Laurion gets TSX-V approval for Tisdale land sale

2009-10-16 05:52 PT - News Release

See News Release (C-LME) Laurion Mineral Exploration Inc

Ms. Cynthia Le Sueur-Aquin of Laurion reports

LAURION MINERAL EXPLORATION INC. RECEIVES TSX VENTURE EXCHANGE APPROVAL FOR THE SALE OF THE TISDALE PROPERTIES

Laurion Mineral Exploration Inc. has received conditional approval from the TSX Venture Exchange for the proposed acquisition by San Gold Corporation with respect to the purchase of Laurion's property interests in the Tisdale township, which consists of Laurion's 31.5-per-cent interest in the Davidson-Tisdale property and Laurion's 100-per-cent interest in the North Tisdale property.

As reported in Stockwatch Oct. 8, 2009, Laurion and San Gold announced that they had entered into a letter of intent confirming San Gold's intention to acquire Laurion's Tisdale properties in exchange in consideration of $1-million and one million common shares of San Gold. The corporation will retain a 2-per-cent net smelter royalty on the North Tisdale claims. A formal agreement will be entered into between Laurion and San Gold upon completion of standard due diligence, expected to take approximately 60 days.

Laurion intends to use the proceeds of the sale of the Tisdale properties for the acquisition of an advanced stage project. Laurion considers that it will be better positioned to generate greater shareholder value by directing its exploration expertise toward near-term production gold mining properties, versus grassroots properties.

We seek Safe Harbor.