TORONTO, ON / January 28, 2014/ Laurion Mineral Exploration Inc. (TSX.V: LME; OTCQX: LMEFF) (“Laurion“) is very pleased to announce that Northstar Drilling of Thunder Bay has mobilized a drill onto the Ishkoday property, and that drilling has commenced. The Ishkoday Property is located northeast of Beardmore, Ontario.
All regulatory documentation relating to Ontario’s new Mining Act was filed with the Ministry of Northern Development and Mines (“MNDM“) by Laurion late July 2013 for the Ishkoday Property. On January 14, 2014, the Corporation received the Early Exploration Permit. These permits have been issued by the MNDM with a period of validity of three years, covering early higher impact exploration activities.
While receipt of the permit represents a milestone, Laurion remains committed to creating strong relationships and developing ongoing discussions with the Aboriginal communities in the area of the Ishkoday Property. Laurion is also committed to work in a collaborative way and engage all the communities with respect to the Corporation’s future exploration plans.
Laurion has commenced a diamond drill program on the Ishkoday Property. The drill program is composed of 500m of diamond drilling in approximately 4 holes. Two diamond drill holes are planned to follow up on the high grade channel and grab samples of 15.00 g/t Au, 35.4 g/t Ag, 1.07% Zn and 0.41% Cu over 1m, 3.14 g/t Au, 23.2 g/t Ag, 2.62% Zn, 0.20% Cu and 0.15% Pb over 3m, 10.20 g/t Au, 45.5 g/t Ag, 22.30% Zn and 3.32% Pb (Grab) reported in a press release in November 2013.
Two diamond drill holes follow up on the diamond drill program executed in 2012 across 500 metres of stratigraphy on the northeastern extension of the A-zone on the Loki trend. The precious metal rich Volcanic Massive Sulphide (“VMS“) Loki trend has a postulated 3,000m strike length.
The discovery of an economic mineral deposit is an extremely rare occurrence. The very nature of boom and bust cycles will make the junior exploration sector very valuable as a result of supply and demand and the need to replacing resources. The discovery of the significant gold and base metal environment over the last 3 years on the Corporation’s Ishkoday Property has metamorphosed the Corporation from Exploration to Discovery Company. The Corporation is well poised for the market return and anticipates an uplift from the potential of developing the significant Ishkoday Property
The disposition of the Bell Mountain project to Lincoln Mining for a total of $2.3 million at the end of 2012, was a strategic proactive decision, completed as a result of the depressed resource industry market with the objective of ensuring access to working capital for the future well-being of the corporation over an indefinite period in a volatile market.
To date the Corporation has received $1.190 million from Lincoln Mining. The Corporation at Lincoln’s request renegotiated a deferred payment schedule as result of US Regulators requesting divestment of Procon Mining and Tunnelling Ltd. (“PM&T“) and certain of its affiliates, including China National Machinery Industry Corporation (“Sinomach“). Sinomach is a state owned entity of the government of China from a Lincoln transaction. (See Lincoln new release dated October 22, 2013 and June 18, 2013). PricewaterhouseCoopers Corporate Finance Inc. (“PwC”) has been engaged by Procon to assist in the divestiture of its investment in Lincoln. Lincoln is quietly confident that they will meet the restructured payment schedule totalling $1.110m.
The technical information contained in this news release has been verified by Joe Campbell, P. Geo., consulting geologist with GeoVector Management Inc. Mr. Campbell is the project manager for Laurion’s Ishkoday project and is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Properties.”
About Laurion Minerals Exploration Inc.
Laurion Mineral Exploration Inc. is a junior mining company focusing on the discovery and upside of its 100%-owned Ishkoday Property, a high impact VMS project, having a primary focus on gold and base metals.
With proven ability to develop early stage projects and create shareholder value by monetizing its discoveries and assets, Laurion has realized a total of $6.35 million in the last two years from monetization of its assets.
The Corporation’s current emphasis is on resource development at the Ishkoday Property, located in Beardmore, Ontario, approximately 220km northeast of Thunder Bay.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin – President
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 the approval of Laurion’s application to trade its common shares over the facilities of the OTCQX and the commencement of such trading. 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. Laurion and its management assume no obligation to revise or update these forward looking statements.
Source: Laurion Mineral Exploration Inc.