Listing (TSXV = LO Frankfurt = LE2A)
ROUYN-NORANDA, QC, March 22, 2012 /PRNewswire/ - LOUNOR EXPLORATION INC. is pleased to announce the acquisition of a gold mining project located in the Matagami mining camp, Quebec. The Matagami mining camp has a long history of producing base and precious metals with at least 15 mines to date (former and current producers). Lounor has the option to acquire a 100% interest in 105 mining claims located in the Isle-Dieu Township, Province of Quebec, covering a total area of 1,632 hectares.
Lounor optioned the Matagami Gold property on the basis of a new geological interpretation. This new geological model has never been drill tested.
Many veins were discovered on the property that are very close together. In 1982, a field geologist of Mining Corp. discovered and noted a number of smaller veins and stringers paralleling a larger vein being stripped and sampled by Mining Corp. The smaller veins and stringers were noted over several hundred feet on both side of the vein being sampled. It can be presume that it is also the case with other larger veins mapped at proximity (60 other veins). We are in the presence of a significant stockwork.
Sampling by Northern Quebec Explorers Inc. across many other larger veins suggests that the wall rock is mineralized and returned significant values in gold. Little is known of the degree of mineralization in the wall rock or the host rock because of insufficient sampling.
Dave Doan, a consultant geologist, visited the property 7 times in the 1970's and 1980's and concluded in 1983 that an area of mineralized veins of roughly 1000 feet wide and 3400 feet long might suggest the presence of a large low grade gold deposit.
The geological feature is an intrusive porphyry sitting at proximity of the Matagami geological complex. Many major faults are present and cross the property. This type of archean porphyry system has similarities to the Malartic, Troilus, Fen Gibb, Cote Lake and Detour mineralized systems.
Historical resources (non-compliant with NI 43-101) of 135,241 t grading 2.74 g/t Au were reported in the past as well as copper values in the volcanic rocks at proximity of the intrusion.
MRB and Associates of Val-d'Or (Québec), a geological consultant firm, has been mandated to produce a comprehensive compilation on the property before the launching of a drill program.
Lounor has the option to acquire a 100 % interest in the Matagami Property. To acquire this interest, the Company will issue 15,000,000 common shares over a period of two years, pay $60,000 over a period of 4 years and will commit to $4,250,000 in exploration expenditures over a period of 6 years. After fulfilling these commitments, Lounor will have to pay in favour of the optionor a lump sum of $125,000 on a monthly basis over a period of 24 months for a total of $3,000,000. The optionor has retained a 0.5 % NSR royalty on the property and there is also a 2% NSR on the property in favour of a former owner. This acquisition is subject to the approval of the TSX Venture Exchange.
Amendment to the Expiry Date of Warrants Issued on April 21, 2010
Lounor also announces that its Board of Directors has approved the extension of the expiry date of the 733,334 common share purchase warrants issued on April 21, 2010 for two additional years. The warrants will now expire on April 21, 2014 and their exercise price of $0.19 remains the same. This modification is subject to approval of TSX Venture Exchange.
None of these warrants has been exercised and insiders of the Company do not hold any of them.
Resignation of a Director
Lounor Exploration Inc. also announces that Mr. Michel Hertel has resigned from the Board of Directors due to personal reasons. Lounor would like to thank Mr. Hertel for all his years as a director of the Company and wishes him a good retirement.
Christian Dupont, p. Eng., is responsible of the information contained in this press release.
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based natural resources company with mineral holdings in Ontario and Quebec and is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold, 450,000,000 tonnes of base metal ore over the last 100 years. The Company is headquartered in Quebec.
LOUNOR EXPLORATION INC. is a publicly traded company on the TSX-Venture (TSXV-LO) and on the Frankfurt Exchange (LE2A).
This press release was prepared by Lounor Exploration Inc. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This document may contain forward-looking statements relating to Lounor's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Lounor's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filling. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Lounor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE LOUNOR EXPLORATION INC.