TORONTO, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX: LYD) (“Lydian” or the “Company”) announced it was informed today that on July 18, 2019 the Republic of Armenia Cassation Court declined an appeal submitted by the Deputy Prosecutor General of the Republic of Armenia from court orders requiring authorities to initiate criminal investigations in respect of the actions of the protesters that had set up illegal blockades preventing access to Lydian’s Amulsar Project since June 2018.
Lydian was also informed today that the Prosecutor’s Office of the Republic of Armenia, Vayots Dzor Province, initiated criminal proceedings on August 14, 2019 in respect of the actions of the protesters that had set up the illegal blockades.
The procedural background of the case is as follows:
In June 2018, illegal blockades were set up by protesters preventing access to Lydian’s Amulsar Project. In July 2018, Lydian Armenia CJSC, a subsidiary of Lydian, filed a complaint with the Jermuk Unit of the Vayots Dzor Police Department to initiate a criminal investigation in respect of the protesters that had set up the illegal blockades.
The Police denied this request, resulting in Lydian applying to the Ararat and Vayots Dzor Region General Jurisdiction Court in September 2018 for a reversal of the Police decision. In January 2019, that Court ruled in Lydian’s favour, establishing that the Police had failed to initiate a criminal case based on the alleged violations.
The Vayots Dzor Prosecutor appealed the initial Court’s ruling. In April 2019, the Criminal Court of Appeal of the Republic of Armenia rejected that appeal, but the Deputy Prosecutor General appealed to the Cassation Court of Armenia (the highest Armenian court). The Cassation Court dismissed that appeal on July 18, 2019.
As a result of the Cassation Court’s ruling, the Prosecutor is compelled to initiate a criminal investigation under the articles of hooliganism and arrogation of the Armenian Criminal Code in respect of the actions of the protesters that had set up the illegal blockades, and has informed Lydian it has done so.
Lydian notes that in all three appeals, Armenian courts have supported Lydian’s position.
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 timing, results and outcome of the criminal proceedings initiated by the Prosecutor; the ability of the Company to resume construction and/or gain access to the Amulsar Project as a result of the criminal proceedings initiated against the protestors, 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.