Laurion Completes Option Agreement with Prodigy to Acquire 100% Interest in Walter-Elmhirst Property, Beardmore, ON
2011年9月8日 - 11:00PM
PR Newswire (Canada)
TORONTO, Sept. 8, 2011 /CNW/ -- TORONTO, Sept. 8, 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 Prodigy Gold Inc.
(TSX-V: PDG)("Prodigy Gold"), in which the Corporation has received
the option to acquire up to a 100% interest in 21 claim units
totalling 336 hectares. The Prodigy Gold Walter-Elmhirst Property
("Walter-Elmhirst") is located in the Walter and Elmhirst
Townships, 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 strike of
southern parallel extensions south of the Tehya, Ahki, Loki and A2
Vein trends that are potential prospective horizons for precious
metal rich VMS mineralization. The proposed transaction is subject
to regulatory approval by the TSX Venture Exchange. The Corporation
also announced today that it has completed a 3 hole drill program
totalling 427 metres over the recently acquired Elmhirst property
("Elmhirst"), which transaction was announced in a press release on
the 30 August 2011. The Elmhirst property consists of 4 mining
leases totalling 64 hectares and abuts the eastern boundary of the
Sturgeon River. This drill program targeted 2 zones; a quartz vein
and sphalerite zone. The quartz vein is the northern extension of
the Sturgeon River A2 Vein which is emplaced along a shear zone
located south of the contact between intermediate
volcanics/porphyry and tuffaceous rhyolites. Drill hole LME11-011
completed in April 2011, targeted a strong VLF anomaly, which the
A2 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. 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. Terms of the Agreement Pursuant to the
terms of the Agreement, the Corporation has an Option to earn in an
undivided 100% interest, subject to the issuance of 70,000 Laurion
shares upon execution of the agreement, the issuance of 430,000
Laurion shares and incurring an aggregate of $225,000 in
exploration expenditures over three years. The Walter-Elmhirst
Project is subject to a 3% net smelter return ("NSR") royalty in
favour of Stephen M. Roach, Denis Laforest and Pierre Maillet.
About Prodigy Gold Inc. Prodigy Gold Incorporated is a
Vancouver-based gold exploration and mine development company
listed on the Venture Exchange (TSX.V: PDG) with assets in Eastern
Canada. Prodigy's lead project is the advanced Magino mine project
in northern Ontario. 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 Prodigy 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. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/08/c9433.html
p Laurion Mineral Exploration Inc.br/ Cynthia Le Sueur-Aquin -
Presidentbr/ 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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