Lydian International has been awarded a new mining license for the Tigranes/ Artavazdes open pit at its Amulsar gold project in Armenia, according to proactiveinvestors.com.au.
Lydian received the license after submitting a technical health and safety review and an Environmental Impact Assessment.
The new license is valid until 2034 with extensions permitted as new resources are approved.
It allows four years for construction and for the company to mine not less than 2.6 million tons of ore per year. The company's current mine development is scheduled for 2015.
"This is another step towards gold production at Amulsar and continues to show the government's support of the mineral industry in Armenia" said Tim Coughlin, Lydian’s chief executive and president.
"These are busy times for Lydian and Amulsar. This month we plan to provide the Government of Armenia all necessary documentation for its independent review of the Environmental and Social Impact Assessment. Drilling also continues with the aim of adding to the current reserve by converting in-pit resources."
