July 21

Lysander Minerals Corporation: Positive Progress at the Verticalnaya Coal Mine in Ukraine

Lysander Minerals Corporation (TSX VENTURE:LYM) (\"Lysander\") is pleased to report progress towards completion of the acquisition of the Verticalnaya mine interests, currently held on option (see release dated June 26, 2008). Technical and financial reviews and due diligence are proceeding satisfactorily on and off site. Work to complete a technical report, to be compliant with National Instrument 43-101, is well advanced.

To date, reviews substantiate that there is an unusual opportunity for Lysander to
- be a leader in investing into the Ukraine mining sector,
- benefit from years of work by Ukraine Coal (the vendor),
- acquire substantial existing assets including two deep shaft systems,
- achieve good returns by developing one of the first modern coal mines in Ukraine and
- potentially develop new opportunities within the Donbass coal region. The pace of foreign investment into Ukraine is currently high, but there has been little foreign investment into the mining sector. As an early entrant, Lysander expects to benefit both from the quality of the Verticalnaya project and exposure to other opportunities.

Plans to re-open the mine on an expanded basis are well advanced. They are being reviewed in detail by the state design institute, which has a number of specialist engineers actively deployed on the review. Good progress is being made.

On behalf of the Board,

Bryce M.A. Porter, President and CEO

About Lysander

Lysander is re-organizing to take advantage of development opportunities, commencing with the Verticalnaya mine. In June 2008, Lysander has added to its Board of Directors Mr. Charles Pitcher, a director and former CEO of Western Canadian Coal Corp. (TSX VENTURE:WTN), who is a mining engineer and manager with vast experience, and Mr. John Conlon, whose directorships include Cambrian Mining PLC, Western Canadian Coal Corp. and Coal International PLC, who has extensive experience in underground mining operations and the management and financing of mines.

The Verticalnaya coal mine is situated in the Lugansk region of Ukraine. The mine 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.lysandercorp.com for further information.

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.

SOURCE: Lysander Minerals Corporation

Lysander Minerals Corporation Bryce M.A. Porter President and CEO (604) 681-8069 (604) 685-4675 (FAX) Website: www.lysandercorp.com