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Gold/Mining/Energy : Yamana Resources INC. T- YRI
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To: R L who wrote (729)10/24/1997 5:25:00 PM
From: Greg W. Taylor  Read Replies (1) of 2346
 
RL:

The $700,000 burn rate is based on projected annual spending which will fluctuate on a month-to-month basis, rather than being a real monthly spending target.

I would add three significant Cavaets: 1) We have a reasonable amount of flexibility with most of our projects so that a decision COULD be made to focus more spending on one project which has taken a particularly positive turn versus one which does not seem so promising, at least in the short term. 2) This buget situation COULD change dramatically with a change in partnerships. As I've said, we are in serious discussions with a number of potential partners on a number of different projects and generally, we are always asking for money "in the ground". Following our Corporate Strategy, we would rather be spending someone else's money than our own. 3) We are always aware of the market sensitivities and we try to take a measured response to them without taking our eye off the ball. There are those who worry that we will run out of money. There are those who have said we are spending too much. There are those who say we have not found "enough" in the first three years of our existence. And, just as there were many, many voices telling us a year ago that we should ONLY be in gold and ONLY in Indonesia, there are those today who want us OUT of gold and OUT of Indonesia. We are an exploration company that can only truly grow by spending money on exploration to find a deposit. We're like the R&D firm in the biotech or high tech field where the great break-through hasn't happened as quickly as the market wants. Our response is that we are aware of these concerns, we take actions which we feel are appropriate and we do everything we can to get the biggest bang for our exploration bucks.

I hope this helps (and is not too pedantic-sounding.)

Greg
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