Toronto, Ontario / ACCESSWIRE / September 9, 2014 / Laurion Mineral
Exploration Inc. (LME.V) (LMEFF) ("Laurion") announced today
that it has consented to amend the payment terms under the purchase and sale
agreement dated November 28, 2012 (the "Purchase Agreement"), governing
the sale by Laurion of the Bell Mountain Project (as defined below) to Lincoln
Mining Corporation ("Lincoln"). Under the terms of the amended agreement
to the Purchase Agreement (the "Amended Agreement"), both Laurion and
Lincoln have agreed that remaining payment of approximately $736,877 including
4% interest would be subject to a payment schedule as outlined below.
Under the terms of the Purchase Agreement, Lincoln was to pay
Laurion a cash purchase price of $2,350,000 according to a prescribed payment
schedule as consideration for the acquisition of certain mining claims, and an
option to earn a 100% interest in the Bell Mountain property located in
Churchill County, Nevada ("Bell Mountain Project").
Laurion had previously agreed to Lincoln's various payment
extension requests, but Lincoln has not been able to fulfil them. Pursuant to
the terms of the Amended Agreement, Lincoln has made a payment of $50,000 of
which $25,000 will be applied toward the principal balance and $25,000 will be
paid to Laurion as a bonus payment. The remaining payment schedule under the
Amended Agreement provides for Lincoln to either pay the outstanding principal
balance owing to Laurion by September 30, 2014 or Lincoln can obtain monthly
extensions for payments of $75,000, which in turn each provide Laurion with a
bonus payment of $25,000 and an extension payment applied toward the principal
balance in the amount of $50,000, for each such monthly extension until December
31, 2014. In the event Lincoln fails to make all of the extension payments
contemplated above and they are not paid prior to December 31, 2014, then as of
January 1, 2015, Laurion is at liberty to: (a) take whatever steps it considers
necessary and appropriate under the Purchase Agreement, including without
limitation, relying on a (i) duly executed assignment and assumption agreement
between, among others, Lincoln and Laurion dated as of September 2, 2014 with
respect to the transfer of rights and interests relating to the Bell Mountain Project to Laurion (the "Assignment
Agreement"), and (ii) quit claim duly executed as of September 2, 2014 by
Lincoln in favour of Laurion in respect of the Bell Mountain 180 claims (the
"Quit Claim"), (b) accept a further set of monthly extension payments
from Lincoln until June 30, 2015, as outlined below, or (c) seek to obtain a
favourable judgement against Lincoln. The Assignment Agreement and Quit Claim
have been placed into escrow.
If after January 1, 2015, Laurion elects to accept a further
set of monthly extension payments from Lincoln until June 30, 2015, Lincoln
would pay Laurion a monthly bonus payment of a $25,000 and a principal balance
payment of $125,000 for each monthly extension requested. lf the full
outstanding balance is not paid in accordance with the description above, and in
any event by June 30, 2015, or if Lincoln fails to make two consecutive
extension payments prescribed by the Amended Agreement, then Laurion is at
liberty to (a) take whatever steps it considers necessary and appropriate under
the Purchase Agreement, including without limitation, relying on the (i)
Assignment Agreement, and (ii) Quit Claim, or (b) seek to obtain a favourable
judgement against Lincoln.
Exploration Planning and Outlook on the Ishkoday
Discovery Property
Over the last 6 months, Laurion has completed its objective of
carrying out programs composed of high resolution aerial photography, and
retaining expertise with volcanogenic and structural perspective for guidance on
regional targeting concepts and recommendations for effective exploration
techniques and definition of priority target zones.
Over the next 6 months Laurion's objectives are based on the
validation of proximity to a large volcanic and hydrothermal centre received
from Drs. Gibson and Kruse (see Press Release dated - September 3, 2014).
Laurion is planning a detailed mapping program and a program of 10km of IPower
3D ground geophysical surveys perpendicular to the strike of the 3,000m long
Trends. These programs will be followed by 6,500m of diamond drilling focusing
on testing the depth extent of the three gold-rich base metal trends, targeting
the core of the large magmatic hydrothermal system and possible associated
feeder structures.
About Laurion
Laurion's Ishkoday Discovery Property is contained within a
100% owned 4,442ha property package, located 220 km northeast of Thunder Bay
with easy access off the Trans-Canada Highway.
Laurion is focused on unlocking the value of the Ishkoday gold
and base metal environment hosted within three base metal trends, 3,000m each in
strike length, in a 1km wide corridor. Laurion is expanding on a legacy of gold
production from the Ishkoday shaft which is hosted in a significant gold
environment.
Laurion's balanced and diversified management team is results
driven and has achieved a decade of growth through asset monetization. Laurion's
management objective is to advance the Ishkoday Discovery Property from
discovery to value creation to exit strategy.
FOR FURTHER INFORMATION, CONTACT:
Laurion
Mineral Exploration Inc.
Cynthia Le Sueur-Aquin - President
Tel:
1-855-788-9186
Tel: 1-705-788-9186
Fax: 1-705-788-9187
Website:
www.laurion.ca
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this news release.
This news release includes certain forward-looking statements
concerning the future performance of Laurion's business, operations and
condition, as well as management's objectives, strategies, beliefs and
intentions. Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and
similar words referring to future events and results. Forward-looking statements
are based on the current opinions and expectations of management. All
forward-looking information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative nature of
mineral exploration and development, fluctuating commodity prices, competitive
risks and the availability of financing. Actual events or results may differ
materially from those projected in the forward-looking statements and Laurion
cautions against placing undue reliance thereon. Laurion and its management
assume no obligation to revise or update these forward looking statements except
as required by law.
SOURCE: Laurion Mineral Exploration Inc.