Honda - Cr-v :: 2006 - Timing Chain Won't Working

I have a 2006 Honda CRV with 145,000 miles on it. It has been giving me warning lights for about 10 weeks. My mechanic discovered that it is burning oil, which he says all old cars do. But the lights continued. He put the computer on it and says that I need a new timing chain and it will cots $1,100.00. He also says he's not 100% sure that this will stop the lights. I don't want to sink that kind of money into the car if it won't correct the problem. The lights that come on are the check engine light, the VSA light and the triangle light. They do not come on all of the time. Maybe 3 time a week but they go off if I stop the car and re start it.