| ||TORONTO, October 27, 2008 - Laurion Mineral Exploration Inc. (TSXV: LME) ("Laurion" or the "Corporation") announced today that after completing extensive mining exploration programs that included geological mapping, sampling, geophysical surveys and drilling on the Lydian ("Lydian"), German ("German") Properties, and Côté-Bihar ("Côté-Bihar") Mining Claims, it has notified parties that it has terminated the following three option agreements:|
Hereinafter the Comaplex Agreement, the Unor Agreement and the Wallingford Agreement shall be referred to as (the "Option Agreements").
- Option agreement among Laurion and each of Comaplex Minerals Corp., Ember Holdings Ltd., Silvertip Inc., JKl Investments Ltd. and St. Andrew Goldfields Ltd. dated March 30, 2005 (the "Comaplex Agreement"). The German is located in the German Township, 30 km east-northeast of Timmins.
- Option agreement between Laurion and Unor Inc. (formerly Hornby Bay Exploration Limited) dated April 21, 2005 (the "Unor Agreement"). The Lydian is located in Stock Township 45 km east-northeast of Timmins.
- Option agreement among Laurion and each of Ronald Davidson and George Hargraves dated September 24, 2007 (the "Wallingford Agreement"). The Côté-Bihar Claims "considered a part of the Corporation's Enid-Massey Property" comprises eleven mining claims located in the Côté Township 40 km west of Timmins.
Pursuant to the terms of each Option Agreement, Laurion no longer has any right nor any obligation with respect to the mining properties originally optioned to Laurion under the Option Agreements.
Laurion's President, Cynthia Le Sueur-Aquin, explained, "Dropping the options on Lydian, German and Côté-Bihar eliminates future funding commitments and leaves Laurion in the position to conserve its working capital to advance its remaining projects ("Resource Properties") prudently".
The Resource Properties are:
Sturgeon River: The Sturgeon River Mine Property ("Sturgeon") is located in the historic Geraldton-Beardmore Gold Camp, 120 km northeast of Thunder Bay, Ontario, and to the southwest of the Kodiak Hercules "Golden Mile" property. The Corporation completed a NI 43-101 Technical Report in June 2008 which was followed by an encouraging channel sampling program which returned values up to 65.73 g/t Au (2.31 oz/t) in July/August 2008. The Sturgeon produced 73,439 oz of Au, and 15,922 oz of Ag between 1936 and 1942.
Midlothian and Raymond: Located in the Gowganda Area, well known for the Ag-Co-Cu and minor Ni-bearing carbonate/quartz veins. The Co-Ag Gowganda "camps", together, produced about 600 million oz of Ag (about 18.7 million kg). A helicopter-borne magnetic and electromagnetic survey (VTEM) was completed in May 2008 highlighting prominent magnetic / electromagnetic anomalies on both the Raymond and Midlothian in the search for massive sulphide Ni-Cu-Pt-Pd targets. Three diamond drill holes were completed on the Midlothian in late June 2008 returning 348.8 metres grading 0.26% Ni and 0.22% Chrome. Assays on the two Midlothian holes and one diamond drill hole on the Raymond Target are pending analyses of whole rock and thin sections.
Graydon Lake, Fox Mountain, and Dorothea: Located within the Nipigon area of Ontario. A helicopter-borne magnetic and electromagnetic survey (VTEM) was completed by June/July 2008 on all three properties focusing on Ni-Cu and/or PGE's. This area hosts an abundance of high potential mafic-ultramafic rocks that are often poorly exposed and have received limited exploration.
Enid-Massey: The Enid-Massey Project is 100% owned and located on Côté-Massey-Enid Mafic Complex ("CEMMI"), 40 km west of Timmins with excellent potential for Ni-Cu-Zn-Au-PGE discoveries. Diamond drilling on the Santrap has identified several distinct exhalative horizons with strong Au-Ag-Cu-Zn values.
Davidson-Tisdale: The Corporation holds an approximate 40% interest in the Davidson-Tisdale property which is located in the Porcupine Gold Camp in Ontario. A total of 64,173 metres of drilling has been drilled in over 642 holes to date. (Resource of 668,662 tonnes at 8.33 g/t Au equating to 179,187 oz measured and indicated at a 4.0 g/t Au cut off grade as per NI 43-101 Technical Report by Geostat, 2003).
North Tisdale: Very little exploration property-wide to date. The Corporation recently completed a program of ground geophysics focused on an ultramafic unit thought to represent an area hosting a sulphide-bearing quartz and carbonate vein system. The Tisdale Kinch Shaft Zone is reported to host historic exploration shafts. Visible Au is noted at several locations with surface grab samples returning values up to 15.59 g/t Au. Historic drilling in 1954 in quartz veining and notable sulphides reported one assay at 20.98 g/t Au over 2.0 ft (Summary of Exploration -Davidson-Broulan Exploration Project April 1986 - Kenneth Guy).
Fripp Township: Located 23 km southwest of Timmins, Ontario. Historical assays returned up to approximately 0.3% Cu. A preliminary field visit to the Fripp Property was completed in late June 2008. One sample was collected (#439015) and assayed at 0.5% Cu.
Laurion Mineral Exploration Inc. is an early stage exploration specialist company with projects in Ontario. Laurion's exploration horizons encompass not only gold, but also base metals and PGE's. Laurion continues to evaluate the successes and progress of each of its mineral properties and will perform ongoing due diligence investigations on additional prospective mineral properties with a view to possibly acquiring a more advanced exploration property.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
Tel: 1-705-788-9186 - Fax: 1-705-788-9187 - Website: www.laurion.ca
CHF Investor Relations
Jacqueline Wagenaar - Account Manager email@example.com
Tel: (416) 868-1079 x 289 - Website: www.chfir.com
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. 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. Neither Laurion nor its management assumes any obligation to revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.