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LYDIAN INTERNATIONAL SEEKS CLARITY FROM ARMENIAN GOVERNMENT OVER CATCHMENT BASIN
Proactive Investors Australia
July 26 2013
Thursday, July 25, 2013 by Giles Gwinnett
Lydian International (TSE:LYD) is seeking clarity from the Armenian
government over how a resolution to alter the boundaries of a
geographical area affects its mine plan for the Amulsar gold project.
On July 18, the government passed a resolution, which has yet to
come into force, which would modify the so called "catchment basin"
of Lake Sevan - Armenia's largest freshwater resource.
Lydian believes the area, where, under the resolution, mineral
processing would not be allowed, includes its planned site for a heap
leach facility.
In response to Lydian's enquiries, the firm said it has been invited
to participate in a joint working group with the government.
This will almost certainly result in a delay in the delivery and
publication of the firm's revised feasibility study -a document aimed
at facilitating financing of Amulsar.
"The working group is expected to begin working within a week, with
a view to reaching a conclusion in an expeditious manner," the firm
said in a statement.
"Pending further clarity on the impact of the resolution and the
conclusions of the working group, Lydian is continuing to advance
all of its exploration and development activities in Armenia.
"The company has completed 30% of its planned 20,000 meter drilling
program at Amulsar this year and continues to achieve important
community support milestones."
The feasibility study was targeted to be delivered in the third
quarter of 2013 and Lydian said the report was now 95% complete.
http://www.proactiveinvestors.com.au/companies/news/46000/lydian-international-seeks-clarity-from-armenian-government-over-catchment-basin-46000.html
Proactive Investors Australia
July 26 2013
Thursday, July 25, 2013 by Giles Gwinnett
Lydian International (TSE:LYD) is seeking clarity from the Armenian
government over how a resolution to alter the boundaries of a
geographical area affects its mine plan for the Amulsar gold project.
On July 18, the government passed a resolution, which has yet to
come into force, which would modify the so called "catchment basin"
of Lake Sevan - Armenia's largest freshwater resource.
Lydian believes the area, where, under the resolution, mineral
processing would not be allowed, includes its planned site for a heap
leach facility.
In response to Lydian's enquiries, the firm said it has been invited
to participate in a joint working group with the government.
This will almost certainly result in a delay in the delivery and
publication of the firm's revised feasibility study -a document aimed
at facilitating financing of Amulsar.
"The working group is expected to begin working within a week, with
a view to reaching a conclusion in an expeditious manner," the firm
said in a statement.
"Pending further clarity on the impact of the resolution and the
conclusions of the working group, Lydian is continuing to advance
all of its exploration and development activities in Armenia.
"The company has completed 30% of its planned 20,000 meter drilling
program at Amulsar this year and continues to achieve important
community support milestones."
The feasibility study was targeted to be delivered in the third
quarter of 2013 and Lydian said the report was now 95% complete.
http://www.proactiveinvestors.com.au/companies/news/46000/lydian-international-seeks-clarity-from-armenian-government-over-catchment-basin-46000.html