Lydian International Announces Update on Police Inaction
TORONTO, June 17, 2019 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX:LYD) (“Lydian” or the “Company”) announced today that trespassers and their property remain on the Company’s Amulsar Project site despite prior Court rulings.
The Administrative Court of Armenia has ordered the Police to remove trespassers and their property from the Company’s Amulsar Project site. The Court’s decision was to be enforced within 30 days, if not appealed by the Police. Since the Police had not appealed the Court’s decision within 30 days after the Court’s ruling, Lydian was expecting the trespassers and their belongings to be removed by the Police, and Lydian’s access to the site restored.
The Police have informed Lydian in writing that the Police believe they have compiled with the Court ruling by re-locating some of the trespassers’ trailers blocking the Amulsar access roads to other locations. However, Lydian’s full access to the site has not been restored. Lydian believes the trespassing continues and that the Police have not enforced the Court’s ruling.
Lydian, thus, has filed a motion with the Court asking for an additional ruling in the dispute. Lydian understands the motion is likely to be heard within the next 20 days.
Mr. Edward Sellers, Interim CEO and President of Lydian International commented on the matter: “Lydian had welcomed the recent rulings of Armenian courts in support of Lydian’s position with respect to illegal road blockades. Lydian has been deprived of its legal right to operate since June 2018. We consider the Court’s ruling to be a recognition of the illegality of the trespassing and a call to the Police to restore Lydian’s uninterrupted access to its property at Amulsar. Until full access to the Amulsar site has been restored, Lydian considers that the Police have not fulfilled their obligations to enforce orders of the Court. Lydian will pursue all legal options to protect its rights.”
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. 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:
Bill Dean, Chief Financial Officer
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 motion with the Court, including the expected timing and outcome; the removal of the trespassers and their belongings; and the Company’s access to the Amulsar site.
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; the speculative nature of mineral exploration and development; risks associated with obtaining and maintaining the necessary licenses and permits and complying with permitting requirements, including, without limitation, approval of the Armenian government and receipt of all related permits, authorizations or other rights, 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.