Tigranes area drill results define further high-grade gold and extend system potential to the south
TORONTO, Canada, November 3rd, 2008 – Lydian International Ltd. (TSX:LYD), a diversified U.K. mineral exploration and development company, today announced results from further drilling at its Amulsar gold discovery in Armenia. Results from a further 19 combined diamond and reverse circulation drill holes from the Tigranes area have been returned (Table 1, Appendix). Best results include:
• RCA-038, 106m at 2.3g/t gold (including 21m at 9.7g/t gold) open at depth,
• RCA-043, 67m at 3.6g/t gold (including 20m at 8.1g/t gold),
• RCA-044, 89m at 1.0g/t gold (including 7m at 6.6g/t gold),
• DDA-042, 66m at 1.1g/t gold (including 8m at 3.1g/t gold),
• DDA-017, 44m at 1.0g/t gold Drill hole locations with projections of gold grade to surface are provided in Figure 1 in Appendix. An interpretative cross-section illustrating the probable controls on gold mineralisation is provided in Figure 2 in Appendix.
“Drill hole RCA-38 was collared on the same pad as diamond drill hole DDA-7 which returned 63m at 1.1g/t gold, but returned the best intersection yet from the project” said Tim Coughlin, Lydian’s President and CEO. “Hole RCA-38 actually stopped in gold grade indicating continuity at depth. Drill hole DDA-17 is also an important hole; it has intersected gold mineralisation in an area near the Artavasdes prospect opening up further potential towards the southeast. Step-out drilling on the Artavasdes target and on other targets located to the north and south of Tigranes is now complete. These results are eagerly awaited since any indication of gold from these areas will significantly increase the size potential of Amulsar.”
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 currently is conducting a 20,000m drill program to test the bulk tonnage potential and confirm a gold resource. The Amulsar license is 95% owned by Lydian’s wholly owned Armenian subsidiary (Geoteam CJSC). The project is currently 2being explored as part of a 50/50 joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation (NYSE:NEM).
About Lydian International
Lydian is a diversified U.K. mineral exploration and development company, with expertise employing “first mover” strategies in emerging exploration environments. Currently the Company is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo. The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Balkans region, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation in the Caucasus region.
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 characterise emerging environments. The two largest shareholders are Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and International Finance Corporation (part of the World Bank Group). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Dr Tim Coughlin, MAusIMM; is the Qualified Person overseeing Lydian's exploration programmes. Dr. Coughlin 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, in Perth Australia, or in Vancouver, BC. Please see Lydian’s web site for more information.
For more information, please contact:
President and CEO
+44 7717 204300
VP Investor Relations
+416 214 4654
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