Key individuals with extensive mine project development and regional experience appointed to newly formed Advisory Board
TORONTO, Ontario, January 18, 2011 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced that it has established a development Advisory Board to advise the Company in key areas relating to the advancement of its Amulsar gold discovery in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a CIM compliant Inferred Category Resource of 1.4 million ounces at 0.9g/t gold.
The Advisory Board has been established to provide technical expertise and advice on developing the Amulsar project through feasibility stage to production.
The Advisory Board members are:
Mr. Nerses Karamanukyan – Chairman of the Advisory Board
Mr. Karamanukyan is Armenian and a graduate from the Yerevan Institute of National Economy, holding an Economist Diploma and a certificate of Law. Mr. Karamanukyan is the Chairman of the Management Board (CEO) of Ardshininvestbank, one of the three largest private banks in Armenia. Prior to this he was Head of the International Finance Corporation’s (IFC’s) offices in Armenia, a position he held for 8 years. Previous career positions have notably included; Diplomatic Counsellor to the Armenian Embassy in the United Kingdom and Chief of Staff for two Armenian Prime Ministers. Mr. Karamanukyan’s key areas of focus on the Advisory Board will be to offer advice and support on Armenian mine permitting and production covering legal obligations to recommendations on equity and project finance.
Mr. Patrick Gorman – Member of the Advisory Board
Mr. Gorman, M.S (Mining), B.Sc.(Hons) Mining, is a mining engineer with over 35 years technical and project experience in a wide range of business, cultural and climatic environments and communities. He has worked on more than 100 mining projects in 60 countries. He has managed development programmes, conceptual evaluations and studies for scoping, pre-feasibility and definitive feasibility stages. He has also provided technical audits for project financing. He is an experienced non-executive director of TSX-V and London-AIM listed mineral resource companies. Mr. Gorman’s key area of focus on the Advisory Board covers the provision of technical expertise and support to all project management activities. This includes mining engineering, mining contractors, metallurgy, scoping, feasibility studies and financial modeling.
Ms. Liz Wall – Member of the Advisory Board
Ms. Wall is a Rhodes Scholar with degrees in Mining Engineering, Development Studies and Environmental Management. Ms. Wall is currently the Director of Shared Resources and works with mining projects in developing countries as a social development specialist. Prior to launching Shared Resources in 2008, she was a Social and Environmental Development Specialist working with mining projects with the International Finance Corporation (IFC) and a Regional Development Manager and Health, Safety and Environment Policy Advisor for Rio Tinto in a number of locations around the World. Ms. Wall’s key areas of focus on the Advisory Board cover the provision of expertise and support on environmental management and best practices, social welfare, health, sustainability and Governmental expectations. In particular, Lydian aims to ensure full adherence to World Bank and Armenian National standards across these areas.
“Lydian is extremely privileged to have secured the services of three highly experienced and competent individuals to the newly formed Advisory Board. They bring a wealth of global and regional experience on key areas of importance for Lydian” said Tim Coughlin, Lydian’s President and CEO “Their substantial experience will undoubtedly contribute to this new phase of development as the Amulsar project makes the transition through feasibility stage to production”.
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 on developing its flagship Amulsar gold project in Armenia. The Amulsar group of licenses is wholly owned by Lydian’s Armenian subsidiary (Geoteam CJSC). 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 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.
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. 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:
Investor Relations Manager
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