Laurion Mineral Exploration Inc. (TSX VENTURE: LME)(OTCQX:
LMEFF)("Laurion") advised that the Technical Report supporting the
recently released initial Mineral Resource Estimate completed on
its Bell Mountain Project located in Churchill County, Nevada
(Press Release April 6, 2011), has been filed with SEDAR.
The report details an initial Measured and Indicated Mineral
Resource estimate at Bell Mountain's Varga, Spurr and Sphinx Zones
of 9,761,000 tonnes at an average grade of 0.526 g/t gold and 17.63
g/t silver hosting 165,018 ounces gold and 5,533,907 ounces silver
and and initial Inferred Mineral Resource estimate of 2,046,000
tonnes of material at an average grade of 0.449 g/t gold and 13.26
g/t silver hosting 29,550 ounces gold and 872,411 ounces silver.
This Mineral Resource Estimate assumed a gold price of $1,149.89
per ounce and a silver price of $20.92 per ounce. Preliminary
estimates for operating costs were $11.43 per ton (mining,
processing and G&A) and for recoveries were 80% for gold and
51% for silver.
The NI 43-101 Mineral Resource estimate was completed by Telesto
Nevada Inc. ("Telesto"). It incorporates data obtained from 54,692
feet (16,671 meters) of 244 reverse circulation ("RC") drill holes
completed on the Varga, Spurr and Sphinx zones.
Highlights of the Bell Mountain Property:
-- The estimated equivalent ounces of gold contained in the Measured and
Indicated Mineral Resource is 265,635 ounces, and estimated Inferred
Mineral Resource is 45,412 ounces. The resource estimate is comprised of
mineralization found on the Varga, Spurr and Sphinx zones.
-- The mineralized zones remain open to depth and laterally.
-- The gold-silver mineralized structurally controlled Spurr-Varga fault
can be traced for more than 1.8 kilometers (6,000 feet) on surface. On
the fault, approximately 1.5 kilometers on strike to the east of the
Varga zone, a further mineralized zone, the East Ridge CC zone, has
excellent potential for resource addition. The zone had a total of 481
meters in 13 RC drill holes spaced over a strike length of approximately
300 meters, completed in 2003 by NDT ventures, which confirmed
mineralization. The Mike Zone, located between the Varga the East Ridge
CC Zone, displays similar widths and characteristics, and appears open
to adding to the Bell Mountain Resources by further drill programs.
-- The Sphinx Vein system can be traced for more than 900 metres along
strike by prospect pits, vein quartz float and trenching and is
available to resource expansion in further drill programs.
-- A Preliminary Feasibility study contemplating a conventional open pit
heap leach configuration and assessment for potential production is in
progress.
-- Environmental permitting requirements to include development of baseline
needs and mine plan of operations is in progress.
Table 1 - Global Bell Mountain Resource Estimate
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Average
Tonnage Gold
('000 Grade Gold Gold
Metric Tonnes) (g/Tonne) (grams) (ozs)
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Measured 5,952 0.531 3,158,063 101,534
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Indicated 3,810 0.518 1,974,575 63,484
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Total Measured and Indicated 9,761 0.526 5,132,638 165,018
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Inferred 2,046 0.449 919,108 29,550
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Average Total
Silver Equivalent
Grade Silver Silver Ounces Of
Metric (g/Tonne) (grams) (ozs) Gold
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Measured 16.62 98,913,080 3,180,127 159,355
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Indicated 19.22 73,210,796 2,353,780 106,280
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Total Measured and Indicated 17.63 172,123,876 5,533,907 265,635
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Inferred 13.26 27,135,036 872,411 45,412
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Notes:
1. Rounding of tons as required by Form 43-101F1 reporting guidelines (Item
19) results in apparent differences between tons, grade and contained ounces
in the mineral resource.
2. Mineral Resources are estimated at a pit discard cutoff Grade at 0.192
g/t AuEq.
3. The assumed parameters used for Bell Mountain used establishing a cut-off
grade is identified as follows:
-Gold Price - $1,149.89/oz (US) - 60% 3-year previous average/40% 2-year
forward (Dec. 31, 2010)
-Silver Price - $20.92/oz US - 60% 3-year previous average/40% 2-year
forward (Dec. 31, 2010)
-Recovery - Gold 80%, Silver 51%
-Total Operating Costs - $11.43/ton (mining, processing and G&A)
-Gold Equivalent Ratio - 55 to 1
Parameters used to estimate the in-situ resource are based on
information supplied by Bell Mountain Group. Assumptions were made
for items like strip ratio, mining costs, processing costs and
recovery percentages. These assumptions were based on published and
previously calculated rates for other mining operations having
similar parameters, and on testwork performed on Bell Mountain
samples. The operation parameters assume open pit mining and
cyanide heap leaching. A conceptual open pit mining method was used
for the purpose of delineating the mineralization with a reasonable
prospect of economic extraction. Tonnage estimates were based on a
2.6 grams/cubic centimeter density factor. Inverse distance square
method was used to interpolate grade in the resource model
(geostatistical methods of calculating resources) using the
database based on the RC and core drilling.
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.
The Corporation has an option to acquire a 100% interest in the
Bell Mountain Gold Project with Globex Mining Enterprises Inc.
(TSX: GMX) (G1M-Frankfurt)) ("Globex") of Rouyn-Noranda,
Quebec.
Laurion envisages the realization of shareholder value and
wealth through monetization of its discoveries and assets.
QUALIFIED PERSON
This news release has been reviewed and approved by Jonathan M.
Brown, Telesto Nevada, Inc. and Dana Durgin, Laurion's Bell
Mountain consulting geologist ("Bell Mountain Group") who are
Qualified Persons as defined by NI 43-101, with the ability and
authority to verify the authenticity and validity of the data
comprising this resource estimate.
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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