TORONTO, Ontario, June 5, 2014 – Lydian International Limited (TSX: LYD) (“Lydian” or “the Company”) is pleased to announce that its annual meeting of shareholders (the "Meeting") will be held on Thursday, the 26th day of June, 2014, at 10:00 a.m. (Toronto Time) in the Alberta Room of the Fairmont Royal York, 100 Front Street W, Toronto, Ontario.
At the Meeting, the following six individuals will be presented for election as directors as management’s nominees:
Howard H. J. Stevenson
Willan J. Abel
Stephen J. Altmann
Messrs. Wylie, Stevenson, Abel and Read are current members of the Company's board of directors, and Mr. Altmann and Mr. Kololian will each be proposed by management to be elected as new directors of the Company. Details of each of the new proposed director nominees are set out below:
Stephen J. Altmann is a Managing Director with Morrison Park Advisors, an independent investment bank. Prior to assuming this position in January 2012, he was President and a Director of ECU Silver Mining Inc., which he joined in January 2007. Prior to joining ECU, Mr. Altmann worked as an investment banker providing financial and strategic advice to a large selection of domestic and international public companies at firms such as RBC Dominion Securities, Credit Suisse First Boston, Scotia Capital and, most recently, at Desjardins Securities as head of its mining team. He also worked as a geophysicist prior to his investment banking career. Mr. Altmann holds a Bachelor of Science Degree (Honours) in Geophysics and a Master's Degree in Business Administration.
Vahan Kololian is the founder and Managing Partner of TerraNova Partners LP, which invests in the industrial, services and resource sectors. Mr. Kololian started his career in investment banking in 1980 with Burns Fry Limited (now BMO Nesbitt Burns). From 1990 to 2000, he was co-founder and President of Polar Capital Corporation and from 2002 to 2011, he was Chairman of KK Precision Inc., a private engineering and manufacturing company. Mr. Kololian is a non-executive director of New Gold Inc. He is also Chairman of the Board of Compact Power Equipment Inc., a North Carolina based equipment rental business operating throughout North America. Mr. Kololian holds B.A. and LL.B. degrees. Mr. Kololian is also co-founder and Chairman of the Mosaic Institute, whose purpose is to bring together and promote dialogue among Canadians of differing ethnicities whose homelands are in conflict with one another. Mr Kololian is also active in pursuing projects in the social sector in Armenia and the Armenian diaspora. Mr. Kololian’s principal occupation is Managing Partner of TerraNova Partners LP.
“These nominations represent a broad range of entrepreneurial, governance, financial and North American capital markets expertise which reflects the Company’s changing needs as it moves into mine development at Amulsar, Armenia,” stated Gordon Wylie, Chairman.
Following the Meeting, Howard Stevenson, President and Chief Executive Officer, will provide a presentation discussing recent activities of the Company and its outlook for the coming year. The presentation will be available on the Company’s website at www.lydianinternational.co.uk prior to the Meeting.
Registered and non-registered shareholders of record as of May 26, 2014 will be entitled to receive notice of the meeting and shareholders otherwise entitled to vote at the meeting may request a copy of the notice from the Company. To be entitled to attend and vote at the Meeting, shareholders must be registered in the register of shareholders of the Company at 10:00 a.m. (Toronto Time) on June 24, 2014 (or, in the event of any adjournment, 48 hours prior to the time of the adjourned Meeting). A copy of the notice of meeting and the Company's management information circular is available under the Company's issuer profile at www.SEDAR.com.
About Lydian International
Lydian is a gold-focused mineral development company pursuing large, high-quality resources in emerging and transitional geopolitical regions. Currently, Lydian is focused on Eastern Europe, primarily in the Caucasus region. The Company’s main project is the Amulsar Gold Project located in Armenia. Amulsar was discovered by the Company in 2006. Following several years of exploration, Lydian published an initial feasibility study (September 2012) and began early-stage permitting and development activities. Management’s current priorities are to receive required permits and secure funding necessary to commence construction and ultimately to bring the Amulsar Gold Project into production. In particular, the Company is continuing its ongoing permitting process and, as part of this process, is working to complete an updated feasibility study and mine plan, the environmental impact assessment, an environmental and social impact assessment, and detailed engineering studies. Initial activities to arrange project financing are also ongoing.
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 board and executive appointments and corporate governance initiatives. 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, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing 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:
Chief Financial Officer