Lydian International Limited (TSX:LYD) is pleased to announce it has received US$35 million from Orion Mine Finance and Resource Capital Fund VI L.P. representing the gross proceeds of the second deposit under the stream agreement entered into with Orion and RCF on November 30, 2015. Together with gross proceeds from the first deposit under the stream agreement received December 7, 2015, the full amount of US$60 million as contemplated under the stream agreement has now been advanced to Lydian.
“Engineering work for Amulsar continues to advance rapidly and has reached the point where we expect to mobilize bulk earthworks contractors to site in the coming weeks. Several key equipment orders are also imminent. We are pleased to receive this additional funding, which gives us cash on hand in excess of US$150 million and supports advancing construction activities as scheduled,” said Howard Stevenson, Lydian’s President and CEO.
The Company will continue to review its funding and construction timelines, including the availability period for the term loan agreement with Orion and RCF.
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 presents an opportunity for a large scale, low cost operation with production expected to begin in 2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia’s largest gold mine, with estimated mineral resources containing 3 million measured and indicated ounces and 2 million inferred ounces. Gold production is targeted to average greater than 200,000 ounces annually over an initial 10 year mine life. Existing mineral resources and open extensions provide opportunities to improve average annual production and extend the mine life. The Company is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility.
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