Drilling at Artavasdes returns 69 meters at 1.0g/t from surface and drilling at Tigranes returns 55 meters at 1.6g/t (open at depth) and 55 meters at 1.1g/t gold.
TORONTO, Ontario, July 19, 2011 – Lydian International Ltd. (TSX: LYD) (“Lydian” or “the Company”), a gold-focused mineral exploration and development company, today announced results from drilling at its Amulsar gold project in Armenia. Amulsar is a high-sulfidation style gold project which currently hosts a CIM compliant combined Indicated and Inferred Category Resource of 2.5 million ounces at 1.0g/t gold (1.1 million ounces at 1.1g/t gold in the Indicated Category and 1.4 million ounces at 0.9g/t gold in the Inferred Category).
Interim results have been received from 23 drill holes comprising primarily infill and resource extension drilling from the western extent of Tigranes and Artavasdes (see figure in Appendix) and have returned encouraging results. These include drill hole DDA-096 which intersected 69 meters at 1.0 g/t gold from surface, RCA-308 which intersected 55 meters at 1.6 g/t gold (open at depth) and RCA-306 which intersected 55 meters at 1.1 g/t gold.
These new drill results include:
· DDA-096 (Artavasdes) 69 meters at 1.0 g/t gold
· RCA-306 (Tigranes) 55 meters at 1.1 g/t gold
· RCA-307 (Tigranes) 23 meters at 1.2 g/t gold
· RCA-308 (Tigranes) 55 meters at 1.6 g/t gold EOH,
including 28 meters @ 2.7 g/t gold
· RCA-312 (Tigranes) 20 meters at 1.1 g/t gold
“These are encouraging results and contribute to our ongoing geological modeling work at the Amulsar deposit aimed at both upgrading the Indicated and Inferred category resources and identifying new structural trends which may well carry further gold mineralization” said Tim Coughlin, Lydian’s President and CEO “These results come ahead of our Preliminary Economic Assessment which will be released by the end of July”.
About Lydian International
Lydian is a gold-focused mineral exploration and development company with expertise employing “first mover” strategies in emerging exploration environments. Currently Lydian is focused on Eastern Europe and on developing its flagship Amulsar gold project in Armenia. The Amulsar group of licenses is wholly owned by Lydian’s Armenian subsidiary (Geoteam CJSC). Lydian also has a pipeline of promising early-stage gold and base metal exploration projects in the Caucasus regions.
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 characterize emerging environments. The Company’s significant shareholders include the International Finance Corporation (IFC) which is a member of the World Bank Group and the European Bank for Reconstruction and Development (EBRD). More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
Christopher John Bargmann, FGS(C Geol), MAusIMM, Pr.Sci.Nat; is the Qualified Person overseeing Lydian's exploration programs. Mr. Bargmann 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. More information can be found on Lydian’s web site at www.lydianinternational.co.uk.
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company’s most recent annual information form under the heading “Risk Factors” which has been filed electronically by means of the Canadian Securities Administrators’ website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
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