Press release from Marketwire
Lydian International Signs Mining License Agreement with the Government of Armenia
Tuesday, October 02, 2012
TORONTO, ONTARIO--(Marketwire - Oct. 2, 2012) - Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, is pleased to announce that on September 26, 2012 a new Mining License Contract was granted by the Government of Armenia for the Tigranes/ Artavazdes open pit at its Amulsar gold project. This has been granted after the completion of a technical health and safety review (March 2012) and an Environmental Impact Assessment (approved July 31, 2012, see press release August 7, 2012). This new Mining License is valid until 2034 with extensions permitted as new resources are approved.
The Mining License allows a period of four years from September 26, 2012 for construction and allows the Company to mine not less than 2.6 million tonnes of ore per year. The Company's current mine development is scheduled for 2015.
"This is another step towards gold production at Amulsar and continues to show the government's support of the mineral industry in Armenia" says Dr. Tim Coughlin, CEO and President of Lydian International. "These are busy times for Lydian and Amulsar. This month we plan to provide the Government of Armenia all necessary documentation for its independent review of the Environmental and Social Impact Assessment. Drilling also continues with the aim of adding to the current reserve by converting in-pit resources".
About Lydian International
Lydian is a gold-focused mineral exploration and development company with expertise employing "first mover" strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe and, in particular, developing its flagship Amulsar gold project in Armenia. Lydian also has a pipeline of promising early-stage gold and base metal exploration projects in the Caucasus regions.
Lydian's management team has a track record of success in grassroots discovery, in acquiring and developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterize emerging environments. The Company's significant shareholders include the International Finance Corporation which is a member of the World Bank Group and the European Bank for Reconstruction and Development. More information can be found on Lydian's web site at www.lydianinternational.co.uk.
Caution regarding forward-looking information:
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include statements regarding the Company's intended planned exploration. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lucy Fowler Lydian International Ltd. Investor Relations Manager +44 (0)1534 715472 or +44 (0)7797 738777 email@example.com www.lydianinternational.co.uk