TORONTO, ONTARIO--(Marketwire - Nov. 19, 2012) - Lydian International Ltd. (LYD.TO) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced a correction to the reserve statement reported by the Company in its press release dated September 7, 2012 and as set out in the Amulsar Resource Update and Heap Leach Feasibility Study (the "Feasibility Study") dated September 3, 2012 and prepared for the Company.
The press release and Feasibility Study incorrectly stated the mineral reserve estimates, without including dilution associated with mining.
The table below details the corrected mineral reserves as per the feasibility schedule, with a dilution factor of 7%. The average grade of the dilution material is assumed to be 0.15 g/t gold head grade and 1.5 g/t silver head grade. These dilution grades are significantly below the average grades of blocks surrounding scheduled undiluted ore, which are 0.21 g/t gold and 2.2 g/t silver (when surrounding inferred material is zeroed).
|Diluted Ore Reserves|
|Category||Contained||Recoverable||Contained Metal||Recoverable Metal|
Note: The above numbers may not calculate exactly due to rounding.
The Company confirms that the economic analysis for its Amulsar project that was reported in the press release and set out in the Feasibility Study was based on the diluted proven and probable mineral reserve estimates and, accordingly, is not affected by the above correction.
The information in this news release was compiled and reviewed by Herb Welhener, MMSA-QPM a qualified person as defined by National Instrument 43-101. The Amulsar Resource Update and Heap Leach Feasibility Study dated September 3, 2012 and prepared for the Company by Messrs. Joseph M. Keane, P.E., Richard Kiel, P.E., Mr. Pete Lemke, P.E., Mr. Herb Welhener, MMSA-QPM, Mr. John Eyre, FRICS MIMMM MIQ CEnv is available on www.Sedar.com.
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 exploration. 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.