Lysander Minerals Corporation
TSX VENTURE : LYM

Lysander Minerals Corporation

November 30, 2009 14:43 ET

Lysander Completes Ukraine Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Lysander Minerals Corporation (TSX VENTURE:LYM) (the "Company") is pleased to announce that, on November 26, 2009, it completed the acquisition of the previously operating Verticalnaya anthracite mine in the Donbass Coal Basin of Ukraine, subject to the routine registration of the change of ownership with Ukraine authorities which is in process.

The Company acquired control of all of the charter capital of Skhidna Vugilna Kompania ("East Coal"), the owner of the mine by two transactions: it acquired all of Ukraine Energy Ltd, the owner of a 51% interest in East Coal, from Ukraine Coal Plc of the United Kingdom and it acquired the remaining 49% interest in East Coal from Surrey Dynamics Limited, also of the United Kingdom. As consideration, the Company is issuing 22 million common shares to Ukraine Coal Plc and 5 million common shares and a US$3 million 3 year convertible debenture to Surrey Dynamics Limited. Ukraine Coal Plc retains a royalty interest of US$1 per tonne on coal sales that will commence when commercial production has been achieved.

The acquisition was approved by shareholders on September 30, 2009 and conditional approval of the TSX-V was granted on September 9, 2009.

On behalf of the Board,

Bryce M.A. Porter, President and CEO

About Lysander

The Company's strategy is to seek advanced resource projects with potential for exceptional returns, without geographical limitations. It has focused on energy, commencing with options to acquire the Verticalnaya anthracite coal project in the Donbass Coal Basin of Ukraine.

In September 2008, a NI 43-101 technical report on the Verticalnaya mine was prepared on behalf of Lysander and is available on SEDAR (www.sedar.com) and the Company's website. A technical report on a possible satellite operation north of Verticalnaya mine is currently in preparation.

The Verticalnaya coal mine is situated in the Lugansk region of Ukraine. The mine previously produced anthracite, a high quality, premium priced coal. It is presently on care and maintenance after a period of low production following the break-down of the Soviet Union.

Please visit our website at www.lysanderminerals.com for further information.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

Neither the 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.

Contact Information

  • Lysander Minerals Corporation
    Bryce M.A. Porter
    President and CEO
    604-681-8069
    604-685-4675 (FAX)
    www.lysanderminerals.com