Aug 11 2016
Lydian International Limited ("Lydian" or "the Company") is pleased to announce it has received approval from the Republic of Armenia and local communities to convert key lands needed to begin construction at Amulsar from agricultural to industrial use. This is an important step that allows the Company to initiate construction of the heap leach facility and in other areas as engineering is completed.
"Our team has worked closely with landowners, the administrative authorities, and local community leaders to secure these land rights and convert them to the appropriate use designation. We are pleased the process for this conversion has been completed," said Howard Stevenson, Lydian's President and CEO. "We can now proceed seamlessly with mass earthworks for the heap leach facility as engineering wraps up later this month."
Lydian submitted its initial application during Q2 2016 for the private land plots that had been acquired at that time. This application included all land required for construction, with the exception of four plots that were in the expropriation process and one land plot that is in the process of being acquired. The expropriation process has been settled in favor of Lydian, and all five remaining land plots can now be converted once final title transfer details are complete. Acquisition of the last five plots will not impact or delay the beginning of construction at Amulsar.
About Lydian International Limited
Lydian is a gold developer, focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. Amulsar presents an opportunity for a large scale, low cost operation with production expected to begin in 2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia's largest gold mine, with estimated mineral resources containing 3 million measured and indicated ounces and 2 million inferred ounces. Gold production is targeted to average greater than 200,000 ounces annually over an initial 10 year mine life. Existing mineral resources and open extensions provide opportunities to improve average annual production and extend the mine life. The Company is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility. For more information and to directly contact us, please visit www.lydianinternational.co.uk.