Lydian International Limited ("Lydian" or "the Company") is pleased to announce that all privately owned land required for its 100%-owned Amulsar Gold Project have been acquired. Lydian now controls all surface rights within the footprint of the Rock Allocation Area as granted to Lydian by the Republic of Armenia.
Privately owned land plots within the Rock Allocation Area were in the vicinities of the heap leach facility and along portions of the conveyor corridor. In total, the Company purchased 278 land plots covering approximately 150 hectares. Other surface rights within the Amulsar Gold Project area are also under Lydian's control through long-term leases with local communities.
"All land access to build the Amulsar Gold Project has now been obtained. This was a very complex process, involving 145 individual land owners from the Gndevaz community. We believe this favorable outcome is a result of having engaged openly and respectfully with all parties, and reflects our sound working relationship with community members that will continue to support our advancement at Amulsar. We are very proud of this achievement," said Howard Stevenson, Lydian's President and CEO.
About Lydian International Limited
Lydian is a gold developer, focusing on construction at its 100%-owned Amulsar Gold Project, located in south-central Armenia. Amulsar presents an opportunity for a large scale, low cost operation with production expected to begin in 2018. Open pit mining and conventional heap leach processing contribute to excellent scale and economic potential. Amulsar will be Armenia's largest gold mine, with estimated mineral resources containing 3 million measured and indicated ounces and 2 million inferred ounces. Gold production is targeted to average greater than 200,000 ounces annually over an initial 10 year mine life. Existing mineral resources and open extensions provide opportunities to improve average annual production and extend the mine life. The Company is committed to good international industry practices in all aspects of its operations including production, sustainability, and corporate social responsibility.