Yamana Resources INC. T- YRI Message Board

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Gold/Mining/Energy : Yamana Resources INC. T- YRI

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To: Michael July who wrote (699)	10/1/1997 3:44:00 PM
From: Greg W. Taylor	of 2346

Michael: Thanks for your note. I expect that the boost in gold has helped us but I'd also like to say that I got a very positive response from the majority of the 150+ people that I spoke with at our booth at the show in Calgary on Sunday and Monday. Many were saying that they felt it was time to come back on board or to average down following the relatively dismal performance we've had over the past few weeks in particular. We've got some drilling starting up soon and results from Washington, all of which I'll release soon. JV discussions are progressing well, although we have no deal pending at the moment. One more observation: Last summer, Yamana suffered to a certain extent because we had almost nothing to release while the South American winter close-down was in effect, and Indonesia was at too early a stage for significant results. (Then there was the Indonesian run-up, followed by the Bre-X-sponsored spring cliff-diving event.) This summer was to be different for Yamana BUT a) Indonesia still frightens the market so there has been no point in offering any updates (we don't have our COW's signed, although there's a good chance they'll be signed in November or December and we haven't started drilling yet) and; b) operations at PNG have been very, very slow at producing results. In this latter case, we're completing a 'fix' of the situation and expect results down the road a bit. As a result, we've just gone through another slow news session, a situation complicated by the news about Rio Algom -- which made the corporate decision not to look for gold anywhere -- and Westmin -- which became drawn off to deal with there three main projects, including a huge new copper project with reserves of 0.31 percent copper. The result is that we have drifted down. At least from a news stand-point, that SHOULD now be over. Details to follow. Cheers Greg

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