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

LAURION ANNOUNCES CLOSING OF

NON-BROKERED PRIVATE PLACEMENT OF

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 - (December 28, 2018) – Laurion Mineral Exploration Inc. (TSX.V:

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

closed its previously-announced non-brokered private placement (the “ Private

Placement”) consisting of an aggregate of 1,777,778 flow-through units (the “ Units”) at

a subscription price of $0.09 per Unit for aggregate gross proceeds to the Corporation

of approximately $160,000.

Each 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 Warrant entitles the holder th ereof 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 Units will be used for

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

qualify, once renounced, as “flow-through mi ning 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 le ngth with the Corporation at all relevant

times) to the initial purchasers of Units in an aggregate amount not less than the gross

proceeds raised from the issue of the Units which are allocable to the FT Shares.

In connection with the closing of the Privat e Placement, certain arm’s-length finders

received an aggregate of $14,400 as a cash finder’s commission and an aggregate of

160,000 finder’s warrants having the same attributes as the Warrants.

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

Private Placement are subject to a hold period of four months and one day, expiring on

April 29, 2019. The Private Placement remains subject to the TSX Venture Exchange’s

final approval.

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About Laurion

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

TSX-V under the symbol LME and on the OTCPINK under the symbol LMEFF.

The Corporation’s emphasis is on the development of its flagship project, the 100%

owned mid-stage 47 km2 Ishkoday Project, and its gold -silver and gold-rich polymetallic

mineralization with a significant upside potential.

The Corporation has a property-wide database of 283 diamond drill holes totaling

40,729 m, detailed sampling, mapping, assays and geochemical analysis, and ground

geophysics. The mineralization is open at depth beyond the current core-drilling 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.

Mr. Jean Lafleur, P. Geo. (APGO, OGQ), La urion’s Technical Advisor to the Board of

Directors, is a Qualified Person as defined by National Instrument 43-101 guidelines, and

has reviewed and approved the content of this news release.

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 the Corporation’s current

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

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

proceeds from the Private Placement. The forward-looking statements involve risks and

uncertainties. Actual events and future results, performance or achievements expressed or

implied by such forward-looking statements could differ materially from those projected herein

including as a result of a change in the tradin g price of the common shares of Laurion, the TSX

Venture Exchange not providing its final approval for the Private Placement, the interpretation

and actual results of current exploration activi ties, changes in project parameters as plans

continue to be refined, future prices of gold an d/or other 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 an d 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 fi lings, as well as any other additional

documentation comprising the Corporation’s public disclosure record, for additional information

on risks and uncertainties relating to these forward-looking statements. The reader is cautioned

not to rely on these forward-looking statements. Subject to applicable law, the Corporation

disclaims any obligation to update these forward-looking statements.

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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.