Laurion Completes Transaction with Prodigy Gold Inc., Obtaining the Option to Acquire a 100% Interest in Walters‐Elmhirst Property, Beardmore, ON

TORONTO – October 11, 2011 – Laurion Mineral Exploration Inc. (TSX‐V: LME) (OTCQX: LMEFF) (“Laurion” or the “Corporation”) issued a press release on September 8, 2011, announcing that it had entered into a definitive option agreement (the “Option Agreement”) with Prodigy Gold Inc. (“Prodigy”), whereby Laurion would acquire a 100% interest in three mineral claims comprising 21 claim units located in Walter‐Elmhirst Townships ("Walter‐Elmhirst"), Thunder Bay Mining Division, in the Province of Ontario (the “Claims”).

Laurion is pleased to announce that it has received all necessary corporate and regulatory approvals with respect to the above transaction with Prodigy, and confirms that the transaction has closed.

The  Prodigy  Walter‐Elmhirst  property  is  contiguous  to  the  Corporation's  Sturgeon  River  property.  The objective of this transaction is to encompass the strike of parallel extensions which lay south of the Tehya, Ahki,  Loki  and  A2  Vein  trends  that  are  potential  prospective  horizons  for  precious  metal  rich  VMS mineralization.

The  Corporation  recently  stated  continued  success  in  illustrating  through  drill  results  the  significant continuity and grade of the Tehya Zone across 800 metres of strike length reporting the following assays:

Highlights of the drill program occurred in the Tehya Zone and include: 

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*Drill hole LME11‐025 was abandoned and the drill moved approximately 3m along strike to re‐collar LME11‐ 025a through the same stratigraphy. 

As  a  result  of  this  recent  round  of  drilling  on  the  Tehya  Zone,  where  the  mineralization  now  has demonstrated continuity, the opportunity exists to begin developing a resource in this zone. The Tehya Zone remains open to the northeast and southwest, and to depth. The Tehya base metal zone appears to be one of several anomalous zinc/copper areas, which in combination with high grade gold and silver occurrences, is indicative of the multi‐faceted potential of the Sturgeon River Property.

Six drill holes were completed 1.1 kilometres in the untested Asha Zone, located southwest and along strike trend from the recognized Tehya Zone drill intercepts and surface showings. This could well increase the strike length of the Tehya mineralization to 1.9km with the 7 drill holes completed to date through the Tehya horizon.

To date, the Tehya Zone has not been drilled more than 45 metres vertically below surface, and remains open  down  dip  and  along  strike  southwest  of  LME10‐07  towards  an  IP  anomaly  defined  by  the  ground geophysical survey near the Asha Zone.

Hole  LME11‐018  was  located  on  the  far  west  of  the  grid  of  the  Asha  Zone  and  intersected  a  horizon  of altered  intermediate  volcanics,  which  is  assumed  to  be  the  extension  of  the  Tehya  horizon.  This  hole reported 2.3 g/t Ag and 0.13% Zn over an interval of 10 metres.

Hole LME11‐019 was located to the south southeast of hole LME11‐018 and intersected a similar horizon of intermediate volcanics, also thought to be the extension of the Tehya Zone, reported assays of 2.3 g/t Ag 

and 0.33% Zn over 7.50m (21.5 to 29.0m), including 5.6 g/t Ag and 0.95% Zn over 1.0m (26 to 27m), and  0.56% Zn over 3.83m (112.17 to 116.0m), including 1.31% Zn over 0.57m (112.17 to 112.74m).

Holes  LME11‐020,  LME11‐021  and  hole  LME11‐022  located  east  of  holes  LME11‐019  intersected  weaker mineralized intermediate volcanics, shear zones and quartz veins with sulphides with a notable assay of 0.23 

g/t Au and 1.49 % Zn over 0.5m in LME11‐022.

About Laurion Mineral Exploration Inc. 

The Corporation’s focus is to make the transition from explorer to near‐term producer and envisages the realization  of  shareholder  value  and  wealth  through  monetization  of  its  discoveries  and  assets.  Laurion’s exploration horizons are focused primarily on gold with a secondary interest in base metals and PGEs with key interests in prospective mining properties located in Ontario and Churchill County, Nevada USA.

About Prodigy Gold Inc. 

Prodigy is a Vancouver‐based gold exploration and mine development company listed on the TSX Venture Exchange (TSX.V:PDG) with assets in Eastern Canada. Prodigy’s lead project is the advanced Magino mine project in northern Ontario.

FOR FURTHER INFORMATION, CONTACT: 

Laurion Mineral Exploration Inc.

Cynthia Le Sueur‐Aquin, President & CEO

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Tel: 1‐888‐212‐4070 Tel: 1‐705‐788‐9186 Fax: 1‐705‐788‐9187 Website: www.laurion.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain forward‐looking statements concerning the future performance of Laurion's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Such statements include, but are not limited to, statements concerning Laurion’s acquisition of the property from Prodigy as described above. Forward‐looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward‐looking statements are based on the current opinions and expectations of management. All forward‐looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward‐looking statements and Laurion cautions against placing undue reliance thereon.

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