LME.V · 2020-08-11 12:00:00

Laurion Announces Upsize of Previously Announced Non-Brokered Private Placement of Flow-Through Shares

Financings

LAURION ANNOUNCES UPSIZE OF

PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT OF

FLOW-THROUGH SHARES

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 11 , 2020 ) – LAURION Mineral Exploration Inc. (TSX.V: LME

and OTCPINK: LMEFF) (“ LAURION” or the “Corporation”) is pleased to announce that,

due to strong investor demand, it has increased the maximum size of its previously -

announced non -brokered private placement (the “ Private Placement ”) to 5,950,783

flow-through shares (the “FT Shares ”) for gross procee ds to the Corporation of up to

approximately $1,100,900.

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 remains subject to the approval of the TSX Venture

Exchange (the “ TSXV”). S ubject to receipt of all necessary regulatory approvals , the

Corporation intends to close the Private Placement on or about August 12 , 2020 . 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.

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. The

Corporation currently has 190,729,864 outstanding shares, of which 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, and 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, wh ich 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 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 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 additional documentation comprising the Corporatio n’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.

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