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Gold/Mining/Energy : Yamana Resources INC. T- YRI
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To: Dan Christensen who wrote (576)6/6/1997 2:22:00 PM
From: Daytek77   of 2346
 
Dan

I own both the warrants and the stock. I am not of the opinion the junior markets will take a year to recover. This is a long time in this arena. I will give you an example to illustrate my point. Last year at this time we were just peaking and the junior bear market as a result of Cartaway and Timbuktu had started to do their damage. There were many companies who wanted to be in Indonesia at all costs and investors were willing to pay big premiums for these companies. Goldstake is one such company which was bid past $4.00 a little over a year ago, now people are not willing to pay $.40! A year is a long time.

To answer your question directly, the warrants expire June 23 1998 and Yamana will be presenting many results over the next year from PNG, Chile, Washington State etc..., you will have the benefit of another round of exploration results from Santa Cruz also. Greg mentioned we might have 2 release a month for some time, that should provide enough amo to get bullish on YRI. If you truly believe that the junior markets will not come back for more than a year do not buy the warrants. If you believe, as I do, that they will bounce back quicker than this, the warrants offer some flexibility. There are less than 3 million issued. I don't know how many outstanding at this time. You can trade the warrants if they double or triple from here $1.80 -$1.90 range is a double or you can excercise them for the purchase of Yamana stock when it goes over $6.00 or so. Either way you have options.

I hope this helps.

Tony
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