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

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To: Greg W. Taylor who wrote (781)	12/5/1997 1:20:00 PM
From: Greg W. Taylor	Read Replies (1) of 2346

TO: Any interested Re: Message: greg, why is that it takes so long to sign these Cow's in INDO. What is the delay connected to? Is there a matter of money to be fronted to the gvmt? I just can't understand why it has to take 1/2 to year just to sign papers to own the rights to the land and start drilling. Hope the ABX meeting goes well!!! happy ThanksGiving!!! ----- This message was sent to me on November 28 so I apologize for not getting to it sooner. The meeting with Barrick yesterday went exceptionally well. They are very happy with what we have accomplished, commended us on the quality of the work we've done and continue to do and repeated their commitment to the project. The basic plan remains the same: If, as expected, COWs are granted within the next few weeks, then we would prepare for drilling as soon as possible after that... which would certainly be months later. The time to have the COWs granted is so long for several reasons. The good ones are: a) We and the other applicants must complete exploration work first; b) For us, this exploration work should reduce the area applied for so that we are focused on the best areas and getting rid of the "moose pasture." (We've already dropped 1,000,000 hectares and plan to focus our efforts even more tightly than that in the near future.) c) There are other places where these things take a long time as well, such as Washington state. Normal bureaucratic / political delays. The lousy ones are: a) Some of the rules are either changing or unclear, so we don't know how long it will take and noone can be pushed. Ditto concerning the decision-makers below Suharto. b) The country has limited experience in this area and no senior officials who view the timing issue in the same way that North American business people do. No, we are not giving special monies to the government or officials over there. It's not how either we or Barrick do business. I'm sure there are others who act that way but we don't and won't. Having said this, the delay thus far has been useful for us in that it's given us time to take a close look at much of our ground so that we can cut our costs going forward. Add to this the fact that the market is not giving anyone value for exploration ground in Indonesia right now. I hope this helps. Greg

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