Lydian International Ltd. has elected, pursuant to the terms of ordinary-share purchase warrants to purchase ordinary shares of the company at a price of 80 cents per ordinary share and expiring on Oct. 27, 2010 (subject to early termination if the ordinary shares trade above 90 cents for a period of five consecutive trading days), to exercise its right to reduce the period within which the warrants may be exercised, and has sent written notice of acceleration to each of the holders of the warrants.
The acceleration right was triggered when the trading price of the ordinary shares on the Toronto Stock Exchange was at a price equal to or greater than 90 cents for a period of five consecutive trading days. Warrant holders will be entitled to exercise the warrants until 5 p.m. (Toronto time) on Sept. 17, 2010. All warrants not exercised on or before such time will expire and be of no further force or effect.
About Lydian International
Lydian is a diversified mineral exploration and development company with expertise employing “first mover” strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and Kosovo. The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. The Amulsar group of licenses is 95% owned by Lydian’s wholly owned Armenian subsidiary (Geoteam CJSC). Lydian also has a pipeline of promising 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 characterise emerging environments. The Company’s significant shareholders are the International Finance Corporation (IFC), a member of the World Bank Group, Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Christopher John Bargmann, FGS(C Geol), MAusIMM, Pr.Sci.Nat; is the Qualified Person overseeing Lydian's exploration programs. Mr. Bargmann has supervised the preparation of the technical information contained in this press release.
Lydian employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting 2standards. All assay work for the released results was carried out by ALS Chemex analytical laboratory in Rosia Montana, Romania. More information can be found on Lydians’s web site at www.lydianinternational.co.uk.
For further information please contact:
Investor Relations Manager
+44 (0)1534 715472