TWO DRILL RIGS ON-SITE AND IN OPERATION AT LYDIAN’S AMULSAR GOLD PROJECT IN ARMENIA
Canadian Corporate Newswire
May 20, 2008 Tuesday 11:37 AM EST
20,000 metre drill programme back on track after inclement weather
delays
TORONTO, ONTARIO–(Marketwire – May 20, 2008) – Lydian International
Ltd. (TSX:LYD), a diversified U.K. mineral exploration and development
company, today provided an update on its 20,000 metre drilling program
at the Amulsar project in Armenia. After delays and stoppages due to
unseasonably late snow, two drill rigs consisting of a diamond drill
rig and a multi-purpose (combined reverse circulation and diamond)
drill rig are now on-site. The multi-purpose drill rig commenced
reverse circulation drilling yesterday, the 19th of May. The diamond
drill rig commenced drill hole 6 last week but was forced to stop due
to late snow and limited access for water and fuel trucks. Diamond
drilling is expected to re-commence tomorrow, the 21st of May.
Amulsar is a high-sulphidation type epithermal gold project located in
central Armenia. Lydian identified the gold bearing potential of the
project in mid-2006. Rock-chip sampling and soil geochemical analyses
reveal that the mineralised system extends over a strike length
of some 3.5km and is at least 500 metres wide. Scout drilling has
revealed that higher grade gold is hosted in steeply dipping oxidised
breccia bodies, and that lower grade gold is hosted in shallowly
dipping oxidised structures that surround the higher grade breccia
bodies. The objectives of the current 20,000 metre drilling programme
are to test the bulk tonnage potential and define a gold resource.
The Amulsar license is 95% owned by Lydian’s wholly owned Armenian
subsidiary (Geoteam CJSC) and 5% owned by that Company’s local
director. The project is currently being explored as part of a joint
venture with Newmont Overseas Exploration Limited, a wholly owned
subsidiary of Newmont Mining Corporation (ASX:NEM)(TSX:NMC). The joint
venture is a 50%-50% contribution. Newmont has two options to increase
its interest. The first is an option to earn a further 20% by funding
the project through to feasibility; the second option allows Newmont
to earn a further 10% by funding through to commercial production.
About Lydian International
Lydian is a diversified U.K. mineral exploration and development
company, with expertise employing "first mover" strategies in
emerging exploration environments. The Company is currently focused
on Eastern Europe, exploring in the Balkan and Caucasus regions,
and is developing advanced precious and base metal assets located in
Armenia and in Kosovo.
Lydian’s management team has a track record of success in grassroots
discovery, in acquiring and developing undervalued assets, and in
building companies. Lydian has a strong social agenda and a unique
understanding of the complex social and political issues that
characterise emerging environments.
The Company’s two main projects are gold at Amulsar in Armenia, and
zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has
a pipeline of promising gold and base metal exploration projects in
the Balkans region, and operates a 50/50 gold and copper exploration
joint venture with Newmont Overseas Exploration Limited, a subsidiary
of Newmont Mining Corporation in the Caucasus region.
Lydian’s two largest shareholders are Newmont Mineral Holdings
B.V., and International Finance Corporation (part of the World Bank
Group). Lydian’s web site is where more
information can be found.
Dr Tim Coughlin, MAusIMM; is the Qualified Person overseeing Lydian’s
exploration programmes. Dr. Coughlin has supervised the preparation
of any technical information contained in this press release.
Lydian employees are instructed to follow standard operating
and quality assurance procedures intended to ensure that all
sampling techniques and sample results meet international reporting
standards. All assay work for the released results was carried out
by ALS Chemex analytical laboratory in Rosia Montana, Romania, in
Perth Australia, or in Vancouver, BC. Please see Lydian’s web site
for more information.
Forward-looking Information
Securities regulators encourage companies to disclose forward-looking
information to help investors understand a company’s future
prospects. This press release contains statements about our future
financial condition, results of operations and business. These are
"forward-looking" because we have used what we know and expect today
to make a statement about the future. Forward-looking statements
usually include words such as may, expect, anticipate, believe
or other similar words. We believe the expectations reflected in
these forward-looking statements are reasonable. However, actual
events and results could be substantially different because of the
risks and uncertainties associated with our business or events that
happen after the date of this press release. You should not place
undue reliance on forward-looking statements. As a general policy,
we do not update forward-looking statements except as required by
securities laws and regulations.