TORONTO, ONTARIO--(Marketwired - Aug. 10, 2016) - Lydian International Limited (TSX:LYD) ("Lydian" or "the Company") is pleased to announce it has received approval from the Republic of Armenia and local communities to convert key lands needed to begin construction at Amulsar from agricultural to industrial use. This is an important step that allows the Company to initiate construction of the heap leach facility and in other areas as engineering is completed.
"Our team has worked closely with landowners, the administrative authorities, and local community leaders to secure these land rights and convert them to the appropriate use designation. We are pleased the process for this conversion has been completed," said Howard Stevenson, Lydian's President and CEO. "We can now proceed seamlessly with mass earthworks for the heap leach facility as engineering wraps up later this month."
Lydian submitted its initial application during Q2 2016 for the private land plots that had been acquired at that time. This application included all land required for construction, with the exception of four plots that were in the expropriation process and one land plot that is in the process of being acquired. The expropriation process has been settled in favor of Lydian, and all five remaining land plots can now be converted once final title transfer details are complete. Acquisition of the last five plots will not impact or delay the beginning of construction at Amulsar.
About Lydian International Limited
Lydian is a gold developer, focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. Amulsar presents an opportunity for a large scale, low cost operation with production expected to begin in 2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia's largest gold mine, with estimated mineral resources containing 3 million measured and indicated ounces and 2 million inferred ounces. Gold production is targeted to average greater than 200,000 ounces annually over an initial 10 year mine life. Existing mineral resources and open extensions provide opportunities to improve average annual production and extend the mine life. The Company is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. For more information and to directly contact us, please visit www.lydianinternational.co.uk.
Caution regarding forward-looking information
Certain information contained in this news release is "forward looking". All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "will", "would", "should", or "occur" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the support of the Armenian government and local communities; the timing of development of the Amulsar Gold Project, including the expected start date of production; the timing of the conversion of the five remaining land plots needed for construction of the Amulsar Gold Project; the current Amulsar Gold Project construction schedule and the impact that the conversion of the five remaining lands plots may have on the construction schedule; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; the expected mining methods at the Amulsar Gold Project; and the expected cost of operations at the Amulsar Gold Project.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: changes in gold and silver prices; adverse general economic, market or business conditions; failure to receive approval for the conversion of the five remaining lands plots needed for construction of the Amulsar Gold Project; regulatory changes; as well as "Risk Factors" included in the disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.