LYM Lysander Minerals Corp.

Lysander Minerals Corporation (TSX VENTURE:LYM)-

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


Lysander Minerals Corporation(the "Company") is pleased to report that, at the
Annual General Meeting of shareholders held on November 15, the President
reported good progress on the start of construction at Verticalnaya North, the
initial stage of development of the large Verticalnaya mine project. This
follows completion of an $11.5 million equity financing on October 8.


The construction of two portals leading into two inclined drifts is well
advanced. There has also been fast progress on initial surface work including a
power line, a tip area, roads, ground-clearing and an explosives store. Work is
successfully moving underground in advance of winter.


Enhancements of long range plans are being developed with the help of
engineering consultants.


Other opportunities within the Donbass coal basin are also being examined
consistent with the Company's long-term growth strategy.


Interests in copper-gold exploration prospects in British Columbia are being
significantly reduced.


The approval of shareholders was granted to permit the directors to change the
name of the Company. Subject to necessary further approvals, the new name is
expected to be Ukraine Coal & Energy Limited.


By Order of the Board,

Bryce M.A. Porter, President

About Lysander

Using high standards of safety and efficiency, it is planned to develop the
Verticalnaya mine in stages and lead developments by western companies in the
Donbass coal basin.


Verticalnaya North is described in the March 2010 NI 43-101 technical report
available on Sedar (www.sedar.com) and the Company's website
(www.lysanderminerals.com). It represents the first phase in the redevelopment
of the Verticalnaya mine, for which a NI 43-101 technical report was prepared in
September 2008 and is also available on Sedar and the Company's website. Key
indicators include:




        Net present value @12%                    US$ 352.1 million 
        Internal rate of return                               35.2% 
        Average cash operating cost                                 
         per saleable tonne                         US$ 31.19/tonne 
        Proven reserves                           16,200,000 tonnes 
        Probable reserves                         11,000,000 tonnes 
        Measured resources                        57,300,000 tonnes 
        Indicated resources                       18,900,000 tonnes 
        Total resources                           76,200,000 tonnes 
        (Resources are inclusive of reserves.)                      



THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD
IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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