TORONTO, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX:LYD) (“Lydian” or “the Company”) is pleased to announce it has received the first advance under the credit agreement with Caterpillar Financial Services (UK) Limited ("Cat Financial"). Proceeds totaling $2.3 million provide reimbursement to Lydian for amounts previously paid by the Company for various units of support equipment. Management expects to make additional draws under the Cat Financial arrangement as major components of the mining fleet are commissioned on site at the Company’s Amulsar Gold Project in Armenia. All dollar amounts in this news release are presented in U.S. dollars unless otherwise noted.
Howard Stevenson, President and Chief Executive Officer of Lydian, said, “We are very pleased to make this first draw under the Cat Financial arrangement. The first shovel, loader and truck assemblies are to be completed over the next couple months and we will make additional draws as these items are ready to work.”
Endeavour Financial is acting as financial advisor to Lydian.
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.
