News Updates

Subscribe to e-mail updates

Stock Quote

TSX:LYD
Last:
Volume:
Change:
Date/Time
15-20 min delay

Download as a PDF

Download as PDF

Send by E-Mail

Send by Email

7, May 2009

LYDIAN GRANTED 25 YEAR MINING LICENSE AT ITS AMULSAR GOLD PROJECT IN ARMENIA 

TORONTO, Ontario, May 7th, 2009 – Lydian International Ltd. (TSX:LYD) (“Lydian” or “the Company”), a diversified mineral exploration and development company, today announced that it has been granted a Special Mining License by the Government of Armenia covering its Amulsar gold project. The term of the Special Mining License is 25 years.  Activation of a mining project requires completion of a concession agreement including a general workplan and financial outline, an Environmental Impact Assessment, and a mining safety assessment by the mining technical regulatory body.  

Lydian’s Chief Executive Officer, Dr. Tim Coughlin stated “This is an historic day for Lydian and the culmination of an intensive three year exploration and development program. The mining license is one of the first licenses granted under Armenia’s new mining law and it clearly exemplifies the government’s commitment to support the mineral industry in Armenia”. 

The Amulsar gold project was discovered by Lydian just three years ago and already has a CIM compliant resource at one million ounces in Inferred category which remains open in all directions.  Management is confident that this years drilling programme will expand the current resource. 

Amulsar is a high-sulphidation type epithermal gold project located in central Armenia.  Lydian identified the gold bearing potential of the project in mid-2006, started initial drilling in 2007 and in 2008 completed a 13,000m drill program to test the bulk tonnage potential and estimate a gold resource. In March 2009, Lydian announced a NI43-101 compliant resource estimate of an inferred category of one million ounces gold. The Amulsar license is 95% owned by Lydian’s wholly owned Armenian subsidiary (Geoteam CJSC).  The project is currently being explored as part of a 50/50 joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation (NYSE:NEM).  

About Lydian International  

Lydian is a diversified mineral exploration and development company incorporated in Jersey, with expertise employing “first mover” strategies in emerging exploration environments. Currently the Company is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo (under UNSCR 1244). The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Balkans region, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation in the south Caucasus region. Lydian’s management team has a track record of success in grassroots discovery, in acquiring and  2developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterise emerging environments. The Company’s two largest shareholders are Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the International Finance Corporation (IFC), a member of the World Bank GroupMore information can be found on Lydian’s web site at www.lydianinternational.co.uk.  

For more information, please contact:

Tim Coughlin
President and CEO
+44 7717 204300
tim.coughlin@lydianinternational.co.uk 

Download as a PDF

Download as PDF

Send by Email

Send by Email

Please enter the email address to send to

Company Offices and Contacts

Investor Relations - Global
1st Floor
Capstan House
La Route Es Nouaux
St. Helier Jersey
JE2 4ZJ
Channel Islands

Tel: +44 1534 747 890
Mobile: +44 7829 848420

Email:
lucy.fowler@lydianinternational.co.uk

Head Office
1st Floor
Capstan House
La Route Es Nouaux
St. Helier Jersey
JE2 4ZJ,
Channel Islands

Tel: +44 1534 747 890
Fax: +44 1534 758 708

Email:
andy.mcnally@lydianinternational.co.uk

Toronto Office
34, King Street East
9th Floor
Toronto
Ontario
M5C 2X8
Canada

Tel: +1 416 504 8001
 

Email:
info@lydianinternational.co.uk

Operations Office - Armenia
37 Hanrapetutyan Street
4 floor
Yerevan 0010
Republic of Armenia
Website: www.geoteam.am


Tel: +3 741 058 6037
Fax: +3 741 054 6037

Email:
hayk.aloyan@lydianinternational.co.uk

Website Design and Web Development by WSI Internet Business Solutions Jersey