Lydian provides reserves update
Tuesday, Nov 20, 2012Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced a correction to the reserve statement reported by the Company in its press release dated September 7, 2012 and as set out in the Amulsar Resource Update and Heap Leach Feasibility Study (the "Feasibility Study") dated September 3, 2012 and prepared for the Company.
The press release and Feasibility Study incorrectly stated the mineral reserve estimates, without including dilution associated with mining.
The table below details the corrected mineral reserves as per the feasibility schedule, with a dilution factor of 7%. The average grade of the dilution material is assumed to be 0.15 g/t gold head grade and 1.5 g/t silver head grade. These dilution grades are significantly below the average grades of blocks surrounding scheduled undiluted ore, which are 0.21 g/t gold and 2.2 g/t silver (when surrounding inferred material is zeroed).