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Amulsar Project Progress

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  • Amulsar Project Progress

    Geoteam CJSC
    Hanrapetutyan 37, 4 floor,
    Yerevan, Armenia
    Tel: +37410546037


    We believe that Armenia can have a modern and well managed mining
    industry that will contribute greatly to the well-being of its
    citizens.
    ------------------------------------------------------------

    LYDIAN RECEIVES COMPREHENSIVE MINING RIGHT APPROVAL FOR AMULSAR GOLD
    PROJECT

    The Ministry of Energy and Natural Resources 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 i) all project infrastructure,
    including the location for crushers, the conveyor and heap leach
    facility, ii) a mining permit applicable to the 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.

    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, 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'.


    ** Geoteam presents a brief story on some of the social development
    projects implemented in Amulsar adjacent communities since exploration
    activities began in 2007. CSR for us is not just social projects. It's
    the combination of efforts invested in creating shared values with the
    communities, transparency, accountability and environmental
    responsibility.


    Copyright © 2014 Geoteam CJSC, All rights reserved.

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