|Lydian International - LYD.t is advancing the flagship Amulsar Gold Project in Armenia.|
The project has estimated mineral resources containing 5 million ounces gold. Amulsar has potential for a large scale, low cost operation utilizing open pit mining and conventional heap leach processing.
"Lydian International Limited (TSX:LYD) ("Lydian" or "the Company") is pleased to announce it has received US$35 million from Orion Mine Finance ("Orion") and Resource Capital Fund VI L.P. ("RCF"), representing the gross proceeds of the second deposit under the stream agreement entered into with Orion and RCF on November 30, 2015. Together with gross proceeds from the first deposit under the stream agreement received December 7, 2015, the full amount of US$60 million as contemplated under the stream agreement has now been advanced to Lydian.
"Engineering work for Amulsar continues to advance rapidly and has reached the point where we expect to mobilize bulk earthworks contractors to site in the coming weeks. Several key equipment orders are also imminent. We are pleased to receive this additional funding, which gives us cash on hand in excess of US$150 million and supports advancing construction activities as scheduled," said Howard Stevenson, Lydian's President and CEO.