TORONTO, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX:LYD) (“Lydian” or the “Company”) announced today that the Government of Armenia has indicated during a regularly scheduled, televised Cabinet session, chaired by Prime Minister Nikol Pashinyan, that the current environmental audit of the Amulsar project has been concluded.
The Head of the Special Investigative Committee of the Republic of Armenia (the “SIC”), the body in charge of the Amulsar related investigation, Mr. Hayk Grigoryan announced to the Cabinet that the final conclusions from the environmental audit conducted by Earth Link & Advanced Resources Development (the “Audit”) were provided to the SIC on August 7. A full translation of the final conclusions of the Audit will be provided to the Government by the SIC early next week.
The Head of the SIC also announced that Lydian answered all questions and issues raised during the Audit, the exchange of information during the Audit was exhaustive, and there is no likelihood of any need for additional time or clarifications for the Audit to come to a final conclusion. Lydian provided over 300 documents composed of over 20,000 pages of information, and participated in extensive technical discussions during the Audit over the past four months. This is the third audit on environmental matters Lydian has been obliged to participate in.
Discussion during today’s Cabinet meeting around the timing for delivery of the final conclusions of the Audit by the SIC indicated that the Government of Armenia will be ready to come to a conclusion on the matter next week.
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.
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|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 final outcome and conclusion of the Audit; likelihood of any need for additional time or clarifications for the Audit to come to a final conclusion; the timing of the final outcome or conclusion of the Audit; the ability of the Company to resume construction and/or gain access to the Amulsar Gold Project after the conclusion of the Audit, of which there can be no assurances; the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; and the expected mining methods 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: the ability of Lydian to return to construction; 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.