The Gold Report

Lydian International Ltd. TICKER: LYD:TSX Visit Company Website Lydian International Ltd. is a mineral exploration and development company with a proven track record and expertise in discovering and developing new gold projects in unfamiliar and frontier settings. The company's Amulsar gold project in Armenia, discovered in 2006, currently hosts a global resource of 2.5 Moz. and remains open in all directions. Lydian is advancing Amulsar towards bankable feasibility with production planned in H114. The company is also actively exploring elsewhere in Armenia and in other prospective regions of Eastern Europe, where it is building and maintaining a promising portfolio of early-stage pipeline projects.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Mike Kozak, Cormark Securities (1/24/12) "Lydian International Ltd. is advancing its Amulsar project in Armenia through resource expansion, feasibility and eventual development and construction; the 3.2 Moz Au at-surface project is technically low-risk in our view and has all the hallmarks of an economically robust open-pit heap leach operation. Over the short term, exploration will continue to be a key value driver for Lydian shareholders, and we see ultimate resource upside to ~5.0 Moz; the company will be completing a bankable feasibility study in H112, with initial production potentially achievable in H213."

Tara Hassan, National Bank Financial (1/24/12) "Lydian International Ltd. issued an updated resource estimate for its flagship Amulsar project (Armenia), posting a notable increase in total resource size on the back of substantial growth in the Indicated category. . .Amulsar's resource increased approximately 26% to 3.2 Moz from 2.5 Moz. We are very encouraged by the resource update, given that it topped our expectations while resulting in only a moderate impact on average grades; most importantly, the update reaffirms our view that Amulsar stands out amongst peers given its high ranks on resource size and grade, throughput and recoveries. . .Lydian could be a takeover candidate for companies looking to grow production in the midterm."

Tara Hassan, National Bank Financial (1/24/12) "Lydian International Ltd. issued an updated resource estimate for its flagship Amulsar project (Armenia), posting a notable increase in total resource size on the back of substantial growth in the Indicated category. . .Amulsar's resource increased approximately 26% to 3.2 Moz from 2.5 Moz. We are very encouraged by the resource update, given that it topped our expectations while resulting in only a moderate impact on average grades; most importantly, the update reaffirms our view that Amulsar stands out amongst peers given its high ranks on resource size and grade, throughput and recoveries. . .Lydian could be a takeover candidate for companies looking to grow production in the midterm."

Paul Burchell, Dundee Securities (1/23/12) "Lydian International Ltd. released summary results of its resource update for the 100%-owned Amulsar project. . .that is now estimated to host 68.2 Mt Indicated resources grading 0.98 g/t gold and 3.8 g/t silver (2.1 Moz gold and 8.4 Moz silver), plus additional Inferred resources containing 36.1 Mt grading 0.92 g/t gold and 4 g/t silver (1.1 Moz gold and 4.6 Moz silver). The total gold endowment of more than 3.2 Moz represents an almost 30% increase over the April 2011 estimate of 2.5 Moz. . .given the development and takeover potential, we are maintaining our Buy rating on the company."

Morning Coffee (11/30/11) "Lydian International Ltd. released more positive drill results from its Amulsar gold project in Armenia on Tuesday. . .highlights from the release include hole DDA-223, which returned 99m of 4 g/t gold. . .earlier in the year, the company announced that the Armenian authorities have approved the change of land status from agricultural to industrial at its Amulsar gold project in Armenia. The change of land status from agricultural to industrial is a significant step in Armenia's mine permitting process."

• Corporate Presentation (10/17/11)
• Corporate Fact Sheet (10/11/11)
• Corporate Update (10/7/11)

(11/28/11) LYD: Path to Production

(8/31/11) LYD Corporate Video

Back to Top