TORONTO, Ontario, August 7th, 2012. Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, announced that on the 31st July, 2012 it has received Environmental Impact Assessment (EIA) approval for open-pit mining and location of the waste dump facility at Amulsar.
Under the terms of the EIA approval Lydian must:
- Submit to the Ministry of Nature Protection an EIA for planned mine-closure activities
- During the mine operation regularly monitor the quality of water flows which form part of the Lake Sevan catchment area
- During the mine operation regularly monitor radiation levels
- Be guided in accordance with Article 26 of the Armenian Code on Mineral Resources in-case of the presence or subsequent identification of any Armenian Red-Book species of flora and fauna in the area
- On issues related to the location of the gold plant (see Press Release March 12th, 2012) be guided by the Law on Lake Sevan (ensure no activity detrimental to the Lake Sevan ecosystem)
- Retain an international independent consultant endorsed by the Ministry of Nature Protection to independently review the Company’s ESIA with particular attention on issue pertaining to Lake Sevan, the Jermuk township and protection of any Armenian Red-Book species in the area
Lydian is committed to working with the Armenian authorities and with civil society on ensuring all environmental safeguards are in place and that the Amulsar project is an exemplary world-class gold mine meeting the highest international standards of environmental stewardship and social responsibility. The project, in particular the heap leach pads and the waste dumps, has been engineered in a way to prevent any seepage from these facilities. Secondary and even tertiary containment systems and protection measures to prevent any spills are integrated in the feasibility study (FS). Lydian is in the process of finalising a comprehensive ESIA in line with international best practice (Equator Principles). The Company will arrange a number of public consultation events for ESIA disclosure with all key stakeholders on site, in the surrounding communities and in Yerevan.
“This is a very important and positive step in the mine permitting process” said Tim Coughlin, Lydian’s President and CEO “The increase in resource potential at Amulsar, the ESIA process and FS level design has significantly raised the profile of the project. This EIA approval has been the subject of three public hearings and one discussion and of intensive and thorough interaction with the Armenian authorities, local communities and members of civil society. The process has allowed all stakeholders to familiarise themselves with the project, to convey their interest, to raise questions and to have any concerns duly addressed. We remain committed to positively engaging with all stakeholders and to building an exemplary mine that Armenia, our local communities and the Company can be proud of.”
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, in particular, developing its flagship Amulsar gold project in Armenia. 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 characterise emerging environments. The Company’s significant shareholders include the International Finance Corporation which is a member of the World Bank Group and the European Bank for Reconstruction and Development. More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Caution regarding forward-looking information:
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterised 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 intended planned exploration. 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 (0)7797 738777