Lysander Minerals Corporation - News Releases - Option Amendments And Exercises- Ukraine Acquisition

	Fri Nov 6, 2009 Option Amendments And Exercises- Ukraine Acquisition
	Vancouver, Canada - Lysander Minerals Corporation (TSXV: LYM) (the "Company") is pleased to report amendments to the option agreements under which it has the right to acquire all of the charter capital of Skhidna Vugilna Kompania ("East Coal") of Ukraine, the owner of the Verticalnaya anthracite mine in the Donbass region of Ukraine. The Company is also pleased to announce that, as approved by shareholders on September 30, 2009 and subject to final regulatory and TSX Venture Exchange approvals, it has initiated the exercise of its option (the "UEL Option") to acquire all of Ukraine Energy Limited, which holds a 51% interest in East Coal. It has also initiated exercise of its option to acquire the remaining 49% interest (the "Minority Option") in East Coal from Surrey Dynamics Limited ("Surrey Dynamics") of the United Kingdom. Regulatory and registration processes required for the option exercises are proceeding. The amendments extend the option agreements to November 30, 2009. Surrey Dynamics acknowledges that it will have no right of representation on the Company's Board of Directors. No additional director will now be appointed as a consequence of the option exercises. On closing of the UEL Option, the Company will issue 22,000,000 common shares to Ukraine Coal Plc of the United Kingdom. On closing of the Minority Option, the Company will issue 5,000,000 common shares and an unsecured three year, convertible US$3,000,000 debenture, bearing interest at 2% over Libor. The debenture may be converted by the holder into 8,000,000 common shares of the Company at any time. Surrey Dynamics has requested terms in addition to the agreed terms for the convertible debenture, which request is expected to be resolved shortly. The Company intends to develop and re-open the Verticalnaya mine to high modern standards. There are considerable assets and infrastructure; mine management and an initial work force are in place; and mine planning, permits and licenses are substantially complete. A NI 43-101 technical report completed in September 2008 projects that production should increase in stages, as long walls are developed, to exceed 3 million tonnes of saleable anthracite per year. Average operating cost was projected to be US$31/tonne and the net present value, discounted at 12%, was projected to be US$352 million. The report is available at www.sedar.com and the Company's website at www.lysanderminerals.com. On behalf of the Board, Bryce M.A. Porter President and CEO About Lysander Since the spin-out of its Lorraine-Jajay copper-gold project to Lorraine Copper Corp. (TSX-V: LLC) in April 2008, Lysander's declared 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 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. 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. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

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