Lydian Announces Selection of Successor President and CEO
TORONTO, ONTARIO -- (Marketwired) -- 01/27/14 -- Lydian
International Ltd. (TSX: LYD) ("Lydian" or "the Company"), a
gold-focused mineral exploration and development company, announced
today that its Board of Directors has selected Howard H.J. Stevenson
to be the Company's President and Chief Executive Officer, effective
as of April 1, 2014. Mr. Stevenson, who will also become a director
of the Company upon taking up his role as President and Chief
Executive Officer, will succeed Dr. Timothy Coughlin, who will retire
from these positions and continue to serve as a director of the
Company in a non-executive capacity.
"The board was determined to find an experienced executive with a
distinguished international career and with a broad mining industry
background, with particular expertise in mine development and mine
operations. After conducting a thorough and comprehensive process,
the independent nominating committee of the board concluded that Mr.
Stevenson was the ideal candidate to achieve this goal and is pleased
to welcome Howard to Lydian," stated Gordon Wylie, Chairman.
Mr. Stevenson has over 25 years of global mining industry experience
in corporate strategy, engineering, mine development and operations,
mineral economics, business development and mergers and acquisitions
on projects in various locations around the world. Currently, Mr.
Stevenson is President and Chief Operating Officer of Alacer Gold
Corp., where he has also held a number of other senior management
positions. While at Alacer, Mr. Stevenson supervised the construction
of the Copler gold mine, building a successful heap leach operation
and overseeing the commencement of production and ongoing operations
at the mine. Prior to joining Alacer, Mr. Stevenson served as Vice
President, Business Development of Meridian Gold Inc. and Vice
President, Venezuelan Operations of Gold Fields Ltd.
"I understand the challenges Lydian faces as it continues to work
toward the development of a mine at Amulsar, and also the great
opportunities available to the Company. I am confident that, together
with the management team, I can address these challenges and deliver
on the Company's commitment to creating value for its shareholders,
by realising the great potential of the Amulsar Project," said Mr.
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
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 CEO succession.
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
Lydian International Ltd.
+44 (0)1534 715473 or +44 (0)7797 742800
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