Lydian International Reports First Quarter Results

Lydian International (TSX:LYD) released its first quarter results on Friday, reporting that it continues to move its Amulsar project toward development and construction.
As quoted in the press release, highlights included:

• Closing of a $28.8 million public offering of subscription receipts;
• Entering into private placement subscription agreements for a total of $80 million;
• Advancing toward approval of the amended Mining Right by the Republic of Armenia, including approval of the EIA and mine design during April 2016;
• Drafting amendments to the ESIA and preparing for disclosure and public consultation during Q2 2016;
• Substantial completion of Phases 1 and 2 of the land acquisition program, and initiation of Phases 3 and 4;
• Beginning the process of changing land status from agricultural to industrial use;
• Planning for a detailed drilling program to commence this summer at Amulsar;
• Continuation of ongoing environmental and social programs, along with planning for 2016 field work;
• Planning and scoping for basic engineering, initially focusing on the heap leach facility, access and haul roads, and infrastructure; and
• Other pre-construction work activities required before full-scale construction can commence this summer.

Click here for the full press release.