Newmont Receives Three Million Shares of Lydian International Inc. as Consideration for the Sale of Its JV Interest in the Amulsar Gold Project
DENVER, April 23, 2010 /PRNewswire via COMTEX News Network/ -- Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") announced today that its wholly-owned subsidiary, Newmont Overseas Exploration Limited ("NOEL"), has sold its joint venture interest in the Amulsar Gold Project to its joint venture partner Lydian International Inc. ("Lydian") (TSX: LYD). On closing of the transaction, NOEL was issued three million ordinary shares of Lydian and received the first installment of future cash payments in accordance with the purchase agreement.
After giving effect to this transaction, Newmont owns or controls, directly or indirectly, an aggregate of 8,150,000 ordinary shares of Lydian. Based on information provided by the Toronto Stock Exchange, the 8,150,000 ordinary shares represent approximately 10.65% of the issued and outstanding ordinary shares of Lydian.
NOEL acquired its securities in Lydian as consideration for the sale of its interest in the Amulsar Gold Project.
Further information (including a copy of the report to be filed with Canadian securities regulators in connection with this transaction) can be obtained by contacting Newmont.
SOURCE Newmont Mining Corporation