Further drilling at Artavasdes and to the south of the current 1Moz resource envelope extends gold mineralization. Resource update expected in December
Toronto, Ontario -- November 24th, 2009 -- Lydian International Ltd. (TSX:LYD) ("Lydian" or "the Company"), a diversified mineral exploration and development company, today announced the last results from its 2009 exploratory and step-out drill program at its Amulsar gold discovery in Armenia.
Results have now been returned for a further twenty one reverse circulation holes and four diamond holes drilled in the Artavasdes and Arshak prospect areas to the south and southeast of the existing Tigranes resource area and from four reverse circulation holes that were drilled to test continuity between the Tigranes and Erato prospect areas (see Table and Map in Appendix).
Best results include:
• RCA-155 (Artavasdes) 96m at 1.0g/t, and
16m at 2.3g/t (EOH)
• RCA-151 (Artavasdes) 50m at 1.1g/t
• RCA-170 (Artavasdes) 40m at 1.1g/t
• RCA-172 (Artavasdes) 26m at 1.0g/t
"This year's step-out drilling around the margin of the current 1Moz resource has identified extensions that remain open and untested in three directions; the northwest, northeast and southwest with approximately 25% of holes drilled to date ending in gold grade and thus remaining open at depth" said Tim Coughlin, Lydian's President and CEO "Furthermore, the drill program has identified new and exciting potential at Erato approximately 1.5km north of the resource envelope where we recently intersected 229m at 1.0g/t gold and southeast for 400m along the ridge from Artavasdes towards Arshak where we have intersected up to 100m at 1.4g/t gold. Management believe that this year's step-out program has been highly successful having extended the current resource and identified areas of new and further potential at Erato and Arshak. A resource update is now underway and is expected to be complete in December of this year".
Amulsar is a high-sulfidation type epithermal gold project located in central Armenia and discovered by Lydian just three years ago. The project has a CIM compliant resource of one million ounces at 1g/t gold in Inferred Category in the Tigranes area. The Amulsar group of licenses is 95% owned by Lydian's wholly owned Armenian subsidiary (Geoteam CJSC). The project is currently being explored as part of a joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM). The joint venture is a 50%-50% contribution. Newmont has two options to increase its interest. The first is an option to earn a further 20% by funding the project through to feasibility; the second option allows Newmont to earn a further 10% by funding through to commercial production. At commercial production Lydian is to pay back its "share" of funds plus interest, advanced by Newmont from 85% of its share of dividends and distributions.
About Lydian International
Lydian is a diversified mineral exploration and development company with expertise employing "first mover" strategies in emerging exploration environments. Currently Lydian 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 and Caucasus regions, 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 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 Company's three largest shareholders are the International Finance Corporation (IFC), a member of the World Bank Group, Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and the European Bank for Reconstruction and Development (EBRD). 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.
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