Laurion Continues Ongoing Private Placement

TORONTO, Jan. 10, 2012 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF) ("Laurion" or the "Corporation") proposes to extend the closing date of the second tranche (the "Extension") of its ongoing private placement offering of units (the "Offering").  The second tranche of the Offering is expected to be completed before the end of February.

The Offering, which is being conducted through an agent, is composed of a first tranche of flow-through units (each, a "FT Unit"), which closed on December 28, 2011 for aggregate gross proceeds of approximately $464,224, and a second tranche of non-flow-through units (each, a "NFT Unit"), which is ongoing.  The FT Units consisted of: (i) one common share of Laurion, which qualifies as a flow-through share pursuant to the Income Tax Act (Canada); and (ii) one common share purchase warrant (each, a "Warrant").  The NFT Units will consist of: (i) one common share of Laurion, issued on a non-flow-through basis (each, a "NFT Share"); and (ii) one Warrant.  Each Warrant entitles, or will entitle, the holder thereof to purchase, for a period of 24 months (the "Term") from the closing of the respective tranche under which the Warrant was issued, one NFT Share at an exercise price of $0.10 per NFT Share.

In connection with the Offering, the Corporation has agreed to pay a cash commission equal to 9% of the gross proceeds of the Offering and shall issue that number of warrants (each an "Agent's Warrant") as is equal to 10% of the aggregate number of Units sold pursuant to the Offering, a portion of which has been paid for the first tranche of the Offering which closed on December 28, 2011.  Each Agent's Warrant shall entitle the Agent to purchase one NFT Share at an exercise price of $0.06 per NFT Share for a period of 24 months from the date of issuance of the Warrant.

The Extension is subject to approval of the TSX Venture Exchange.

The Corporation intends to use the proceeds of the Offering to finance the following:

• drilling, exploration and development of the 5,082 hectare Sturgeon River property, Beardmore, Ontario;
• relevant technical work requirements to bring the Bell Mountain property in Nevada towards production; and
• general corporate purposes.

About Laurion Mineral Exploration Inc.

The Corporation's focus is to make the transition from explorer to 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 with key interests in prospective mining properties located in Ontario, Canada and 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 news release.

This news release includes certain forward-looking statements concerning the future performance of Laurion's business, operations and condition, as well as management's objectives, strategies, beliefs and intentions. Such statements include, but are not limited to, statements concerning, among other things, the intended use of proceeds raised from the Offering and the anticipated final closing date of the Offering. 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. 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 except as required by law.

For further information:

Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
Tel: [phone]
Tel: [phone]
Fax: [phone]
Website: www.laurion.ca