www.lydianinternational.co.uk
Lydian International is a mineral exploration and development company with expertise and a proven track record in discovering and developing new gold projects in unfamiliar and frontier settings. The Company is currently focussed on developing its Amulsar gold discovery in southern Armenia. The Amulsar project was a new discovery made by Lydian in 2006 and currently hosts a global resource of 3.2M ounces after its resource update in January 2012. This resource update comprises a total of 1.7 million ounces gold in the indicated category and 0.6 million ounces gold in inferred category (using a 0.4g/t cut-off) from the contiguous Tigranes and Artavasdes areas and 0.5 million ounces gold in the indicated category and 0.4 million ounces inferred category from the Erato prospect which is located approximately 900 meters to the north of Tigranes-Artavasdes. The project remains open in all directions and is currently advancing towards Bankable Feasibility with full production due in the first half of 2014.
Lydian International raises C$2.2 mln, mainly from Macquarie Bank private placing
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.
