Lydian International Limited (TSX:LYD) ("Lydian" or "the Company") announced today that John Naisbitt has assumed the role of Project Execution Lead for the Amulsar Gold
Project. Marc Leduc, Chief Operating Officer, will be providing transition support services until the end of 2014, at which time he will leave Lydian.
Mr. John A. Naisbitt has more than 35 years of increasingly responsible experience in project development, project capital management, engineering, construction, procurement and project management for various organizations and EPCM (Engineering, Procurement, and Construction Management) in the US, South America, Africa, Russia, Asia and Europe. Mr. Naisbitt has held various positions or worked as a consultant for such companies as AngloGold Ashanti, Lumina Copper, Gold Fields and other notable names in the mining industry. Howard Stevenson, Lydian's President and CEO commented, "Marc's contributions during the past year were instrumental to Lydian's advances with Amulsar. His resignation comes following the culmination of successful efforts to relocate the heap leach facility, update the feasibility study, and support our permitting process. As we welcome John, I'd like to thank Marc for his dedication to Lydian's success and his willingness to ensure a smooth transition. We all wish Marc the very best in his next endeavor."
Lydian is an emerging gold developer, focused on its 100% owned Amulsar Gold Project, located in Southern Armenia. The Company's current mine development and construction plan for Amulsar is aimed at achieving average production of 200,000 ounces of gold per year and establishing the Company as a high cash-flow, mid-tier producer. The Company is committed to best practices in all aspects of its operations including production, sustainability, and good corporate citizenry.
EBRD and IFC are majority shareholders of Lydian International holding by 6.9 percent stakes.