TORONTO, April 23, 2019 (GLOBE NEWSWIRE) -- On July 24, 2018, Lydian Armenia CJSC, a subsidiary of Lydian International Limited (LYD.TO) (“Lydian” or the “Company”), filed a complaint with the Jermuk Unit of the Vayots Dzor Police Department to initiate an investigation and file criminal charges against the protesters that had set up illegal blockades of roads accessing the Amulsar Project site. The Police denied this request, resulting in the Company applying for a reversal of the Police decision with the Ararat and Vayots Dzor Regions’ General Jurisdiction Court on September 30, 2018. The court ruled in Lydian’s favour on January 18, 2019, establishing that the Police failed to initiate a criminal case based on the alleged violations. The Vayots Dzor Prosecutor appealed the Court’s ruling.
On April 19, 2019 the Criminal Court of Appeal of the Republic of Armenia rejected the appeal filed by the Vayots Dzor Prosecutor requesting that the court’s ruling in favour of the Company be overturned.
The Prosecutor will have fifteen days from the official receipt of the judgment to appeal to the Cassation Court of Armenia (the highest Armenian court). If the Prosecutor does not appeal or if the appeal is rejected the original ruling will be sustained and the Prosecutor will be compelled to initiate a criminal investigation of the protesters under the articles of hooliganism and arrogation of the Armenian Criminal Code.
João Carrêlo, Lydian’s President and CEO stated, “Lydian has suffered unlawful actions and inactions that have been in breach of both Armenian and international law. The recent rulings of the courts in Armenia support Lydian’s position with respect to the illegal road blockades that have deprived Lydian of its legal right to operate. We hope that the Armenian authorities will follow up promptly on the court rulings, and initiate criminal proceedings and remedy the damage caused to Lydian by the illegal road blockades. We strongly believe that the restoration of the rule of law is in the best interest not only of Lydian, its shareholders, lenders, employees and the surrounding communities, but also serves the interests of Armenia as a whole.”
Lydian fully reserves all rights and remedies to address any disputes under Armenian and international law.
About Lydian International Limited
Lydian is a gold developer focused 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 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:
|João Carrêlo, Chief Executive Officer |
|Doug Tobler, 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 potential appeal of the court’s ruling by the Prosecutor, which may delay its effective date or potentially result in the overturning of the court’s ruling; the initiation of a criminal investigation of the protesters by the Prosecutor; the Company’s ability to access to the Amulsar site in the future; the Company’s ability to remove the illegal blockades and permanently re-enter the site; the potential remedies available to the Company as a result of the blockades; our plans, objectives, prospects, expectations and intentions; 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; 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; 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.