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Lydian says no link found between Armenia gold project and spa groundwater

Last updated: 16:02 29 Jan 2019 GMT, First published: 15:40 29 Jan 2019 GMT

Gold key
The company is fighting an environmental directive regarding its gold project

Lydian International Ltd (TSE:LYD) (OTCMKTS:LYDIF) said Tuesday that water samples at the Amulsar gold project in Armenia that were analyzed by an internationally accredited lab showed no connection with the spa town of Jermuk’s thermal mineral water system.

The mine development company said in a statement that ion and isotope data support the conclusion that the groundwater system of Amulsar is a distinct hydrogeological system.

Shares of Lydian were unchanged at C$0.18 in Tuesday’s Canadian trading. They traded at US$0.13 on Monday’s OTC Markets trading.

READ: Lydian International's legal appeal to be heard by Armenian court

The samples, according to the company, were collected in the presence of Armenian government officials, analyzed by ALS Czech Republic and interpreted by Golder Associates (UK) Ltd.

The results support data and analysis of the groundwater presented in the 2016 environmental and social impact assessment for the Amulsar project, according to Lydian.

The Greenwood Village, Colorado-based company reiterated that the Amulsar project is designed and developed following industry best practices to ensure the mine will not harm any surrounding water systems.

Last month, the company reported that an Armenian court accepted its lawsuit appealing an environmental directive barring the company from mining at Amulsar.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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