Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Gold Bulls Should Consider Lydian International

This article is about Lydian International (OTC:LYDIF). The company has a market capitalization of $155 million ($160 million fully diluted). It is currently in the processes of developing its Amulsar property in Armenia. While the company also owns the Kela project in Georgia, almost all of its value is in Amulsar plus the cash it has on its balance sheet (about $30 million as of the end of March, 2013).

Amulsar will go into production in 2015. The company will produce at least 100,000 ounces of gold per year at Amulsar, and this figure is anticipated to surpass 200,000 ounces during the mine's peak period of production--about six years in; however this could occur as soon as the

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