TGR: Lydian recently announced that it was going to modify its crusher design and try to reduce the footprint of its Amulsar deposit. Is that a good plan?
BC: It is. It will increase production, make it a simpler operation and make Amulsar more valuable. . .it has the money to move forward this year and will begin site development. It is my understanding that the International Finance Corp. and European Development Bank want to put money into it.
TGR: Lydian International Ltd. recently took 100% ownership of [its Amulsar] property and got the mining license from the Armenian government. How meaningful are those things?
PV: They are very meaningful, although Lydian already owned a large percentage of the asset. Armenia is very supportive. One of the reasons why this company is trading at such a discount compared to what the project is worth is, I think, a mistaken sense of Armenia. The country is a young, but stable, democracy. It's mining-friendly. There already are a few mines in operation there. I think it's a case of people not liking what they don't know.