21, May 2010
LYDIAN INTERNATIONAL LIMITED ANNOUNCES 2010 ANNUAL GENERAL AND SPECIAL MEETING RESULTS
Toronto, Ontario: May 21, 2010 – Lydian International Limited (“Lydian”) is pleased to update shareholders on the results of the annual general and special meeting of shareholders held on May 14, 2010. At the meeting, shareholders re-elected Gordon Wylie, Timothy Coughlin, Roderick Corrie, Marc Henderson, Peter Mullens and Huw Williams as directors of the Company. In addition, shareholders approved amendments to the terms of 684,000 outstanding warrants (the “Warrants”) of the Company held by insiders of the Company to reduce the exercise price of the Warrants from $1.55 per share to $0.80 per share and extend the expiry date of the Warrants from December 27, 2009 to October 27, 2010 (subject to earlier expiry if the closing price of the shares of the Company on the Toronto Stock Exchange is equal to or greater than $0.90 for five consecutive trading days and the Company provides notice to the holders of an accelerated expiry date). Shareholders also approved an amendment to the terms of 4,000,000 outstanding options (the “IFC Options”) held by International Finance Corporation (“IFC”), an insider of the Company by virtue of it holding more than 10% of the issued and outstanding shares, to extend the expiry date of the IFC Options from January 10, 2011 to January 10, 2012.
About Lydian International
Lydian is a diversified mineral exploration and development company with expertise employing “first mover” strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo (under UNSCR 1244). The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Caucasus and Balkans regions.
Lydian’s management team has a track record of success in grassroots discovery, in acquiring and developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterize emerging environments. The Company’s significant shareholders are the International Finance Corporation (IFC), a member of the World Bank Group, Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
For further information please contact:
Steve Smith
Investor Relations Manager
Office +44 (0) 1534 715 472
Cell +44 (0) 7829 848 420