Business
Laurion Announces Execution of Letter of Intent to Acquire the Brenbar Property
Toronto, Ontario--(Newsfile Corp. - June 23, 2015) - Laurion Mineral Exploration Inc. (TSXV: ...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"Laurion Announces Execution of Letter of Intent to Acquire the Brenbar PropertyToronto, Ontario--(Newsfile Corp. - June 23, 2015) - Laurion Mineral Exploration Inc. (TSXV: LME) (OTC PINK: LMEFF) (\"Laurion\" or the \"Corporation\") is pleased to announce it has executed a Letter of Intent (\"LOI\") to receive an option to acquire the mineral rights of Jubilee Gold Exploration Inc.'s (\"Jubilee\") representing an undivided 100% legal interest in the Brenbar Property (\"Brenbar\"). Brenbar Property is contiguous with and is situated to the west of the Ishkoday Property located 28km north east of the town of Beardmore. The property encompasses 253ha and has excellent road access from the gravel highway 801 through the Ishkoday Property. The LOI contemplates that a definitive option agreement (the \"Option Agreement\") incorporating the LOI terms shall be completed and executed on or around August 14, 2015 (the \"Closing Date\"), subject to both parties obtaining all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange.The LOI contemplates the acquisition of a 100% legal and beneficial interest in the Brenbar by making cash payments of $165,000, issuing an aggregate of 760,000 common shares in the capital of Laurion and incurring a total of $300,000 in exploration expenditures (collectively, the \" Expenditures\") over a 36 month period from the proposed closing date. On the Closing Date, Laurion will be required to make a cash payment of $50,000 and issue 300,000 Laurion common shares to Jubilee. Brenbar Property will be subject to a 2.0% NSR on gold production (the \"Gold Royalty and a 1.5% NSR on base metal production (the \"Base Metal Royalty\"), collectively the \"Royalties\". Stated Cynthia Le Sueur-Aquin, CEO of Laurion, \"Drilling to date on the Ishkoday Property has identified 3 massive sulphide trends of 3,000 metres each in strike length. Laurion's acquisition of the Brenbar is strategic in that the Ishkoday Sturgeon River Mine lies on very strong northeast to north northeast trending structures, which are host to semi-massive to massive sulphides which occur on multiple horizons. The Sturgeon River mine is located at the confluence of a late North-South fault with the dominant northeasterly-trending Tehya Trend shear zone which is interpreted to continue through the B...