TORONTO, ONTARIO--(Marketwired - April 15, 2014) - Lydian International Limited (TSX:LYD) ("Lydian" or the "Company"), a gold-focused mineral exploration and development company, announces several key changes to the Company's board of directors and executive leadership as described below.
Appointment of Tim Read as a Director
The Company is pleased to announce that Mr. Timothy Philip Read has been appointed as director of the Company. Mr. Read has joined the Company's board of directors as a nominee of International Finance Corporation, a significant shareholder of the Company. He has over forty years of experience in the mining and metals sector, first as a mining analyst, then as an investment banker and, most recently, as a corporate executive and director. Between 1995 and 1999, Mr. Read was Managing Director and Global Co-Head of Mining and Metals Investment Banking for Merrill Lynch Inc., a role involving leadership in various investment banking activities, including corporate finance and mergers and acquisitions. Between 1999 and 2006, he was chief executive of Adastra Minerals Inc. (acquired by First Quantum Minerals Ltd.) and has since served as a non-executive director for several natural resource companies. Mr. Read is currently a director of Faroe Petroleum plc, Metminco Limited and Capital Drilling Limited, and was previously a director of Cumerio SA and Nevoro Inc. He has a BA (Economics) from the University of Strathclyde in Glasgow and is a Fellow of the Chartered Institute for Securities and Investment.
"On behalf of the nominations committee and the board of directors as a whole, I am very pleased to welcome Tim to the board of directors. This appointment is an important part of several recent and ongoing leadership and corporate governance enhancement initiatives that have been undertaken by the board, including the recent appointment of Howard Stevenson as President and Chief Executive Officer and now naming Doug Tobler as the new Chief Financial Officer of the Company." stated Gordon Wylie, Chairman.
Appointment of New Chief Financial Officer and Resignation of Director and Chief Financial Officer
Mr. Douglas L. Tobler has been appointed as Chief Financial Officer of the Company, which will take effect on April 22, 2014. In this role as Chief Financial Officer, Mr. Tobler will succeed Roderick Corrie who has resigned from this position and as a director of the Company, effective immediately.
Mr. Tobler is a senior financial management executive with over 30 years of experience gained as a chief financial officer, certified public accountant and corporate advisor. From August 2012 to the present, Mr. Tobler has provided various consulting services in the mining industry through Tobler Advisory LLC, a company owned by him. Previously, he served as Chief Financial Officer of Alacer Gold Corp. from April 2004 to August 2012. Mr. Tobler has a B.S. in Business Administration and Accounting from the University of Colorado and is a member of the American Institute of Certified Public Accountants.
Howard Stevenson, President and Chief Executive Officer, stated "I am very pleased to welcome Doug to the Lydian team and look forward to working with him as we take the Company through this next phase of its development. Doug's successful track record of overseeing the finance function through the exploration, financing, construction and production stages will place Lydian in good stead during its transition from an exploration to a development company." Mr. Stevenson also stated, "I would also like to thank Roderick for his leadership and many contributions to Lydian since the early stages of the Company's evolution. Roderick has been an instrumental member of our leadership team through the Company's progression to its current position."
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'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 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 and include statements regarding the Company's board and executive appointments and corporate governance initiatives. 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.