Following the close of market on April 16, 2008 the TSX-V issued bulletins listing the reorganized shares of Eastfield Resources Ltd. (TSX-V: ETF) (“Eastfield”), Lysander Minerals Corporation (TSX-V: LYM) (“Lysander”) and Lorraine Copper Corp. (TSX-V: LLC) (“Lorraine”). For details of the plan of arrangements which gave rise to the reorganization, shareholders are referred to the joint Eastfield/Lysander news release dated April 8, 2008. Shares of Lorraine will commence trading on April 17, 2008. In addition to current shareholdings, shareholders of Eastfield and Lysander will receive shares of Lorraine.
This follows a series of events that began in 1994 when Lysander negotiated an option on the Lorraine mineral claims. In 2000, Lysander entered into an agreement with Eastfield and in 2005 Eastfield and Lysander renegotiated their arrangement in order to facilitate an agreement with Teck Cominco Limited (“Teck Cominco”) to earn an interest in the property. The 2005 Teck Cominco / Lysander / Eastfield agreement (now Teck Cominco / Lorraine) allows Teck Cominco to earn a 51% interest by completing $9 million in exploration (approximately $6,000,000 spent as of December 31, 2007). Teck Cominco may earn a further 9%, for a total interest of 60%, by funding and completing a feasibility study. Upon a positive production decision, Teck Cominco may earn a further 5% interest, up to 65%, by arranging or providing the financing required.
The most recent exploration program (2007) at the Lorraine-Jajay property was designed to evaluate a large (12 by 6 km) core area of the Duckling Creek Complex which hosts most of the known significant mineralized zones. A total of 90.6 line-kilometres of IP geophysics were completed and 592 soil samples were collected on the IP lines. The IP survey was designed to “look” down to approximately 450 metres in depth to test for continuity of the mineralized zones along strike and to depth. Teck Cominco has indicated that an approximately 7,000 metre drill program to test these anomalies is planned for 2008.
The Lorraine-Jajay property is located north of the community of Fort St. James in north-central BC, northwest of the regional centre of Prince George. The project is located in an area of active logging and is well served by resource infrastructure including all season roads, the Kemess power corridor to the northeast and the Canadian National Railway line to the southwest.
Lorraine Copper Corp.
J. William (Bill) Morton, P.Geo
This news release has been reviewed by J.W. Morton, P.Geo, who is a qualified person within the context of National Instrument 43-101, and who has read and takes responsibility for the technical disclosure in this news release.
The TSX – Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.
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