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Laurion Increases Focus on Ishkoday Discovery Project: Announces Disposition of Midlothian Property
Toronto, Ontario--(Newsfile Corp. - July 22, 2014) - Laurion Mineral Exploration Inc. ( TSXV: ...
About this update from Laurion Mineral Exploration Inc.
[{"type":"text","content":"\nLaurion Increases Focus on Ishkoday Discovery Project: Announces Disposition of Midlothian PropertyToronto, Ontario--(Newsfile Corp. - July 22, 2014) - Laurion Mineral Exploration \nInc. (TSXV: LME) (OTCQX: LMEFF) (\"Laurion\") is pleased to announce \nthat it has executed a Purchase and Sale Agreement (\"Agreement\") with Kiska \nMetals Corporation (TSXV: KSK) (\"Kiska\") for the disposition of \nLaurion's 51% interest in the Midlothian Project (the \"Project\"). The Midlothian \nProperty is an early-stage exploration project located 80km west-southwest of \nKirkland Lake and 25km west-southwest of Matachewan.\nOne Property - One Focus \nCynthia Le Sueur-Aquin, President of Laurion stated, \"The \nLaurion Ishkoday discovery project in Beardmore (Greenstone), Ontario is our \nbest asset and remains our key focus. The Ishkoday property is an exciting \nproject that continues to surprise and generate good news and value for our \nshareholders. We are optimistic that our strategic phased business plan \ngoverning targeted drilling programs on the Ishkoday property, will continue to \nuncover additional discoveries with resource growth potential in the area of the \nthree 3,000m massive sulphide, VMS gold-rich base metal trends. Recognition of \nthe potential of the Ishkoday property requires committed exploration dollars to \nunlock value. Over the last 4 years, Laurion has garnered over $6.4 million in \nmonetization of property assets in line with our continued vision to create \nshareholder wealth and value. \" \nUnder the terms of this Agreement, Kiska will grant a Net \nSmelter Royalty (\"NSR\") in the Midlothian Project in favour of Laurion for 2.5% \nwith respect to precious metals and 1.5% with respect to all other metals \nderived from the Midlothian Project. As per the Agreement, precious metals \ninclude platinum, rhodium, gold, iridium, osmium, palladium, rhenium, ruthenium \nand silver. \nKiska will also provide Laurion with a cash payment of $25,000 \nand forfeit the 500,000 common shares it holds in the capital of Laurion. \nKiska has committed to complete not less than $2,000,000 in \nmineral exploration expenditures on the Midlothian Project on or before the \nfifth anniversary of the Closing Date (the \"Work Commitment\"). If Kiska does not \nsatisfy the Work Commitment, then 100% of the Midlothian property inte...