TORONTO, Ontario, May 7th, 2009 – Lydian International Ltd. (TSX:LYD) (“Lydian” or “the Company”), a diversified mineral exploration and development company, today 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 (NYSE:NEM).
About Lydian International
Lydian is a diversified mineral exploration and development company incorporated in Jersey, 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 (under UNSCR 1244). 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 south Caucasus region. Lydian’s management team has a track record of success in grassroots discovery, in acquiring and 2developing 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 Company’s two largest shareholders are Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the International Finance Corporation (IFC), a member of the World Bank GroupMore information can be found on Lydian’s web site at www.lydianinternational.co.uk.
For more information, please contact:
President and CEO
+44 7717 204300