Laurion Announces Closing of Non-Brokered Private Placement of Flow-Through and Non Flow-Through Units

LAURION ANNOUNCES CLOSING OF

NON-BROKERED PRIVATE PLACEMENT OF

FLOW-THROUGH AND NON FLOW-THROUGH UNITS

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT

INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR

DISSEMINATION IN THE UNITED STATES.

TORONTO, ONTARIO - (August 2, 2018) – Laurion Mineral Explorati on Inc. (TSX.V: LME

and OTCPINK: LMEFF) (“Laurion” or the “Corporation”) today announced that it has closed

the first tranche of its previously-announced non-brokered priv ate placement (the “ Private

Placement”) consisting of an aggregate of 5,353,888 units (comprised of 4,673,888 flow-

through units (the “ FT Units ”) and 680,000 non flow-through units (the “ Non-FT Units ” and

collectively with the FT Units, the “ Units”)) at a subscription price of $0.09 per Unit for

aggregate gross proceeds to the Corporation of $481,850.

Each FT Unit consists of one common share of the Corporation to be issued as a “flow-through

share” (as defined in subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”)) (each,

a “FT Share”) and one common share purchase warrant (each, a “ Warrant”). Each Non-FT Unit

consists of one non flow-through common share of the Corporatio n and one Warrant. Each

Warrant (whether comprising part of a FT Unit or a Non-FT Unit) entitles the holder thereof to

acquire one non flow-through common share of the Corporation at a price of $0.12 per share for

a period of 24 months from the date of issuance.

The gross proceeds allocable to the FT Shares comprising the FT Units will be used for

“Canadian exploration expenses” (within the meaning of the Tax Act), which will qualify, once

renounced, as “flow-through mining expenditures”, as defined in the Tax Act, which will be

renounced with an effective date of no later than December 31, 2018 (provided the subscriber

deals at arm’s length with the Corporation at all relevant time s) to the initial purchasers of FT

Units in an aggregate amount not less than the gross proceeds r aised from the issue of the FT

Units which are allocable to the FT Shares. The Corporation int ends to use the net proceeds

from the issue of Non-FT Units for exploration activities and general working capital purposes.

In connection with the first tranche of the Private Placement, certain arm’s-length finders

received an aggregate of $24,500 as a cash finder’s commission and an aggregate of 272,221

finder’s warrants having the same attributes as the Warrants.

Pursuant to applicable Canadian securities laws, all securities issued pursuant to the first

tranche of the Private Placement are subject to a hold period o f four months and one day,

expiring on December 3, 2018. The Private Placement remains sub ject to the TSX Venture

Exchange’s final approval.

About Laurion

The Corporation is a junior mineral exploration and development company listed on the TSX-V

under the symbol LME and on the OT CPINK under the symbol LMEFF. Laurion has

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123,099,082 outstanding shares of which 58.2% are owned and con trolled by Insiders and

within the ‘friends and family’ category.

The Corporation’s emphasis is on the development of its flagshi p project, the 100% owned mid-

stage Ishkoday Project, and its gold-silver and gold-rich polym etallic mineralization with a

significant upside potential.

The Corporation has a property-wide database of 283 diamond dri ll holes totaling 40,729 m,

detailed sampling, mapping, assays and geochemical analysis, an d ground geophysics. The

mineralization is open at depth beyond the current core drillin g limit of -200 m from surface,

based on the historical mining to a -685 m depth, as evidenced in the past producing Sturgeon

River Mine (the “Mine”). The Mine produced 73,322 ounces of gol d, and 15,929 ounces of silver

from 1936 to1942 on the No. 3 Vein at 24 g/t gold, and generate d a large gold and silver

bearing stockpile of 144,070 tonnes grading 1.59 g/t gold in th e Indicated Mineral Resources

category (based on a NI 43 -101 Technical Report filed on SEDAR in June 2013 – refer to the

Corporation’s news release dated April 23, 2013).

FOR FURTHER INFORMATION, CONTACT:

Laurion Mineral Exploration Inc.

Cynthia Le Sueur-Aquin - President

Tel: 1-705-788-9186

Fax: 1-705-805-9256

Website: http://www.laurion.ca

Caution Regarding Forward-Looking Information

This press release contains forward-looking stat ements, which reflect t he Corporation’s current

expectations regarding future events, including with respect to Laurion's business, operations and

condition, management's objectives, strategies, beliefs and intentions, the use of net proceeds from the

Private Placement and the potential completion of any additional tranches of the Private Placement. The

forward-looking statements involve risks and uncertaintie s. Actual events and future results, performance

or achievements expressed or implied by such forw ard-looking statements could differ materially from

those projected herein including as a result of a ch ange in the trading price of the common shares of

Laurion, the TSX Venture Exchange not providing it s final approval for the Private Placement, the

interpretation and actual results of current exploratio n activities, changes in project parameters as plans

continue to be refined, future prices of gold and/or ot her metals, possible variations in grade or recovery

rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to

perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals

or financing or in the completion of exploration, as well as those factors disclosed in the Corporation’s

publicly filed documents. Investors should consult the Corporation’s ongoing quarterly and annual filings,

as well as any other additional documentation comprising the Corporation’s public disclosure record, for

additional information on risks and uncertainties relati ng to these forward-looking statements. The reader

is cautioned not to rely on these forward-looking st atements. Subject to applicable law, the Corporation

disclaims any obligation to update these forward-looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN

THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF

THE CONTENT OF THIS NEWS RELEASE.