LME Laurion Mineral Exploration Inc

TORONTO, Aug. 30, 2011 /CNW/ -- TORONTO, Aug. 30, 2011 /CNW/ - Laurion Mineral Exploration Inc. (TSX-V: LME and OTCQX: LMEFF) ("Laurion") is pleased to announce that it has entered into an definitive agreement (the "Agreement") with Jubilee Gold Inc. (TSX-V: JUB)("Jubilee Gold"), in which the Corporation has received the option to acquire up to a 100% interest in 4 mining leases totalling 64 hectares. The Jubilee Gold Elmhirst Project ("Elmhirst Project") is located in Elmhirst Township, 25 kilometres east of the Town of Beardmore, Ontario, and is contiguous to the Corporation's Sturgeon River property. The objective of this transaction is to encompass the extensions along strike of the Tehya, Ahki, Loki and A2 Vein trends, prospective horizons for precious metal rich VMS mineralization. The proposed transaction is subject to regulatory approval by the TSX Venture Exchange. Terms of the Agreement Pursuant to the terms of the Agreement, the Corporation has an Option to earn in a 60% interest, subject to an initial cash payment in the amount of $7,000 and issuance of 50,000 Laurion shares upon execution of the agreement, making cash payments in an aggregate amount of $45,000, issuing 240,000 Laurion shares and incurring an aggregate of $500,000 in exploration expenditures over five years. The Corporation also has an Option to earn the remaining 40% interest in the Elmhirst Project subject to a 2% net smelter return ("NSR") royalty in favour of Jubilee Gold, at any time after the Corporation has earned in its 60% interest, to total a 100% interest. The additional 40% interest is subject to the cash payment in the aggregate amount of $30,000, the issuance 160,000 Laurion shares and incurring an aggregate of $333,333 in exploration expenditures. The Corporation may purchase 50% (1%) of the NSR royalty for $1,000,000 at any time after the Option is exercised. Highlights of the Elmhirst Project. A drill program totalling 3,000 feet (914.4 metres) by Elmwood Mines consisting of fourteen holes was completed on the Elmhirst Project in 1953. The drill program targeted two zones; a quartz vein and sphalerite zone.  The quartz vein is the northern extension of the A2 Vein which is emplaced along a shear zone located south of the contact between intermediate volcanics/porphyry and tuffaceous rhyolites. To the southeast of the quartz vein is a fractured silicified zone within the intermediate volcanics which hosts sphalerite (zinc) and chalcopyrite (copper). Assay results from the historic drilling were reported as follows: ________________________________________________________ |Hole|From (m)|To (m)|Length (m)|Au (g/t)|Ag (g/t)|Zinc %| |____|________|______|__________|________|________|______| | Quartz Vein | |________________________________________________________| | 1 |21.19 |22.10 |0.91 |3.09 |9.26 |4.48 | |____|________|______|__________|________|________|______| | |31.39 |34.32 |2.93 |1006.71 | | | |____|________|______|__________|________|________|______| | | | | | | | | |____|________|______|__________|________|________|______| | 2 |38.98 |39.38 |0.40 |3.77 | | | |____|________|______|__________|________|________|______| | | | | | | | | |____|________|______|__________|________|________|______| | 9 |33.71 |35.36 |1.65 |9.97 |4.65 |1.37 | |____|________|______|__________|________|________|______| | | | | | | | | |____|________|______|__________|________|________|______| | 11 |23.47 |24.51 |1.04 |6.86 | | | |____|________|______|__________|________|________|______| | Base Metal Vein | |________________________________________________________| | | | | | | | | |____|________|______|__________|________|________|______| | 4 |26.03 |26.55 |0.52 |3.09 |12.34 |2.84 | |____|________|______|__________|________|________|______| | |32.61 |33.99 |1.37 |1.71 |9.60 |4.98 | |____|________|______|__________|________|________|______| | | | | | | | | |____|________|______|__________|________|________|______| | 5 |8.23 |8.47 |0.24 |20.57 | | | |____|________|______|__________|________|________|______| | |43.95 |45.11 |1.16 |0.31 |1.37 |1.32 | |____|________|______|__________|________|________|______| | | | | | | | | |____|________|______|__________|________|________|______| | 