Lydian International presented its Amulsar Project at the World's biggest mining conference, Geoteam's press release says. The Prospectors' and Developers' Association of Canada (PDAC) trade show and conference is the largest annual event in the mining industry held every year in Toronto, Canada, with around 500 companies from 100 countries presenting their mining projects, equipment and offering investment opportunities. Lydian participated in the conference for the 8th year now, presenting its Amulsar project and Armenia as an attractive investment destination.
From March 1-4, 2015 the PDAC hosted over 23 500 participants and visitors. During 4 days of the expo and conference mining companies together with representatives of governments, investment institutions and non-governmental organizations discussed mining related issues as well as matters related to attracting investments, sustainability, environmental and social management. "Many potential investors have come to know Armenia as an investment destination through the Amulsar project", - Howard Stevenson, President and CEO of Lydian International says,- "We are glad to be able to continue to present the project and Armenia in high-profile events like PDAC. At these times of economic volatility attracting investments is a challenge. We gave a presentation on Amulsar project as part of the PDAC conference and we are glad that the interest in the investment potential of Amulsar and Armenia is still high. As we plan to proceed to the full financing of the project this year, we look forward to the start of the construction and to building a world-class mining project in Armenia, beneficial for the country, the communities and the investors".
Lydian is an emerging gold developer, focused on its 100%-owned Amulsar Gold Project in Southern Armenia. Amulsar will be Armenia's largest gold mine, with total estimated mineral resources containing 3 million gold ounces as measured and indicated resources, 2 million gold ounces as inferred resources, and estimated annual production targeted at 200,000 gold ounces. Lydian received approval of the Mining Right for Amulsar in late 2014. This represents the final stage of the mining permitting process and grants Lydian the right to develop the Amulsar Gold Project in line with the parameters detailed in the updated feasibility study (October 2014). The updated feasibility study demonstrates Amulsar as a compelling opportunity for a large scale, low cost operation utilizing open pit mining and conventional heap leach processing. Highlights include: total recoverable gold of 2.1 million ounces over a 10.4 year mine life; gold production averaging over 200,000 ounces per year; initial capital costs of $426 million; low all-in sustaining costs of $701 per ounce of gold; 84% gold recoveries and 2.8:1 strip ratio; accelerated after tax-cash flows to support early payback and project financing. Lydian International was founded in the UK in 2005. It is the sole shareholder of "Geoteam" CJSC. The majority shareholders of Lydian are the IFC, the EBRD and Newmont Mining Corporation.