Ms. Cynthia Le Sueur-Aquin reports

LAURION ACQUIRES THE TWIN FALLS OROGENIC OCCURRENCE CONTIGUOUS TO ISHKODAY PROJECT

Laurion Mineral Exploration Inc. has expanded its flagship Ishkoday project by acquiring mineral exploration claims by way of a purchase agreement between the corporation and two arm's-length parties (the vendors), dated Oct. 10, 2023. Specifically, Laurion has acquired 53 mineral claims located in the Irwin, Pifher and Sandra townships within the Greenstone area of Northwestern Ontario. The property, which hosts an orogenic gold occurrence, is 10.46 square kilometres (1,046 hectares) and is located in the Onaman-Tashota greenstone belt (the OTGB), approximately 10 km north of the Trans-Canada Highway (Highway 11) and 28 km northeast of the town of Beardmore.

As consideration for the property, Laurion has agreed to issue to the vendors an aggregate of 142,857 common shares in the capital of the corporation at a deemed price of 70 cents per share, representing an aggregate purchase price of $100,000. The corporation has also granted to the vendors a net smelter return royalty of 1 per cent on gold and base metal production from the property. The corporation shall have the exclusive and irrevocable right and option to purchase, at any time, 0.5 per cent of the NSR royalty by paying $500,000 and giving notice to the vendors to that effect.

The shares issued to acquire the property will be subject to a four-month hold from the date of issue.

The acquisition is an arm's-length transaction for the purposes of the policies of the TSX Venture Exchange, and no finder's fees are payable in connection with the acquisition. The acquisition was completed as an expedited acquisition under TSX-V Policy 5.3 -- Acquisitions and Dispositions of Non-Cash Assets, and remains subject to the TSX-V's final acceptance.

Twin Falls property

The property is contiguous and lies west of the Ishkoday project. The addition of the property will increase the prospective Ishkoday land package to 57.43 square km (5,743 hectares).

The geological setting in the property's vicinity is dominated by Archean, intermediate to felsic metavolcanic rocks of the OTGB. Many of the gold occurrences in this region are stock-related and located at the margins of intrusive igneous bodies. This includes both granite-granodiorite bodies. Locally, the claim group is underlain by feldspar and quartz-feldspar porphyry, and medium to coarse felsic volcanic breccia (agglomerate).

A regional break, known as the Paint Lake fault, lies approximately four km to the south and marks the northern boundary of the main Beardmore-Geraldton greenstone belt. A secondary break (Musca Lake fault) traverses the southern boundary of the claim group and may have contributed to the intense shearing seen at the Twin Falls occurrence.

Power stripping in 1998 revealed a 60-metre-wide zone, adjacent to the swamp along the eastern shore of the lake, comprising highly sheared and sericitized quartz-eye feldspar porphyry or felsic tuff. This zone strikes east-west at 102 degrees and dips steeply to the south. The main showing on the property consists of a quartz vein with Fe-carbonate alteration, 22.8 centimetres in width. In one place, specks of visible gold were observed.

Qualified person

The technical contents of this release were reviewed and approved by Jean-Philippe Paiement, PGeo, MSc, a consultant to Laurion and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Laurion Mineral Exploration Inc.

The corporation is a junior mineral exploration and development company listed on the TSX Venture Exchange under the symbol LME and on the OTC under the symbol LMEFF. Laurion now has 257,948,737 outstanding shares of which approximately 80 per cent are owned and controlled by insiders who are eligible investors under the friends and family categories.

Laurion's emphasis is on the exploration and development of its flagship project, the 100-per-cent-owned, mid-stage, 47 square km Ishkoday project, and its gold-rich polymetallic mineralization.

Laurion's chief priority remains maximizing shareholder value while simultaneously embracing and considering the principles and best practices of environmental, social and corporate governance (ESG) issues. A large portion of the corporation's focus in this regard falls within the ambit of its mineral exploration activities and, more specifically, advancing the Ishkoday project.

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