NEWS FOR IMMEDIATE RELEASE
LYDIAN PROVIDES FINANCIAL UPDATE
TORONTO, Ontario, January 3, 2012 - Lydian International
Limited (TSX: LYD) ("Lydian" or "the
Company"), a gold-focused mineral exploration and
development company, today announced that it has notified
Newmont Overseas Exploration Limited ("Newmont") of its
intention to defer making a payment of USD$5 million that is
owing to Newmont until no later than December 31,
2012. The deferred payment amount was scheduled to be paid by
the Company to Newmont on
December 31, 2011 in accordance with the terms of the
purchase agreement dated February 26,
2010 between the Company and Newmont, pursuant to which the
Company purchased all of Newmont's interest in the joint
venture formerly operated by them relating to the Company's
Amulsar gold property in Armenia. In accordance with the
terms of the purchase agreement, the deferred payment amount
will bear interest at the rate of 10% per annum commencing on
December 31, 2011 until paid.
"Our decision to defer making this payment strengthens the
Company's cash position and ensures that the Company has
sufficient funds to meet all of its budgeted operational
needs for a period extending beyond April 2012 when delivery
of a bankable feasibility study for Amulsar is expected" said
Tim Coughlin, Lydian's President and CEO. "This decision
gives us added flexibility to properly assess our production
financing options for the Amulsar project and continue our
progress toward planned production" he added.
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 on developing its flagship
Amulsar gold project in Armenia. The Amulsar group of
licenses is wholly owned by Lydian's Armenian subsidiary
(Geoteam CJSC). 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 characterize emerging environments. The
Company's significant shareholders include the International
Finance Corporation (IFC) which is a member of the World Bank
Group and the European Bank for Reconstruction and
Development (EBRD). More information can be found on Lydian's
web site at www.lydianinternational.co.uk.
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect,"
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"project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. 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 financing, 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.
For further information please contact:
Donna Pugsley
Investor Relations Officer
+44 (0)1534 715473
+44 (0)7797 742800 info@lydianinternational.co.uk
distribué par | Ce noodl a été diffusé par Lydian International Ltd. et initialement mise en ligne sur le site http://www.lydianinternational.co.uk. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-03 11:35:49 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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