FOR FURTHER INFORMATION PLEASE CONTACT:
Yamana Resources Inc.
Greg W. Taylor, Vice President
Corporate Development
(509) 838-6615
(509) 838-0714 (FAX)
E-mail: gwtaylor@yamana.com
Home page: yamana.com
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: YAMANA RESOURCES INC.
TSE SYMBOL: YRI
FEBRUARY 2, 1998
Yamana Withdraws Convertible Debenture Financing
SPOKANE, WASHINGTON--Yamana Resources Inc. announces that, due to
continuing depressed market conditions, it has withdrawn its best
efforts placement of convertible debt securities. Yamana noted
that the planned financing was initiated in early November, just
before falling metal prices, especially gold, caused a severe
downturn in international financial markets.
Victor Bradley, Yamana's president and CEO, said, "The financing
was triggered by an unsolicited approach by European investors who
liked our potential, but then the bottom fell out of the gold
price, dragging the market down with it. "
Bradley added: "I firmly believe that companies should raise money
when they can, not when they have to. That's what we tried. We are
financially viable and expect the market to give us another
opportunity in the future."
Yamana Resources Inc. is a Canadian exploration company holding
interests in precious- and base-metals projects in Argentina,
Chile, Paraguay, Papua New Guinea, Indonesia and Washington state.
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