Lydian International is an exploration and development company with a highly experienced management and technical team. The Company has a proven track record in discovering and developing new projects in unfamiliar and frontier settings.
Lydian’s flagship asset is the Amulsar Project, a gold exploration and development project located in Southern Armenia, which was discovered in 2006. The Company’s primary focus for Amulsar is to continue its development, and carry out further future exploration as the deposit is still open in all directions, including at depth. In particular, Lydian is focused on continuing its ongoing permitting process and, as part of this process, is currently working to complete an environmental and social impact assessment (ESIA), detailed engineering studies, an updated feasibility study and mine planning. These activities are all being carried out, or intended to be commenced, by Lydian in furtherance of achieving its primary goals of obtaining all necessary permitting and financing to begin construction in early 2015, ultimately, commencing production by late 2016
15/10/2013Dr Tim Coughlin, President & CEO of Lydian International (TSX:LYD), tells Proactiveinvestors that the location for its new heap leach facility has been endorsed by the Armenian government. Tim says Lydian remains a good investment prospect and, with all-in costs at $700-800 an ounce, the Amulsar gold project will be highly profitable.
30/01/2013Dr Tim Coughlin, CEO Lydian International (TSX:LYD), tells Proactiveinvestors at the VRIC 2013 that having completed "by far the best drilling campaign" since Amulsar was discovered, the company is now working on the resource update. Permitting and project financing are also awaited.
06/12/2012Dr Hayk Aloyan, managing director of gold miner Lydian International's Armenian operators says milestones to watch out for in 2013 include 40,000 metres of drilling and some more road construction. "The project is growing," Dr Aloyan said.
27/09/2012Dr Tim Coughlin, President and CEO of Lydian International (TSE: LYD) , tells Proactiveinvestors that the latest drill results confirm the company's strategy of consistently growing the resource, something that he says is not normally the case after the publication of a feasibility study. Tim says as well that it is important now to build value for shareholders with the drilling and to look ahead from the post feasibility study period and demonstrate that the company is engaged with the banks and progressing quickly.
22/11/2011This Corporate video was produced in November 2011 with filming taking place earlier in the year and includes views of the project, the local community of Gorhayk and the capital Yerevan. The commentary gives an overview about the country, our flagship project and the social and environmental activities we are completing.
Presentations & Company Media
18/09/2012Building Armenia’s Largest Gold Mine- Analysts Feasibility Study Presentation (Presentation)
18/09/2012Amulsar Resource Update and Heap Leach Feasibility Study (Presentation)
07/09/2012LYDIAN FILES NI 43-101 HEAP LEACH FEASIBILITY STUDY -Press Release (Presentation)
07/06/2012LYDIAN INTERNATIONAL ANNOUNCES PARTNERSHIP WITH OXFAM ARMENIA (Presentation)
07/06/2012LYDIAN INTERNATIONAL RECEIVES FURTHER EIA APPROVAL AT AMULSAR (Presentation)
Related Research & Media
No documents available.
Lydian International is a mineral exploration and development company with expertise in discovering and developing new gold projects in unfamiliar and frontier settings.
Lydian’s flagship asset is the Amulsar Project, a gold exploration and development project located in Southern Armenia, which was discovered in 2006. The Company’s primary focus for Amulsar is to continue its development, and carry out further future exploration as the deposit is still open in all directions, including at depth. In particular, Lydian is focused on continuing its ongoing permitting process and, as part of this process, is currently working to complete an environmental and social impact assessment (ESIA), detailed engineering studies, an updated feasibility study and mine planning. These activities are all being carried out, or intended to be commenced, by Lydian in furtherance of achieving its primary goals of obtaining all necessary permitting and financing to begin construction in early 2015, ultimately, commencing production by late 2016.
With a strong social agenda and unique understanding of the complex political backdrop to this region, 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 sustainable social development initiatives.
Lydian’s major shareholders are the International Finance Corporation, part of the World Bank Group, and The European Bank for Reconstruction and Development. Both these entities provide influential in-country support and valuable advice to manage environmental, social and governance risks.
Amulsar Project - Armenia
The Amulsar project covers a region of epithermal-type gold mineralisation located in Southern Armenia, a grassroot discovery in 2006. It is an open pit heap-leach project which is still open in all directions, including at depth, with all necessary infrastructure such as roads, power, electricity and water in close proximity for mining activities. A bankable feasibility study was released in September 2012 and is in the process of being updated to incorporate new mine infrastructure layout changes and trade off studies to accommodate a new heap leach location to the west of the pits, a closer waste dump location and a larger crushing capacity from day one. Construction is set to begin at the beginning of 2015 with first gold pour planned for late 2016.
As of March 2013 the deposit currently hosts a Global gold resource of 1.8Moz at 1.1 g/t in Measured, 0.6Moz at 1.0 g/t in Indicated and 1.7Moz 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 licences are held 100% by Geoteam, an Armenian registered closed joint stock company. Geoteam CJSC is owned 100% by Lydian International Limited.
