Laurion Renegotiates Arrangement with CGM Regarding Midlothian Property and Announces Completion of Previously- Announced Private Placement of Units This News Release is Intended FOR Distribution IN Canada Only and is Not

LAURION RENEGOTIATES ARRANGEMENT WITH CGM REGARDING

MIDLOTHIAN PROPERTY AND ANNOUNCES COMPLETION OF PREVIOUSLY-

ANNOUNCED PRIVATE PLACEMENT OF UNITS

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 - (July 30, 2019) – Laurion Mineral Exploration Inc. (TSX.V: LME and

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

successfully renegotiated the terms of its arrangement with Canadian Gold Miner

Corporation (“CGM”) in regards to an early-stage exploration project located 80 km

west-southwest of Kirkland Lake, Ontario and 25 km west-southwest of Matachewan,

Ontario (the “Midlothian Property”).

The Midlothian Property is subject to certain agreements dated July 18, 2014 that were

collectively assumed by CGM pursuant to an assignment agreement dated February

29, 2016 (the “Midlothian Agreement”).

Due to some unsatisfied conditions, LAURIO N and CGM have agreed to terminate the

Midlothian Agreement and in its place, enter into a joint venture (the “ Joint Venture”)

for the purposes of extending the parties’ arrangement regarding the Midlothian

Property. The principal purpose of this a rrangement was to advance the development

and operate the mining of any commercially exploitable ore body on the Midlothian

Property. The Joint Venture effectively ex tends and builds upon the Midlothian

Agreement, which is replaced in its entirety by a new joint venture agreement dated

July 25, 2019 (the “Joint Venture Agreement”).

Joint Venture Highlights

 Acquisition of 30% Interest in the Midlothian and Doon Properties: LAURION will

reacquire a 30% interest in the Midlothian Property and also obtain a new 30%

interest in certain mining claims located adjacent to the Midlothian Property in

the Doon and Midlothian Townships (the “ Doon Property” and together with the

Midlothian Property, the “Property”).

 Work Expenditure Commitments on the Property and New NSR: The Joint Venture

provides CGM with additional time to satisfy its work expenditure commitments

on the Property and reflects both parties’ desire to ensure that maximum

expenditures by CGM are directed into exploration activities at the Property. In

the event that CGM completes $2.5 millio n in expenditures on the Property and

LAURION opts to be diluted down to a 10% ownership interest, then LAURION will

receive a 3% net smelter returns royalty on the Property.

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LAURION’s President and Chief Executive Office r, Cynthia Le Sueur-Aquin, states: “The

restructuring of our arrangement with CGM is a positive development for the two

projects located on the Midlothian and Ashley Properties. By renegotiating the terms of

this arrangement, LAURION aims to realize value on the Property and create value for its

stakeholders through CGM’s efforts, without any significant cash commitments by

LAURION.”

COMPLETION OF PRIVATE PLACEMENT

The Corporation also announces that its previously-announced non-brokered private

placement (the “Private Placement”) of units (the “ Units”) is complete. Pursuant to the

Private Placement, an aggregate of 10,000,000 Units were issued at a subscription price

of $0.10 per Unit for aggregate gross proceeds to the Corporation of $1 million.

Each Unit consists of one common share of the Corporation (each, a “Common Share”)

and one Common Share purchase warrant (each, a “ Warrant”), with each Warrant

entitling the holder thereof to acquire one additional Common Share at a price of $0.14

per share for a period of 24 months from the date of issuance. The Corporation intends

to use the net proceeds from the issue of Un its for exploration activities and general

working capital purposes. In connection with the Private Placement, a finder received

$50,000 as a cash finder’s commission and an aggregate of 500,000 finder’s warrants

having the same attributes as the Warrants.

Pursuant to applicable Canadian securities laws, all securities issued pursuant to the

Private Placement are subject to a hold period of four months and one day, expiring on

September 10, 2019. Final approval of the Private Placement was provided by the TSX

Venture Exchange (the “TSX-V”) on July 30, 2019.

The Private Placement was initially announced on May 9, 2019, with an update on the

timing of the Private Placement announced by the Corporation on June 14, 2019. Due

to administrative delays relating to the availability of an investor’s funds, the

Corporation was unable to close the final tranche of the Private Placement within the

time period required by the TSX-V.

About LAURION Mineral Exploration Inc.

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

TSX-V under the symbol LME and on the OTCPINK under the symbol LMEFF. LAURION

now has 155,317,092 outstanding shares of which 62% 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 44 km 2 Ishkoday Project, and its gold-silver and gold-rich polymetallic

mineralization with a significant upside potential. The Ishkoday Project has a project-

wide database (2008 to 2018) that includes 283 diamond drill holes totaling 40,729 m,

geological mapping, ground geophysics, an d 14,992 individual samples with assays

and geochemical analysis. The mineralization on the Ishkoday is open at depth beyond

the current core-drilling limit of -200 m from surface, based on the historical mining to a -

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685 m depth, as evidenced 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

Connect with LAURION on LinkedIn: http://ca.linkedin.com/pub/cynthia-le-sueur-

aquin/17/30/4b

Follow us on Twitter: @LAURION_LME

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,

management's objectives, strategies, beliefs and inte ntions, the Joint Venture, the anticipated amount,

completion and timing of the work expenditures cont emplated by the Joint Venture, the development of

the projects located on the Midlothian and Doon Properties, the NSR and the use of net proceeds from the

Private Placement and the completion and timing of any subsequent private placements. 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 price of the Common Shares. Investors

should consult the Corporation’s ongoing quarterly and annual filings, as well as any other additional

documentation comprising the Corporation’s public disc losure 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.