TORONTO, ONTARIO--(Marketwire - March 5, 2012) - Lydian International Ltd. (News - Market indicators) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, is pleased to announce that it has appointed a highly experienced senior Mine Manager to oversee development and gold production at its Amulsar project in Armenia. The Company is also pleased to announce that it has secured the services of Endeavour Financial to advise on the broader-range of project financing alternatives that are being offered already and alternatives that the Company will be able to consider following the delivery of the Amulsar Bankable Feasibility Study.
Mr. Tim Richards will join the Company in April as Mine Manager overseeing mine construction and development at the Company's Amulsar gold project. Mr. Richards is an Australian Mining Engineer with 12 years open-pit mine development and production experience across Australia, Africa and Europe. Mr. Richards has broad experience in mining ranging from scoping and feasibility studies, detailed mine design, mine development, through to operations and mine management at a senior level. Mr Richards was previously Director, African Mining for Kinross Gold Corporation. He holds a B.Eng (Hons) from the University of Queensland, Australia, majoring in mining.
Under our advisory agreement with Endeavour Financial, their team will identify and help implement various financing options for the Amulsar project, assist in review of all project work and project contracts to ensure bankability and work with Lydian to meet its production strategy.
"We are very pleased to welcome Tim Richards to the Amulsar development team and to announce the engagement of Endeavour Financial to assist with project financing at Amulsar," said Tim Coughlin, Lydian's President and CEO. "In an industry where experienced hands are thin-on-the-ground Mr. Richards is a rare and valuable find. As we move closer to delivery of the bankable feasibility study it is imperative that the Company receive the very best in planning and financial advice. Endeavour Financial has an excellent reputation in the effective implementation of precedent-setting financing transactions for companies like ours."
About Lydian International
Lydian is a gold-focused mineral exploration and development company with expertise employing "first mover" strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe and on developing its flagship Amulsar gold project in Armenia. The current resource at Amulsar comprises of 68.2 Mt at 1.0 g/t Au (2.1 million ounces) of Indicated Category resources and 36.1 Mt at 0.9 g/t Au (1.1 million ounces) of Inferred Category resources based on a 0.40 g/t gold cutoff grade. The Amulsar group of licenses is wholly owned by Lydian's Armenian subsidiary (Geoteam CJSC). Lydian also has a pipeline of promising early-stage gold and base metal exploration projects in the Caucasus 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 include the International Finance Corporation (IFC) which is a member of the World Bank Group and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian's web site at www.lydianinternational.co.uk.
Lydian employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. All assay work for the released results was carried out by ALS Chemex analytical laboratory in Rosia Montana, Romania. More information can be found on Lydian's web site at www.lydianinternational.co.uk.
About Endeavour Financial
Endeavour Financial is a private independent merchant banking company focused on providing expert and unbiased financial advisory services to the global natural resources sector. Endeavour Financial has a history of achieving success for clients based on resource industry focus, innovative transaction skills and the diverse professional backgrounds of its award-winning team. Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development over more than two decades, Endeavour Financial has established itself as a leading financial advisor in the natural resources sector. Specific to the mining sector, in the last ten years the firm has closed in excess of US$ 4 billion of development financings for single-asset emerging producers.
Forward Looking Statement
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.