This week Lydian International, the parent company of Geoteam CJSC announced the appointment of Dr. Armen Sarkissian to the board of directors of the Company.

Dr Sarkissian was appointed as one of the non-executive members (directors) of the Board joining three others in this role.

The CEO and the President of the Company Dr. Tim Coughlin welcomed Mr. Sarkissian’s appointment.

"Lydian welcomes Dr Sarkissian to the Board of Directors. Dr Sarkissian brings a wealth of wisdom and experience to the Company. His presence on the Board is our privilege and is a reflection of the quality of our ever expanding team and Lydian’s commitment to develop a world class operation at Amulsar that will benefit the Company, the communities and Armenia as a whole.", Dr. Tim Coughlin stated.

Dr. Sarkissian commented on his appointment from his office in London.

“I am happy to join the experienced team of the Lydian Directors and remain ready to contribute to the development of its flagship project at Amulsar. I am sure it will be a first-rate operation managed in line with best international practice. The project will benefit Armenia and bring considerable investments and will secure substantial and transparent revenues for its shareholders and the country.”

Dr. Sarkissian was Prime Minister of Armenia from 1996-1997. Prior to that, he was the Armenian Ambassador to the United Kingdom.

Lydian International is a Jersey headquartered company listed on the Toronto Stock Exchange. It owns 100% of Geoteam CJSC that operates Amulsar gold project in Armenia. Lydian plans to invest more than 400 million USD into the project, about 240 million will be invested during the construction period.

The main shareholders of Lydian International are International Finance Corporation (IFC, part of the World Bank Group), The European Bank for Reconstruction and Development (EBRD), Amber Capital, Van Eck Global and a number of other international institutional and private investors.

The Amulsar project will be undertaken in line with the Equator Principles  that are based on a number of environmental and social requirements of some international institutions, IFC Performance Standards among them.