TORONTO, Canada, July 30th, 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 7 holes have been returned (See Table 1 below). All drill holes returned gold intersections greater than 1g/t gold, but best results were RCA-010 with 77m at 2.3g/t gold (including 16m at 3.6g/t gold and 29.2g/t silver), DDA-007 with 63m at 1.1g/t gold, RCA-011 with 18m at 2.0 g/t gold and RCA-012 with 22m at 1.0g/t gold. Drill hole locations relative to surface rock-chip geochemistry are provided in Figure 1 in Appendix.
“Gold mineralisation at Amulsar has now been intersected in drill holes over a 700m strike distance with potential to extend in all directions,” said Tim Coughlin, Lydian’s President and CEO. “We have been drilling on wide-spaced centres and on only one of the three obvious areas for drill testing at Amulsar. We are now closing in the drill grid enabling us to develop resource estimates with one drill rig, while stepping out with the other to define the outer limits of the known system and test other targets on the project”
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. 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.
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 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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