Ms. Cynthia Le Sueur-Aquin of Laurion reports
LAURION COMPLETES OPTION AGREEMENT WITH PRODIGY TO ACQUIRE 100% INTEREST IN WALTER-ELMHIRST PROPERTY, BEARDMORE, ON
Laurion Mineral Exploration Inc. has entered into an definitive agreement with Prodigy Gold Inc. in which the corporation has received the option to acquire up to a 100-per-cent 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.