TORONTO, ONTARIO--(Marketwire - Sept. 26, 2012) - Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, is pleased to announce that it has completed the acquisition of the remaining 5% minority interest (the "Minority Interest") in its subsidiary, Geoteam CJSC ("Geoteam"), pursuant to the terms of its previously announced option purchase agreement dated December 9, 2010 between Lydian and Hayk Aloyan. As a result of the acquisition, Lydian now indirectly owns 100% of the Lydian discovered Amulsar gold project in Armenia through its 100% ownership of Geoteam.
The purchase price for the Minority Interest was satisfied by the Company in full by paying to the vendor CAD $500,000 in cash on December 22, 2010, and issuing to him 2,000,000 ordinary shares (the "Payment Shares") in the capital of the Company. The Payment Shares were issued in installments of 500,000, 250,000, 250,000, 250,000 and 750,000 on January 18, 2011, June 27, 2011, December 20, 2011, June 25, 2012 and September 24, 2012, respectively.
"The acquisition of 100% of the Amulsar gold project marks a significant step for Lydian," said Tim Coughlin, Lydian's President and Chief Executive Officer. He also added that "we continue to focus on our goal of commencing production at Amulsar and creating value for all of our stakeholders, including the country of Armenia and its local communities that support the project and our shareholders."
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 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 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.