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18/11/2011

Lydian Intl says its Amulsar gold project will be a big part of the Armenian economy

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Additional Information
Market: TSX
Sector: General Mining - Gold
EPIC: LYD
Latest Price: C$2.17  (-0.91% Descending)
52-week High: C$3.09
52-week Low: C$1.96
Market Cap: C$267.92M
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Lydian International
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.

Full Lydian International profile here
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FoxDavies maintains 'buy' rating for Lydian International and ups price target

23rd Jun 2011, 3:51 pm by Giles Gwinnett He also reckons there is potential for an increase to the target price if the company achieves various goals in the next 12 months, including that current drilling increases the mineable ounces

Broker FoxDavies has maintained its 'buy' recommendation for explorer Lydian International (TSE:LYD) and increased its 12 month price target to C$3.84 per share following a recent "impressive" visit to Amulsar.

Amulsar is the firm's project in southern Armenia. Lydian is also actively exploring elsewhere in Armenia and Eastern Europe.

Analyst Juan Alvarez believes that a realistic target after looking at core and geology in the short term is 3 million ounces in reserves at the project.

He also reckons there is potential for an increase to the target price if the company achieves various goals in the next 12 months, including that current drilling increases the mineable ounces.

The analyst adds that the 0.5 million ounces of inferred resources at Erato, which has not been included in the pit optimisation study, is also a factor, which when included, will positively effect the economics of the project.

Erato is one area of the Amulsar project.

He goes on to say that the strip ratio (how much waste has to be removed to retrieve the ore) for the project can be improved, not least because material on the edges  - currently being stripped as waste - is likely to be converted to ore with more drilling.

The Amulsar deposit outcrops along the top of a 300m high mountain and mineralisation remains open in several directions and down-dip.

This year's drill  programme consists of more than 30,000m of drilling and is focused on proving up along strike extensions and infill drilling to uplift inferred portions to indicated and indicated into measured resources.

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