Lydian International Ltd.
lydianinternational.co.uk
Stock price: LYD (TSE) $0.20 -0.01 (-4.76%)
Aug. 30, 4:00 p.m. EDT - Disclaimer
Founded: 2005
Lydian International Limited is a gold-focused mineral development
company pursuing resources in emerging and transitional geopolitical
regions. The Company's main project is the Amulsar Gold Project, a gold
development-stage project located in the Republic of Armenia.
The
Company holds a combined exploration-mining license covering an
early-stage gold prospect known as the Kela Project in the Guri region
of the Ozurgeti province in Georgia.
The Amulsar project covers a region
of epithermal-type gold mineralization located in southern Armenia.
It
is open in all directions, including depth.
The Amulsar gold project is
located approximately 170 kilometers south of Armenia's capital Yerevan
on the border between the provinces (Marz) of Vayots Dzor and Sunnik.
It
holds approximately two Mineral Exploration Licenses and a mining
license for the Artavasdes and Tigranes open pit at Amulsar, through its
100% owned Armenian subsidiary Geoteam CJSC.
Lydian International Limited Key Developments
Lydian International Limited to Appoint Russell Ball as New Director
Jun 18 18
Lydian
International Limited announced that its board of directors intends to
appoint Russell Ball as a new director immediately following its
upcoming annual general meeting on June 28, 2018 based on the
recommendation of the governance committee.
Mr. Ball has advised that he
is willing to join the Board. Due to timing limitations under Jersey
law, the Board cannot add Mr. Ball to the notice of annual general
meeting, management information circular and form of proxy for the AGM,
but if the directors as set out in the notice of annual general meeting
are elected at the AGM, they currently intend to appoint Mr. Ball to the
Board immediately following the AGM.
Mr. Ball is a former Executive
Vice President and Chief Financial Officer of Goldcorp Inc. and Newmont
Mining Corporation.
Mr. Ball joined Goldcorp in May 2013 as Executive
Vice President of Projects and Capital Management and in December 2014
was appointed Executive Vice President of Corporate Development and
Capital Projects. He served as Chief Financial Officer and Executive
Vice President of Corporate Development from March 2016 to October 2017.
Lydian International Limited Announces Management Changes
May 1 18
Lydian
International Limited announced that Howard Stevenson, President and
Chief Executive Officer of the company and a member of the Board, has
resigned effective May 1, 2018. The company also announced that the
Board of Directors has appointed João Carrêlo as President and Chief
Executive Officer and a member of the Board, effective May 1, 2018. He
currently serves as a non-executive director on the boards of TMAC
Resources Inc. and Lucky Minerals Inc.
Lydian International Limited, Annual General Meeting, Jun 28, 2018
Apr 20 18
Lydian
International Limited, Annual General Meeting, Jun 28, 2018, at 10:00
Eastern Daylight. Location: 5300 Commerce Court West 199 Bay Street
Toronto Ontario Canada Agenda: To elect, by way of separate ordinary
resolutions, the following directors of the Corporation who will serve
until the end of the next annual general meeting or until their
successors are appointed; and to re-appoint, by way of an ordinary
resolution, Grant Thornton LLP as the auditors of the Corporation from the close of the Meeting until the close of the next annual general meeting of the Shareholders and to authorize the directors to fix the remuneration to be paid to the auditors.
Initial 10-year mine life
Low all-in sustaining costs of $579/oz
LARGE-SCALE, LOW-COST EMERGING GOLD MINE
Lydian’s 100% owned Amulsar Gold Project contains nearly 5 million ounces in mineral resources with targeted production averaging 225,000 ounces annually at low all-in sustaining costs of $ 579 per ounce of gold produced.
TSX: LYD
www.lydianinternational.co.uk
1
Organic growth potential from defined additional gold resources
Deposit remains open at depth
After-tax leveraged NPV (5% discount) of $525 million
2
First gold pour generates the opportunity for re-rating
Experienced leadership team
Catalyst-rich year with construction milestones
Lydian Provides Corporate Update
TORONTO, Aug. 29, 2018
(GLOBE NEWSWIRE) -- Lydian International Limited (TSX: LYD) ("Lydian" or
"the Company") announced today that it has received an inspection
report for the Company’s 100%-owned Amulsar Gold Project from the
Republic of Armenia Environmental and Mining Inspection Body in
connection with the previously announced compliance audits of Armenia’s
mining sector.
Following the audit, the Environmental and Mining Inspection Body made the following recommendations:
- Improve annual statistical reports;
- Restore any agricultural land that was disturbed during construction activities;
- Decommission two temporary mobile crushers that were not contemplated in the original construction program;
- Review and modify the permit for higher than expected static-sources-generated atmospheric emissions;
- Install temporary fencing around construction areas and construct a site carwash station to prevent mud from being carried offsite; and
- Manage and document hazardous waste (such as, oils and diesel) disposal through appropriately licensed means.
The Company will work
with the government to address these matters in an expeditious manner.
The regulatory process allows Lydian to appeal any of these
recommendations within a two-month period following receipt of this
report.
Following the inspection report, Mr.
Artur Grigoryan, head of the Republic of Armenia Environmental and
Mining Inspection Body, directed the Company to refrain from any
mining-related activities until the Ministry of Nature Protection
conducts a study of ecological factors regarding Mr. Grigoryan’s
statement in which he alleges newly found red-listed plants and animal
species, specifically, the fact that Acantholimon caryophyllaceum Boiss plant species and Parnassius apollo
animal species have been identified at the Amulsar Gold Project for the
first time.
The Company disagrees with this finding based on the
Company’s previously accepted Environmental Impact Assessment and
intends to take all necessary action to reverse this assertion,
including appealing the issuance of the directive.
Mr.
Joao Carrelo, President and Chief Executive Officer of Lydian, stated,
“We will work with the Environmental and Mining Inspection Body to
address its concerns and consider its recommendations.
However, we do
not believe Mr. Grigoryan’s directive is applicable and are taking
actions to have it withdrawn. We continue to work with the government
and our stakeholders to re-enter the site and respond to the audit
recommendations as appropriate.”
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 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 +1 720-307-5087 |
Or: moreinfo@Lydianinternational.co.uk
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