Laurion Completes Option Agreement with Prodigy to Acquire 100% Interest in Walter-Elmhirst Property, Beardmore, ON

TORONTO, Sept. 8, 2011 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME and OTCQX: LMEFF) ("Laurion") is pleased to announce that it has entered into an definitive agreement (the "Agreement") with Prodigy Gold Inc. (TSX-V: PDG)("Prodigy Gold"), in which the Corporation has received the option to acquire up to a 100% interest in 21 claim units totalling 336 hectares. The Prodigy Gold Walter-Elmhirst Property ("Walter-Elmhirst") is located in the Walter and Elmhirst Townships, 25 kilometres east of the Town of Beardmore, Ontario, and is contiguous to the Corporation's Sturgeon River property. The objective of this transaction is to encompass the strike of southern parallel extensions south of the Tehya, Ahki, Loki and A2 Vein trends that are potential prospective horizons for precious metal rich VMS mineralization.

The proposed transaction is subject to regulatory approval by the TSX Venture Exchange.

The Corporation also announced today that it has completed a 3 hole drill program totalling 427 metres over the recently acquired Elmhirst property ("Elmhirst"), which transaction was announced in a press release on the 30 August 2011. The Elmhirst property consists of 4 mining leases totalling 64 hectares and abuts the eastern boundary of the Sturgeon River. This drill program targeted 2 zones; a quartz vein and sphalerite zone. The quartz vein is the northern extension of the Sturgeon River A2 Vein which is emplaced along a shear zone located south of the contact between intermediate volcanics/porphyry and tuffaceous rhyolites. Drill hole LME11-011 completed in April 2011, targeted a strong VLF anomaly, which the A2 zone was intersected 68 metres downhole (50 metres vertically below surface) and consisted of a 9.2 metre thick zone of highly silicified and altered intermediate volcanics at the contact with diorite porphyry.

Laurion believes this horizon to be very prospective for precious metal rich VMS mineralization, and the Corporation intends to carry out follow-up drilling along the strike length of the anomaly, which extends over 2,000 metres, and to drill the zone down dip.

Terms of the Agreement

Pursuant to the terms of the Agreement, the Corporation has an Option to earn in an undivided 100% interest, subject to the issuance of 70,000 Laurion shares upon execution of the agreement, the issuance of 430,000 Laurion shares and incurring an aggregate of $225,000 in exploration expenditures over three years. The Walter-Elmhirst Project is subject to a 3% net smelter return ("NSR") royalty in favour of Stephen M. Roach, Denis Laforest and Pierre Maillet.

About Prodigy Gold Inc.

Prodigy Gold Incorporated is a Vancouver-based gold exploration and mine development company listed on the Venture Exchange (TSX.V: PDG) with assets in Eastern Canada. Prodigy's lead project is the advanced Magino mine project in northern Ontario.

About Laurion Minerals Exploration Inc.
The Corporation's focus is to make the transition from explorer to near-term producer and envisages the realization of shareholder value and wealth through monetization of its discoveries and assets. Laurion's exploration horizons are focused primarily on gold with a secondary interest in base metals and PGEs with key interests in prospective mining properties located in Ontario and Churchill County, Nevada USA.

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. Such statements include, but are not limited to, statements concerning Laurion's acquisition of the property from Prodigy Gold as described above. 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 Actual events or results may differ materially from those projected in the forward-looking statements and Laurion cautions against placing undue reliance thereon.

SOURCE Laurion Mineral Exploration Inc.

For further information:

Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
Tel: 1-888-212-4070
Tel: 1-705-788-9186
Fax: 1-705-788-9187

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Laurion Mineral Exploration Inc.

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