Grant of license was based on a technical health and safety review in March 2012 and an Environmental Impact Assessment in July 2012.
On 26 September 2012, the company acquired Geoteam, an Armenia-based company, through which Lydian now has 100% ownership in the Amulsar gold project.
Valid until 2034, the license enables extensions on new approvals and allows the company to construct a mine at the project for four years from the date of acquisition and has plans to initiate mine development in 2015.
The mining license allows Lydian to mine about 2.6 million tons of ore a year.
Lydian president and CEO Dr. Tim Coughlin said that this license shows the government’s support of the mineral industry in the country and drives gold production at Amulsar.
"These are busy times for Lydian and Amulsar. This month we plan to provide the Government of Armenia all necessary documentation for its independent review of the Environmental and Social Impact Assessment," Dr Coughlin added.
"Drilling also continues with the aim of adding to the current reserve by converting in-pit resources."
