Another gold–bearing mine in Armenia, Amoulsar, will be developed in open-cast manner. Goeteam Company was issued the license for development which represents interest of Canadian Lidian International Company in Armenia. Mine development is supposed to launch in 2011. So far the company has been conducting geological prospecting and research works and stated Amoulsar is a new discovery of new gold reserves in Armenia. Old residents point out at the spot where the French mined gold late in the 19th – early 20th century, but when the Soviet authority was established they left. “Maybe Soviet authorities saved gold or something else, when it wasn't mined,” we were told in Gorayk Village located 18 km far from Amoulsar. According to the company's data, the mine contain up to 1.4 million ounces of gold /about 40 tons/. The company proposes to apply heap leach for 95-97% gold extraction. This information is displaces in “Highlights” section of the company website. Lydian is listed on the Toronto Stock Exchange /Canada/. The current major shareholders are Newmont Mining Corporation, IFC - part of World Bank Group, and the European Bank of Reconstruction and Development. 02.02.2011

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