Laurion Capitalizes on Bell Mountain; proceeds to be used to develop Sturgeon River
2012年9月13日 - 7:30PM
PR Newswire (Canada)
TORONTO, Sept. 13, 2012 /CNW/ - Laurion Mineral Exploration Inc.
(OTCQX: LMEFF) ("Laurion" or the "Corporation") today reported that
it will focus on resource development at its Sturgeon River
property in Beardmore, Ontario, using funds from the disposition
transaction announced last week from the sale of its Bell Mountain
property. The transaction contemplated will realize net proceeds of
over 100% from Bell Mountain since Laurion first optioned it from
Globex Mining Enterprises Inc. two years ago. Inclusive of
the Bell Mountain disposition, Laurion has realized a total of
$6.35 million in the last two years from monetization of its
assets. As previously announced on September 5, 2012, the
Corporation has signed a binding letter of agreement to monetize
the Bell Mountain Nevada property through a 100% purchase option to
Lincoln Mining Corporation ("Lincoln") for an aggregate cash
purchase price of $2,350,000. Payments are to be staged
according to Lincoln achieving certain project milestones. This
transaction remains subject to various conditions, including
receipt of necessary approvals from the TSX-V, approval from
Lincoln's shareholders, acceptable due diligence and third party
consents. A definitive agreement is expected within 30 days. The
100% owned Sturgeon River Project in the Beardmore-Geraldton Gold
Camp in Ontario, is located 120 km northeast of Thunder Bay.
Laurion has been exploring the polymetallic Volcanic Massive
Sulphides ("VMS") potential of the property. Previous work by
Laurion and others (265 holes for a total of 35,168 metres) has
shown that massive to semi-massive sulphides occur on multiple
horizons within a 3 km long and 1 km wide corridor of sheared
volcanics that trend through the centre of the Sturgeon River
property and strikes northeast. Laurion has identified this
corridor as having the potential to host a precious metal rich VMS
deposit. Laurion has a diamond drilling campaign underway comprised
of twinning, infill and extensional drilling. This will
enable Laurion to complete a NI 43-101 resource estimate of the
polymetallic volcanic massive sulphide ("VMS") mineralization by
the first quarter of 2013. "Focusing on Sturgeon River makes
optimal sense at this time. We sold the David-Tisdale project and
garnered $4 million for Laurion in January 2010, under a similar
successful strategy. The exploration on Sturgeon River to date
indicates that we are close to delivering a resource estimate that
will begin defining the potential of the corridor. We are
continually discovering additional mineral occurrences as we expand
our exploration on the property" commented Cynthia Le Sueur-Aquin,
President of Laurion. About Laurion Mineral Exploration Inc. The
Corporation's focus is to realize 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. 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: 1-705-788-9186Fax: 1-705-788-9187Website:
www.laurion.ca
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