Amulsar - Feasibility Studies
Armenia - Overview
Armenia - Amulsar Project
Location and Infrastructure
Exploration and Geology
Resources and Reserves
Metallurgy
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Bankable Feasibility Study (BFS) - Expected Q2 2012
Lydian International are currently working towards completion of the Bankable Feasibility study, due to be finalised in quarter two 2012. The scope of work for the BFS includes updated resource estimates, open pit design, environmental/social studies, metallurgy, plant and process design and economic feasibility assessments. KD Engineering, Golder and Associates and Independent Mining Consultants are the main consultants.
Environmental and Social Impact Assessment (ESIA) - Expected Q2 2012
The Company so far has completed 2 National Environmental Impact Assessments (EIA’s). The first was conducted in 2009 in order to support its Mining License application. The second EIA was completed in 2010 to assess the impact of exploration activities at Amulsar. In 2010 Lydian commenced a Bankable Feasibility Study (BFS). Wardell Armstrong International (WAI) was contracted to undertake this study. In parallel to the BFS, WAI will also complete an Environmental and Social Impact Assessment (ESIA) according to National, International and IFC standards. The ESIA study first required a scoping stage to identify any gaps in the current program. This is now complete and has been provided in report format. Wardell Armstrong International are completing the International ESIA which is expected in June 2012.
Lydian has already undertaken several studies which indicate that the Amulsar deposit will be economic. These include the following:
Preliminary Economic Assessment; July 2011
This document was a snap shot of the continually running BFS which has been in progress for 12 months. Golder Associates, in conjunction with KD Engineering, CSA Global and Wardell Armstrong undertook this study using a Pit Shell of US$1,000; 1.64 Million ounces minable gold; financials US$1,200/oz; 5% discount rate; 85% metallurgy recoveries and a ramp up scenario in year 4 going from 123,000 oz of Annual Gold production to 256,000 oz. The outcome was a Annual cash cost of US$419per oz and a Net Present Value (NVP) of US$515m. The Base case scenario was created on using just ounces from the Artavasdes and Tigranes zone where the main open pit will be situated. A separate Sensitivity Case was constructed including the resource to the North/West of the main pit names Erato.
Scoping Study; March 2009
Golder Associates, in conjunction with KD Engineering, undertook a scoping level study on the feasibility of a heap leach mining operation at Amulsar. The study assumed a 1Moz resource and an ore grade of 1g/t with metallurgical recoveries of 94% which were based on the information available at the time. An estimated stripping ratio of 0.64 was assumed for two resource scenarios;
i) “run-of mine”(no crushing or screening required) and
ii) A process route requiring crushing and screening.
The study suggested that the Amulsar project would require low capital and treatment costs. The full scoping study can be found by following this link.