Issued and Outstanding Common Shares
LME - 66,043,683
TORONTO, July 9 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME)
("Laurion") today announced encouraging grab sample results from the Sturgeon
River Mine in the Beardmore Geraldton Area, as well as the commencement of a
two-hole drill program on the German Property, Timmins, Ontario.
Sturgeon River Mine Project
A total of 14 grab samples were collected during a preliminary property
visit in early June that were necessary for the completion of the NI 43-101
Technical Report. Results are noted in the following tables.
Sample (g/t) (opt)
------ ----- -----
439001 22.3 0.650
439003 29.3 0.856
439004 3.4 0.098
439005 53.9 1.574
439006 20.3 0.591
439007 0.05 0.001
439008 0.01 (less than)0.001
439009 0.03 (less than)0.001
439010 0.22 0.006
439011 0.63 0.018
439012 2.12 0.062
439013 193.5 5.646
439014 0.03 (less than)0.001
Au Au Cu Zn Ag Pb
Sample (g/t) (opt) (%) (%) (g/t) (%)
------ ----- ----- --- ---- ----- ---
439002 0.22 0.006 9.1 18.6 62.1 0.2
Samples 439001 and 439003 through to 439012 were taken from outcropping
of various quartz veins on the Property and were not analyzed for base metals.
Sample 439002 was taken from a historical sulphide showing hosted within the
mafic volcanics and therefore was analyzed for base metals associated with VMS
These initial results are encouraging and will be followed up by a
systematic trenching and channel sampling program targeting numerous quartz
vein systems throughout the Property.
The Sturgeon River Mine Property is located in the Thunder Bay Mining
Division in Irwin, Pifher, Walters, and Elmhirst townships, comprised of 35
contiguous mining claim leases totalling 656.8 hectares. The Property is host
to the former producing Sturgeon River Mine (previously known as the Coniagas
Mine) which produced 73,439 ounces of gold, and 15,922 ounces of silver
between 1936 and 1942 when it was closed due to wartime shortages of skilled
labour and vital materials. The shaft was sunk to a depth of 2,108 ft with
development on 14 levels, the lowest producing level being at 1,750 ft.
Underground development included 20,239 ft of drifting and 3,149 ft of
crosscutting. The ore was hand sorted on surface to up-grade the mill feed,
and the recovered grade was reported to be 0.506 oz Au/ton. A 1942 ore reserve
estimate yielded reserves of 130,680 tons with an average grade of 0.306 oz
Au/ton; however, these ore reserve calculations do not conform to the current
NI 43-101 standards and should not be relied upon.
The German Project
A 400-metre diamond drill program in two diamond drill holes targeting
the volcanic-sediment contact is scheduled to commence on July 14th 2008,
using Cartwright Drilling Inc. Unfavourable ground conditions in April, when
this drilling had originally been planned, required the rescheduling.
Joerg Kleinboeck, P.Geo., a consulting geologist with Caracle Creek
International Consulting Inc. (CCIC), is the project manager and is also the
Company's Qualified Person as defined by National Instrument 43-101.
Mr. Kleinboeck has reviewed and approved the scientific and technical content
of this release.
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.
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.
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