Laurion Provides Progress Update ON Stockpile Funding Project

LAURION PROVIDES PROGRESS UPDATE ON 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 2, 2018) – L aurion Mineral Exploration Inc. (TSX.V: LME

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

on its stockpile funding project (the “ Stockpile Funding Project ”) that was previously-

announced on April 25, 2018 and pursuant to which a private investment group (the

“Investor”) is financing and otherwise supporting the development and potential

extraction of gold and other metals fr om 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.

The Stockpile Funding Project is primarily comprised of the following:

(a) A non-brokered private placement of Laurion (the “ Laurion Private Placement ”),

pursuant to which a group of subscribers, including the Investor, purchased

8,947,857 units of Laurion (“ Laurion Units ”) at a subscription price of $0.07 per

Laurion Unit for aggregate gross proceeds to Laurion of $626,350. Each Laurion

Unit is comprised of one common share (each, a “ Laurion Common Share”) and

one common share purchase warrant (each, a “ Laurion Warrant ”), with each

Laurion Warrant entitling the holder to purchase one additional Laurion Common

Share at an exercise price of $0.09 for a period of 24 months following the date

of issue, subject to customary adjustment provisions. The Laurion Private

Placement closed on July 18, 2018.

(b) The incorporation and organization of a wholly-owned subsidiary of Laurion

(“Newco”), which is expected to acquire the Surface Stockpiles from Laurion in

exchange for additional common shares in the capital of Newco (the “ Surface

Stockpile Transfer”).

(c) The entering into of certain operating and contracting agreements by Newco, in

regards to the Surface Stockpiles.

(d) 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

Newco (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

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

escrow.

(e) It is expected that Laurion and the Invest or will each own an equity interest in

Newco of 51% and 49%, respectively, following the completion of the Newco

Private Placement. It is intended that Newco will use the net proceeds from the

Newco Private Placement (following their release from escrow) for the permitting

(and should the economic viability and technical feasibility of the project be

established), development and commissioning of the processing facilities that

will process the Surface Stockpiles. Any securities issued pursuant to the Newco

Private Placement would be subject to, among other things, a standard private

issuer legend, as prescribed by applicable Canadian securities laws.

Negotiations are progressing positively and the principal terms for many of the

transactions described above have been substantially agreed upon by the relevant

parties. Definitive documentation for the transactions contemplated hereby is currently

expected to be completed in the coming weeks, with closing expected to occur as

soon as practicable thereafter. The Surfac e Stockpile Transfer and the Newco Private

Placement remain subject to all applicable regulatory approvals and customary

closing conditions.

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 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 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.

Mr. Jean Lafleur, P. Geo. (APGO, OGQ), La urion’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

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Caution Regarding Forward-Looking Information

This press release contains forward-looking stat ements, which reflect the Corporation’s current

expectations regarding future events, including with respect to the creation of Newco, the

Surface Stockpile Transfer, the Newco Private Pl acement (and the release from escrow and use

of, the net proceeds therefrom), the execution of operating, contracting and other agreements

involving Newco, and 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 those

projected herein including as a result of a change in the trading price of Laurion Common

Shares, the failure of the relevant parties to agree upon and enter into definitive agreements in

connection with the transactions and other matters contemplated in this news release, the TSX-V

not providing its approvals for the Surface Stockpile Transfer or 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 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 file d documents. Investors should consult the

Corporation’s ongoing quarterly and annual fi lings, 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.