TORONTO, ON / ACCESSWIRE / May 27,
2014 / Laurion Mineral Exploration Inc. (TSX.V: LME;
OTCQX: LMEFF) ("Laurion") is pleased to
provide shareholders with the following update of its current
activities. The Corporation is most pleased with drill results
obtained to date on its Ishkoday discovery property located 220km
north east of Thunder Bay, and is maintaining its “one property,
one focus” business plan in order to maximize shareholder value.
The key priority at the top of the Corporation’s agenda is
reflected in its ability to continue monetizing its assets and
discoveries. In 2012, Laurion disposed of the Bell Mountain Project
located in Nevada to Lincoln Mining for $2.35 million in cash. To
date, Laurion has received a total of $1,539,414 inclusive of
interest. Two remaining cash payments totalling $832,900 inclusive
of interest are scheduled for payment prior to June 21, 2014.
Exploration Planning and Outlook on the Ishkoday
Discovery Property.
DIAMOND DRILLING - In February and March 2014,
the Corporation completed 924m of diamond drilling in 6 holes
(See Press Releases dated March 19 and May 14, 2014). All
of the diamond drill holes were collared to intersect geology
associated within the base metal Loki/A-Zone mineralization
reported in Laurion drilling carried out in 2012, while two of the
six holes were strategically planned with the specific objective of
defining the initial step of a phase-one drill program.
MINERALIZED ZONE INCREASED - As a result of
these drill holes, the Corporation determined the depth extent of
the mineralized zone increased from 75m to 165m almost doubling the
dip length, with the estimated thickness of the alteration zone
increasing from approximately 20m to 40m. Deeper intersections in
the mineralized A-Zone were somewhat richer in copper, with higher
associated silver values. These factors may indicate a transition
to closer proximity to mineralizing source with depth. Drilling
also determined that there were multiple narrow lenses of
higher-grade mineralization within a broader mineralized alteration
halo.
MINERALIZATION MODEL - Laurion's goal is to
develop the gold-rich massive sulphide environment at Ishkoday. To
aid this, Laurion is developing a "fingerprint" or model of the
mineralization by comparing it to other known deposits. Based on
the current drilling information, the model is stacked gold-rich
massive sulphide lenses hosting base metals trends within a large
mineralized halo.
EXPLORATION PLANNING - Over the next 6 months,
Laurion's objective is to complete a program composed of high
resolution aerial photography, retaining expertise with
volcanogenic and structural VMS perspective for guidance on
regional targeting concepts and recommendations for effective
exploration techniques and definition of priority target zones, and
a geophysics program covering 10km of IPower 3D ground geophysical
surveys.
PHASE-ONE DRILL PROGRAM - An exploration drill
program composed of 6,500m of diamond drilling will focus on
testing the depth extent of the three gold-rich base metal trends,
3,000m each in strike length, in a 1km wide corridor, targeting the
core of the VMS style mineralization and possible associated feeder
structures.
Annual and Special Meeting of
Shareholders
The Laurion Annual and Special Meeting of Shareholders will be
held on June 6, 2014 at the offices of Baker McKenzie LLP in
Toronto. Management of the Corporation will be requesting
shareholder approval for, amongst other things, a Special
Resolution to approve a consolidation of the common shares of the
Corporation in order to make the Corporation’s shares more
attractive to investors, since it may provide the Corporation with
increased flexibility to seek additional financing
opportunities.
While management believes that the Corporation’s cash position
in the interim is strong, the Corporation will need to complete a
private placement to continue developing the gold-rich base metal
environment on the Ishkoday Discovery Property. There is no
guarantee that the Corporation will be successful in completing a
Private Placement. In order to provide the Corporation with the
greatest chance of attracting new financing, the Directors would
like shareholder approval to consolidate the Company's common
shares up to a 7:1 basis at the Directors' discretion. The
Directors are seeking shareholder approval to the share
consolidation at this time in order to save the cost of holding a
separate special shareholders' meeting in the future.
Laurion will not be changing its name or its trading symbol in
conjunction with the proposed Consolidation.
The resource sector has been subject to continued softening of
commodity prices and a dramatic sell-off in equity markets, which
has created a capital desert in the junior end of the capital
market at levels not experienced in the resource sector the last 10
years. Advanced juniors and mid-tier producers have been caught in
the middle, exposed to a fragile balancing act between investors’
thirst for yield and low tolerance of risk. There is some hope in
the form of private capital investors who favor the juniors with
more advanced projects. In that respect, Laurion is practically
unique in its continuing ability to monetize non-core assets to
enable exploration focus on its primary Ishkoday discovery
property, delaying and minimizing the need for equity
injections.
Positive drill results on the Ishkoday Property have identified
a gold and base metal environment hosted in three base metal
trends, 3,000m each in strike length, within a 1km wide corridor.
The Corporation believes that its management of the short-term
needs of shareholders, coupled with its long-term strategic
planning for the development of a three-phase drilling program on
the Ishkoday Property, and the creation of a defined business plan
of growth through asset monetization and discovery, are value
drivers. Having said this, the Corporation is of the firm opinion
that a share consolidation will only proceed on a strategic
basis.
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 Mineral Exploration Inc.
Laurion’s Ishkoday discovery project is contained within a 100%
owned 4,442ha property package, located 220km northeast of Thunder
Bay with easy access off the Trans-Canada Highway.
Laurion is focussed on unlocking the value of the Ishkoday gold
and base metal environment hosted within three base metal trends,
3,000m each in strike length, in a 1 km wide corridor. Laurion is
expanding on a legacy of gold production from the Ishkoday shaft
which is hosted in a significant gold environment.
Laurion’s balanced and diversified management team is results
driven and has achieved a decade of growth through asset
monetization. Laurion’s management objective is to advance the
Ishkoday project from discovery to value creation to exit
strategy.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
Tel: 1-705-788-9186
Fax: 1-705-788-9187
Website: http://www.laurion.ca/
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.
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