Lydian Granted 25 Year Mining License at Its Amulsar Gold Project in Armeniaadmin
Lydian International Ltd., a diversified mineral exploration and development company, 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.