Gold company pleased with pit optimization results in ArmeniaMay 17, 2011 - 09:56 AMT PanARMENIAN.Net - Lydian International Ltd., a gold-focused mineral exploration and development company, announced the results of a preliminary open pit optimization study at its 2.5 million ounce Amulsar gold project in Armenia (1.1 million ounces at 1.1g/t gold in the Indicated Category and 1.4 million ounces at 0.9g/t gold in the Inferred Category), the company said in a press release. DCF figures (excluding capital expenditure) for the Indicated only pit are US$ 264m, and for the Indicated plus Inferred pit are US$ 367m. "The results of this preliminary open pit optimization study at Tigranes and Artavasdes are highly encouraging. The outputs that were generated will help guide our exploration and development program going forward" said Tim Coughlin, Lydian's President and CEO.
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