Lydian International Up 28 Percent on Amulsar Mining Right Approval

Lydian International (TSX:LYD) announced it has been given approval of the mining right for its Amulsar gold project in Armenia. This is the first permit received by Lydian that will allow the company to develop the project according to the parameters outlined in its feasibility study.

As of 10:30 a.m. EST, shares of Lydian had jumped 28 percent or $0.14 to trade at $0.28.

As quoted in the press release:

The Mining Right was granted to Geoteam CJSC, Lydian’s 100% owned subsidiary, by the Ministry of Energy and Natural Resources of Armenia. The approval covers i) all project infrastructure, including the location for crushers, the conveyor and heap leach facility, ii) a mining permit applicable to all three pits, iii) definition of the area within which operating activities may take place, and iv) a mining agreement that outlines the nature and duration of mining operations.

Lydian president and CEO, Howard Stevenson, said:

The previous EIA and TSP approvals, and now this most recent approval of the Mining Right, were the subjects of intensive and thorough interaction with the Armenian authorities, local communities, members of civil society, and others. Thank you to all who participated in this process. We look forward to a long working relationship within Armenia as this project progresses into construction and production. Lydian intends that Amulsar will become an exemplary mining and investment project in Armenia, beneficial both for the country and for our investors. Lydian is committed to implementing best international practices at Amulsar by complying with IFC and the EBRD environmental and social standards throughout the project’s duration.

Click here to read the Lydian International (TSX:LYD) press release