TORONTO, ONTARIO--(Marketwired - Nov. 1, 2016) - Lydian International Limited (TSX:LYD) ("Lydian" or "the Company") is pleased to announce that all privately owned land required for its 100%-owned Amulsar Gold Project have been acquired. Lydian now controls all surface rights within the footprint of the Rock Allocation Area as granted to Lydian by the Republic of Armenia.
Privately owned land plots within the Rock Allocation Area were in the vicinities of the heap leach facility and along portions of the conveyor corridor. In total, the Company purchased 278 land plots covering approximately 150 hectares. Other surface rights within the Amulsar Gold Project area are also under Lydian's control through long-term leases with local communities.
"All land access to build the Amulsar Gold Project has now been obtained. This was a very complex process, involving 145 individual land owners from the Gndevaz community. We believe this favorable outcome is a result of having engaged openly and respectfully with all parties, and reflects our sound working relationship with community members that will continue to support our advancement at Amulsar. We are very proud of this achievement," said Howard Stevenson, Lydian's President and CEO.
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 presents an opportunity for a large scale, low cost operation with production expected to begin in 2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia's largest gold mine, with estimated mineral resources containing 3 million measured and indicated ounces and 2 million inferred ounces. Gold production is targeted to average greater than 200,000 ounces annually over an initial 10 year mine life. Existing mineral resources and open extensions provide opportunities to improve average annual production and extend the mine life. The Company 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.
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", "intends", "anticipates", "proposed" or variations of such words and phrases or statements that certain actions, events or results "will", "may", "could", "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 land and surface rights required in connection with the Amulsar Gold Project; the location of key components of the Amulsar Gold Project and the land and surface rights related thereto; the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project, including the expected start date of production; results of future exploration and drilling; the potential improvement of average annual production and extension of the Amulsar Gold Project mine life through the evaluation of currently defined inferred resources and from open extensions at depth; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; the expected mining methods at the Amulsar Gold Project; the estimated cash cost per ounce of gold over the life of mine of the Amulsar Gold Project; and the expected cost of operations 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, market or business conditions; regulatory changes; failure to improve average annual production and extend the Amulsar Gold Project mine life through the evaluation of defined inferred resources and from open extensions at depth; 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.