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Gold/Mining/Energy : Lyon Lake Mines Ltd
LLL 245.17-0.4%Jun 28 5:00 PM EST
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To: yosi s who wrote (462)2/9/1999 7:58:00 PM
From: Serge Ladouceur   of 520
 

Lyon Lake and Palmer shareholders approve arrangement

Lyon Lake Mines Limited LLL
Shares issued 43,121,814 Feb 8 close $0.205
Tue 9 Feb 99 News Release
Also Palmer Resources Ltd (PMD)
Mr. Guy Hebert reports
Shareholders of Lyon Lake Mines and Palmer Resources have approved the
arrangement between the two companies.
The company resulting from the arrangement will keep the name Lyon Lake
Mines and its ticker symbol. The company will trade on a postarrangement
basis once it receives final approvals from the authorities having
jurisdiction, which should be obtained in the next few days.
Lyon Lake's principal asset is the Cerro Crucitas property, comprising 12
mining concessions covering 240 square kilometres in Costa Rica. The
previous owner, Placer Dome, has actively explored the property since 1993.
Placer Dome estimates the current measured and indicated resource at Cerro
Crucitas to be 2.2 million ounces of gold and the resource at the
neighbouring Conchudita deposit at 470,000 ounces of gold with potential
for growth.
Lyon Lake Mines has retained the services of Cambior Inc., to determine the
economic feasibility of a 8,000-tonne per day mining operation on the Cerro
Crucitas concession. A report including geological and economic parameters
for the Cerro Crucitas project will be submitted to the company on or about
Feb. 15, 1999.
(c) Copyright 1999 Canjex Publishing Ltd.
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