TORONTO, ONTARIO — (Marketwire) — 09/07/12 — Lydian International Ltd. (TSX: LYD) („Lydian“ or „the Company“), a gold-focused mineral exploration and development company, is pleased to report that it has filed its NI 43-101 Heap Leach Feasibility Study (FS) for its Amulsar Gold Project in Armenia.
Results from this Feasibility Study were previously announced on September 5, 2012. The key outcomes highlighted an NPV of $646m at 5% discount rate and an IRR of 27.7% (at $1,200/oz gold). All figures are in US Dollars unless otherwise stated.
Highlights of the Feasibility Study (base case using $1,200/oz gold)
At a gold price of $1,500, pre-tax NPV at a 5% discount rate is in excess of $1.05 billion and the IRR is 38.1%. Further opportunities exist to improve project economics through additional exploration drilling, resource conversion and engineering options.
Lydian International Ltd.-s Board of Directors has accepted the Amulsar gold project-s Feasibility Study and has instructed management to implement the Study-s recommendations, further develop and bring the Amulsar gold project to commercial production.
Qualified Persons for Feasibility Study
The resource update and feasibility study was prepared by the following independent engineering firms:
An NI 43-101 compliant Technical Report will be filed on the Company-s website and on SEDAR within 45 days.
This release has been reviewed and approved by Mr. Joseph M. Keane, P.E, and Pete Lemke, P.E of KD Engineering, Mr. Richard Kiel, P.E of Golder Associates, Herb Welhener, MMSA-QPM of Independent Mining Consultants and John Eyre, FRICS MIMMM MIQ CEnv of Wardell Armstrong International, in each case, a „qualified person“ as that term is defined in NI 43-101. This release has also been reviewed and approved for the Company by Gary Anthony Patrick, BSc (Chemistry/Extractive Metallurgy), MAusIMM CP, the Company-s Development Manager and a „qualified person“ as that term is defined in NI 43-101.
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 .
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 . 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.
Contacts: Lydian International Ltd. Investor Relations Manager Lucy Fowler +44 (0)1534 715472 or +44 (0)7797 738777
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