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Gold/Mining/Energy : Yamana Resources INC. T- YRI
YRI 2.440-7.2%Dec 8 3:00 PM EDT

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To: Tony Beresford who started this subject7/18/2000 11:22:05 PM
From: Ronald Russell  Read Replies (1) of 2346
 
To Anyone:

Would anybody like to comment on the following news releases?

Yamana Moves to Production at Martha Mine - 7/17/00

SPOKANE, WASHINGTON--Yamana Resources Inc. announces that the mining authorities of Santa Cruz province, Argentina, have approved an environmental impact report clearing the way for development and mining of the bonanza-grade Martha Silver Shoot contained in the Martha Mine on the Bacon property. Additionally, Yamana has entered into a development and mining contract with Geovitta S.A., a substantial and experienced underground contract mining company.

Construction of the portal for a 160-meter-long access decline, expected to begin early in September 2000, will intersect the Martha Silver Shoot at a depth of 33 meters and allow production of direct shipping ore to begin by early December 2000. Current estimates are that the first phase of the four-phase Martha Mine operation will produce 3.25 million ounces of equivalent silver from 5,000 tonnes of ore - an average grade of 650 ounces of equivalent silver per tonne of ore

Vic Bradley, Yamana's CEO, stated, ``This move to production represents the departure of Yamana from the ranks of junior explorers. With production financing already in place, Yamana expects to achieve a substantial measure of cash self-sufficiency through this initial mine development in what may become an important new silver-gold district.''

Yamana believes the bonanza silver shoot at its Martha Mine is only a small part of a district-sized fissure-vein complex similar to many famous world-class epithermal bonanza districts.

Additionally, Yamana and Geovitta have agreed to work together to form a strategic alliance to investigate ways to participate jointly in the exploration, development and exploitation of Yamana's Martinetas gold property in the eastern part of Santa Cruz province, approximately 200 kilometers from the Martha Mine/Bacon property. At Martinetas, Yamana has discovered the bonanza Coyote Gold Shoot, which is estimated to contain nearly 41,000 ounces of gold in only 1,900 tonnes of ore. This alliance should result in Geovitta becoming Yamana's mining contractor of choice.

Yamana Resources Inc. is a Canadian public company preparing its Martha Mine within its Bacon property in Argentina for production and exploring in Paraguay.

Yamana Increases Paraguayan Holdings - 7/18/00

SPOKANE, WASHINGTON--Yamana Resources Inc. announces that its second Paraguayan exploration Concession Contract was executed and promulgated as Law No. 1568 on July 6, 2000.

This new contract adds 117,300 hectares (for a total of 122,400 hectares) to the land package over which Yamana and its partner, Newmont Overseas Exploration Limited, a wholly owned subsidiary of Newmont Mining Company (NYSE:NEM - news), now hold exclusive exploration and exploitation rights. The six added areas result from geochemical and airborne geophysical activities carried out by Newmont.

Newmont has been actively exploring Yamana's Paraguay properties since mid-1999. Earlier, Yamana had drilled the first-ever bedrock gold in Paraguay's history while exploring for Cripple Creek (Colorado)-type alkalic rock systems. Anomalies discovered by Newmont have been field checked, and an auger sampling program is advancing the project to drill-ready status. Drilling is expected to start later this year.

Newmont, as Operator, may earn a 70 percent interest in these properties by spending US$ 5 million over 6 years. This interest can be increased to 75 percent upon the expenditure of an additional US$ 4 million.

Yamana Resources Inc. is a Canadian public company preparing its Martha Mine within its Bacon property in Argentina for production and exploring in Paraguay.
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