NEWS RELEASE
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
AUGUST 21, 1997
Yamana Seeks Partner For Properties In Northern Porphyry
Copper Belt In Chile
SPOKANE, WASHINGTON--Yamana Resources Inc. is seeking to form a
joint venture partnership with a major industry participant to
further explore its 10 mineral concessions covering 1,155 square
kilometers in the porphyry copper belt of northern Chile (see
attached map). The Company has retained Rothschild Canada Limited
as advisors to assist in selecting a joint venture partner and
negotiating an agreement.
Yamana's mining claims lie in the north-south corridor of the
Atacama Desert in the central Andes, a zone which hosts some of
the world's largest porphyry copper deposits. The project began
after Yamana geologists obtained geophysical data on regional rock
density variations arising from an accumulation of previous plate
tectonics research. The computer-enhanced geophysical information
is displayed as Isostatic Residual Gravity plots and identifies
gravity lows. These lows indicate less dense underlying rocks such
as those intrusives associated with large porphyry copper
deposits. The Company discovered what Richard R. Walters, COO,
called "a stunning coincidence" between the gravity lows shown in
the data and the major deposits in the porphyry belt, including
Escondida (2.1 billion tonnes [BT] of 1.3 percent Cu), Collahuasi
(3.1 BT of 0.8 percent Cu) and Chuquicamata (3.0 BT of 0.8 percent
Cu).
Yamana has subsequently conducted surveys using a variety of
geochemical and geophysical techniques, including enzyme leach,
ground magnetics, electromagnetics, and induced polarization, that
have further defined the exploration potential. These surveys,
some conducted by independent specialists, identified several
compound anomalies. Yamana is continuing its systematic
exploration of the area.
Yamana Resources Inc. is a Canadian exploration company holding
interests in 13 projects encompassing more than 95 properties
covering over 36,000 square kilometers (8.9 million acres) in
Argentina, Chile, Paraguay, Papua New Guinea, Indonesia and
Washington state.
FORWARD-LOOKING STATEMENTS This News Release includes certain
"forward-looking statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included in
this release, including, without limitation, statements regarding
potential mineralization and reserves, exploration results, and
future plans and objectives of Yamana, are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate,
and actual results and future events could differ materially from
those anticipated in such statements. Certain important factors
that could cause actual results to differ materially from Yamana's
expectations include the uncertain reliability of geophysical and
geochemical data and the interpretation thereof and other factors
disclosed under the heading "Risk Factors" and elsewhere in
Yamana's documents filed from time to time with The Toronto Stock
Exchange, the United States Securities and Exchange Commission and
other regulatory authorities. All subsequent written and oral
forward-looking statements attributable to Yamana or persons
acting on its behalf are expressly qualified in their entirety by
this notice. |
