Quadripartite Memorandum of Understanding with First Nations Paves the Way for Future Agreements on Ishkoday Project

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Quadripartite Memorandum of Understanding with First Nations

Paves the Way for Future Agreements on Ishkoday Project

TORONTO, ONTARIO – (19 November 2021) – LAURION Mineral Exploration Inc. (TSX.V:

LME and OTCPINK: LMEFF) (“LAURION” or the “Corporation”) is pleased to announce

the execution of a non -binding Memorandum of Understanding (“ MOU”) to

collaborate on mutually beneficial initiatives regarding exploration and mining in the

traditional territories of the Animbiigoo Zaagi’igan Anishinaabek (“ AZA”), Bingwi

Neyaashi Anishinaabek (“ BNA”), Biinjitiwaabik Zaaging Anishinaabek (“ BZA”) First

Nations.

The MOU is the initial step in establishing a framework for regular communication and

setting the ground rules to mitigate against environmental impacts due to exploration

and mining. The MOU formalizes the parties’ shared commitment to respect cultural

and traditional activities on the traditional te rritory of the AZA, BNA and BZA First

Nations.

“We have a sincere desire to respect the traditional lands of the AZA, BNA and BZA First

Nations, and are committed to moving forward with a principled and respectful

approach to Indigenous engagement and par tnerships,” stated Cynthia Le Sueur -

Aquin, CEO and President of LAURION. “The MOU establishes a process of ongoing

engagement and consultation, fostering economic participation opportunities to

successfully advance exploration and potential mining partners hips at the Ishkoday

Project. This is the start of what we hope will be a strong and mutually beneficial

relationship with the AZA, BNA and BZA First Nations, as we work towards the shared

goal of unlocking the potential of the project.”

Stated Kyla Morrisseau, consulting coordinator for Animbiigoo Zaagi’igan

Anishinaabek First Nations, “Over the last decade, LAURION and AZA have built a

strong relationship, with focus to appreciation to mutual respect that comes with the

projects. The approach to how Laurion operates in partnership with the First Nations,

should be emulated across the board in every project that enters our Territory; there is

always an achievable balance between mining activities, economic opportunities

and environmental protection an d preservation. Forging forward with meaningful

inclusion and transparent partnerships with the companies that we welcome into our

territory is very important and is one of AZA’s top priorities for the stabilization of future

generations”.

Stated Frank Hardy (“Tunny”), Lands & Resource Coordinator of Biinjitiwaabik Zaaging

Anishinaabek First Nations, “BZA has traditionally hunted, fished, gathered berries, herbs

and medicines throughout our traditional territory. We are people of Mother Earth, and

the water and land are of huge importance to us. With many mining and exploration

companies starting or wanting to start projects throughout, we recognize that we are

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all the stewards of the land , and we believe it’s our duty to try our hardest to protect

what’s dear to us.

We are happy to be working with LAURION , whose readiness to accommodate the

First Nations traditional practices and harvesting activities in our Traditional Territory, has

culminated in the signing of the MOU. The MOU is another step forward in working and

developing a great working relationship with the Company, and we look forward to a

long working relationship with LAURION”.

About Animbiigoo Zaagi’igan Anishinaabek

Animbiigoo Zaagi’igan Anishinaabek (AZA) is a strong, independent, and progressive

First Nation, located in Northwestern Ontario. The membership is approximately 500

people and growing. We have a greater number of the people out on the land;

working and living in the territory sustaining cultural livelihoods to support their

families. There is an enormous number of trappers; commercial fishermen; hunters;

cultural harvesters and regular land users from AZA. The community prides itself on their

love and connection to the land; water; animals; all of Mother Earth’s resources. W e

support every aspect of environmental protection over development , in order for our

community to thrive in a health and sustainable way.

FOR FURTHER INFORMATION, CONTACT:

Animbiigoo Zaagi’igan Anishinaabek

Kyla Morrisseau – Consultation Coordinator

Tel: 1-807-853-2497

Website: http://www.aza.ca

About BINGWI NEYAASHI ANISHINAABEK

BNA is a First Nation community located on the south -east shores of Lake Nipigon,

about 20km south of the Town of Beardmore along Hwy 11. BNA is a progressive

community that is quickly re -developing its reserve lands after years of displacement

due to government policies in the middle of the 20th century. The First Nation is building

homes, community infrastructure, and is operating a Sawmill which it employs First

Nation members from the community and surrounding region. BNA is actively working

with its First Nation neighbours on agreements with mining and exploration companies

operating in the territory.

FOR FURTHER INFORMATION, CONTACT:

Bingwi Neyaashi Anishinaabek

Jordan Hatton – Director of Economic Development

Tel: 1-807-472-9619

Fax: 1-807-623-2764

Website: http://www.bnafn.ca

About BIINJITIWAABIK ZAAGING ANISHINAABEK

Biinjitiwaabik Zaaging Anishinaabek , (formerly known as Rocky Bay First Nation ,) is

located on reserve 197, MacDiarmid, Ontario, located approximately 2 hours North of

Thunder Bay. The BZA First Nation has 840 registered members , of which 328 live on

reserve. Economic Development has been based around mining, forestry, fishing, and

hunting. BZA also owns the ‘Spirit Bay Gas Bar’ located along HWY 11.

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Biinjitiwaabik Zaaging Anishinaabek

Frank Hardy (Tunny)

Lands & Resource Coordinator

Tel: 1-807-628-9604

Website: http://www.rockybay.ca

About LAURION

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 242,565,253 outstanding shares of which approximately 81% 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 47 km2 Ishkoday Project, and its gold-silver and gold-rich polymetallic

mineralization with a significant upside potential. The mineralization on Ishkoday 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, in the past producing Sturgeon River Mine. The

Brenbar Property, which was acquired in 2020 and is contiguous with the Ishkoday

Property, hosts the historic Brenbar Mine. LAURION believes the mineralization to be a

direct extension of mineralization from the Ishkoday Property.

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, and statements relating to the

MOU and the expected outcomes and developments that may arise. The forwar d-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, failure to maintain community acceptance (including First Nations), 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

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 VENT URE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR

ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.