TORONTO, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Lydian International Limited (LYD.TO) (“Lydian” or the “Company”) confirmed today that Prime Minister Nikol Pashinyan of the Republic of Armenia stated in a post to social media that he asked the Ministry of Environment (“ME”) on August 21, 2019 to review a report from the Special Investigative Committee of the Republic of Armenia (“SIC”) relating to the Amulsar Project (the “SIC Report”).
The SIC Report reviews Lydian’s response (“Lydian’s Response”) to the recommendations by Earth Link & Advanced Resources Development contained in its report to the SIC on the Amulsar Project (the “Audit Report”). Lydian understands that the ME’s review is directed toward whether there may need to be any further Environmental Impact Assessment (“EIA”) conducted in respect of the Amulsar Project. Lydian has received no official confirmation of either the Prime Minister’s request of the ME or the scope or duration of any review to be conducted by the ME.
An unofficial translation of the SIC Report is available in English at:
Edward Sellers, Interim President & CEO of Lydian International, commented: “The Prime Minister made clear public statements after receiving the Audit Report and Lydian’s Response affirming that: a) there is no basis on which to prevent the Company from completing and operating the Amulsar Project; and b) the Company will be permitted to do so. Indeed, the Prime Minister lauded the Amulsar Project publicly for its standards of environmental stewardship and indicated the Government of Armenia would be requiring other mines in Armenia to move toward that standard.”
“To hear that the Prime Minister has asked for consideration of whether any additional EIA process is required in respect of the Amulsar Project is more than disappointing, particularly after the Prime Minister’s recent public statements. Lydian has been subject to three environmental audits over the past year during which there was no suggestion that any additional EIA process would be required.”
Mr. Sellers continued: “The SIC Report substantiated that the recommendations contained in the Audit Report had already been addressed or are contemplated in the management plan Lydian submitted as part of the EIA process that resulted in Lydian being awarded its mining rights. Neither the SIC Report or the Audit Report suggest that there are design changes to the Amulsar Project which might require a new assessment.”
“Lydian has not changed the design of its intended construction or operation of the Amulsar Project from that which was contemplated in the original EIA process. Indeed, construction on the Amulsar Project in accordance with its permits was over 75% complete when the illegal blockades commenced. The suggestion that anything more would be required of Lydian in that regard is unfounded.”
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 review of the SIC Report by the ME, including the scope, timing and outcome of such review; whether any further EIA will be required for the Amulsar Project; the response of the Armenia Government to Lydian’s response, the SIC Report and the Audit Report, including the interpretation of such reports; the Company’s approach to environmental and operating practices; the ability of the Company to resume construction and/or gain access to the Amulsar Project, 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.