Ms. Cynthia Le Sueur-Aquin reports

LAURION CONFIRMS THE EXTENSION OF THE STURGEON RIVER MINE MINERALIZATION BY 320 METRES TO THE SOUTHEAST WITH GRADE INTERCEPTS AS HIGH AS 3.088 G/T AU OVER 7.5 METRES, INCLUDING 36.0 G/T AU OVER 0.5 METRES AND INCLUDING 9.0 G/T AU OVER 0.65 METRES

Laurion Mineral Exploration Inc. has released the assay results from the final four diamond drill holes of its fall 2023 diamond drill program, which was completed on the corporation's Ishkoday project. The project is located in Ontario, 220 kilometres northeast of Thunder Bay and 28 kilometres northeast of the town of Beardmore.

On Dec. 14, 2023, Laurion announced the completion of its fall drill program, totalling 3,636 metres and comprising nine diamond drill holes. Five of the nine diamond drill holes aimed to target the northeast extension of the Sturgeon River mine structure while these final four holes targeted the extension of the mine's structure to the southeast. For the assay results from the first five diamond drill holes of the drill program, please see the corporation's press release dated Jan. 5, 2024, which is available on SEDAR+.

The Sturgeon River mine mineralization system comprises the No. 1, No. 2 and No. 3 (main) quartz veins as well as other quartz veins and shear structures encountered in the historic mining of the Sturgeon River mine. The No. 3 quartz vein was mined between 1936 and 1942.

The No. 3 quartz vein consists of anastomosing quartz veins oriented north-northeast and steeply dipping to the southeast. The mineralized system also comprises other mineralized structures, such as the No. 1 and No. 2 quartz veins, Coniagas and No. 1, No. 8, No. 10, No. 11, No. 14 and M quartz veins (the three-vein quartz vein system, or 3QVS), along with additional secondary (for now) quartz veins and shears of different sizes and trends.

The 2023 drill program targeted the extension of the system to the northeast and the southeast with the intention of doubling the strike length of the mineralized structures. The results for all drill holes confirm that the mineralization is still open on strike and at depth.

Upon receiving the most recent results, Laurion's geology team will update the current exploration 3-D model and begin planning for the next phases of exploration drilling.

Drilling highlights

The results from the four aforementioned diamond drill holes, LME22-037 to LME22-040, include the intersection highlights as shown in the attached table.

Sampling and quality assurance/quality control protocols

All core was transported and stored inside the core facility located in Beardmore.

Laurion employs an industry-standard system of external standards, blanks and duplicates for all of its sampling, in addition to the QA/QC protocol employed by the laboratory.

After logging, core samples were identified and then cut in half along core axis in the same building and then zip tied individually in plastic sample bags with a bar code. Approximately five or six of these individual bags were then stacked into a rice white material bag and stored on a skid for final shipment to the laboratory.

All core samples were shipped to the ALS facility in Thunder Bay, which were then prepared by ALS Global Geochemistry in Thunder Bay and analyzed by ALS Global Analytical Lab in North Vancouver, B.C.

Samples are processed by four-acid digestion and analyzed by fire assay on 50-gram pulps and ICP-AES (inductively coupled plasma -- atomic element spectroscopy). Overlimit analyses are reprocessed with gravimetric finish. A total of 5 per cent blanks and 5 per cent standard are inserted randomly within all samples. Five per cent of the best assay result pulps were sent for reassays. A total of 8.7 per cent blanks and 9.5 per cent standards were randomly inserted during the pXRF (portable X-ray fluorescence) analysis of the soil sampling; 2.8 per cent were reanalyzed. All quality assurance/quality control protocols were verified, and no contamination or bias have been observed.

The remaining half of the core as well as the unsampled core were stacked on a skid outside in Beardmore and then transferred to the Sturgeon mine site core farm for final storage.

Potential disposition of shares by a director

One of Laurion's directors, Michael Burmi, has informed the corporation that he intends to sell a minority portion of his common shares in Laurion for personal and financial planning purposes. This expected transaction does not signal Mr. Burmi's views regarding the future prospects of the corporation as he plans to still continue to hold a material equity interest in the corporation following his anticipated disposition of shares. As is the case with most officers and directors who hold shares in their publicly traded companies, Mr. Burmi intends to review his shareholdings in the corporation on a continuing basis and may determine to buy or sell additional securities depending upon personal financial matters, market conditions and other factors considered relevant from time to time. Notwithstanding the foregoing, Mr. Burmi, the other directors and management of Laurion remain committed to Laurion's business plan and delivering value for all stakeholders and shareholders. Led by the corporation's president, chief executive officer and largest shareholder, Cynthia Le Sueur-Aquin, the directors and officers of Laurion continue to hold in the aggregate a significant portion of Laurion's outstanding shares. For more information about the holdings of Laurion's reporting insiders, please see the System for Electronic Disclosure by Insiders (SEDI).

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 (over-the-counter) market under the symbol LMEFF. Laurion now has 263,346,102 outstanding shares, of which approximately 72 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, 57.43-square-kilometre Ishkoday project and its gold-rich polymetallic mineralization.

We seek Safe Harbor.