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TORONTO, May 22, 2019 /CNW/ - LAURION Mineral
Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("Laurion" or
the "Corporation"), is very pleased to announce that LAURION
and Metals House Inc. ("Metals House") has signed a Doré
Sourcing Agreement which includes LAURION and LAURION's
wholly-owned subsidiary, Ahsineeg Inc. ("Ahsineeg"), and Ahsineeg's
private investment group.
"We are excited to partner with Laurion in this strategic
initiative," said Ayman Shahin,
Co-Founder and CEO of Metals House. "We expect this to be the first
step in a mutually beneficial long-term relationship between
Laurion and Metals House."
This Agreement will give Metals House a 'right of first
refusal' to the 190,000 tonne surface stockpile (the "Surface
Stockpile") located on LAURION's wholly-owned Ishkoday
property (the "Ishkoday Project") situated 220 kilometres northeast
of Thunder Bay, Ontario. The
former Sturgeon River Mine produced 73,322 ounces of gold, and
15,929 ounces of silver (1936-1942) from the No. 3 Vein (24 g/t
gold), generating a large gold and silver bearing stockpile in the
indicated resource category. (NI 43 -101 – See Press Release
April 23, 2013 and the Technical
Report filed on SEDAR June 2013).
LAURION's wholly-owned subsidiary, Ahsineeg, along
with its private investment group, will not only finance and
otherwise support the development and extraction of gold and other
metals from the Surface Stockpile, but will serve as the Canadian
conduit/broker for Metals House for doré sourced in
Canada and other countries.
Metals House is a fully regulated global precious metals
trading firm with its principal trading subsidiary in the Dubai
Multi Commodities Centre (DMCC) in Dubai, UAE. The firm has offices in
Dubai, Miami, Sao
Paulo, Toronto,
Nouakchott and Hong Kong.
Metals House's primary business is arbitraging the
pricing spreads between gold as a commodity (raw/unrefined gold)
and gold as a currency (refined/"Good Delivery" bars). The company
purchases unrefined artisanal mine-produced precious metals, as
well as bullion, bulk scrap jewelry, and government-minted gold and
silver coins globally. Metals House verifies the purity and refines
the precious metals, and sells Good Delivery bars and minted coins
to clients worldwide. Metals House earns its revenues independent
of gold price volatility.
Metals House recently launched a $150 Million Debt Security Offering. The
investment opportunity, launched in April
2019, combines the collateral backing of physical gold with
a senior secured 8% coupon debt instrument. Approximately 95% of
Metal House's total capital base is backed by physical precious
metals (gold and silver) inventory and USD currency, with inventory
hedged against market fluctuations.
LAURION's announcement of this Agreement with
Metals House not only signals an important moment for
LAURION and its shareholders moving forward, but creates a
mutually beneficial long-term strategic financial working
partnership for both parties.
Cynthia Le Sueur-Aquin, President
and Chief Executive Officer of Laurion stated: "This is truly a
Win-Win scenario for all parties involved. Metals House Inc. has an
excellent reputation in precious metals trading and long-standing
relationships in the gold and silver industries. We look forward to
drawing from their extensive international network, their industry
expertise and their market knowledge while bolstering a strategic
financial partnership that in time will drive the significant
upside in LAURION's Ishkoday Gold Project."
About Laurion
The Corporation is a junior mineral exploration and development
company listed on the TSX-V under the symbol LME and on the OTCPINK
under the symbol LMEFF. LAURION now has 153,630,084 outstanding
shares of which 55.1% are owned and controlled by Insiders and
within the "friends and family" category.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 44 km2 Ishkoday Project, and its
gold-silver and gold-rich polymetallic mineralization with a
significant upside potential.
The Corporation has a project-wide database (2008 to 2018) that
includes 283 diamond drill holes totaling 40,729m, geological mapping, ground geophysics,
and 14,992 individual samples with assays and geochemical
analysis. The mineralization on the Ishkoday is open at depth
beyond the current core-drilling limit of -200 m from surface, based on the historical
mining to a -685 m depth, as
evidenced in the past producing Sturgeon River Mine.
Developing strong community relations is an integral part of the
business plan at LAURION. Our publicly-owned company and its
subsidiary, Ahsineeg, intends to continually strive to establish an
active partnership with our Aboriginal Groups and communities in
which we conduct our operations.
Mr. Jean Lafleur, P. Geo. (APGO,
OGQ), Laurion's Technical Advisor to the Board of Directors, is a
Qualified Person as defined by National Instrument 43-101
guidelines, and has reviewed and approved the content of this news
release.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, including with respect to Laurion's business, operations
and condition, the Agreement and the transactions contemplated
therein, the relationship between Metals House and the Corporation,
future plans for the development of the Corporation, Ahsineeg
and/or the Iskoday Gold Project, and management's objectives,
strategies, beliefs and intentions. The forward-looking statements
involve risks and uncertainties. Actual events and future results,
performance or achievements expressed or implied by such
forward-looking statements could differ materially from those
projected herein including as a result of a change in the trading
price of the common shares of Laurion, the TSX Venture Exchange not
providing its approval for the Agreement or the transactions
contemplated therein, the interpretation and actual results of
current exploration activities, changes in project parameters as
plans continue to be refined, future prices of gold and/or other
metals, possible variations in grade or recovery rates, failure of
equipment or processes to operate as anticipated, the failure of
contracted parties to perform, labor disputes and other risks of
the mining industry, delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the Corporation's publicly filed documents.
Investors should consult the Corporation's ongoing quarterly and
annual filings, as well as any other additional documentation
comprising the Corporation's public disclosure record, for
additional information on risks and uncertainties relating to these
forward-looking statements. The reader is cautioned not to rely on
these forward-looking statements. Subject to applicable law, the
Corporation disclaims any obligation to update these
forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.