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Market: TSX
Sector: General Mining - Gold
Lydian International Ltd.

Lydian International Ltd.

Lydian is an emerging gold developer, focused on its 100%-owned Amulsar Gold Project in Southern Armenia.

Amulsar will be Armenia’s largest gold mine, with total estimated mineral resources containing 3 million gold ounces as measured and indicated resources, 2 million gold ounces as inferred resources, and estimated annual production targeted at 200,000 gold ounces.

Lydian International Ltd.

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Big picture - Why invest in Lydian International Ltd.

Lydian International Ltd. Snapshot

Lydian International is an exploration and development company with a highly experienced management and technical team who has a proven track record in discovering and developing new projects in unfamiliar and frontier settings.


Lydian International Ltd is an onshore Jersey, Channel Islands based mineral exploration Company. It is listed on the Toronto Stock Exchange ("TSX") in Canada with shareholders from around the world principally the USA, Canada and Europe including the UK.  As a Jersey based and Toronto listed company, Lydian is subject to all the rules and regulations that apply to both Channel Island companies and Canadian listed operations. This is important as it gives investors and third parties assurance that the governance and operations of the company are transparent and straight forward. Lydian in turn owns operating subsidiaries in its various countries of operation of which by far the most significant is Geoteam in Armenia. This local Armenian company holds Lydian's Amulsar gold project. Once this is in development and profitable, Geoteam will be selling any gold produced to (an) international third party/(ies) as close to the then market price (“the Spot price”) as is commercially possible and the Lydian Group will pay via Geoteam all its corporation taxes and most other taxes (employment and land taxes & royalties etc) where these profits are made, which is at the local operating level: for Geoteam this means in Armenia. So while Lydian is based outwith its main operating areas (ie “offshore” Armenia) for good regulatory and transparency reasons, it has onshore local operating subsidiaries which will pay taxes like any other resident company in the countries that it operates in. Once profitable, it is expected that Geoteam will pay more taxes in Armenia than any other locally owned resident Armenian company. The Lydian Group already publishes and will continue to publish the payments it makes for whatever reason to any Government ever quarter in its quarterly Management Discussion & Analysis (MD&A). These reports can be found at Reports and Financial Statements.


The probability of discovering large, "World-Class" gold projects is higher in prospective yet neglected regions. Lydian has illustrated this unequivocally with its discovery of the Amulsar gold project in Armenia discovered in 2006. Lydian has started the year with an on-time, on-target Gold resource update  of 1.8Moz gold at 1.1 g/t in Measured, 0.6Moz gold at 1.0g/t in Indicated and 1.7Moz gold at 0.8 g/t in Inferred using a 0.3 g/t cut-off. Resource figures were updated on March 2013. Importantly this resource remains open in all directions with ready means of finding more ounces in all directions including at depth. M&I mineral resources at Amulsar are commonly surrounded laterally and sometimes at depth by a halo of Inferred category resource. This year the Company has drilled a number of exploration diamond and reverse circulation drill holes. There is a planned two year construction period with full production estimated in 2016.


Lydian has a strong social agenda and a unique understanding of the complex political backdrop to the region in-which it operates. Lydian develops its projects responsibly with exceptional emphasis on social and environmental awareness and care. The company minimises environmental impact and engages local communities in order to deliver relevant and sustainable social development initiatives.


Two of Lydian’s major shareholders are the International Finance Corporation (IFC; part of the World Bank Group) and the European Bank for Reconstruction and Development (EBRD). The IFC and EBRD provide Lydian with influential in-country support and valuable advice to manage environmental, social and governance risks. This bolsters Lydian's competitive advantage in securing and retaining high quality assets in prospective unfamiliar and frontier settings. Other major shareholders include a number of North American and European natural resource institutional investors.

Amulsar Project - Armenia

The Amulsar project covers a region of epithermal-type gold mineralisation located in Southern Armenia, discovered by Lydian in 2006. It is still open in all directions, including depth, with a two year construction period and full production estimated for 2016.


As of March 2013, Amulsar currently hosts a Global gold resource 0f 1.8Moz Gold at 1.1 g/t in Measured, 0.6Moz Gold at 1.0 g/t in Indicated and 1.7Moz Gold at 0.8 g/t in Inferred at a 0.3 g/t gold cut-off. M&I mineral resources at Amulsar are commonly surrounded laterally and sometimes at depth by a halo of Inferred category resource. The 2013 drill program had a focus on deep drilling below the current pit-shell and infill drilling those areas of Inferred category resources residing within the March 2013 resource pit-shell, with the aim being to convert them to mineral reserves.


