TORONTO, Ontario, August 8, 2017 – Lydian International Limited (TSX:LYD) (“Lydian” or “the Company”) is pleased to announce that major equipment components have arrived at its 100%-owned Amulsar Gold Project in Armenia.
Howard Stevenson, Lydian’s President and CEO, commented, “Equipment lead times and delivery logistics present unique challenges for many projects. We are very pleased that our vendors are meeting fabrication schedules and deliveries to site are being well managed.”
Major pieces of equipment for the crushing plant, including the jaw crusher, a secondary cone crusher, rock breaker, pan feeders, and screen liners have all arrived at site. The material handling system includes crushing and screening equipment and the overland conveyor, all supplied by Sandvik. Components have been shipping since Q2 2017 as fabrication is completed. Modular steel structures for the overland conveyer and other structural steel components are arriving on site and this will continue throughout Q3 2017.
Caterpillar remains on schedule in manufacturing the primary mine mobile equipment. The first phase of equipment, consisting of a 6040 hydraulic shovel, one CAT 994 front end loader, five 789D haul trucks and other equipment, was shipped in July 2017. Deliveries to Amulsar and assembly are expected over the balance of Q3 2017.
The gold recovery plant is being fabricated in South Africa by Azmet. Pre-assembled modules have been loaded for shipment later this month. Delivery is expected by late Q3 2017.
ABB is suppling all major site-wide electrical and control systems. Fabrication of the main substation and distribution grid, integrated automation and process control by optimized solutions, motors and drive systems is advancing in accordance with the manufacturer’s planned delivery schedules. Electrical transformers are scheduled for shipment this month, with delivery anticipated during Q4 2017.
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 mid-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 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces. Gold production is targeted to average approximately 225,000 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 life of mine. 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.
For further information, please contact:
Doug Tobler, CFO
Pamela Solly, Vice President of Investor Relations
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", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes", “targets” 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 include, among others, statements with respect to: the general development of the Amulsar Gold Project (including, but not limited to, infrastructure, mine operations, systems, facilities, plants, equipment and employment); the economic and resource potential of the Amulsar Gold Project; the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project; the timing, sourcing and technical descriptions of future equipment deliveries; ability of vendors to meet delivery targets based on the current construction schedule; the current Amulsar Gold Project construction schedule; results of future exploration and drilling; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; and the expected mining methods at the Amulsar Gold Project. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered when the property is developed.
All forward-looking statements in this news release are based on the opinions and estimates made as of the date of such statements and are made and are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. 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: discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in Armenia; taxation; changes in gold and silver prices; adverse general economic, market or business conditions; changes to the Company's mine plan; the speculative nature of mineral exploration and development; diminishing quantities or grades of reserves and resources; and failure to improve average annual production and extend the Amulsar Gold Project mine life through the evaluation of defined inferred resources and from open extensions at depth. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) 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.