20,000 metre drill programme back on track after inclement weather delays
TORONTO, Canada, May 20th, 2008 – Lydian International Ltd. (TSX:LYD), a diversified U.K. mineral exploration and development company, today provided an update on its 20,000 metre drilling program at the Amulsar project in Armenia. After delays and stoppages due to unseasonably late snow, two drill rigs consisting of a diamond drill rig and a multipurpose (combined reverse circulation and diamond) drill rig are now on-site. The multi-purpose drill rig commenced reverse circulation drilling yesterday, the 19th of May. The diamond drill rig commenced drill hole 6 last week but was forced to stop due to late snow and limited access for water and fuel trucks. Diamond drilling is expected to re-commence tomorrow, the 21st of May.
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. Rock-chip sampling and soil geochemical analyses reveal that the mineralised system extends over a strike length of some 3.5km and is at least 500 metres wide. Scout drilling has revealed that higher grade gold is hosted in steeply dipping oxidised breccia bodies, and that lower grade gold is hosted in shallowly dipping oxidised structures that surround the higher grade breccia bodies. The objectives of the current 20,000 metre drilling programme are to test the bulk tonnage potential and define a gold resource.
The Amulsar license is 95% owned by Lydian’s wholly owned Armenian subsidiary (Geoteam CJSC) and 5% owned by that Company’s local director. The project is currently being explored as part of a joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation (NYSE & ASX: NEM; TSX: NMC). 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.
About Lydian International
Lydian is a diversified U.K. mineral exploration and development company, with expertise employing “first mover” strategies in emerging exploration environments. The Company is currently focused on Eastern Europe, exploring in the Balkan and Caucasus regions, and is developing advanced precious and base metal assets located in Armenia and in Kosovo.
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 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 (NYSE & ASX: NEM, TSX: NMC), in the Caucasus region.
Lydian’s two largest shareholders are Newmont Mineral Holdings B.V., and International Finance Corporation (part of the World Bank Group). Lydian’s web site is www.lydianinternational.co.uk where more information can be found.
Dr Tim Coughlin, MAusIMM; is the Qualified Person overseeing Lydian's exploration programmes. Dr. Coughlin has supervised the preparation of any 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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