TORONTO, ONTARIO--(Marketwired - April 17, 2014) - Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced that Dr. Tim Coughlin has resigned as a director of the Company, effective today.
"Lydian's process of transition to a mining company is now well underway and on a strong footing," said Tim Coughlin. "It is now time for me to make way for new independent Board appointments and to focus on my executive responsibilities elsewhere. I wish the new Board and Management team all the very best and extend my best wishes and gratitude to the entire team, to the communities and to all our stakeholders in Armenia."
Gordon Wylie, Chairman of the board of directors of the Company, commented, "On behalf of the board of directors, I would like to thank Tim for his leadership and contributions to Lydian from its inception to the completion of the transition of his leadership of the Company. In particular, we thank Tim for his support and continued service as a director during the period following his decision to step down as President and Chief Executive Officer, which has helped enable the successful changeover of his executive leadership role with continuity on the board. Tim has been instrumental in the Company's success to date and now leaves the Company in a strong position to carry out its business plans going forward. We wish him all the best in his quest for new ore deposits!"
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 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 future growth. 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.