TORONTO, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX:LYD) (“Lydian” or “the Company”) is pleased to announce that its Amulsar Gold Project has been pre-operationally certified in compliance with the International Cyanide Management Code (“Cyanide Code”). The announcement was made on January 18, 2018 by the International Cyanide Management Institute.
The Cyanide Code is a voluntary industry program designed to assist the global gold and silver mining industry and the producers and transporters of cyanide used in gold and silver mining in improving cyanide management practices. Amulsar is the fifth operation to become pre-operationally certified since the inception of the Cyanide Code and the first operation to receive pre-operational certification since amendments to the Cyanide Code were published in 2016. By receiving this pre-operational certification, Lydian is agreeing to be audited within one year of its first receipt of cyanide to evaluate Amulsar’s operational compliance with the Cyanide Code. Follow-up audits will occur every three years thereafter.
Howard Stevenson, President and Chief Executive Officer of Lydian, said, "Pre-operational certification under the Cyanide Code is a significant achievement for Amulsar and reflects our Company’s ongoing commitment to good international industry practices.”
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 will be a large-scale, low-cost operation with production expected to begin in the third quarter of 2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia’s largest gold mine and make Lydian one of the largest emerging gold producers of 2018. Estimated mineral resources contain 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 as outlined in the Q1 2017 Technical Report. Existing mineral resources beyond current reserves and open extensions provide opportunities to improve average annual production and extend the mine life. Lydian 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|
|+1 720-307-5087 (d) or +1 303-905-4442 (m)||+1 720-464-5649 (d) or +1 303-810-4863 (m)|
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" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might", “will” 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 Company agreeing to be audited and evaluated for compliance under the International Cyanide Management Code; the Company’s ongoing commitment to good international industry practices; 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 current Amulsar Gold Project construction schedule, including timing of first gold production and commercial production; use of proceeds from the term loan facilities; the amount and timing of future draws under the Company’s facilities and the use of proceeds therefrom; 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 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.