Drill intersections of 53m at 1.0g/t gold including 12m at 2.7g/t gold (open at depth) at the Artavasdes prospect to the southeast plus drilling and rock-chip geochemistry defines further targets at the Erato prospect in the northwest
TORONTO, Canada, November 11th, 2008 – Lydian International Ltd. (TSX:LYD), a diversified U.K. mineral exploration and development company, today announced results from further exploratory and step-out drilling at its Amulsar gold discovery in Armenia. Results from 7 reverse circulation drill holes aimed at testing the potential for gold mineralisation located immediately to the south and 1.6km to the northwest of the central Tigranes area, at the Artavasdes and Erato prospects respectively, have returned positive results (Table 1, Appendix). These results coupled with rock-chip geochemistry and geologic mapping imply exploration upside across-strike for at-least 2km (see Figure 1 in Appendix). Best results include:
• RCA-055, 50m at 1.0g/t gold and 22.2g/t silver,
• RCA-052, 58m at 1.0g/t gold,
• RCA-054, 53m at 1.0g/t gold (including 12m at 2.7g/t gold; open at depth),
• DDA-058, 18m at 0.6g/t gold (at the Erato prospect 1.6km to the northwest of Tigranes),
“The drill results from Artavasdes when coupled with those from Tigranes, open up further tonnage potential along a mineralised front of at-least 800m length towards the southeast along the Amulsar ridge,” said Tim Coughlin, Lydian’s President and CEO. “Gold intersections from drilling at the Erato prospect which is about 1.6km along the Amulsar ridge to the northwest of Tigranes, are also highly encouraging and imply the presence of another gold mineralised system at this locality.”
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 and started initial drilling in 2007. Lydian has currently just completed a 13000m 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 being explored as part of a 50/50 joint venture with Newmont Overseas 2Exploration 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
Linda Montgomery VP Investor Relations
+416 214 4654
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