Laurion Announces Proposed Non-Brokered Private Placement

LAURION ANNOUNCES PROPOSED NON-BROKERED

PRIVATE PLACEMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION.

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 26, 2018) – Laurion Mineral Exploration Inc. (TSX.V: LME and

OTCPINK: LMEFF) (“Laurion” or the “Corporation”) today announced that it is proposing to

complete a flow-through and non flow-through private placement on a non-brokered basis (the

“Private Placement”). Under the flow-through portion of the private placement, th e Corporation

intends to raise up to approximately $1,200,000 in gross procee ds by issuing up to

approximately 13,333,334 flow-through units (the “ FT Units ”). Under the non flow-through

portion of the private placement, the Corporation intends to ra ise up to approximately $500,000

in gross proceeds by issuing up to approximately 5,555,556 non flow-through units (the “ Non-

FT Units” and collectively with the FT Units, the “ Units”). Pursuant to the Private Placement,

the Units will be issued at a price of $0.09 per Unit.

Each FT Unit will consist of one common share of the Corporatio n 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 will consist of one non flow-through common sh are of the Corporation and

one Warrant. Each Warrant (whether comprising part of a FT Unit or a Non-FT Unit) will entitle

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.

As at the date hereof, the Corporation has accepted subscriptio n agreements for the Private

Placement in aggregate gross proceeds of approximately $371,000.

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 Private Placement, the Corporation may p ay finders’ fees in the form of

cash commissions and finder’s warrants having the same attributes as the Warrants.

The closing of the Private Placement is subject to the approval of the TSX Venture Exchange

(the “ TSX-V”). The Corporation intends to close the Private Placement on o r about July 31,

2018, subject to receipt of all necessary regulatory approvals. All securities issued pursuant to

the Private Placement will be subject to, among other things, a hold period of four months and

2

one day in accordance with applicable Canadian securities laws.

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 has

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, belie fs and intentions, the completion of the Private

Placement, the anticipated timing of closing of the Pr ivate Placement, the use of proceeds therefrom and

the finder’s fees that may be paid by the Company in connection with the Private Placement. The

forward-looking statements involve risks and uncertaint ies. Actual events 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-V not providing its approval for the Private Placement. 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 Corpor ation disclaims any obligat ion 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.