Posted in | Gold | Mining Business

Lydian Awarded Approval of Mining Right for Amulsar Gold Project

Lydian International Limited ("Lydian" or "the Company") is pleased to announce that it has received approval of the Mining Right for the Amulsar Gold Project. This represents the final stage of the mining permitting process and grants the Company the right to develop the Amulsar Project in line with the parameters detailed in the feasibility study.

Although the Company has received various permits in the past, this is the first time that the Company will have a Mining Right and EIA aligned with the underlying assumptions of its feasibility study and pending ESIA.

The Mining Right was granted to Geoteam CJSC, Lydian's 100% owned subsidiary, by the Ministry of Energy and Natural Resources of Armenia. The approval covers i) all project infrastructure, including the location for crushers, the conveyor and heap leach facility, ii) a mining permit applicable to all three pits, iii) definition of the area within which operating activities may take place, and iv) a mining agreement that outlines the nature and duration of mining operations.

Granting of the Mining Right follows an extensive application, consultation, and review process. Previously, Lydian received approval of its environmental impact assessment ("EIA") from the Ministry of Nature Protection, acting under the Armenian Mining Code and EIA Law, based on expert reviews, public discussion and the minutes of public hearings. In parallel, the Ministry of Emergency Situations approved the Technical Safety Program ("TSP").

Howard Stevenson, President and CEO, said "The previous EIA and TSP approvals, and now this most recent approval of the Mining Right, were the subjects of intensive and thorough interaction with the Armenian authorities, local communities, members of civil society, and others. Thank you to all who participated in this process. We look forward to a long working relationship within Armenia as this project progresses into construction and production. Lydian intends that Amulsar will become an exemplary mining and investment project in Armenia, beneficial both for the country and for our investors. Lydian is committed to implementing best international practices at Amulsar by complying with IFC and the EBRD environmental and social standards throughout the project's duration."

About Lydian International Limited

Lydian is an emerging gold developer, focused on its 100% owned Amulsar Gold Project, located in Southern Armenia. The Company's current mine development and construction plan for Amulsar is aimed at achieving average production of 200,000 ounces of gold per year and establishing the Company as a high cash-flow producer. The Company is committed to best practices in all aspects of its operations including production, sustainability, and good corporate citizenry.

Source: http://www.lydianinternational.co.uk/

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