Lydian Announces Access to the Amulsar Site for Winterization Purposes
TORONTO, Nov. 28, 2018 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX: LYD) ("Lydian" or "the Company") is pleased to announce it has secured short-term access to its 100%-owned Amulsar Gold Project to undertake winterization and preservation work on process and mobile equipment. This work is being performed to reduce damage to equipment and help ensure an efficient restart of construction, mining, and commissioning activities once permanent access has been established.
João Carrêlo, President and Chief Executive Officer of Lydian, stated, “Illegal blockades have prevented Lydian from accessing the site to perform work since late-June 2018. While we continue to work with all levels of government to achieve a permanent resolution to the current situation, we are also evaluating a range of financing, strategic, and legal alternatives available to the Company. In the meantime, it is important to be able to winterize and preserve assets at this time. This is a positive step as we work to re-establish permanent access.”
About Lydian International Limited
Lydian is a gold developer focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. However, illegal blockades have prevented access to Amulsar since late June 2018. Amulsar will be a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces 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, Chief Financial Officer
|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”, “intends”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “will”, “would”, “should”, or “occur” or the negative or other variations of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the expected results and outcomes of the winterization and preservation work; the Company’s continuing ability to access the Amulsar site to complete the winterization and preservation work; the Company’s assessment and implementation (and the corresponding success) of all alternatives (including financing and strategic options) being evaluated; the Company’s ability to remove the illegal blockades and permanently re-enter the site; the efficient restart of construction, mining, and commissioning activities; the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project, including the expected start date of gold production; the expected and estimated cost of operations and capital costs at the Amulsar Gold Project; the current Amulsar Gold Project construction schedule, 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.
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: changes in gold and silver prices; adverse general economic, political, market or business conditions; failure to achieve the objectives of the future exploration and drilling programs; regulatory changes; 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.