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

LAURION ANNOUNCES PROPOSED 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 - (July 24, 2019) – Laurion Mineral Exploration Inc. (TSX.V: LME and

OTCPINK: LMEFF) (“LAURION” or the “Corporation”) today announced that it is

proposing to complete a private placement on a non-brokered basis (the “ Private

Placement”). The Corporation intends to raise $1 million in gross proceeds by issuing

8,333,333 units (the “Units”) at a price of $0.12 per Unit.

Each Unit will consist 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 will entitle the holder thereof to acquire one non flow-through

common share of the Corporation at a price of $0.15 per share for a period of 24

months from the date of issuance.

As at the date hereof, the Corporation has accepted a subscription agreement for the

Private Placement in aggregate gross proceeds of $1 million.

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,

2019 (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 Private Placement, th e Corporation may pay finders’ fees in the

form of cash commissions and finder’s wa rrants having the same attributes as the

Warrants.

The closing of the Private Pl acement is subject to the approval of the TSX Venture

Exchange (the “TSX-V”). The Corporation intends to cl ose the Private Placement in two

or more tranches, with the first tranche scheduled to close on or about July 26, 2019,

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

the Private Placement will be subject to, am ong other things, a hold period of four

months and one day in accordance with applicable Canadian securities laws.

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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 under the symbol LMEFF. LAURION

now has 153,850,084 outstanding shares of which 62% 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 mapping, ground geophysics, an d 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.

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

Connect with LAURION on LinkedIn: http://ca.linkedin.com/pub/cynthia-le-sueur-

aquin/17/30/4b

Follow us on Twitter: @LAURION_LME

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 int entions, the completion of the Private Placement, the

anticipated timing of closings of the Private Plac ement, the use of proceeds therefrom 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 projected herein

including as a result of a change in the trading price 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 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.