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) and the European Bank for Reconstruction and Development.