Lydian International, the company having project in Armenia, has received a C$2.13 million cash boost as the European Bank for Reconstruction and Development (EBRD) increased its stake in the company.

These funds can only be used on company’s Armenian projects and will be allocated to its Armenian subsidiaries, Proactiveinvestors.co.uk reports.

The company’s main project is the Amulsar gold mine development in Armenia.

“Last week Lydian unveiled the positive findings of a preliminary economic assessment (PEA) covering the Tigranes and Artavasdes areas of the Amulsar project. It was yet another boost for the impressive deposit which currently has a 2.5 million ounce gold resource and is still open in all directions and more drilling is scheduled this summer.

Beyond this assessment a further ‘sensitivity case’ was considered to include the additional 460,000 potentially mineable ounces of gold from the Erato area at Amulsar. In this scenario the project’s NPV increases to US$614 million,” the article reads.