TORONTO, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX: LYD) (“Lydian” or the “Company”) announced today that it has provided the Special Investigative Committee of the Republic of Armenia with responses to the recommendations contained in the report prepared by Earth Link & Advanced Resources Development on its audit of environmental aspects of the Amulsar Project (the “Audit Report”).
Copies of the Audit Report are available in English and Armenian at: http://investigative.am/en/news/view/amulsar-porcaqnnutyan-ezrakacutyun.html
Lydian’s responses to the recommendations in the Audit Report are available in English at: https://www.lydianarmenia.am/index.php?m=newsOne&lang=eng&nid=237
And in Armenian at: https://www.lydianarmenia.am/index.php?m=newsOne&lang=arm&nid=237
Edward Sellers, Interim President & CEO of Lydian International, commented: “The Audit Report substantiated Lydian’s prudential approach to environmental stewardship. Lydian’s responses to the recommendations contained in the Audit Report speak for themselves, and Lydian has made its responses public so that fair minded people will be fully informed.”
Mr. Sellers continued: “Lydian’s environmental practices meet or exceed all applicable international standards, and were fully evaluated and confirmed as part of the comprehensive assessment under which Lydian received its mining permits.”
“The Company provided every piece of information requested of it as part of the audit, and all information was consistent with that provided by or on behalf of the Company in support of prior environmental assessments and numerous audits. The information provided was more than sufficient for the authors of the Audit Report to form professional judgements consistent with those of other international experts who have previously considered the matters covered by the audit.”
Lydian operates in Armenia in accordance with its mining permits, which were granted based on a comprehensive Environmental Impact Assessment approval process. Nevertheless, Lydian’s Amulsar Project has been subject to three full-scale environmental audits since July last year. Lydian has fully cooperated with all audits.
About Lydian International Limited
Lydian is a gold developer focused on construction at its 100%-owned Amulsar Project, located in south-central Armenia. However, illegal blockades have prevented access to Amulsar since late June 2018. Amulsar is expected to 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:
|Edward Sellers, Interim President & CEO
|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 Audit Report and the Company’s response to the Audit Report; the Government of Armenia’s response to the Audit Report and the Company’s response to the Audit Report; the Company’s approach to environmental stewardship; the ability of the Company to resume construction and/or gain access to the Amulsar Project as a result of the Audit Report and the Company’s response to the Audit Report, of which there can be no assurances; the realization of mineral resource estimates and the timing of development of the Amulsar Project; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Project; and the expected mining methods at the Amulsar 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.