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Lydian obtains mining license from Armenian government

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  • Lydian obtains mining license from Armenian government

    Progressive Media - Company News
    October 4, 2012 Thursday

    Lydian obtains mining license from Armenian government


    HIGHLIGHT: Mineral exploration and development company Lydian
    International has obtained a new mining license contract for the
    Tigranes/ Artavazdes open pit at its Amulsar gold project from the
    Government of Armenia.



    Mineral exploration and development company Lydian International has
    obtained a new mining license contract for the Tigranes/ Artavazdes
    open pit at its Amulsar gold project from the Government of Armenia.

    The company acquired the project last week through the purchase of
    Armenian company Geoteam.

    The licence was granted following a technical health and safety review
    in March 2012 and an Environmental Impact Assessment in July 2012.

    The Tigranes/ Artavazdes open pit has indicated resources of 68.2Mt at
    1.0g/t Au and inferred resources of 36.1Mt at 0.9g/t Au based on a
    0.40g/t gold cutoff grade.

    The new mining license is valid until 2034 with extensions permitted
    as new resources are approved. The company's current mine development
    is scheduled for 2015.

    Lydian can now undertake construction at the mine for a period of four
    years and produce 2.6 million tonnes of ore annually.

    Lydian president and CEO Dr Tim Coughlin stated that the latest
    milestone serves to drive the company's strategy towards producing
    gold at Amulsar and showcases the Armenian government's support to the
    mineral industry in the country.

    "These are busy times for Lydian and Amulsar. This month we plan to
    provide the Government of Armenia all necessary documentation for its
    independent review of the Environmental and Social Impact Assessment."

    "Drilling also continues with the aim of adding to the current reserve
    by converting in-pit resources," Dr Coughlin added.

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