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Geoteam CJSC
Hanrapetutyan 37, 4 floor,
Yerevan, Armenia
Tel: +37410546037
We believe that Armenia can have a modern and well managed mining
industry that will contribute greatly to the well-being of its
citizens.
------------------------------------------------------------
LYDIAN RECEIVES COMPREHENSIVE MINING RIGHT APPROVAL FOR AMULSAR GOLD
PROJECT
The Ministry of Energy and Natural Resources has granted to Geoteam
CJSC, Lydian International's 100% owned subsidiary, Mining Right for
the Amulsar Gold Project. This represents the final stage of the
mining permitting process and grants the Company the right to develop
the Amulsar Project in line with the parameters detailed in the
feasibility study. The approval covers i) all project infrastructure,
including the location for crushers, the conveyor and heap leach
facility, ii) a mining permit applicable to the pits, iii) definition
of the area within which operating activities may take place, and iv)
a mining agreement that outlines the nature and duration of mining
operations.
Granting of the Mining Right follows an extensive application,
consultation, and review process. Previously, Lydian received approval
of its environmental impact assessment (`EIA') from the Armenian
government's Ministry of Nature Protection, acting under the Armenian
Mining Code and EIA Law, based on expert reviews and public
discussions. In parallel, the Ministry of Emergency Situations
approved the Technical Safety Program (`TSP').
Howard Stevenson, President and CEO, said `The previous EIA and TSP
approvals, and now this most recent approval of the Mining Right, were
the subjects of intensive and thorough interaction with the Armenian
authorities, local communities, members of civil society, and
others. Thank you to all who participated in this process. We look
forward to a long working relationship within Armenia as this project
progresses into construction and production. Lydian intends that
Amulsar will become an exemplary mining and investment project in
Armenia, beneficial both for the country and for our investors. Lydian
is committed to implementing best international practices at Amulsar
by complying with IFC and the EBRD environmental and social standards
throughout the project's duration.'
Hayk Aloyan, General Manager of Geoteam CJSC, said `Amulsar is around
US$420 million investment project that represents tangible
opportunities for economic benefits for the country and the adjacent
communities. It will offer around 1500 jobs during the two years of
construction and over 700 permanent jobs for at least 10 years of
operation. Amulsar also highlights an opportunity to develop a mining
project in Armenia in line with industry best practice, with
world-class environmental and social management that will benefit the
country and the communities around the project. We believe that
Armenia can have a modern and well managed mining industry that will
contribute greatly to the well-being of its citizens.
We are looking forward for productive cooperation with the communities
and all stakeholders across Armenia to be able to make this project a
successful investment, beneficial for our country'.
** Geoteam presents a brief story on some of the social development
projects implemented in Amulsar adjacent communities since exploration
activities began in 2007. CSR for us is not just social projects. It's
the combination of efforts invested in creating shared values with the
communities, transparency, accountability and environmental
responsibility.
Copyright © 2014 Geoteam CJSC, All rights reserved.
Hanrapetutyan 37, 4 floor,
Yerevan, Armenia
Tel: +37410546037
We believe that Armenia can have a modern and well managed mining
industry that will contribute greatly to the well-being of its
citizens.
------------------------------------------------------------
LYDIAN RECEIVES COMPREHENSIVE MINING RIGHT APPROVAL FOR AMULSAR GOLD
PROJECT
The Ministry of Energy and Natural Resources has granted to Geoteam
CJSC, Lydian International's 100% owned subsidiary, Mining Right for
the Amulsar Gold Project. This represents the final stage of the
mining permitting process and grants the Company the right to develop
the Amulsar Project in line with the parameters detailed in the
feasibility study. The approval covers i) all project infrastructure,
including the location for crushers, the conveyor and heap leach
facility, ii) a mining permit applicable to the pits, iii) definition
of the area within which operating activities may take place, and iv)
a mining agreement that outlines the nature and duration of mining
operations.
Granting of the Mining Right follows an extensive application,
consultation, and review process. Previously, Lydian received approval
of its environmental impact assessment (`EIA') from the Armenian
government's Ministry of Nature Protection, acting under the Armenian
Mining Code and EIA Law, based on expert reviews and public
discussions. In parallel, the Ministry of Emergency Situations
approved the Technical Safety Program (`TSP').
Howard Stevenson, President and CEO, said `The previous EIA and TSP
approvals, and now this most recent approval of the Mining Right, were
the subjects of intensive and thorough interaction with the Armenian
authorities, local communities, members of civil society, and
others. Thank you to all who participated in this process. We look
forward to a long working relationship within Armenia as this project
progresses into construction and production. Lydian intends that
Amulsar will become an exemplary mining and investment project in
Armenia, beneficial both for the country and for our investors. Lydian
is committed to implementing best international practices at Amulsar
by complying with IFC and the EBRD environmental and social standards
throughout the project's duration.'
Hayk Aloyan, General Manager of Geoteam CJSC, said `Amulsar is around
US$420 million investment project that represents tangible
opportunities for economic benefits for the country and the adjacent
communities. It will offer around 1500 jobs during the two years of
construction and over 700 permanent jobs for at least 10 years of
operation. Amulsar also highlights an opportunity to develop a mining
project in Armenia in line with industry best practice, with
world-class environmental and social management that will benefit the
country and the communities around the project. We believe that
Armenia can have a modern and well managed mining industry that will
contribute greatly to the well-being of its citizens.
We are looking forward for productive cooperation with the communities
and all stakeholders across Armenia to be able to make this project a
successful investment, beneficial for our country'.
** Geoteam presents a brief story on some of the social development
projects implemented in Amulsar adjacent communities since exploration
activities began in 2007. CSR for us is not just social projects. It's
the combination of efforts invested in creating shared values with the
communities, transparency, accountability and environmental
responsibility.
Copyright © 2014 Geoteam CJSC, All rights reserved.