TORONTO, ONTARIO--(Marketwired - Sept. 27, 2016) - Lydian International Limited (TSX:LYD) ("Lydian" or "the Company") announced today that the International Cyanide Management Institute ("ICMI") has accepted the application of the Company to become a signatory to the International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold (the "Cyanide Code") for the Company's 100%-owned Amulsar Gold Project in Armenia. The announcement is available at http://www.cyanidecode.org/media-room/press-releases/2016/lydian-international-limited-becomes-signatory-international-cyanide.
The Cyanide Code is a voluntary industry program for responsible companies involved in the production of gold using cyanide and companies manufacturing and transporting this cyanide. By becoming a signatory, Lydian has committed to following the Cyanide Code's Principles, implementing its Standards of Practice, and to have verification audits of its operation conducted by independent third-party auditors within one year of its first receipt of cyanide, and every three years thereafter. Operations will be certified if found in compliance with the Cyanide Code.
Lydian previously committed to apply for Cyanide Code certification following a decision of the Company's board of directors in 2015. The Company has since prepared a comprehensive Cyanide Management Plan and Flowsheet for cyanide usage and plans to undergo a Cyanide Code pre-operational audit in summer 2017 before the start of production. The Company is committed to comply with the code and expects to obtain full Cyanide Code certification when it starts production.
"We are committed to building the Amulsar Gold Project in line with industry best practices and becoming a signatory to the Cyanide Code is a significant step towards that goal. Modern, responsible mining is controlled by a number of efficient frameworks to ensure safe operations, environmental and social integrity and successful management of operations. The Cyanide Code represents one of these important frameworks and joining the Cyanide Code will ensure strict control over our operations and once again reinforce our commitment to build an exemplary gold project at Amulsar," said Howard Stevenson, President and CEO of Lydian.
About the Cyanide Code
The Cyanide Code was developed under the aegis of the United Nations Environment Programme by a multi-stakeholder Steering Committee. The Cyanide Code is intended to complement an operation's existing obligation to comply with the applicable laws and regulations of the political jurisdiction in which the operation is located. ICMI has been established to administer the Cyanide Code, promote its adoption, evaluate its implementation, and manage the certification process. A detailed list of the operations covered by signatory companies' applications, along with the full text of the Cyanide Code and its implementing and administrative documents, are available at www.cyanidecode.org.
About Lydian International Limited
Lydian is a gold developer, focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. Amulsar presents an opportunity for a large scale, low cost operation with production expected to begin in 2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia's largest gold mine, with estimated mineral resources containing 3 million measured and indicated ounces and 2 million inferred ounces. Gold production is targeted to average greater than 200,000 ounces annually over an initial 10 year mine life. Existing mineral resources and open extensions provide opportunities to improve average annual production and extend the mine life. The Company is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. For more information and to directly contact us, please visit www.lydianinternational.co.uk.
Caution regarding forward-looking information
Certain information contained in this news release is "forward looking". All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "intends", "anticipates", "proposed" or variations of such words and phrases or statements that certain actions, events or results "will", "may", "could", "would", "should", or "occur" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the Company's plans with respect to obtaining full Cyanide Code certification and the timing thereof; the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project, including the expected start date of production; the potential improvement of average annual production and extension of the Amulsar Gold Project mine life through the evaluation of currently defined inferred resources and from open extensions at depth; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; the expected mining methods at the Amulsar Gold Project; the estimated cash cost per ounce of gold over the life of mine of the Amulsar Gold Project; and the expected cost of operations at the Amulsar Gold Project. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered when the property is developed.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: changes in gold and silver prices; adverse general economic, market or business conditions; regulatory changes; failure to improve average annual production and extend the Amulsar Gold Project mine life through the evaluation of defined inferred resources and from open extensions at depth; as well as "Risk Factors" included in the disclosure documents filed on and available at www.sedar.com. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.