Armenia Gov't Concludes 'No Grounds For Criminal Prosecution' Against Lydian
Lydian International announced today that the Armenian government found no grounds for criminal proceedings.
The government was conducting an environmental audit. The company is trying to advance its Amulsar Gold Project, located in south-central Armenia.
Lydian stock (TSE:LDE) jumped on the news, up 26% to 16 cents a share.
Lydian forsees Amulsar as a large-scale, low-cost operation with production targeted to average approximately 225,000 ounces annually over an initial 10-year mine life, said the company on its website. Estimated mineral resources contain 3.5 million measured and indicated gold ounces and 1.3 million inferred gold ounces as outlined in the Q1 2017 Technical Report.
The company said the project has faced local protests and blockades.