Laurion Announces Completion of In itial Field Exploration Campaign on the Ishkoday Gold Project
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Laurion Announces Completion of In itial Field Exploration Campaign on
the Ishkoday Gold Project
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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 (July 6, 2018) - Laurion Mineral Exploration Inc. (TSX.V: LME) and (OTCPINK:
LMEFF) (“Laurion” or the “Corporation”) is pleased to announce the completion of the initial
field validation of historical and recent data at the Corporation’s 47 km 2 Ishkoday project
(“Ishkoday”).
The Laurion Team completed geological mapping and the prospecting of historic mineralized
“veins” and their extensions, as well as new areas in the less explored northern claims. The
northern claims revealed a number of new mineralized quartz vein occurrences. These vein
sets were systematically manually stripped and sampled.
Outcrop stripping, mapping and sampling was also done in the southern claims on a portion
of the “85-A2” quartz vein system (the “85-A2”) located 750m Northeast of the past producing
Nos. 3, 10 and “M” gold-quartz veins of the Sturgeon River Mine.
This key field work program was a foundational program of a three-phased exploration
program proposed over the next 36 months, and is aimed at the definition of the near surface
gold-polymetallic mineral resources. Initial reconnaissance highlights of the campaign were
previously announced by the Corporation ( refer to the Corporation’s news releases dated
May 29 and June 19, 2018, respectively).
Financing Update
The Corporation announced in a press re lease disseminated on April 25, 2018 (see
https://bit.ly/2Ju0d9F), the execution of a Letter of Intent (the “LOI”) outlining the principal
terms and conditions pursuant to which a private investment group will finance and otherwise
support the development and potential extraction of gold and other metals (such as silver,
copper and zinc) from historic surface stockp iles located on Ishkoday (the “Surface
Stockpiles”). The Corporation announced, among other things, an immediate interim
financing for gross proceeds of up to approximately $1 million to Laurion at a price of $0.07 per
unit (the “Laurion Private Placement”), with each unit being comprised of one common share
in the capital of Laurion and one warrant to acquire one additional common share at a price
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of $0.09 per share. The closing of the Laurion Private Placement is currently expected to be
completed before July 13, 2018, subject to, among other things, the final approval of the TSX
Venture Exchange (the “TSX-V”).
It is anticipated that the Investor will help fu nd the processing of th e Surface Stockpiles by
participating in two non-brokered private placements: the Laurion Private Placement,
whereby the Investor’s participation is expected to raise approximately $500,000 in gross
proceeds to Laurion; to be followed by an a pproximate $4.5 million investment in a 100%
owned subsidiary of Laurion (“Newco”), upon completion of a positive Preliminary Economic
Assessment (the “PEA”) in respect of processing and extracting gold and any other valuable
materials from the Surface Stockpiles.
The net proceeds from the Laurion Private Plac ement are expected to be used for: (i) the
completion of the PEA; and (ii) general exploration and development activities of Laurion.
About Laurion Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development company listed on the TSX-V
under the symbol LME and on the OTCPINK unde r the symbol LMEFF. Laurion has 123,099,082
outstanding shares of which 58.2% are owned and controlled by Insiders and within the ‘friends
and family’ category.
The Corporation’s emphasis is on the developm ent of its flagship project, the 100% owned
mid-stage Ishkoday project, and its gold-silver an d 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 (the “Mine”). The Mine produced 73,322 ounces of gold, and 15,929
ounces of silver from 1936 to1942 on the No. 3 Vein at 24 g/t gold, and generated a large gold
and silver bearing stockpile of 144,070 tonnes grading 1.59 g/t gold in the Indicated Mineral
Resources category (based on a N I 4 3 - 1 0 1 T e c h n i c a l R e p o r t f i l e d o n S E D A R i n J u n e 2 0 1 3 –
refer to the Corporation’s news release dated April 23, 2013).
Mr. Jean Lafleur, P. Geo. (APGO, OGQ), Laurion’ 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 and CEO
Tel: 1-705-788-9186
Fax: 1-705-805-9256
Website: http://www.laurion.ca
Caution Regarding Forward-Looking Information
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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, strategies, beliefs and intentions, the details, anticipated timing
and completion of the transactions and other matters described in this press release, including without
limitation, the creation of Newco, the processing of the Surface Stockpiles, the completion of the
Laurion Private Placement and any additional or future financings involving Laurion and/or Newco, and
the use of the net proceeds from the Laurion Private Placement or any other financings. The forward-
looking statements involve risks and uncertainties. Actual events and future results, performance or
achievements expressed or implied by such forwar d-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 failure of the relevant parties to enter into definitive agreements in connection with the
transactions and other matters contemplated by the LOI, the ability of Laurion to complete a positive
PEA in respect of the Surface Stockpiles, the TSX-V not providing its final approval for the Laurion Private
Placement or its approval for any other transactions contemplated by the LOI, 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, poss ible 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 th e 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.