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CEO's Message
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Dear Subscriber,
AMULSAR - The drive to production.
Amulsar is on time-line and scheduled to pour its “first-gold” in the
summer of 2014.
Amulsar is a high-sulfidation style gold project and currently hosts a
combined Indicated and Inferred Category resource of 2.5 million ounces
at 1.0g/t gold.
Lydian’s successful exploration team is now complemented by a quality
mining team with valuable regional experience in taking mines from
concept through to commissioning.
The mining team is led by Gary Patrick, a Metallurgist with 22-years of
project development and production experience. Gary speaks Russian (the
technical idiom in Armenia) and has helped develop successful projects
and built mines in Russia, elsewhere in the FSU and in China. Gary
manages our local mine construction staff and contractors and looks
after a busy consortia of highly regarded international mining
consultants including KD-Engineering (USA), Golder (USA), International
Mining Consultants (USA), CSA (UK), Wardell Armstrong (UK) and MICON
(UK).
The mining team is supported on the permitting side and at the
government and stake holder representation level by Lydian’s General
Manager in the region, Mr Nerses Karamanukyan. Nerses was previously
the Chief of Staff for two Armenian Prime Ministers and is the former
head of the International Finance Corporation's (IFC) offices in
Armenia. The IFC is of course Lydian’s largest shareholder and together
with the European Bank for Reconstruction and Development (EBRD; also a
shareholder), is one of two International Financial Institutions
advising and assisting the Company in ensuring it remains exemplary and
committed to World’s Best Practice.
On the project financing side a remarkable nine commercial banks
together with the IFC and EBRD sent specialist teams in a total of
three trips to the Amulsar site this year. All parties have expressed a
strong interest in financing the capital requirements of the mine.
On the 25th of July the Company released a robust Preliminary Economic
Assessment showing a base case NPV of US$515 million. The Company has the
development team in place, working capital of CAD$20 million, financing
options available to it and the project is well on track for gold
production in 2014. Additionally, recent exploration results clearly
suggest plenty of exciting resource upside at Amulsar.
With analysts’ reports suggesting that Lydian currently trades at
around 45% net asset value per share (NAVPS), we think the Company it
is a very good buy!
As the summer draws to an end our Investor Relations team will be
ensuring that this message is clear and resounding! As well as being in
daily contact with brokers, analysts, shareholders and all interested
parties, we will be visiting accounts in Canada and the US in early
September, including attending the 2011 Denver Gold Forum on the 18th-21st.
European marketing will take place in early November and we will be
attending the Mines and Money conference in London on the 6th-7th
December.
In summary, I can assure you that the Company remains focused on all
aspects of advancing Amulsar into production and is committed to
developing an exemplary gold mine.
Tim Coughlin, President and CEO
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About
Lydian
Lydian (TSX:LYD) is a gold-focused mineral exploration and
development company with expertise employing "first mover" strategies
in emerging exploration environments. Currently Lydian is focused on
Eastern Europe and on developing its flagship Amulsar gold project in
Armenia. The Amulsar group of licences is wholly owned by Lydian's
Armenian subsidiary (Geoteam CJSC). Lydian also has a pipeline of
promising early-stage gold and base metal exploration projects in the
Caucasus regions.
For more company or project information please visit our Lydian website
on www.lydianinternational.co.uk
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 Staff
Profile
Gary Patrick
Development Manager
Gary Patrick is a metallurgist with 22 years in the mining industry. He
is a hands-on metallurgist with strong technical skills in precious
metals (Au, Ag), base metals (Cu, Mo, Ni, Pb, Zn) and in industrial
minerals (Mn, Ta, Sn, Si). He has a BSc. from Murdoch University in
Perth, Australia, double majoring in Extractive Metallurgy/Chemistry.
He is also a Member of the AusIMM and registered as a Competent Person.
Gary is also well versed in the preparation/co-ordination of
metallurgical test work programs, process design reviews, operator
training, plant commissioning/trouble-shooting, metallurgical audits
and man management.
Gary has experience in all facets of project development including;
preparation of scoping, prefeasibility & bankable feasibility studies,
carrying out due diligence and overseeing engineering design. He has
worked closely with local design institutes in China, Kazakhstan and
Russia during adaptation of Western engineering designs to conform to
local standards and norms.
The last 10 years he spent time developing projects in Central Asia and
in China. His most recent project developments were the Suzdal gold
project in Kazakhstan and the Caijiaying zinc project in China. These
projects were developed from metallurgical testing through to flowsheet
design, study work, then taken through engineering design and finally
construction and commissioning.
Future Conferences and Events Lydian are attending
Denver Gold Show – Colorado Springs,
USA – 18-21 September 2011
Mines and Money Conference – London, UK – 6-7 December 2011
PDAC International Convention – Toronto, Canada - 4-7 March 2012
Recent Press Releases
15 August 2011
Lydian Drills 119 Meters At 1.3 grams per tonne 69 Meters At 3.8
grams per tonne And 110 Meters At 1.0 grams per tonne Gold At Amulsar
Project Armenia
3 August 2011
Lydian Intersects First Deep High Grade At Erato And Extends Erato
Gold Zone Over A Strike Distance Of At Least 1 Kilometer At Amulsar
Armenia
3 August 2011
Lydian Announces Ebrd Investment In Armenian Operations
Do you have questions or comments? We like hearing from
our investors. E-mail us on
info@lydianinternational.co.uk
or call
Canada +1 (416) 504 8001
Jersey +44 (0) 1534 715472
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