TORONTO, Dec. 2, 2022
/CNW/ - LAURION Mineral Exploration Inc. (TSXV: LME)
(OTCPINK: LMEFF) ("LAURION" or the "Corporation"), is
pleased to announce it has delivered the final payment of cash and
common shares to Jubilee Gold Exploration Ltd. ("Jubilee
Gold"), and has also incurred the requisite exploration
expenditures, to acquire a 100% undivided working interest in the
Brenbar Project.
On December 30, 2019, the
Corporation announced that it had entered into an option agreement
with Jubilee Gold (the "Option Agreement"), pursuant to
which the Corporation received an option (the "Option") to
acquire up to a 100% undivided working interest in the Brenbar
Project, free of all encumbrances, by issuing common shares, making
certain cash payments and incurring exploration expenditures. Such
earn-in requirements set forth in the Option Agreement are more
particularly described in the Corporation's news releases dated
December 30, 2019 and February 14, 2020, respectively. LAURION has
since satisfied all of these earn-in requirements, with the final
earn-in requirement consisting of the cash payment of C$25,000 and the issuance of 100,000 common
shares of the Corporation to Jubilee Gold, and exploration
expenditures in the amount of C$100,000. The common shares issued as part of
this payment are subject to a hold period expiring on March 22, 2023.
The delivery of the latest payments, combined with previously
completed payments and exploration expenditures, completes the
underlying obligations and earns LAURION a 100% interest in the
Brenbar Project, subject to a 3.0% net smelter royalty
("NSR") on gold production (the "Gold Royalty") and a
1.5% NSR on base metal production (the "Base Metal Royalty",
and collectively with the Gold Royalty, the "Royalties")
payable to Jubilee Gold. Pursuant to the Option Agreement, the
Corporation has the option to purchase, at any time, 1.0% of the
Royalties by paying an additional amount of C$1.0 million.
The Brenbar Project is contiguous with, and is situated to the
west of, the Ishkoday Project located 28 km NE of the town of
Beardmore. The Brenbar Project
encompasses 255 hectares or 2.55 km2 and is host to the
Brenbar Mine.
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. LAURION now has 256,069,855 outstanding
shares of which approximately 80% are owned and controlled by
Insiders who are eligible investors under the "Friends and Family"
categories.
LAURION's emphasis is on the development of its flagship
project, the 100% owned mid-stage 47 km2 Ishkoday
Project and its gold-silver and gold-rich polymetallic
mineralization.
Website: http://www.LAURION .ca
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, and management's objectives, strategies, beliefs and
intentions, including with respect to the Brenbar Project and the
Corporation's option to purchase, at any time, 1.0% of the
Royalties. 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 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.