Previous year resource estimates include -


  • March 2009 - released the first NI 43-101 compliant inferred resource of 1M oz at Amulsar
  • March 2010 – updated and increased the NI 43-101 compliant inferred resource to 1.4M oz
  • April 2011 - increased the resource to 1.1M oz in Indicated and 1.4M oz in Inferred resource category
  • January 2012 – further increased the resource to 68.2 Mt at 1.0 g/t Au (2.1M oz) of Indicated and 36.1 Mt at 0.9 g/t Au (1.1M oz) of Inferred Category resources based on a 0.40 g/t gold cut-off grade
  • Herb Welhener, Vice President of Independent Mining Consultants Inc. Tucson, Az. prepared the mineral resource estimate in accordance with CIM guidelines



The licences are held 100% by Geoteam, an Armenian registered closed joint stock company. Geoteam CJSC is owned 100% by Lydian International Limited.


Kela Project - Georgia


The Kela project was rediscovered by Lydian geologists during reconnaissance exploration in 2010. Initial project-scale mapping and sampling has returned anomalous gold-only grab sample results of 1g/t to 4g/t gold over a strike distance of 2km and from numerous sub-parallel fault zones and hydrothermal breccia veins located structurally below an interpreted silica-cap. These faults are located adjacent to a pophyritic, pyrite-sericite altered quartz-diorite intrusion which returned anomalous gold values of up to 0.3 g/t gold in grab samples.


Lydian’s Kela License conditions require submission of an Environmental Impact Assessment and interim report on potential resources within 24 months. Lydian has had Georgia in its sights since early 2006 and has conducted various in-country investment and geological reviews. The country is considered highly prospective for gold and has entered a period of committed reform and rapid growth


Mr Howard Stevenson - President and Chief Executive Officer 

BA BAI (Mech Eng) MBA

Mr. Stevenson has over 25 years of global mining industry experience in corporate strategy, engineering, mine development and operations, mineral economics, business development and mergers and acquisitions on projects in various locations around the world. Mr. Stevenson most recently served as President and Chief Operating Officer of Alacer Gold Corp., where he also held a number of other senior management positions. While at Alacer, Mr. Stevenson supervised the construction and development of the Çöpler gold mine, building a successful heap leach operation and overseeing the commencement of production and ongoing operations at the mine. Prior to joining Alacer, Mr. Stevenson served as Vice President, Business Development of Meridian Gold Inc. and Vice President, Venezuelan Operations of Gold Fields Ltd.


Douglas ToblerDouglas Tobler - Chief Financial Officer

B.S. in Business Administration (Accounting) 

Mr. Tobler has over 30 years of corporate financial management experience gained as a chief financial officer, CPA and corporate advisor. He has extensive experience with growth-stage resource companies, including CFO for Alacer Gold Corp. throughout development and early years of operations of the Çöpler Gold Mine. While a CPA and advisor, Mr. Tobler assisted numerous mining clients with financing activities, royalty arrangements, joint ventures, internal controls development, and financial modeling. He was also a fellow to Coopers & Lybrand’s National Accounting and SEC Directorate. Mr. Tobler holds a B.S. in Business Administration (Accounting) from the University of Colorado and is a member of the American Institute of Certified Public Accountants.


Marc Le DucMarc Leduc, P.Eng - Chief Operating Officer

B.Sc. (Honors) Mining Engineering, B.Sc. Geology

Mr. Leduc has over 24 years experience as a mining engineer and geologist involving all aspects of the development, operations, planning and evaluation of mining projects. He was President and COO of Bear Creek Mining for 7 years and during that time led the teams developing two silver projects in Peru. Prior to that he was a Principal Engineer in a world leading heap leach design company. And he was with Barrick Gold for 9 years where he led the technical development of the Pierina heap leach mine in Peru. He has experience working in Peru, Brazil, Chile and Canada where he has led technical teams in the design and construction of large mines, heap leach and tailings facilities, whilst working in the area of complex metallurgy, site water management and heap planning.


