Exploration drilling commences on target areas located 1 kilometer to the South West of current resource shell
TORONTO, Ontario, April 28, 2011 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, announces that yesterday it had commenced its planned 30,000 meter drilling program at its Amulsar gold project. Amulsar is a high-sulfidation style gold project discovered by Lydian geologists in 2006. The current resource comprises of 32.4 Mt at 1.1 g/t Au (1.1 million ounces) of Indicated Category resources and 48.3 Mt at 0.9 g/t Au (1.4 million ounces) of Inferred Category resources.
Initial exploration drill holes have been positioned to target surface soil and rock chip anomalies located approximately 1 kilometer to the south west of the current resource shell at Amulsar. Surface geochemical sampling and previous scout drilling has identified an area of gold anomalism covering approximately 9 square kilometers. Only approximately one third of this area occurs within the current resource shell, meaning that significant further resource potential remains to be tested elsewhere within the immediate vicinity. A principle aim of the 2011 drilling program is to drill test these prospective areas and to identify new resource ounces.
The 2011 drill program will also aim to further target high-grade gold mineralized zones from within and in resource extension areas adjacent to the current resource shell (see Figure 1) at Amulsar and to convert existing Inferred resource ounces to Indicated category.
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
+44 (0)1534 715472+44