TORONTO, March 29 /CNW/ - Laurion Mineral Exploration Inc. (TSXV: LME) ("Laurion") announced that it has completed technical due diligence on the Leckie Lake Gold Property (the "Property"), located 3 kilometres north of Temagami, Ontario.
The Property, which is owned by Stroud Resources Ltd. ("Stroud"), was the subject of a letter of intent between Stroud and Laurion dated February 4, 2010 (the "Letter of Intent"). GeoVector Management Inc. was retained by Laurion to complete the initial due diligence on the Property prior to Laurion and Stroud entering into an option agreement on the terms and conditions agreed to in the Letter of Intent. Laurion, after due consideration of the criteria for a mineral property acquisition, determined that the Property did not meet such criteria.
In January 2010, Laurion sold its interest in property located in the Tisdale Township, Timmins, Ontario, to San Gold Corporation. As a result of the sale, Laurion is focused on replacing this asset and is continuing to identify prospective advanced stage projects to add to its property portfolio.
On March 22, 2010, Laurion entered into a consulting agreement (the "Consulting Agreement") with three mining consultants (collectively, the "Consultants"). Laurion has retained the Consultants to assist Laurion with evaluating mining properties and projects located in the United States. Laurion has issued stock options to each of the Consultants as part of their compensation under the Consulting Agreement.
About Laurion Mineral Exploration Inc.
Laurion is an exploration specialist company with key interests in highly 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