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Good progress on the finalization of Environmental and Social Impact Assessment (ESIA)

Geoteam CJSC is pleased to announce good progress on the finalization of the International Environmental and Social Impact Assessment ("ESIA") for the Amulsar project.  When completed, the ESIA will be a public document and it will be accessible in Armenian and English on the Geoteam.am and Lydian international.co.uk websites. We plan to hold a number of public discussions in Armenia on the ESIA with each and every stakeholder interested in the coming months.

About the ESIA

The fundamental document for the assessment of the environmental and social impacts of a project according to international standards is the ESIA.

The Amulsar ESIA is being prepared in line with the Equator Principles ("EPs") as well as meeting the requirements of Geoteam's parent company Lydian International LTD whose main shareholders include the International Finance Corporation (the "IFC", part of the World Bank Group) and the European Bank for Reconstruction and Development ("EBRD").

The EPs were initially developed by a group of leading financial institutions in 2003. They are now the main international rules and regulations ensuring that mining projects are developed in a manner that is socially responsible and reflects sound environmental management practices. Lydian International's shareholders the IFC and the EBRD are signatories of the EPs, which is why there is a guarantee that the Amulsar project will be developed according to the highest international environmental and social standards.

The Amulsar ESIA consists of three parts, nine chapters and a number of appendices on framework management plans and baseline studies that support the ESIA. This is an unprecedented volume of baseline information and scientific research in this field the likes of which have not been seen in Armenia before. It is a result of significant field investigations and surveys carried out by independent international consulting companies Wardell Armstrong InternationalGolder Associates and a number of other reputable organizations and consultants with decades of experience in the mining sector worldwide.

The ESIA includes all the possible impacts and mitigation measures for the project, therefore providing a comprehensive review on all environmental issues, including water, landscape, biodiversity, as well as on health, social (including archaeology and herding), security and safety issues.

The enormous amount of information the ESIA will present to the public on any possible environmental, health and social issue that mining can potentially cause can serve as a good educational basis on modern mining techniques.

It is important for Geoteam that the public is fully informed on every detail of the Amulsar project. We are open for constructive discussion and we have no doubt that society wants to see a responsible approach towards mining. We are sure that Amulsar will become an example of responsible mining, in terms of best international practice of environmental and social management, corporate social responsibility and transparency.

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