Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Lydian International Seeks Clarity From Armenian Government Over Catchment Basin 0 comments
    Jul 24, 2013 4:11 PM | about stocks: LYDIF

    Lydian International (TSE:LYD) is seeking clarity from the Armenian government over how a resolution to alter the boundaries of a geographical area affects its mine plan for the Amulsar gold project.

    On July 18, the government passed a resolution, which has yet to come into force, which would modify the so called "catchment basin" of Lake Sevan - Armenia's largest freshwater resource.

    Lydian believes the area, where, under the resolution, mineral processing would not be allowed, includes its planned site for a heap leach facility.

    In response to Lydian's enquiries, the firm said it has been invited to participate in a joint working group with the government.

    This will almost certainly result in a delay in the delivery and publication of the firm's revised feasibility study -a document aimed at facilitating financing of Amulsar.

    "The working group is expected to begin working within a week, with a view to reaching a conclusion in an expeditious manner," the firm said in a statement.

    "Pending further clarity on the impact of the resolution and the conclusions of the working group, Lydian is continuing to advance all of its exploration and development activities in Armenia.

    "The company has completed 30% of its planned 20,000 meter drilling program at Amulsar this year and continues to achieve important community support milestones."

    The feasibility study was targeted to be delivered in the third quarter of 2013 and Lydian said the report was now 95% complete.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: LYDIF
Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.