ARMENIA – Toronto’s Lydian International held a ground-breaking ceremony on Aug. 19 at its 100% owned Amulsar gold project. The activity was attended by about 100 guests, including Armenian politicians, representatives of the global banking community, ambassadors of the United States and United Kingdom, shareholders, and the heads of several local communities.
The Amulsar project is expected to be the largest gold producer in Armenia with annual production averaging 243,000 oz of gold. Estimated life of mine total cash costs are US$509/oz. This is also the first project in this country to have an environmental and social impact assessment compliant with the requirements of the International Finance Corp. and the European Bank for Reconstruction and Development.
“Our priorities for the balance of 2016 include mass earthworks for the heap leach facility, construction of haul roads and building of facility platforms,” said Howard Stevenson, Lydian’s president and CEO.
More information about the Amulsar project is posted on the company’s website at www.LydianInternational.co.uk.