was the date Laurion and San Gold entered into the Letter of Intent with respect to the above transaction, the San Gold Common Shares were trading at $3.03; the San Gold Common Shares had a market price of $4.35 at the end of trading on April 30, 2010.
Laurion holds a total of 13,859,062 warrants which if exercised Laurion would receive an aggregate of approximately $1,136,872 as payment for the underlying securities.
Laurion is focused on identifying prospective advanced stage projects to add to its property portfolio and has retained the services of three consultants to assist it with evaluating mining properties and projects located in the United States. Laurion has also retained the services of geological consulting company GeoVector Management Inc. ("GeoVector") to manage and direct Laurion's exploration programs.
About Laurion Mineral Exploration Inc.
Laurion is an exploration company with key interests in prospective mining properties located in Ontario. Laurion's primary exploration focus is the identification of gold deposits; its exploration horizon also encompasses 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. Laurion and its management assume no 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