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Gold/Mining/Energy : Black Swan -- Ignore unavailable to you. Want to Upgrade?

To: carter, p who wrote (2990)	4/9/1998 3:03:00 PM
From: Pierre J. LeBel	Respond to of 3186

Hi Paul, Here is a copy of the news release issued last week. LYSANDER ANNOUNCES SIGNIFICANT PROGRESS AT THE JAJAY RING VANCOUVER, March 30 /CNW/ - LYSANDER GOLD CORPORATION VSE Trading Symbol: LYS Lysander is pleased to announce the results of calculations by Dr. G. R. Peatfield, P.Eng., an independent consultant, of mineral resources at the Lorraine property. This is part of the Company's Jajay Ring holdings in north-central British Columbia, 250 kilometres northwest of the city of Prince George. Three zones of significant gold/copper/silver mineralization have been identified in an open-pittable configuration. The total resource established to date is estimated to be 32 million tonnes containing 0.66% copper and 0.17 grams/tonne of gold. The zones are open along strike and to depth and the consultant believes that additional drilling could substantially increase the resource tonnage at similar grades. The Company is encouraged by the consultant's findings and believes that, with some further drilling, there is good potential for a feasible mining project at Lorraine, even at today's low metal prices. The Company also believes the other properties of the Jajay Ring are also highly prospective. The results established from the 19,000 metres of diamond drilling completed to date are shown below in Table I. << TABLE I LORRAINE PROPERTY - JAJAY PROJECT PRELIMINARY GLOBAL RESOURCES ZONE Cu TONNES Cu Au Ag CUTOFF (MILLION) % g/t g/t ------------------------------------------------------------------------- UPPER MAIN - 0.25% 11.89 0.71 0.26 4.9 Measured & indicated (1) UPPER MAIN - inferred (1) 0.25% 3.96 0.70 0.25 4.6 BISHOP - measured & indicated (1) 0.25% 7.72 0.64 0.07 4.5 BISHOP - inferred (1) 0.25% 2.87 0.62 0.05 4.3 LOWER MAIN (2) 0.40% 5.50 0.60 0.10 Not stated ------------------------------------------------------------------------- TOTAL 31.94 0.66 0.17 4.7 (3) ------------------------------------------------------------------------- >> (1) The calculation for the Upper Main Zone and the Bishop Zone was completed in 1998 by Giles R. Peatfield, Ph.D., P.Eng., using level plan polygonal methodology for material lying within conceptual ''pittable envelopes''. (2) The calculation for the Lower Main Zone was completed in the 1970's by Granby Mining Corporation. The Granby estimate is global and there is no implication of mineability, no stripping ratios have been estimated and in some cases resource blocks are not contiguous. (3) The silver grades in Lower Main are assumed to be similar to those in Upper Main, for the purposes of computing the average silver grade. The grades of mineralization encountered on the Lorraine property to date are comparable to and, in some cases, significantly better than grades recorded by other similar projects in B.C. which have recently been in production or are currently being brought to production. Reserve details for these comparable projects are shown in Table II. << TABLE II ORE RESERVES OF RECENT B.C. COPPER/GOLD PORPHYRY PRODUCERS PROPERTY TONNES GRADE GOLD SILVER MOLY STATUS EQUIVALENT (Millions) Cu % g/t g/t % Cu % (1) ------------------------------------------------------------------------- Production target Kemess (2) 204.0 0.22 0.63 - - April 1998 0.56 Mount Polley 82.0 0.30 0.42 - - Opened 0.53 (2) Sept. 1997 Huckleberry 90.4 0.51 0.06 2.81 0.014 Opened 0.62 (3) Oct. 1997 Afton (4) 22.1 0.91 0.67 - - Past 1.28 Producer Granisle (4) 52.7 0.47 0.32 - - Past 0.64 Producer ------------------------------------------------------------------------- Lorraine 32.0 0.66 0.17 4.70 - Early 0.81 Exploration ------------------------------------------------------------------------- >> (1) The copper equivalent grade has been calculated on the basis of US$0.80/lb. copper, US$300.00/oz. gold, US$7.00/oz silver and US$4.30/lb. molybdenum at 100% recovery. (2) The Northern Miner - March 23-29, 1998 (3) The Northern Miner - February 23-March 1, 1998 (4) Porphyry Deposits CIM Special Volume 46, 1995 The minerals of economic importance identified at Lorraine are principally bornite and chalcopyrite, hence good metallurgical recovery is expected. The host rock is non acid-generating and benign from an environmental viewpoint. The mineralization identified to date is also well suited to open pit mining at a low stripping ratio. A recently constructed power line and a new road both pass within a few kilometres of the Lorraine project. This could lead to a lower cost infrastructure at Lorraine than that which has faced other similar projects in northern British Columbia. The Lorraine property, of 36 claim units, is one of five mineral properties, containing a total of 1,033 claim units, that make up the Company's Jajay Project. Jajay covers an area of approximately 250 square kilometers and encompasses a major annular magnetic anomaly that contains a number of exploration targets. For the present, the Company is concentrating most of its efforts on the Lorraine property with the objective of establishing an economic deposit there. However, all five mineral properties of the Jajay Ring appear to have very good potential for similar discovery of copper/gold mineralization. Further drilling of the property is planned for the summer of 1998. LYSANDER GOLD CORPORATION ''Arthur T. Fisher'' Arthur T. Fisher President The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Investor Relations: (604) 688-2595 ================================================================= Good Luck and have a very nice day. Pierre