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Gold/Mining/Energy : Yamana Resources INC. T- YRI
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To: Robert Dydo who wrote (670)9/5/1997 2:15:00 PM
From: Greg W. Taylor   of 2346
 
Robert:

I apologize if I was suggesting that I know anything about SHF's plans in Indonesia beyond the fact that it appears the Company is reticent about operating in the area. What they have said specifically, you've already read:

"In response to the vastly changed investment sentiment towards Indonesia since the Bre-X debacle, the company [SHF] intends to scale back its earlier planned aggressive exploration program in Indonesia and to concentrate on attracting joint venture partners to finance a large portion of the future exploration costs. The company will continue to regard its Indonesian areas as the core of its exploration efforts, but will look for other mineral industry opportunities outside of Indonesia."

You're right. This is not the same as "we are getting out." I believe that South Pacific is well run and has extremely credible and honest management. They are friends. At the same time, Yamana is already diversified well beyond Kalimantan. We just happen to like what we have in the ground in Indonesia very much and, barring some major problems with the 7th Generation CoWs -- which certainly is possible -- we intend to keep playing in that particular exploration arena. In our view, the Pacific Rim of Fire -- including Kalimantan -- remains one of the most highly prospective gold regions in the world.

I hope this clarifies my position.

Greg
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