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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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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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Friday, November 06, 2009

Lydian International raises C$2.2 mln, mainly from Macquarie Bank private placing

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Mineral exploration and development company Lydian International Ltd (TSX: LYD) said it has completed a private placement with Macquarie Bank Ltd of 3.33 million shares at C$0.60 each, raising C$2 million before expenses.

Lydian has also placed a further 330,000 shares at the same price, raising approximately C$200,000 before expenses.

The money will be used for continued exploration of the company's mineral properties and for general working capital purposes.

Incorporated in Jersey, 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 Mining Corp (NYSE: NEM) unit Newmont Overseas Exploration Ltd in the south Caucasus region including Amulsar.

The company's two largest shareholders are Newmont Mineral Holdings BV and the International Finance Corporation (IFC), a member of the World Bank Group.

In September announced the results of an NI 43-101 compliant inferred resource estimate for the Drazhnje project in Kosovo, showing 3.21 million tonnes grading 2.51 percent lead and 5.11 percent zinc.

This resource estimate is preliminary and remains open immediately at depth in the Main Zone and with additional tonnage likely at depth and along strike in the Eastern Zone and at the St George and St Barbara adit areas. Further lead-zinc and oxide gold exploration potential is also evident at surface.

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