Laurion Announces Closing of Non-Brokered Private Placement of Units

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LAURION ANNOUNCES CLOSING OF

NON-BROKERED PRIVATE PLACEMENT OF 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 - (October 1, 2019) – 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”), pursuant to which the Corporation issued an aggregate of 2,991,175 units

(the “Units”) at a subscription price of $0.17 per Unit for aggregate gross proceeds to

the Corporation of approximately $509,000. As announced on September 20, 2019, the

Corporation agreed t o upsize the Private Placement as a result of strong investor

interest and over-subscriptions.

Each Unit consists of one common share of the Corporation (each, a “Common Share”)

and one Common S hare purchase warrant (each, a “ Warrant”), with each Warrant

entitling the holder thereof to acquire one additional Common Share at a price of $0.21

per share for a period of 24 months from the date of issuance. In connection with the

Private Placement, a finder received $510 as a cash finder’s commission.

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

January 31, 2020. The Private Placement remains subject to the TSX Venture Exchang e’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 OTCPINK under the symbol LMEFF. LAURION

now has 165,630,869 outstanding shares of which 58.7% are owned and controlled by

Insiders who are eligible investors under the “Friends and Family” categories.

LAURION’s emphasis is on the development of its flagship project, the 100% owned mid -

stage 44 km 2 Ishkoday Project, and its gold -silver and gold -rich polymetallic

mineralization with a significant upside potential. The Ishkoday Project has a project -

wide database (2008 to 2018) that includes 283 diamond drill holes totaling 40,729 m,

geological mappin g, ground geophysics, and 14,992 individual samples with assays

and geochemical analysis. The mineralization on the Ishkoday 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.

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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 statements, which reflect the Corporation’s current expectations

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

management's objectives, stra tegies, beliefs and intentions, and the use of net 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 trading price of the

Common S hares of Laurion, the TSX Venture Exchange not providi ng its final approval for the Private

Placement, the interpretation and actual results of current exploration activities, changes in project

parameters as plans continue to be refined, future prices of gold and/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 and other risks of the mining industry, delays in obtaining

governmental approvals or financing or in the completi on 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 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.

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.