LYON LAKE MINES: FINANCING PROPOSAL FOR THE CRUCITAS
PROJECT
MONTREAL, August 23 /CNW/ - Lyon Lake Mines Ltd. (ME, VSE: LLL) is
pleased to announce that it has received a firm proposal for complete
financing of its Crucitas project in Costa Rica, subject to the completion of
due diligence currently in progress and approval by Lyon Lake's Board of
Directors, regulatory authorities and shareholders. The proposed financing
would consist of equity and debt.
As mentioned in previous press releases, the Company is presently
studying the economic feasibility of a 4,500 tonne per day mining operation on
the Crucitas project in Costa Rica. Capital costs for this operation including
working capital, have been estimated at about US$50 to $60 M.
The due diligence will be completed no later than August 30, 1999.
Following this, the Company will announce whether or not it plans to proceed
with the transaction and will communicate the terms and conditions of the
financing, if necessary.
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR
DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE
-30-
For further information: Guy Hébert, President and C.E.O. or François
Kalos, Investor Relations, (450) 641-0775, Fax: (450) 641-1601; Email:
lyonlake@lyonlakemines.com, Web site: lyonlakemines.com; Jerry
G. Pogue, Director, Investor Relations or Gary Freeman, Investor Relations,
(604) 685-7244, Fax: (604) 685-4573, Toll Free: (888) 685-7244 Email:
vancouver@lyonlakemines.com |