Didier FohlenDidier Fohlen - Executive Vice President

Engineering Degree School of Geology and Mines of Nancy 

Mr. Fohlen has over 31 years experience in exploration, mining operations and mine closure, with focus on environmental, social and governance. In which, 15 years was in the World Bank Group working on mining investments, interacting with major mining companies. Significant experience in Europe and the Former Soviet Union.


Hayk AloyanDr. Hayk Aloyan - Managing Director, Armenia 

PhD Ore Deposit Geology

Dr. Aloyan has 17 years of mining exploration industry experience. He was formerly Deputy Chief of the Geological Survey in the Armenian Mining and Metallurgical Institute. Dr. Aloyan is widely published on Armenian metallogenesis, he is also a specialist in resource estimation.


Gordon Wylie - Non-Executive Director and Chairman of the Board 

BSc (hons) Geology, Grad Dip Mining Engineering, Management Diploma (UNISA)

Mr. Wylie has 31 years of mining industry experience. From 1998-2005, he was AngloGold-Ashanti’s Global Exploration Manager. Mr. Wylie was instrumental in developing the company’s “New Frontiers Strategy”, and AngloGold-Ashanti’s move into highly prospective but poorly prospected higher risk regions such as DRC, Colombia, China and Laos.


Mr Bill Abel - Non-Executive Director

BSc Mining Engineering, MBA in Business

Mr Abel has over 40-yrs experience in the industry as a Professional Mining Engineer. He has extensive assurance, mining and project management experience covering surface and underground operations in a variation of commodities in several countries around the world.


Tim Read - Non-Executive Director 

Tim Read has over forty years’ experience in the mining and metals sector, first as a mining analyst, then as an investment banker and, most recently, as a corporate executive and director. Between 1995 and 1999, he was Managing Director and Global Co-Head of Mining and Metals Investment Banking for Merrill Lynch Inc. and, accordingly has extensive experience in all aspects of corporate finance, particularly M&A and equity capital markets. Between 1999 and 2006, he was the chief executive of Adastra Minerals Inc (acquired by First Quantum Minerals in 2006) and since then has acted as a non-executive director for a number of natural resource companies including Cumerio SA (Brussels Bourse) (acquired by Norddeutsche Affinerie in 2008), Kopane Diamond Developments (Aim) (until December 2009), Starfield Resources Inc (TSX) (until July 2011), Capital Drilling Limited (LSE), Metminco Limited (ASX/Aim) and Faroe Petroleum plc (Aim). Tim, who was shortlisted in 2011 for the award of Non-Executive Director of the Year, has a BA (Economics) from the University of Strathclyde and in 2000 was appointed as a Fellow of the Chartered Institute of Securities and Investment.


Information updated 03.07.2014

Investor Relations - Global

Lydian International Limited 

Ground Floor, Charles House 

Charles Street 

St. Helier 

Jersey JE2 4SF, Channel Islands

Tel: +44 1534 747 890+44 1534 747 890 

Attn. Nicole Le Cornu - Office Manager

E-mail: [email protected]


Operations Office - Armenia

37 Hanrapetutyan St., 4 floor  

Yerevan 0010, Republic of Armenia

Tel: +3 741 058 6037+3 741 058 6037 

Fax: +3 741 054 6037 

Attn. Hayk Aloyan 

E-mail: [email protected]



Head Office

Lydian International Limited

Ground Floor, Charles House 

Charles Street 

St. Helier 

Jersey JE2 4SF, Channel Islands

Tel: +44 1534 747 890+44 1534 747 890 

Fax: +44 1534 758 708

E-mail: [email protected]


Grant Thornton LLP

Suite 401,

350 Burnhamthorpe Road W


Ontario L5B 3J1


Tel: +1 416 360 2369, +1 416 361 2512  

Fax: +1 905 804 0509

Attn: Jeremy Jagt

E Mail: [email protected]



Corporate Lawyers

Irwin Lowy LLP

130 Adelaide Street West

Suite 2700


Ontario M5H 3P5


Tel: +1 416 361 2512, +1 416 361 2512

Fax: +1 416 361 2519

Attn: Eric Lowy

Email: [email protected]


Transfer Agents

Olympia Transfer Services Inc.

Suite 920,

120 Adelaide Street West


Ontario M5H 1T1


Tel: +1 416 364 8081, +1 416 364 8081  

Fax: +1 416 364 1827

Attn: Lisa Clarkin

Email: [email protected]


Lydian International Ltd. Timeline

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