Canadian company Lysander Minerals Corp., which has coal assets in Ukraine, has decided not to change its name to Ukraine Coal&Energy Ltd. and will instead be renamed as EastCoal Inc., the company has reported.

The decision was made by the company's board of directors according to authorities granted to it by the shareholders last autumn.

"The new name corresponds to the company's coal orientation," the company said.

All of the necessary documents have been submitted for registration, and to TSX Venture Exchange (Toronto, Canada).

Lysander said that the development of the Vertykalna mine (Sverdlovsk, Luhansk region), the purchase of which Lysander completed in November 2009, is progressing according to plan. The company expects that production at the mine, which previously extracted high quality anthracite, will start in early 2012.

In addition, the company reported that it had updated the plan of its development to start production as soon as possible and increase monetary inflows. As part of this process, a new independent technical report is being prepared at present, Lysander said.

The Canadian company became interested in the coal project in Ukraine in 2008. Previously the company had been developing copper and gold fields in Canada since its foundation in 1984.