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Lydian International Ltd.

Lydian International awarded new gold exploration licence in Georgia

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Lydian International (TSE:LYD) today revealed that it has added a new exploration asset to its portfolio.

The group, which is primarily focused on the development of the 2.5 million ounce Amulsar gold project in Armenia, today announced that it has been awarded an exploration and mining license in the Guria province of western Georgia.

The licence hosts the Dzoti project which was the subject of underground exploration in the past and was rediscovered by Lydian’s field team last year.

It is an early stage gold project with bulk tonnage potential, Lydian said. The firm also highlighted that initial project-scale mapping and sampling has returned anomalous gold-only grab samples grading between 1 and 4 grams per tonne gold over a 2 kilometre strike.

"Lydian has had Georgia in its sights since early 2006 and has conducted various in-country investment and geological reviews" said chief executive Tim Coughlin.

"The country is considered highly prospective for gold and has entered a period of committed reform and rapid growth.

“Georgia's young and energetic government is actively seeking and supporting direct foreign investment. We see our acquisition of the Dzoti license as the start of Lydian's exploration and mining activities in Georgia".

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Price: $0.10

Market: TSX
Market Cap: $76 m
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Lydian International Ltd. chief excited about "beginning" of Amulsar project

Howard Stevenson, chief executive of Lydian International Ltd, is very excited about the potential of  the group's flagship Amulsar gold mine in Armenia, where engineering work has now started. The group has $123mln in the bank, which will see it through all activity this year, he...

on 15/8/16

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