LME.V · 2020-08-04 12:00:00

Laurion Announces Proposed Non-Brokered Private Placement of Flow-Through Shares and Receipt of $790,133 from Exercise of Securities

Financings

LAURION ANNOUNCES PROPOSED NON-BROKERED

PRIVATE PLACEMENT OF FLOW-THROUGH SHARES AND RECEIPT OF

$790,133 FROM EXERCISE OF SECURITIES

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 4, 2020) – 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 private placement on a non -brokered basis (the

“Private Placement”). The Corporation intends to raise up to approximately $ 500,000 in

gross proceeds by issuing up to approximately 2, 702,703 flow-through shares (the “FT

Shares”) at a price of $0.185 per FT Share.

Each FT Share will be a common share of the Corporation issued as a “flow -through

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

Act”)).

As at the date hereof, the Corporation has accepted subscription agree ments for the

Private Placement in aggregate gross proceeds of approximately $500,000.

The gross proceeds 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, 2020 (provided the subscriber deals at arm’s length

with the Corporation at all relevant times) to the initial purchasers of FT Shares in an

aggregate amount not less than the gross proceeds raised from the issue of the FT

Shares.

In connection with the Private Placement, the Corporation may pay finders’ fees in the

form of cash commissions.

The closing of the Private Placement is subject t o the approval of the TSX Venture

Exchange (the “ TSXV”). The Corporation intends to close the Private Placement on or

about August 7, 2020 , subject to receipt of all necessary regulatory approvals. All

securities issued pursuant to the Private Placement wi ll be subject to, among other

things, a hold period of four months and one day in accordance with applicable

Canadian securities laws.

Prior to the closing of the Private Placement, LAURION has 187,674,309 outstanding

shares, which reflects the exercise of various securities of the Corporation over the past

few months. Since March 2020, LAURION has received total proceeds of $790,133 from

the exercise of warrants (including finder’s warrants) and stock options. The Corporation

intends to use the proceeds from these security exercises for exploration activities and

general working capital purposes.

"The recent exercise of such securities bolsters the financial position of LAURION and

underlines our efforts to continue creating value for stakeholders,” said Cynthia Le

Sueur-Aquin, President and CEO . "The ongoing support and confidence of our valued

shareholders is deeply appreciated as we work to execute our business plan in 2020

and beyond."

About LAURION Mineral Exploration Inc.

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

TSXV under the symbol LME and on the OTCPINK under the symbol LMEFF.

Approximately 60% of LAURION’s issued and outstanding shares 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 47 km 2 Ishkoday Project, a nd its gold -silver and gold -rich polymetallic

mineralization with a significant upside potential. Ishkoday has a project -wide database

(2008 to 2019) that includes 307 diamond drill holes totaling 48,879m, geological

mapping, ground and airborne geophysics , and 21,800 individual samples with assays

and geochemical analysis. The mineralization on 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, in the past producing Sturgeon River Mine.

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

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 completion of

the Private Placement, the anticipated timing of closing of the Private Placement, the use of

proceeds from the Private Placement and the ab ove-mentioned exercise of securities, and the

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

forward-looking statements involve risks and uncertainties. Actual events could differ materially

from those proje cted herein including as a result of a change in the trading pric e of the

Common Shares, 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 ad ditional

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. Subje ct 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 R ESPONSIBILITY FOR THE

ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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