TORONTO, Ontario, November 27, 2014 – Lydian International Limited (TSX:LYD) (“Lydian” or “the Company”) is pleased to announce that it has received approval of the Mining Right for the Amulsar Gold Project. This represents the final stage of the mining permitting process and grants the Company the right to develop the Amulsar Project in line with the parameters detailed in the feasibility study. Although the Company has received various permits in the past, this is the first time that the Company will have a Mining Right and EIA aligned with the underlying assumptions of its feasibility study and pending ESIA.
The Mining Right was granted to Geoteam CJSC, Lydian’s 100% owned subsidiary, by the Ministry of Energy and Natural Resources of Armenia. The approval covers i) all project infrastructure, including the location for crushers, the conveyor and heap leach facility, ii) a mining permit applicable to all three pits, iii) definition of the area within which operating activities may take place, and iv) a mining agreement that outlines the nature and duration of mining operations.
Granting of the Mining Right follows an extensive application, consultation, and review process. Previously, Lydian received approval of its environmental impact assessment (“EIA”) from the Ministry of Nature Protection, acting under the Armenian Mining Code and EIA Law, based on expert reviews, public discussion and the minutes of public hearings. In parallel, the Ministry of Emergency Situations approved the Technical Safety Program (“TSP”).
Howard Stevenson, President and CEO, said “The previous EIA and TSP approvals, and now this most recent approval of the Mining Right, were the subjects of intensive and thorough interaction with the Armenian authorities, local communities, members of civil society, and others. Thank you to all who participated in this process. We look forward to a long working relationship within Armenia as this project progresses into construction and production. Lydian intends that Amulsar will become an exemplary mining and investment project in Armenia, beneficial both for the country and for our investors. Lydian is committed to implementing best international practices at Amulsar by complying with IFC and the EBRD environmental and social standards throughout the project’s duration.”
About Lydian International Limited
Lydian is an emerging gold developer, focused on its 100% owned Amulsar Gold Project, located in Southern Armenia. The Company’s current mine development and construction plan for Amulsar is aimed at achieving average production of 200,000 ounces of gold per year and establishing the Company as a high cash-flow producer. The Company is committed to best practices in all aspects of its operations including production, sustainability, and good corporate citizenry. For more information on Lydian please visit www.lydianinternational.co.uk.
For further information please contact:
Caution regarding forward-looking information:
Certain information contained in this news release, including any information relating to Amulsar's expected future performance 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", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release primarily relate to permitting, development, construction, production, operation, and performance standards for the Amulsar Gold Project, and include, among others, statements with respect to: timing for conclusion of the Mining Agreement, pending content of the ESIA, environmental safeguards for meeting the highest international standards of environmental stewardship and social responsibility, implementation of best international practices, annual gold production, and expected cash flows.