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Lydian Receives Comprehensive Mining Right Approval For Amulsar Gold

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  • Lydian Receives Comprehensive Mining Right Approval For Amulsar Gold

    LYDIAN RECEIVES COMPREHENSIVE MINING RIGHT APPROVAL FOR AMULSAR GOLD PROJECT

    Tuesday 2 December 2014 12:24
    Photo: Mediamax

    Hayk Aloyan, General Manager of Geoteam CJSC

    Yerevan/Mediamax/. The Ministry of Energy and Natural Resources of
    Armenia has granted to Geoteam CJSC, Lydian International's 100%
    owned subsidiary, Mining Right for the Amulsar Gold Project.

    This represents the final stage of the mining permitting process and
    grants the Company the right to develop the Amulsar Project in line
    with the parameters detailed in the feasibility study.

    The approval covers:

    - all project infrastructure, including the location for crushers,
    the conveyor and heap leach facility; - a mining permit applicable to
    the pits; - definition of the area within which operating activities
    may take place; - a mining agreement that outlines the nature and
    duration of mining operations.

    Granting of the Mining Right follows an extensive application,
    consultation, and review process.

    Previously, Lydian received approval of its environmental impact
    assessment (EIA) from the Armenian government's Ministry of Nature
    Protection, acting under the Armenian Mining Code and EIA Law, based
    on expert reviews and public discussions. In parallel, the Ministry
    of Emergency Situations approved the Technical Safety Program (TSP.

    Howard Stevenson, President and CEO Lydian International, 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."

    Hayk Aloyan, General Manager of Geoteam CJSC, said "Amulsar is
    around US$420 million investment project that represents tangible
    opportunities for economic benefits for the country and the adjacent
    communities. It will offer around 1500 jobs during the two years
    of construction and over 700 permanent jobs for at least 10 years
    of operation. Amulsar also highlights an opportunity to develop a
    mining project in Armenia in line with industry best practice, with
    world-class environmental and social management that will benefit
    the country and the communities around the project. We believe that
    Armenia can have a modern and well managed mining industry that
    will contribute greatly to the well-being of its citizens. We are
    looking forward for productive cooperation with the communities and
    all stakeholders across Armenia to be able to make this project a
    successful investment, beneficial for our country".

    http://www.mediamax.am/en/news/society/12457/

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