TORONTO, ONTARIO--(Marketwired - May 17, 2016) - Lydian International Limited (TSX:LYD) ('Lydian' or 'the Company') is pleased to announce it has disclosed an amended Environmental and Social Impact Assessment ('ESIA') for its 100% owned Amulsar Gold Project, located in Armenia. The amendments reflect project improvements realized from Lydian' successful 2015 value engineering program (see Lydian's news release, dated November 25, 2015). The ESIA is not required for permitting in Armenia but is a cornerstone for developing best international practices and adhering to the requirements of the EBRD and IFC.
An English version of the amended ESIA is available on Lydian's website at www.lydianinternational.co.uk. Armenian and English versions can be found on the website of the Company's Armenian subsidiary, Geoteam CJSC, at www.geoteam.am. Digital and hard copies are also available at the Amulsar Information Center located at the project site and in the Geoteam office in Yerevan. The amended ESIA replaces the previous ESIA for Amulsar that was first publically disclosed in May 2015. Geoteam will now commence a public consultation period and then disclose a final ESIA that incorporates input received.
Howard Stevenson, Lydian's President and CEO, commented, 'the amendments incorporated in this version of the ESIA now align it with our project plan as outlined in our November 2015 technical report and with the recently approved Armenian EIA. The ESIA reflects our commitment to best international practices at all levels and clearly communicates our plans to incorporate these principles as we move forward with development and then operations at Amulsar.'
About Lydian International
Lydian is an emerging gold developer, focused on its 100%-owned Amulsar Gold Project, located in south-central Armenia. The Company's current mine development and construction plan for Amulsar is aimed at achieving average production greater than 200,000 ounces of gold per year and establishing the Company as a high cash-flow producer. The Company is committed to best practices in all aspects of its operations including production, sustainability, and good corporate citizenry. 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', '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 connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the development of, commitment to and implementation of best international practices; the adherence to the requirements of the Equator Principles; the planned production level of the Amulsar Gold Project; and expected cash flow.
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; 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.