Here's some Bacon financing news:
FOR FURTHER INFORMATION PLEASE CONTACT:
Yamana Resources Inc.
Victor H. Bradley
(509) 838-6615
(509) 838-0714 (FAX)
E-mail: bhubbard@yamana.com
www.yamana.com
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
NOVEMBER 8, 1999
Yamana Secures Bacon Silver Deposit Production Financing
SP0KANE, WASHINGTON--Yamana Resources Inc. announces that it has
obtained a commitment from Northgate Exploration Limited to
provide up to US$ 4 million in project financing for the first
phase of development of its Bacon silver deposit in Santa Cruz
province, Argentina.
The Bacon deposit currently has an indicated and inferred silver
resource in the Veta Martha vein system of 9.3 million ounces of
equivalent silver (endorsed by Micon International Limited),
including an extraordinarily high-grade zone of sufficient tenor
that it can be economically extracted and shipped directly to a
smelter without mine site preconcentration. Under the first phase
of a multiphase development plan intended to expand the minable
reserves, Yamana will develop a small underground mine, the Martha
Mine, on this direct shipping ore (DSO). Yamana estimates
initially mining 5,000 tonnes of DSO containing in excess of 3
million ounces of silver. Production is expected to begin early
in 2001. Under a recently signed ore purchase agreement, this DSO
will be shipped to Noranda Inc. for smelting and refining at
Rouyn-Noranda, Quebec.
A two-year loan facility of up to US$ 4.0 million will be provided
by Northgate for development of this mine. Initial funding,
expected by early December, is subject to final legal due
diligence and definitive documentation, together with receipt of
necessary consents from remaining holders of Yamana's 8%
Convertible Notes.
As an arrangement fee, Trilon Financial Corporation will receive
warrants to purchase 2 million common shares of Yamana, subject to
regulatory approval.
Vic Bradley, Chief Executive Officer of Yamana, said, "We are
delighted to have achieved this alliance with Northgate. It will
enable Yamana to pursue its long-term strategy of developing a
high-grade silver mining camp in the Patagonia region of southern
Argentina."
Yamana Resources Inc. is a Canadian minerals exploration company
focused primarily on silver exploration and development in
Argentina, with additional precious-metals interests in Paraguay
in partnership with Newmont Mining Corporation.
Victor Bradley, Chief Executive Officer of Yamana Resources Inc.,
is the qualified person who prepared and is responsible for this
news release.
FORWARD-LOOKING STATEMENTS: This news release contains 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,
including, without limitation, statements regarding potential
mineralization and reserves, the commercial viability of the
silver deposit on the Bacon property, and Yamana's future plans
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.
Forward-looking statements are based on the estimates and
opinions of management on the date the statements are made, and
Yamana does not undertake any obligation to update forward-looking
statements should conditions or management's estimates or opinions
change. |
