Lydian Moves Toward Construction With Groundbreaking Ceremony at Amulsar Gold Project, Armenia
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Lydian International Limited held a groundbreaking ceremony at its 100 percent-owned Amulsar Gold Project in Armenia. The ceremony, held August 19, took place as Lydian completes key engineering tasks to begin mobilizing for construction.
“Our priorities for the balance of 2016 include mass earthworks for the heap leach facility, construction of haul roads and building of facility platforms,” said Howard Stevenson, president and CEO of Lydian.
“This ceremony marks an important milestone as we move to a transformational phase at Amulsar. We are grateful for the continuous support and trust of the Government of Armenia, community leaders, the people of adjacent communities, and heads of diplomatic missions,” added Stevenson.
Upon completion, the Amulsar Gold Project is expected to be the largest gold mine in Armenia, producing an average of 243,000 ounces of gold per year over the initial five years of operations. With this scale of production and the initial 10-year life-of-mine total cash cost estimated at US$509/gold ounce, Amulsar will be a highly profitable operation. As construction progresses and operations begin, Lydian will also be evaluating future additional potential from currently defined inferred mineral resources and, ultimately, from open extensions at depth.
About Lydian
Lydian is a gold developer, focusing on construction at its 100 percent-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.
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