Remove Trespassers and Assure Lydian
Lydian International announced the Administrative Court of the Republic of Armenia ruled in favour of Lydian and instructed the Armenian Police to remove trespassers and their property from the Company’s Amulsar Project site and assure Lydian free passage to Amulsar.
João Carrêlo, President and CEO of Lydian, stated: “Lydian’s Amulsar Project has been illegally blockaded since June 22 last year. While we respect individuals’ right of free expression, we strongly believe this cannot be exercised in an illegal manner at the expense of the rights of others, meaning in this case Lydian’s shareholders, lenders, employees, community members, and other stakeholders.
Lydian has initiated several legal actions in Armenia since July 2018 to protect the rights of the Company. This is a long overdue step that we hope will become an important milestone towards the abolishment of unlawfulness and discrimination that Lydian has been facing since June 2018. We look forward to the prompt implementation by the police of the Court’s ruling.”
Lydian is a gold developer focused 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 225K Oz annually over an initial 10-year mine life. Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces.