Laurion Announces the Execution of the Definitive Agreement for the
Disposition of the Bell Mountain Project
TORONTO, Nov. 29, 2012 /CNW/ - Laurion Mineral
Exploration Inc. (TSX-V: LME) and (OTCQX: LMEFF)
("Laurion" or the "Corporation") is pleased to
announce that, further to its September 5,
2012 news release, it has executed a Definitive 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.
On September 5,
2012, the Corporation signed a binding letter of agreement
to monetize the Bell Mountain Nevada property through a 100%
purchase option to Lincoln for an
aggregate cash purchase price of $2,350,000. Payments are to be staged according
to Lincoln achieving certain
project milestones. 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, Lincoln defaults on any of the other
obligations assumed under the option, or, fails to complete the
remaining payments under the Definitive Agreement.
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.
Cynthia Le
Sueur-Aquin, President and CEO of Laurion commented,
"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. Our exploration successes on Sturgeon River to
date indicate that we are close to delivering a resource estimate
which will begin defining the potential of three gold and
silver rich Volcanic Massive Sulphide trends located within a 1km
wide corridor by 3km strike length. We are continually
discovering additional mineral occurrences as we expand our
exploration on the property."
About Laurion Mineral Exploration
Inc.
Laurion Mineral Exploration Inc. is a junior
mining company focusing on the upside of its 100%-owned Sturgeon
River property, a high impact project with a primary focus on gold
and secondary focus in base metals.
With proven ability to develop early stage
projects and create shareholder value by monetizing its discoveries
and assets, Laurion has realized a total of $6.35 million in the last two years from
monetization of its assets. The Corporation's current focus is on
resource development at Sturgeon River, located in Beardmore, Ontario, approximately 220 km
northeast of Thunder Bay.
Neither the TSX Venture Exchange (the
"TSX-V") nor its Regulation Services Provider (as that term
is defined in the policies of the TSX-V) 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.
SOURCE Laurion Mineral Exploration Inc.