Lydian International Limited (TSX:LYD) (“Lydian” or the “Company”) is pleased to announce that its senior lenders have agreed to extend the initial repayment date and the availability period from previously announced August 15, 2018 to August 31, 2018.
Lydian continues to have further discussions with key stakeholders in order to complete comprehensive revisions to several key funding instruments to ensure appropriate funding is available to Lydian as the Company works towards removing the illegal blockades at the Amulsar site, resuming construction activities, and completing construction and commissioning of its Amulsar Gold Project.
João Carrêlo, President and Chief Executive Officer of Lydian, stated, “We are extremely pleased with the continued support from our senior lenders and stream providers and have made significant, positive progress on the principal terms of the financing amendments to deal with the current situation in a comprehensive fashion. We are proceeding to formalize terms in final documentation that will allow the Company to continue in the current circumstances and be ready to remobilize when the illegal blockades are removed.”
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 will be a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces as outlined in the Q1 2017 Technical Report. Existing mineral resources beyond current reserves and open extensions provide opportunities to improve average annual production and extend the mine life. 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.