Dr. Tim Coughlin (Company)

Dr. Tim Coughlin (Telegraph)

Armenian gold developer, Lydian International (LYD:TSX) has appeared to be on the mend after a disastrous announcement by the Armenian authorities recently which saw LYD have to completely redesign their mine plan for the Amulsar gold project.  The reason was due to them reclassifying catchment basins for the important Lake Seven which provides fresh water for much of the area.  Now that the new site of the gold project's processing facilities appears to have been located, President and CEO, Dr. Tim Coughlin has determined it is time to step down and has announced he will no longer be President and CEO by December 31.  This will likely come as a surprise to the market, which has recently bounced from the bottom of approximately $0.57 per share to the current $0.83 per share.

Coughlin has been with Lydian since its inception in 2005 where they started as a grassroots exploration company and now sit on the verge of developing one of the most significant gold projects in Europe.  Coughlin will remain on as Director of the company.

Read: Lydian Announces CEO Transition Plan

Related: Lydian's Amulsar Almost Back in Action