Drilling extends the limits of the current resource towards the northeast at Tigranes and towards the southeast at Arshak
TORONTO, Ontario, September 28, 2010 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced further results from resource upgrade, extension and exploratory drilling at its Amulsar gold discovery in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a CIM compliant Inferred Category Resource of 1.4 million ounces at 0.9g/t gold.
Drill hole DDA-036 has intersected 87m at 2.8g/t gold from a north-northeast trending fault zone where it extends across the northwestern margin of Tigranes and in an area where high-grade gold mineralization was previously unknown. In addition, exploratory drill holes RCA-272 and RCA-273 at Arshak, to the southeast of the known mineralization at Artavasdes, have intersected 72m at 0.9 g/t and 40m at 0.9 g/t gold (EOH) respectively (see Table and Figure in Appendix). This mineralization appears to be stratigraphically controlled and similar in nature to gold mineralization located adjacent to the interpreted “feeder zone” on Artavasdes (see press release 17th Aug 2010). Infill drilling continues to identify and map out higher grade zones and increase the resource confidence, recent significant results include RCA-270 from Artavasdes which returned 84 meters at 1.1g/t gold
Significant new intersections include (see Table in Appendix):
• DDA-036 (Tigranes) 87 meters at 2.8 g/t gold,
Including 16 meters at 11.7g/t gold
• DDA-044 (Tigranes) 36 meters at 1.0 g/t gold,
• DDA-045 (Erato) 21 meters at 1.0 g/t gold,,
• RCA-267 (Artavasdes) 32 meters at 1.0 g/t gold,,
• RCA-268 (Artavasdes) 39 meters at 1.0 g/t gold,
• RCA-269 (Artavasdes) 28 meters at 1.0 g/t gold (EOH),
• RCA-270 (Artavasdes) 84 meters at 1.1 g/t gold,
Including 17 meters at 2.8 g/t gold
• RCA-271 (Artavasdes) 33 meters at 1.0 g/t gold,
• RCA-272 (Arshak) 72 meters at 0.9 g/t gold,
• RCA-273 (Arshak) 40 meters at 0.9g/t gold (EOH).
“Resource extension drilling is now being directed by results from within the resource envelope which have outlined new structurally controlled higher grade zones of gold” said Tim Coughlin, Lydian’s President and CEO “Basically these zones are now being followed into new areas along the perimeter and outside of the current resource envelope. The new results from Arshak are particularly encouraging. We are yet to pin down the higher-grade mineralized geometries in this area, but getting an idea of where they might be from these long lower grade intersections is a good start”.
About Lydian International Lydian 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 licenses is 95% owned by Lydian’s wholly owned Armenian subsidiary (Geoteam CJSC). Lydian also has a pipeline of promising early-stage gold and base metal exploration projects in the Caucasus regions.
Lydian’s management team has a track record of success in grassroots discovery, in acquiring and developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterize emerging environments. The Company’s significant shareholders are the International Finance Corporation (IFC), a member of the World Bank Group, Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Christopher John Bargmann, FGS(C Geol), MAusIMM, Pr.Sci.Nat; is the Qualified Person overseeing Lydian's exploration programs. Mr. Bargmann has supervised the preparation of the technical information contained in this press release.
Lydian employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. All assay work for the released results was carried out by ALS Chemex analytical laboratory in Rosia Montana, Romania. More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company’s most recent annual information form under the heading “Risk Factors” which has been filed electronically by means of the Canadian Securities Administrators’ website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
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