TORONTO, ONTARIO--(Marketwired - Oct 30, 2013) - Lydian International Ltd. (LYD.TO) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, announces that Dr. Tim Coughlin will step down as the Company's President and Chief Executive Officer on December 31, 2013, or when his successor is appointed. Following his transition from his role as President and Chief Executive Officer, Dr. Coughlin will continue to serve as a director of the Company in a non-executive capacity. Dr. Coughlin's decision is being announced at this time so the board of directors has the benefit of a healthy transition period, and can openly use that time for a thorough search for its next CEO. As part of its leadership transition plan, the Company's board of directors has now initiated a search for a new Chief Executive Officer.
"From the discovery of Amulsar and Lydian's inception in 2005, my eight years as CEO have been nothing short of an incredible journey." said Dr. Coughlin. He added "I am proud to have taken Lydian from a start-up, grass-roots exploration company through various stages of exploration, finance and growth in challenging economic times, to what is now a world-class development stage resource company, focused on achieving full scale production at its 100% owned Amulsar gold project. Now is the right time for me to step aside and for Lydian to bring in a CEO who will drive the next phase of its development and growth. I will continue to actively lead the organization while the Board searches for a new CEO and I will work to ensure a smooth transition during this time and thereafter in my role as a non-executive director."
Gordon Wylie, Chairman of the board of directors of the Company, commented "Tim is a visionary and has been an exceptional leader of the Company. He has taken a rare and valuable grass-roots gold discovery and successfully grown it into a viable business which has returned value to all of our stakeholders including our employees, shareholders and, in particular, the communities surrounding the Amulsar project and Armenia as a whole. On behalf of Lydian and its board of directors, I thank Tim for his leadership, contributions and commitment to the Company. The Company would like to wish Tim every success in his next challenge, whatever that may be. I am confident that we will find the right person to lead our strong team and continue to build on Lydian's excellent foundation and success."
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, in particular, developing its flagship Amulsar gold project in Armenia. 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 characterise emerging environments. The Company's significant shareholders include the International Finance Corporation which is a member of the World Bank Group and the European Bank for Reconstruction and Development. More information can be found on Lydian's web site at www.lydianinternational.co.uk.
Caution regarding forward-looking information:
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterised 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 and include statements regarding the Company's intended planned CEO succession. 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, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing 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.