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Market: TSX
Sector: Gold Mining
Epic: .LYD
News: Latest news
Web Site: Lydian International
Other Articles: 01-03-201018-01-201024-11-2009

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White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

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Lydian International

Lydian International

Lydian International Ltd. is a diversified UK mineral exploration and development company, with expertise employing “first mover” strategies in international emerging environments.

Currently the Company is focused on Eastern Europe in the Western Balkans and the Caucasus regions, advancing a pipeline of highly prospective precious and base metal projects. In the Caucasus region Lydian is operating an exploration joint venture with Newmont Overseas Exploration Ltd. a subsidiary of Newmont Mining Corporation.

The Company's two flagship projects are a newly discovered gold project at Armulsar in Armenia, and an advanced zinc, lead, silver and gold project at Drazhnje in Kosovo.

Lydian's two largest share holders are Newmont Mining Corporation and the International Finance Corporation (part of the World Bank Group).

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Thursday, May 07, 2009

Lydian gets 25 year mining license for Amulsar gold project in Armenia

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Lydian International Ltd (TSX: LYD) said it has been granted a 25-year Special Mining License by the government of Armenia covering its Amulsar gold project.

Activation of a mining project under the license requires completion of a concession agreement including a general workplan and financial outline, an environmental impact assessment, and a mining safety assessment by the mining technical regulatory body.

Chief executive officer Tim Coughlin said: "This is an historic day for Lydian and the culmination of an intensive three year exploration and development program. The mining license is one of the first licenses granted under Armenia's new mining law and it clearly exemplifies the government's commitment to support the mineral industry in Armenia".

The Amulsar gold project was discovered by Lydian three years ago and already has a CIM compliant resource at one million ounces in the inferred category which remains open in all directions. Management is confident that this year’s drilling programme will expand the current resource.

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