TORONTO, Feb. 14, 2020 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME) and (OTCPINK: LMEFF)
("LAURION" or the "Corporation") is pleased to announce the
appointment of Nick Ierfino as a new
director of the Corporation. Mr. Ierfino is a chartered
accountant and the founding partner of I&A Professional Corp.,
with over 37 years of experience in public accounting. Mr.
Ierfino specializes in business advisory and restructuring, and
has previously held positions at Arthur Andersen LLP and
Olivetti Canada.
Mr. Ierfino is also involved in several not-for-profit
organizations. He is the Director for the Federation of Calabrese
of Ontario, a member of the board
for Pier 21 and is actively involved in the community of
Carassauga. In addition, Mr. Ierfino serves as a director of The
Vitanova Foundation, and is involved with the Italian Chamber of
Commerce, UBPA, the Federation of Portuguese Canadian Business and
Professionals, and the Toronto
Board of Trade.
"We are very pleased to welcome Nick to LAURION's Board of
Directors," stated Cynthia Le Sueur–Aquin, President and Chief
Executive Officer of LAURION. "His attention to detail and strong
work ethic, combined with his pronounced understanding of the
accounting profession, are expected to be key drivers of our
success. We draw on the expertise of our directors to evolve
LAURION's strategic direction and vision, in order to enhance our
operations and advance the flagship Ishkoday Project. I am
confident that Nick's experience and expertise will be incredible
assets to the company."
In connection with Mr. Ierfino's appointment, the Corporation
has accepted the resignation of David
Burkes as a director of the Corporation. Cynthia Le
Sueur–Aquin stated: "I want to thank David for his dedication and
significant contributions during his 15 years with LAURION. On
behalf of the Board, we wish him the best in all future
endeavours."
The Corporation also announces that pursuant to its stock option
plan, subject to TSX Venture Exchange ("TSX-V") approval,
LAURION will grant incentive stock options to Mr. Ierfino to
acquire a total of 250,000 common shares of the Corporation,
exercisable for a period of five years at an exercise price of
$0.17, subject to vesting
requirements.
Option Agreement to Acquire the Brenbar Project
On December 30, 2019, the
Corporation announced that it had entered into an option agreement
(the "Agreement") with Jubilee Gold Exploration Ltd.
("Jubilee"), pursuant to which the Corporation received an
option (the "Option") to acquire up to a 100% undivided
working interest in certain mining leases located in the Irwin
Township of Thunder Bay, Ontario
(the "Brenbar Project").
The Corporation wishes to clarify that pursuant to the Agreement
(in addition to making cash payments and incurring exploration
expenditures, as more particularly described in the Corporation's
initial announcement), LAURION may issue up to an aggregate of
1,060,000 common shares to Jubilee in consideration for, among
other things, the acquisition and exercise of the Option.
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 178,728,395 outstanding
shares of which approximately 58% 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 midstage 44 km2 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, and 14,992
individual samples with assays and geochemical analysis. The
mineralization on the Ishkoday Project 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), LAURION '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.
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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
intentions, the details, anticipated timing and completion of the
transactions and other matters described in this press release,
including without limitation, the issuance of stock options to Mr.
Ierfino, LAURION's potential acquisition of the Brenbar Project
from Jubilee and the future results of the
Corporation's exploration program at Ishkoday. 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 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, 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
appointment of Mr. Ierfino as a director of the Corporation and the
Agreement are each subject to the approval of the TSX-V. 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.
SOURCE Laurion Mineral Exploration Inc.