Reserves updated at Beta Vargas play

As part of a prefeasibility study, Lyon Lake Mines (ME) has recalculated reserves at the Beta Vargas property in Costa Rica.

Three styles of mineralization have been outlined within a 450×150-metre area, to a depth of 140 metres.

The oxide mineralization, from surface to a depth of 50 metres, has a probable reserve of 461,100 tons averaging 0.056 oz. gold per ton and a possible reserve of 178,200 tons averaging 0.054 oz. The unoxidized mineralization contains a probable reserve of 888,100 tons averaging 0.024 oz. and a possible reserve of 762,000 tons averaging 0.039 oz. Finally, the transitional mineralization has a probable reserve of 313,100 tons averaging 0.038 oz. and a possible reserve of 762,000 tons averaging 0.043 oz. Total figures are 1.7 million tons of probable reserves averaging 0.04 oz. and possible reserves of 1.1 million tons averaging 0.043 oz.. The study, to be completed by April, will include an open-pit plan for mining the oxide ore, with a waste-to-ore ratio of 3-to-1. The total projected investment for the development is about US$1 million and operating costs are projected to be US$10 per ton.