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Message: JV 50% Lydian Completes Heap Leach Conceptual Study at Amulsar Gold Discovery
| March 31, 2009 | |
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Lydian Completes Heap Leach Conceptual Study at the Amulsar Gold Discovery, Armenia
Golders consultants report conceptual modeling of heap-leach treatment facility which suggests low capital and processing costs |
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TORONTO, ONTARIO--(Marketwire - March 31, 2009) - Lydian International Ltd. (TSX:LYD), a diversified U.K. mineral exploration and development company, today announced results of a preliminary scoping level design study of a heap leach facility for its Amulsar gold discovery in Armenia. The study was conducted by Golder Associates UK Limited in conjunction with KD Engineering of Tucson, Arizona. The study assumed a 1Moz resource and an ore grade of 1g/t with recoveries of 94% (in keeping with recent NI-43101 compliant resource estimate published 18/03/08 and results of metallurgical testing by SGS Lakefield published 13/08/08). An estimated stripping ratio of 0.64 was used for this exercise and two resource scenarios assuming i) "run-of-mine" (no crushing or screening required) and ii) required crushing and screening. Modeled Production (Table 1) and costs (Table 2 - at 2008 rates) are presented for a 1Moz resource. Capital costs reported in the study assumed a plus or minus 40% contingency. All costs are in US-Dollars and exclude mining costs, mine hauling roads, escalation and mine and contractor camps, and were developed based on US project experience. Table 1 Modeled Reserve Scenarios for Amulsar Project
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Potential Total
Ounces of Ore Mined Waste Mined Total Tonnage
Gold Per Year Per Year Tonnage Ore Waste Years of
(oz) (kt) (kt) (Mt) (Mt) Production
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1,000,000 3,110 2,000 31.1 20.0 10.0
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Table 2 Modeled Capital and Operating Costs for Heap Leach Facility
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1Moz Au Scenario Scenario Run Of Mine Scenario Crush-Screen
(in USD) (in USD)
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Capital Costs
(including plus 40%
Contingency) 45.9M 102.4M
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Process Facility
Operating Costs 1.55/t 2.44/t
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Tim Coughlin, Lydian's President and CEO commented: "We are pleased with the results of this preliminary analysis which suggest low capital and treatment costs at Amulsar. This is due primarily to ease of access and excellent infrastructure. The project is located adjacent to the main highway some 240km south of Armenia's capital Yerevan. This main artery provides ready access to high-tension power lines, natural gas and water. Further metallurgical testing will be conducted this year to better ascertain recoveries and to test potential for run of mine treatment". Amulsar is a high-sulphidation type epithermal gold project located in central Armenia. Lydian identified the gold bearing potential of the project in mid-2006, started initial drilling in 2007, and in 2008 completed a 13,000m drill program to test the bulk tonnage potential and estimate a gold resource. The resource is NI-43101 compliant and estimated to an inferred category of one million ounces gold. The Amulsar license is 95% owned by Lydian's wholly owned Armenian subsidiary (Geoteam CJSC). The project is currently being explored as part of a 50/50 joint venture with Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Corporation (NYSE:NEM). About Lydian International Lydian is a diversified U.K. mineral exploration and development company, with expertise employing "first mover" strategies in emerging exploration environments. Currently the Company is focused on Eastern Europe developing advanced precious and base metal assets in Armenia and in Kosovo. The two main projects are gold at Amulsar in Armenia, and zinc, lead, silver and gold at Drazhnje in Kosovo. Lydian also has a pipeline of promising gold and base metal exploration projects in the Balkans region, and operates a 50/50 gold and copper exploration joint venture with Newmont Overseas Exploration Limited, a subsidiary of Newmont Mining Corporation in the Caucasus region. Lydian's management team has a track record of success in grassroots discovery, in acquiring and developing undervalued assets, and in building companies. Lydian has a strong social agenda and a unique understanding of the complex social and political issues that characterise emerging environments. The two largest shareholders are Newmont Mineral Holdings B.V. (owned by Newmont Mining Corporation), and International Finance Corporation (part of the World Bank Group). More information can be found on Lydian's web site at www.lydianinternational.co.uk. Dr Tim Coughlin, MAusIMM; is the Qualified Person overseeing Lydian's exploration programmes. Dr. Coughlin has supervised the preparation of the technical information contained in this press release. Lydian employees are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. All assay work for the released results was carried out by ALS Chemex analytical laboratory in Rosia Montana, Romania, in Perth Australia, or in Vancouver, BC. Please see Lydian's web site for more information. |
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