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TORONTO, ONTARIO--(Marketwire - Jan. 3, 2012) - Lydian International Limited (TSX:LYD) ("Lydian" or "the Company"), a gold-focused mineral exploration and development company, today announced that it has notified Newmont Overseas Exploration Limited ("Newmont") of its intention to defer making a payment of USD$5 million that is owing to Newmont until no later than December 31, 2012. The deferred payment amount was scheduled to be paid by the Company to Newmont on December 31, 2011 in accordance with the terms of the purchase agreement dated February 26, 2010 between the Company and Newmont, pursuant to which the Company purchased all of Newmont's interest in the joint venture formerly operated by them relating to the Company's Amulsar gold property in Armenia. In accordance with the terms of the purchase agreement, the deferred payment amount will bear interest at the rate of 10% per annum commencing on December 31, 2011 until paid. |
