TORONTO, ONTARIO–(Marketwired – Aug. 19, 2015) – Lydian International Limited (TSX:LYD) (“Lydian” or “the Company”) was pleased to host a recent visit to its 100%-owned Amulsar Gold Project by the Prime Minister of the Republic of Armenia, Hovik Abrahamyan, the Minister of Energy, Yervand Zakaryan, and the U.S. Ambassador to Armenia, Richard Mills. The offices of the Prime Minister and the U.S. Ambassador reported on their visit to the project site and Lydian-sponsored community development programs in the local media and embassy website, respectively.
The dignitaries toured Amulsar with Hayk Aloyan, General Manager of Lydian’s local affiliate, Geoteam. Mr Aloyan presented estimates of the planned investment, state revenues and job creation during the project’s construction and operational phases, as well as details on expenditure on social development programs and environmental studies to date. During his visit, Ambassador Mills emphasized that the opening of this mine is an important economic opportunity for Armenia, and underscored the equal importance of ensuring that potential harm to the environment is minimized. In this regard, Ambassador Mills mentioned that Lydian is committed to utilizing responsible mining practices that adhere to international environmental standards. Ambassador Mills expressed the hope that Lydian’s Amulsar project will become an example of responsible mining, which will show that it is possible to find a balance between economic and environmental interests
Ambassador Mills warmly welcomed the Republic of Armenia’s recent decision to join the Extractive Industries Transparency Initiative (“EITI”). The EITI is based on the principle of allowing the public to see and be confident that a country’s natural resources are extracted using the best methods and that the proceeds are appropriately shared. The Ambassador concluded by emphasizing that, “the United States greatly values its deepening economic ties with Armenia and commends the Government of Armenia for the commitments it has made to improve the business environment”.
The following morning, the Ambassador, Prime Minister, and Minister of Energy visited two community development projects that are part of Lydian’s corporate social responsibility program; an arts center and a kindergarten that have been renovated in nearby Jermuk. Ambassador Mills emphasized the benefit of corporate social responsibility, a Western corporate best practice in which companies seek to become truly involved in their local communities and contribute to its betterment.
About Lydian International
Lydian is an emerging gold developer, focused on its 100% owned Amulsar Gold Project, located in Southern Armenia. The Company’s current mine development and construction plan for Amulsar is aimed at achieving average production of 200,000 ounces of gold per year and establishing the Company as a high cash-flow producer. The Company is committed to best practices in all aspects of its operations including production, sustainability, and good corporate citizenry. For more information on Lydian please visit www.lydianinternational.co.uk.
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