Laurion Mineral Exploration Inc. - Press Release
2012年9月5日 - 9:30PM
PR Newswire (Canada)
TORONTO, Sept. 5, 2012 /CNW/ - Laurion Mineral Exploration Inc. and
(OTCQX: LMEFF) ("Laurion" or the "Corporation") is pleased to
announce that it has signed a binding letter agreement with Lincoln
Mining Corporation ("Lincoln") providing for the purchase by
Lincoln (or a subsidiary) from Laurion of certain unpatented mining
claims and the assignment and assumption of Laurion's option to
earn a 100% interest in the Bell Mountain property located in
Churchill County, Nevada. The purchase price is, in addition
to Lincoln assuming all of the obligations in respect of the Bell
Mountain property and the option agreement, an aggregate of
$2,350,000 in cash, payable by Lincoln to Laurion as follows: 1.
$350,000 within five business days following receipt by Lincoln and
Laurion of all necessary TSX Venture Exchange ("TSXV") approvals to
the letter agreement; 2. $350,000 on completion of a convertible
loan financing by Lincoln in the amount of $2,300,000, at which
time Laurion and Lincoln will complete the sale and transfer of
Laurion's mining claims and option on the Bell Mountain property to
Lincoln (or a subsidiary of Lincoln), and Lincoln shall assume the
remaining obligations of Laurion in respect of the option, which
shall be completed in any event by no later than November 16, 2012;
3. $750,000 on completion of a pre-feasibility study for the Bell
Mountain property. Lincoln shall use its commercially reasonable
efforts to complete the pre-feasibility study by June 30, 2013; and
4. $900,000 on or before five months after completion of the
pre-feasibility study. The transaction under the letter agreement
remains subject to various conditions, including receipt of
necessary approvals from the TSXV, approval of Lincoln's
shareholders of the convertible loan financing, Lincoln's
acceptance of the physical condition and status of title of the
property, and receipt of all necessary third party consents.
Laurion shall retain the right to reassert its interests and rights
in the Bell Mountain option in order to be able to exercise the
option to earn a 100% interest in the project in the case that
Lincoln does not complete the remaining expenditure requirements of
$1,755,000 or Lincoln defaults on any of the other obligations
assumed under the option. Pursuant to the letter agreement, the
parties must use their best efforts to negotiate and execute a
definitive agreement incorporating the terms of the letter
agreement within 30 days. Present market conditions and the drive
to preserve cash have impacted the Corporation's capacity to
develop the Bell Mountain project under an appropriate time line.
The unstable global credit markets and diminished project finance
options have made it extremely challenging and dilutive to raise
funding for the Corporation's on-going exploration and development
activities. As a result, the Corporation was faced with the
decision to preserve shareholder value through selective asset
conservation. The Corporations' Sturgeon River property in
Beardmore (Greenstone), Ontario is an exciting project that
continues to surprise and generate good news and value for our
shareholders. We are optimistic that our field work and planned
drilling programs on the Sturgeon River property will uncover
additional discoveries with growth potential in the area of our VMS
target. Laurion acquired the option to earn a 100% interest in the
Bell Mountain property from Globex Mining Enterprises Inc.
("Globex") on June 28, 2010. Since entering the option agreement to
acquire the Bell Mountain property with Globex, Laurion has
completed a NI 43-101 Technical Report, a 56 hole drill program,
metallurgical testwork, baseline studies for the Environmental
Assessment ("EA") permit and the initial pit cone analysis,
incurring a total of $1,245,000 in exploration expenditures to
date. A total of $3.0 million in exploration expenditure
commitments is required to be completed on the Bell Mountain
property under the Laurion/Globex agreement by June 2015, thus
requiring a further $1.755 million of exploration expenditures to
be incurred. Cynthia Le Sueur-Aquin, President of Laurion stated,
"Laurion is very pleased to have realised a profit of $1.1 million
from disposition of the Bell Mountain over the two year period
since entering into the option agreement with Globex Mining
Enterprises Inc. Laurion's vision is to create shareholder wealth
and value through the monetisation of our assets, and although the
disposition of the Bell Mountain property was not originally
contemplated, though economic realities and a fortuitous
opportunity presented itself for both Laurion and Lincoln Gold."
About Laurion Mineral Exploration Inc. The Corporation's focus is
to make the transition from explorer to 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,
with key interests in prospective mining properties located in
Ontario, Canada and Nevada, USA. Neither the TSXV nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this news release. This news release includes certain
forward-looking statements concerning the future performance of
Laurion's business, operations and condition, as well as
management's objectives, strategies, beliefs and intentions.
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. 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
except as required by law. Laurion Mineral Exploration Inc.
CONTACT: Laurion Mineral Exploration Inc.Cynthia Le Sueur-Aquin -
PresidentTel: 1-888-212-4070Tel: 1-705-788-9186Fax:
1-705-788-9187Website: www.laurion.ca
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