Laurion Completes Key Milestone of Stockpile Funding Project

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LAURION COMPLETES KEY MILESTONE OF

STOCKPILE FUNDING PROJECT

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 30, 2018) – Laurion Mineral Exploration Inc. (TSX.V: LME

and OTCPINK: LMEFF) (“Laurion” or the “Corporation”) is pleased to provide an

additional update on its previously-announced stockpile funding project (the “Stockpile

Funding Project”), pursuant to which a private investment group (the “ Investor”) is

financing and otherwise supporting the development and potential extraction of gold

and other metals from historic surface stockpiles (the “ Surface Stockpiles”) located on

Laurion’s wholly -owned Ishkoday property (the “ Ishkoday Project ”) situated 220

kilometres northeast of Thunder Bay, Ontario.

On October 2, 2018, the Corporation issued a news release providing an update on the

status of the Stockpile Funding Project and confirmin g that n egotiations were

progressing positively amongst the principal parties. The Corporation is now pleased to

announce that since the issuance of the previous news release, a new wholly -owned

subsidiary of Laurion by the name of “Ahsineeg Inc.” (“ Ahsineeg”) has been

incorporated and organized in connection with the Stockpile Funding Project. Referred

to as “Newco” in previous announcements of Laurion, Ahsineeg today acquired the

Surface Stockpiles from Laurion in exchange for additional common shares in the

capital of Ahsineeg.

Following the completion of these key milestones, the relevant parties will now look to

complete the remaining components of the Stockpile Funding Project , being the

following:

(a) The entering into of certain operating and contracting agreements by Ahsineeg,

in regards to the Surface Stockpiles.

(b) It is anticipated that the Investor will help further fund the processing of the

Surface Stockpiles by completing an approximate $4.5 million investment in

Ahsineeg (the “Newco Private Placement ”). The net proceeds from the Newco

Private Placement shall be held in escrow until: (i) a Preliminary Economic

Analysis (“PEA”) is completed in respect of the Surface Stockpiles; and (ii) Laurion

and the Investor both consent to the release of such gross proceeds from

escrow.

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Definitive documentation for the remaining transactions contemplated hereby

continue to progress, with closing expected to occur in the coming weeks.

About Laurion

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

TSX Venture Exchange (the “ TSX-V”) under the symbol LME and on the OTCPINK under

the symbol LMEFF. Laurion now has 137,965,639 outstanding shares of which 59.4% are

owned and controlled by Insiders and within the ‘friends and family’ category.

The Corporation’s emphasis is on the development of its flagship project, the 100%

owned mid-stage 47 km2 Ishkoday Project, and its gold -silver and gold-rich polymetallic

mineralization with a significant upside potential.

The Corporation has a property -wide database of 283 diamond drill holes totaling

40,729 m, detailed sampling, mapping, assays and geochemical analysis, and ground

geophysics. The mineralization is open at depth be yond 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.

Mr. Jean Lafleur, P. Geo. (APGO, OGQ), Laurion’s Technical Advisor to the Board of

Directors, is a Qualified Person as defined by National Instrument 43 -101 guidelines, and

has reviewed and approved the content of this news release.

FOR FURTHER INFORMATION, CONTACT:

Laurion Mineral Exploration Inc.

Cynthia Le Sueur-Aquin - President

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 the Newco Private Placement

(and the release from escrow and use of , the net proceeds therefrom), the execution of

operating, contracting and other agreements involving Ahsineeg, an d the processing of the

Surface Stockpiles. 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 t hose projected herein including as a result of a change

in the trading price of common shares in the capital of Laurion, the failure of the relevant parties

to agree upon and enter into definitive agreements in connection with the transactions a nd

other matters contemplated in this news release , the T SX-V not providing its approval for the

Newco Private Placement, the results of any PEA completed in respect of the Surface Stockpiles,

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 per form, labor disputes and other risks of the

mining industry, delays in obtaining governmental approvals or financing or in the completion of

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exploration, as well as those factors disclosed in the Corporation’s publicly filed documents.

Investors should con sult 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 PROVI DER (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.