6 |28.74 |29.57 |0.82 |3.43 |41.15 |5.11 | |____|________|______|__________|________|________|______| | | | | | | | | |____|________|______|__________|________|________|______| | 12 |20.54 |21.18 |0.64 |2.06 |12.34 |2.12 | |____|________|______|__________|________|________|______| | |22.28 |22.59 |0.30 |1.03 |10.29 |4.62 | |____|________|______|__________|________|________|______| | | | | | |- | | |____|________|______|__________|________|________|______| | 16 |34.08 |36.12 |2.04 |1.44 |13.55 |0.33 | |____|________|______|__________|________|________|______| | | | | | | | | |____|________|______|__________|________|________|______| | 19 |34.50 |36.73 |2.23 |1.61 |10.67 |1.99 | |____|________|______|__________|________|________|______| Holes 5, 6, 7, 12, 16 and 19 were drilled at 100 foot (32.8 metre) intervals and traced the base metal vein for approximately 800 feet (243 metres). Copper and lead values were not reported. The contact (A2 gold zone) on the Sturgeon River Property had previously been drilled by Placer Dome (1988) and zones of significant sphalerite and chalcopyrite over 900 metres of strike were recorded.  Drill hole LME11-011 completed in April 2011 targeted a strong VLF anomaly outlined in a 1984 survey done by Phoenix Exploration Ltd. The targeted zone was intersected 68 metres downhole (50 metres vertically below surface) and consisted of a 9.2 metre thick zone of highly silicified and altered intermediate volcanics at the contact with diorite porphyry. Assays from this hole included: _________________________________________________________________ | Hole |From(m)|To (m)|Interval (m)|Au (g/t)|Ag (g/t)|Cu %|Zn %| |_________|_______|______|____________|________|________|____|____| |LME11-011| 68.00 |77.20 | 9.20 | 0.23 | 2.5 |0.08|0.47| |_________|_______|______|____________|________|________|____|____| |Including| 68.00 |70.45 | 2.45 | 0.55 | 4.0 |0.08|1.25| |_________|_______|______|____________|________|________|____|____| Laurion believes this horizon to be very prospective for precious metal rich VMS mineralization, and the Corporation intends to carry out follow-up drilling along the strike length of the anomaly, which extends over 2,000 metres, and to drill the zone down dip. 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 Sturgeon River project and he is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties." About Jubilee Gold Inc. Jubilee Gold came into existence on January 1, 2010 being an amalgamation of five companies: Union Gold Inc., Sheldon-Larder Mines, Limited, Golden Harker Explorations Limited, Wood-Croesus Gold Mines, Limited and Milestone Exploration Limited. About Laurion Minerals Exploration Inc. The Corporation's focus is to make the transition from explorer to near-term producer and envisages the realization of shareholder value and wealth through monetization of its discoveries and assets. Laurion's exploration horizons are focused primarily on gold with a secondary interest in base metals and PGEs with key interests in prospective mining properties located in Ontario and Churchill County, Nevada USA. 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 Laurion's acquisition of the property from Jubilee Gold as described above. 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. Image with caption: "Laurion Completes Option Agreement with Jubilee Gold to Acquire up to 100% in Elmhirst Project, Beardmore, ON (CNW Group/Laurion Mineral Exploration Inc.)". Image available at: http://photos.newswire.ca/images/download/20110830_C7164_PHOTO_EN_2639.jpg TORONTO, Aug. 30, 2011 /CNW/ -- To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/30/c7164.html p Laurion Mineral Exploration Inc.br/ Cynthia Le Sueur-Aquin - Presidentbr/ Karen Doxsee - Vice President, Corporate Communicationsbr/ Tel: 1-888-212-4070br/ Tel: 1-705-788-9186br/ Fax: 1-705-788-9187br/ Website: a href="http://www.laurion.ca"www.laurion.ca/a /p p Laurion Mineral Exploration Inc.br/ Cynthia Le Sueur-Aquin - Presidentbr/ Karen Doxsee - Vice President, Corporate Communicationsbr/ Tel: 1-888-212-4070br/ Tel: 1-705-788-9186br/ Fax: 1-705-788-9187br/ Website: a href="http://www.laurion.ca"www.laurion.ca/a /p

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