Geoteam CJSC is an Armenian mineral exploration and development company. Geoteam CJSC is a 100% owned subsidiary of Lydian International Limited. Geoteam CJSC, was incorporated in 2005 and after an extensive campaign of geological exploration in Armenia discovered what is now its flagship project; the Amulsar mountain. Amulsar is a new gold discovery, the first for over 20 years in Armenia.
Geoteam CJSC is carrying out geological exploration in the Amulsar area of RA Vayots Dzor Marz, under a Prospecting License, granted in 2006 by RA Ministry of Nature Protection. Located along a high ridge top on the border of RA Vayots Dzor and Syunik Marzes, the Amulsar deposit is 170 km south of Yerevan.
Exploration activities undertaken in 2008 identified 16.4 t of gold reserves. In 2009 the company obtained a special Mining License from RA Ministry of Energy and Natural Resources, and in December 2009, after meeting all legal requirements, signed a Mining License Agreement.
In March 2010 the company was awarded a land allocation for mining. Geoteam CJSC continues to explore in the Amulsar exploration licence area, with further mineralisation being identified. On April 5th 2011CSA Global - independent consultants announced that the resource comprises of 2.5 million ounces of gold.
Since incorporation in 2005, Geoteam CJSC has invested more than USD 15 million into its activities in Armenia.
Lydian International Limited is a publically quoted company listed on the Toronto (Canada) Stock Exchange (TSX:LYD). Lydian is a mineral exploration and development company with expertise and a proven track record in discovering and developing new gold deposits. Lydian’s largest shareholders are the International Finance Corporation, (part of the World Bank Group), the European Bank for Reconstruction and Development and Newmont Mining Corporation (the World’s second largest gold miner).
Geoteam seeks to operate in a transparent and collaborative manner with interested and impacted stakeholders. The developed plan summarizes the stakeholder identification process.
Company has already invested $46 m. mostly into exploration activities. We expect to invest over $270 m. during the construction period.
Geoteam’s programs and procedures are aimed at mitigating any possible adverse environmental impact in accordance with international best practice.
Lydian International announced that on the 31st July, 2012 it has received Environmental Impact Assessment (EIA) approval for open-pit mining and location of the waste dump facility at Amulsar.