Armenia has a long and rich history and prides itself on being the first nation to formally adopt Christianity (early 4th century). Despite periods of autonomy, over the centuries Armenia came under the sway of various empires including the Roman, Byzantine, Arab, Persian, and Ottoman. Armenia gained its independence from the Soviet Union on 21st September 1991.
The country is located at the historic cross roads between Europe, the Middle East and Asia and is located on one of the branches of the Silk Road (see map). The country has a population of approximately 3 million and a land area of 29,800 km2. The international airport at Yerevan is well served by flights from Europe, the middle east and the former soviet union and there are good road links running through the country from Georgia in the north to Iran in the south (https://www.cia.gov/library/publications/the-world-factbook/geos/am.html).
The country is democratic and is currently experiencing steady economic growth. According to the Heritage Foundation / Wall Street Journal Index of Economic Freedom, the country has in the last decade recharged it’s economy by market liberalization and privatisation initiatives and a macroeconomic policy environment supported by low taxes and stable government spending. The regulatory framework is sound and an open trade regime with low tariffs facilitates the free flow of goods. In the 2011 index Armenia was ranked 36th freest in the world and 19th amongst the 43 countries in the European region, with its rating putting it above the world and regional averages.
There is an independent Judiciary and laws protecting foreign investors against legislative changes. Armenia is a member of the World Trade Organisation and is a signatory to the International Centre for Settlement of Investment Disputes (ICSID)(www.icsid.worldbank.org) Mining and metal processing have been undertaken in Armenia since ancient times. The modern mining industry was established during the Soviet Union period with major mining and refining complexes being established at Kadjaran, Kapan, Zod and Alovarde. The mineral potential of the country attracted Lydian attention initially in 2005 and subsequently the Amulsar gold deposit was discovered in 2006. Other international exploration and mining companies active in Armenia include Dundee Precious Metals Inc, Global Gold Corp, Cronimet and GeoProMining.
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
Georgia is a sovereign state in the Caucasus region of Eurasia. Located at the strategically important crossroads where Asia meets Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the southwest by Turkey, to the south by Armenia. The country maintains a good relation with most of its direct neighbors.
Georgia covers a territory of 69,700km² and its population is almost 4.7 million with its capital, Tbilisi located in the South east of the country. Georgia is a unitary, semi-presidential republic, with the government elected through a representative democracy. It is a democratic semi-presidential republic, with the President as the head of state, and Prime Minister as the head of government. There is also a growing U.S. and European Union influence in Georgia, notably through proposed EU and NATO membership, meaning Georgia’s young and energetic government are actively seeking and supporting direct foreign investment.
Georgia ranks 12th out of 183 economies on the World Bank’s Ease of Doing Business Index ahead of most European countries and just below Canada which ranks 7th. Georgia is a member of the World Trade Organization, a signatory to the International Convention for the Settlement of Investment Disputes and is 68th on Transparency Internationals Corruption Index (ahead of Brazil, Colombia and Peru).
Corporate tax in Georgia is 15% and a royalty on resource depletion is levied at 0.9 Georgian Lari (GEL) per gram of gold which equates to approximately 1.4%.
Gordon Wylie - Non-Executive Director and Chairman of the Board
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.
Dr. Timothy Coughlin - President and Chief Executive Officer
Dr. Coughlin has 20 years of wide-ranging experience as an exploration and mining industry consultant and has held senior positions with major mining companies. Dr. Coughlin is a specialist in frontier mineral exploration and on mining investment in emerging and transitional environments. He has provided advice on and conducted country entry programs in the Caucasus, the Balkans, Colombia and Russia and has been integral in new and now operating grass-roots gold discoveries in South America and Australasia.
Roderick Corrie - Chief Financial Officer and Executive Director
Mr. Corrie is a strategic advisor with experience in a variety of companies. He has held both executive and non-executive roles in corporate finance, health, property, technology, advertising, investment and manufacturing companies. Mr. Corrie has held senior positions within the banking industry, he is an Associate of the Chartered Institute of Bankers and a Member of the Securities Institute. He is a non-executive director or the AIM listed Europa Oil & Gas PLC.
Mr Bill Abel - Non-Executive Director
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.
Information updated 05.02.2014
Investor Relations - Global
Lydian International Limited
Ground Floor, Charles House
Jersey JE2 4SF, Channel Islands
Tel: +44 1534 715 473
Mobile: +44 7797 742 8000
Attn. Donna Pugsley - Investor Relations
Operations Office - Armenia
37 Hanrapetutyan St., 4 floor
Yerevan 0010, Republic of Armenia
Tel: +3 741 058 6037
Fax: +3 741 054 6037
Attn. Hayk Aloyan
Lydian International Limited
Ground Floor, Charles House
Jersey JE2 4SF, Channel Islands
Tel: +44 1534 747 890
Fax: +44 1534 758 708
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