Lydian Announces Positive Decision From the Administrative Court of Armenia Rejecting an Attempt to Revoke the EIA Relating to the Amulsar Project
TORONTO, Nov. 18, 2019 (GLOBE NEWSWIRE) — Lydian International Limited (TSX:LYD) (“Lydian” or the “Company”) commented on a decision by Armenia’s Administrative Court to reject an Application calling for the Minister of Environment to revoke the Environmental Impact Assessment (“EIA”) of the Amulsar Project approved in April 2016. The reasoning of the Court is important in the context of ongoing unlawful activities against the Amulsar Project.
A small number of private citizens alleged that ‘new ecological factors’ had come to light which justified setting aside the existing EIA. The evidence relied upon by the activists included: (a) the disputed Report on the Amulsar Project prepared by Earth Link & Advanced Resources Development for the Investigative Committee of Armenia (“ELARD Report”); (b) 13 points potentially justifying a new EIA sent by the Minister of Environment (“ME”) to the Prime Minister’s Chief of Staff on September 5th (“ME’s 13 Points”); and (c) the ‘findings’ of alleged experts retained by or on behalf of a vocal critic of the Amulsar Project.In dismissing the Application, the Administrative Court was very clear that all environmental factors outlined in any of the evidence were not ‘new ecological factors’ and could not be a basis on which to set aside the existing EIA.Edward Sellers, Interim President & CEO of Lydian International, commented: “This is particularly good news in view of the reliance placed on the disputed ELARD Report and the ME’s 13 points in the Application. Lydian’s EIA is compliant with Armenian and International standards and was prepared based on International best practices.”“We are thankful that the Armenian Judiciary has confirmed the validity of the EIA. This Application is yet another example of the continuing attempts to interfere with Lydian’s legal right to develop and operate the Amulsar Project.”“The Prime Minister has made numerous public statements affirming that there is no legal basis on which to prevent the Company from completing and operating the Amulsar Project, and that proceeding with the Amulsar Project is in the national interest. The Prime Minister has called for the illegal blockaders to open the roads and for access to the Amulsar Project to be restored. Yet the illegal blockades remain.”About Lydian International LimitedLydian is a gold developer focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. However, illegal blockades have prevented access to Amulsar since late June 2018. Amulsar is expected to be a large-scale, low-cost operation with production targeted to average approximately 204,000 ounces over a 12-year mine life. Estimated mineral resources contain 3.65 million measured and indicated gold ounces and 1.38 million inferred gold ounces. Lydian 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”, “is expected”, “intends”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “will”, “would”, “should”, or “occur” or the negative or other variations of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the ability of the Company to resume construction and/or gain access to the Amulsar Project, of which there can be no assurances; the Company’s ability to restart construction and operate the Amulsar Project; that the Application will remain dismissed and such decision will not be appealed; the compliance of the EIA with Armenian and International standards; the realization of mineral resource estimates and the timing of development of the Amulsar Gold Project; the commitment to and implementation of good international industry practices; the expected gold production from, and life of mine of, the Amulsar Gold Project; and the expected mining methods at the Amulsar Gold Project. Statements concerning mineral resource 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, political, market or business conditions; failure to achieve the objectives of the future exploration and drilling programs; the speculative nature of mineral exploration and development; risks associated with obtaining and maintaining the necessary licenses and permits and complying with permitting requirements, including, without limitation, approval of the Armenian government and receipt of all related permits, authorizations or other rights, regulatory changes; 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.
