LAURION Completes Final Option Payments and Exploration Expenditures to Acquire 100% Interest in Brenbar Project
Page 1
LAURION Completes Final Option Payments and Exploration
Expenditures to Acquire 100% Interest in Brenbar Project
TORONTO, ONTARIO (December 2, 2022) – LAURION Mineral Exploration Inc. (TSX.V:
LME and OTCPINK: LMEFF) (“LAURION” or the “Corporation”), is pleased to announce
it has delivered the final payment of cash and common shares to Jubilee Gold
Exploration Ltd. (“ Jubilee Gold ”), and has also incurred the requisite exploration
expenditures, to acquire a 100% undivided working interest in the Brenbar Project.
On December 30, 2019, the Corporation announced that it had entered into an
option agreement with Jubilee Gold (the “Option Agreement”), pursuant to which the
Corporation received an option (the “ Option”) to acquire up to a 100% undivided
working interest in the Brenbar Project, free of all encumbrances, by issuing common
shares, making certain cash payments and inc urring exploration expenditures. Such
earn-in requirements set forth in the Option Agreement are more particularly
described in the Corporation’s news releases dated December 30, 2019 and February
14, 2020, respectively. LAURION has since satisfied all of these earn -in requirements,
with the final earn-in requirement consisting of the cash payment of C$25,000 and the
issuance of 100,000 common shares of the Corporation to Jubilee Gold, and
exploration expenditures in the amount of C$100,000. The common shares issued as
part of this payment are subject to a hold period expiring on March 22, 2023.
The delivery of the latest payments, combined with previously completed payments
and exploration expenditures, completes the underlying obligations and earns
LAURION a 100% interest in the Brenbar Project, subject to a 3.0% net smelter royalty
(“NSR”) on gold production (the “ Gold Royalty ”) and a 1.5% NSR on base metal
production (the “ Base Metal Royalty ”, and collectively with the Gold Royalty, the
“Royalties”) payable to Jubilee Gold. Pu rsuant to the Option Agreement, the
Corporation has the option to purchase, at any time, 1.0% of the Royalties by paying
an additional amount of C$1.0 million.
The Brenbar Project is contiguous with, and is situated to the west of, the Ishkoday
Project l ocated 28 km NE of the town of Beardmore. The Brenbar Project
encompasses 255 hectares or 2.55 km2 and is host to the Brenbar Mine.
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. LAURION
now has 256,069,855 outstanding shares of which approximately 80% are owned and
controlled by Insiders who are eligible investors under the “Friends and Family”
categories.
Page 2
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.
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, and management's objectives, strategies, beliefs and intentions, including with
respect to the Brenbar Project and the Corporation’s option to purchase, at any time, 1.0% of
the Royalties. The forward-looking statements involve risks and uncertainties. Actual events and
future results, performance or achievements expressed or implied by such forward -looking
statements could differ materially from those projected herein including as a result of a change
in the trading price of the common shares of LAURION, the interpretation and actual results of
current exploration activities, changes in project parameters as plans continue to be refined,
future prices of gold and/or other metals, possible variations in grade or recovery rates, failure
of equipment or processes to operate as anticipated, the failure of contracted parties to
perform, labor disputes and other risks of the mining industry, delays in obtaining governmental
approvals or financing or in the completion of exploration, as well as those factors disclosed in
the Corporation’s publicly filed documents. Investors should consult the Corporation’s ongoing
quarterly and annual filings, as well as any other additional documentation comprisin g 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
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.