TORONTO, Canada, November 12th 2008 – Lydian International Ltd. (TSX:LYD), a diversified U.K. mineral exploration and development company, today provided a corporate update.
Mr. Hugh Devlin, Executive Director Operations, has notified the Board of his intention to leave the Company in order to pursue other business interests. The Board of Directors have elected not to replace Mr. Devlin at this time but are pleased to announce that Mr Jason Wilkinson, currently Exploration Manager for Eastern Europe, has been promoted to the position of Vice President of Exploration. As part of his role, and in keeping with Lydian’s current regional and project focus, Mr Wilkinson will be responsible for all operational aspects of the Company’s business.
"Lydian will miss Hugh’s contribution to the Company, but wish him all the very best of success in his future ventures,” said Tim Coughlin, Lydian’s President and CEO. “Jason will now take on all operational aspects of the Company’s business, and brings valuable project development and opportunity evaluation experience to the management team.”
Mr. Wilkinson has over 14 years of background in mining, mining exploration and development, and in business development. He has held management and technical positions with companies such as Aur Resources, TVX Gold and INCO, working the Balkans and in locations around the world. Mr. Wilkinson holds the degrees of B.Sc. Geology and M.Sc. Exploration and Mining Geology.
About Lydian International
Lydian is a diversified U.K. mineral exploration and development company, with expertise employing “first mover” strategies in emerging exploration environments. Currently the Company is focused on Eastern Europe developing advanced precious and base metals projects which include a new gold discovery at Amulsar in Armenia, and a lead-zinc project at Drazhnje in Kosovo. Lydian has a joint venture partnership with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation. Newmont is also one of its largest shareholders along with International Finance Corporation (part of the World Bank Group). Lydian has a strong social agenda and a unique understanding of the complex social and political issues characterizing emerging environments. For more information, the web site is: www.lydianinternational.co.uk.
For more information, please contact:
President and CEO
+44 7717 204300
Linda Montgomery VP Investor Relations
+416 214 4654
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company’s future prospects. This press release contains statements about our future financial condition, results of operations and business. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.