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

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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 - (October 22, 2019) – Laurion Mineral Exploration Inc. (TSX.V: LME

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

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

Placement”). The Corporation intends to ra ise up to $1 million in gross proceeds by

issuing approximately 5,263,157 units (the “Units”) at a price of $0.19 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 th e Corporation at a price of $0.25 per share for a period of 24

months from the date of issuance.

As at the date hereo f, the Corporation has accepted subscription agreements for the

Private Placement in aggregate gross proceeds of approximately $450,000.

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 mining 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 length 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, the Corporation may pay 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 V enture

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

about October 31 , 2019 , 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 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 168,622,044 outstanding shares of which 59% 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 201 8) that includes 283 diamond drill holes totaling 40,729 m,

geological mapping, 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.

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 intentions, the completion of the Private Placement, the

anticipated timing of closing of the Private Placement, 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 chan ge in the trading pric e of the Common S hares, 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.