Pursuant to the acquisition, Lydian obtains 100% Amulsar gold project in Armenia through Geoteam’s ownership. The prospect was discovered by Lydian.
The purchase agreement was previously announced on 9 December 2010 between Lydian and Hayk Aloyan.
Lydian paid CAD$500,000 in cash on 22 December 2010 and has presently issued 2,000,000 ordinary shares in its capital for the purchase.
Lydian president and chief executive officer said that the acquisition of 100% stake in the Amulsar gold project marks a significant step for the company.
"We continue to focus on our goal of commencing production at Amulsar and creating value for all of our stakeholders, including the country of Armenia and its local communities that support the project and our shareholders," he added.
