TORONTO, ONTARIO--(Marketwired - Jan. 27, 2014) - Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, announced today that its Board of Directors has selected Howard H.J. Stevenson to be the Company's President and Chief Executive Officer, effective as of April 1, 2014. Mr. Stevenson, who will also become a director of the Company upon taking up his role as President and Chief Executive Officer, will succeed Dr. Timothy Coughlin, who will retire from these positions and continue to serve as a director of the Company in a non-executive capacity.
"The board was determined to find an experienced executive with a distinguished international career and with a broad mining industry background, with particular expertise in mine development and mine operations. After conducting a thorough and comprehensive process, the independent nominating committee of the board concluded that Mr. Stevenson was the ideal candidate to achieve this goal and is pleased to welcome Howard to Lydian," stated Gordon Wylie, Chairman.
Mr. Stevenson has over 25 years of global mining industry experience in corporate strategy, engineering, mine development and operations, mineral economics, business development and mergers and acquisitions on projects in various locations around the world. Currently, Mr. Stevenson is President and Chief Operating Officer of Alacer Gold Corp., where he has also held a number of other senior management positions. While at Alacer, Mr. Stevenson supervised the construction of the Çöpler gold mine, building a successful heap leach operation and overseeing the commencement of production and ongoing operations at the mine. Prior to joining Alacer, Mr. Stevenson served as Vice President, Business Development of Meridian Gold Inc. and Vice President, Venezuelan Operations of Gold Fields Ltd.
"I understand the challenges Lydian faces as it continues to work toward the development of a mine at Amulsar, and also the great opportunities available to the Company. I am confident that, together with the management team, I can address these challenges and deliver on the Company's commitment to creating value for its shareholders, by realising the great potential of the Amulsar Project," said Mr. Stevenson.
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 CEO succession. 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, mine site planning and development, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, permitting and licensing 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.