Toronto, Ontario--(Newsfile Corp. - July 22, 2014) - Laurion Mineral Exploration
Inc. (TSXV: LME) (OTCQX: LMEFF) ("Laurion") is pleased to announce
that it has executed a Purchase and Sale Agreement ("Agreement") with Kiska
Metals Corporation (TSXV: KSK) ("Kiska") for the disposition of
Laurion's 51% interest in the Midlothian Project (the "Project"). The Midlothian
Property is an early-stage exploration project located 80km west-southwest of
Kirkland Lake and 25km west-southwest of Matachewan.
One Property - One Focus
Cynthia Le Sueur-Aquin, President of Laurion stated, "The
Laurion Ishkoday discovery project in Beardmore (Greenstone), Ontario is our
best asset and remains our key focus. The Ishkoday property is an exciting
project that continues to surprise and generate good news and value for our
shareholders. We are optimistic that our strategic phased business plan
governing targeted drilling programs on the Ishkoday property, will continue to
uncover additional discoveries with resource growth potential in the area of the
three 3,000m massive sulphide, VMS gold-rich base metal trends. Recognition of
the potential of the Ishkoday property requires committed exploration dollars to
unlock value. Over the last 4 years, Laurion has garnered over $6.4 million in
monetization of property assets in line with our continued vision to create
shareholder wealth and value. "
Under the terms of this Agreement, Kiska will grant a Net
Smelter Royalty ("NSR") in the Midlothian Project in favour of Laurion for 2.5%
with respect to precious metals and 1.5% with respect to all other metals
derived from the Midlothian Project. As per the Agreement, precious metals
include platinum, rhodium, gold, iridium, osmium, palladium, rhenium, ruthenium
and silver.
Kiska will also provide Laurion with a cash payment of $25,000
and forfeit the 500,000 common shares it holds in the capital of Laurion.
Kiska has committed to complete not less than $2,000,000 in
mineral exploration expenditures on the Midlothian Project on or before the
fifth anniversary of the Closing Date (the "Work Commitment"). If Kiska does not
satisfy the Work Commitment, then 100% of the Midlothian property interest will
revert to Laurion, with Kiska retaining a 1% NSR, half of which may be purchased
for $500,000.
Upon completion of a mineral resource estimate of at least
500,000 gold equivalent ounces (inclusive of inferred, indicated and measured
resources) Kiska is to make a cash payment of $500,000 to Laurion. Upon a
decision to commence the development and construction of a mine for the Project,
a cash payment of $1,000,000 will be due to Laurion from Kiska.
The Purchase and Sale Agreement remains subject to various
conditions, including receipt of necessary approvals from the TSXV.
About Laurion Minerals Exploration Inc.
Laurion's Ishkoday discovery project is harnessed within a 100%
owned 4,442ha property package, located 220km northeast of Thunder Bay with easy
access off the Trans-Canada Highway.
Laurion is focussed on unlocking the value of the Ishkoday gold
and base metal environment hosted within three base metal trends, 3000m each in
strike length, in a 1km wide corridor. Laurion is expanding on a legacy of gold
production from the Ishkoday shaft which is hosted in a significant gold
environment.
Laurion's balanced and diversified management team is results
driven and has achieved a decade of growth through asset monetization. Laurion's
management objective is to advance the Ishkoday project from discovery to value
creation to exit strategy.
FOR FURTHER INFORMATION, CONTACT:
Laurion Mineral Exploration Inc.
Cynthia Le Sueur-Aquin -
President
Tel: 1-705-788-9186
Fax: 1-705-788-9187
Website: www.laurion.ca
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 the approval of Laurion's application to trade its
common shares over the facilities of the OTCQX and the commencement of such
trading. 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. Laurion and its
management assume no obligation to revise or update these forward looking
statements.
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