Laurion Announces Filing of the 2010 Financial Statements and MD&A
03 Mayo 2011 - 1:11PM
Marketwired
Laurion Mineral Exploration Inc. (TSX VENTURE: LME)(OTCQX: LMEFF)
("Laurion") has filed the 2010 Consolidated Financial Statements
and Management Discussion and Analysis. The full reports are
available for download on the company website, www.laurion.ca, and
on SEDAR.
2010 Financial Highlights:
-- Basic and diluted earnings per share of $0.04(1)(up from a basic and
diluted loss per share of $0.01 in 2009).
-- Total Assets of $7,079,252 at December 31st, 2010 (up from Total Assets
of $3,409,951 as at December 31st, 2009).
-- Cash and Cash Equivalents(2) of $2,790,194 as at December 31st, 2010 (up
from Cash and Cash Equivalents of $162,423 as at December 31st, 2009).
-- Sold 31.5% interest in the North Tisdale and Davidson-Tisdale Claims to
San Gold Corporation resulting in a gain on sale of property of
$4,354,414.
2010 Operational Highlights:
-- Acquisition of a 100% interest in Bell Mountain property, located in
Churchill County, Nevada, from Globex Mining Enterprises.
-- Staking of 119 additional contiguous claims to Bell Mountain property to
encompass the 1.8 km strike length of the mineralized Spurr-Varga.
-- Drilling of 56 holes for a total of 14,240 feet at Bell Mountain
property to generate a NI43-101 Compliant Resource on April 6, 2011,
resulting in a 198% increase of Measured and Indicated.
-- Drilling of 6 holes below the historical workings of Sturgeon River
Mine, confirming continuity of the high grade quartz vein system at
depth, and the discovery of 7 new gold shear zones.
-- Discovery of three new gold and base metal targets on Sturgeon River
property - Tala, Asha, and Ahki Zones.
-- Drilling of 5 holes on Sturgeon River Marge Zone, intersecting high
grade gold intercepts including 20.20 g/t over 0.36 metres and the
discovery of two shear gold zones.
-- Drilling of 2 holes on Sturgeon River Tehya Zone, intersecting
mineralized zones, including 0.94% copper, 3.91% zinc, 27.80 g/t silver,
0.45 g/t gold over 4.08 metres.
-- Acquisition of 13 contiguous mining claims (2,900 Hectares) to the North
of the Sturgeon River property for consideration of $68,000 in shares.
About Laurion Minerals Exploration Inc.
The Corporation's focus is to make the transition from explorer
to near-term producer and envisages the realization of shareholder
value and wealth through monetization of its discoveries and
assets. Laurion's exploration horizons are focused primarily on
gold with a secondary interest in base metals and PGEs with key
interests in prospective mining properties located in Ontario,
Canada and Nevada, USA.
(1)Includes a $0.06 per share one-time gain on property sale
(2)Short-term investment of shares in San Gold Corporation having a market
value of $2,497,130 at December 31st, 2011
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.
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.
Contacts: Laurion Mineral Exploration Inc. Cynthia Le
Sueur-Aquin President 1-888-212-4070 or 1-705-788-9186
1-705-788-9187 (FAX) Laurion Mineral Exploration Inc. Karen Doxsee
Vice President, Corporate Communications 1-888-212-4070 or
1-705-788-9186 1-705-788-9187 (FAX) www.laurion.ca
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