Lydian International Ltd. Clarifies Technical Disclosure
13.12.2011 | Marketwire
TORONTO, ONTARIO -- (Marketwire - Dec. 13, 2011) - Lydian International Ltd. (TSX: LYD) (“Lydian“ or “the Company“), a gold-focused mineral exploration and development company, announces that the Company is issuing this news release to clarify its technical disclosure provided in its news releases dated July 6 and 19, August 3, 15, 23 and 30, September 15 and 19, October 3, 4, and 18 and November 2, 15 and 29 in 2011 (collectively, the “News Releases“), relating to its mineral resource estimate at its Amulsar gold project in Armenia.The Company's disclosure in the News Releases related to the resource at its Amulsar gold project in Armenia referred to contained ounces and grade and not tonnage and grade as required by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. In order to clarify the disclosure in the News Releases and in the interest of complete disclosure, the Company presents its current estimated mineral resources for its Amulsar gold project in Armenia as follows:
Mineral Resource Classification Tonnes
(millions) Grade
(g/t Au) Contained
Gold Ounces
(millions)
Indicated 32.4 1.1 1.1
Inferred 48.3 1.0 1.4
Gary Anthony Patrick, BSc (Chemistry/Extractive Metallurgy), MAusIMM CP, is the Qualified Person overseeing Lydian's exploration programs. Dr Tim Coughlin, BSc, MSc (Exploration and Mining), PhD, MAusIMM, has supervised the preparation of the technical information contained in this press release.
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 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.
Lydian employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. All assay work for the released results was carried out by ALS Chemex analytical laboratory in Rosia Montana, Romania. More information can be found on Lydian's web site at www.lydianinternational.co.uk.
FORWARD-LOOKING STATEMENTS
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized 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. 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.
Contact Information
Lydian International Ltd.
Steve Smith
Investor Relations Manager
+44 (0)1534 715472 or +44 (0)7829 848420
info@lydianinternational.co.uk
www.lydianinternational.co.uk