Monday February 22, 7:02 am Eastern Time
Company Press Release
Yamana Acquires Barrick Gold's Back-In Rights on
Kalimantan, Indonesia
SPOKANE, WASHINGTON--Yamana Resources Inc. announces that it has reached an agreement with Barrick Gold
Corporation [NYSE:ABX - news] to acquire all of Barrick's back-in rights on Yamana's properties on Kalimantan,
Indonesia. The consideration payable by Yamana for this a cquisition is 750,000 Yamana common shares. The transaction is
subject to receipt of all required regulatory approval.
Noted Victor Bradley, Yamana CEO, ''This acquisition frees us to negotiate with potential partners who have an appetite to
initiate drilling and to develop what we feel are promising precious metals drill targets on our signed Contract of Work in
Indonesi a.'' (See Yamana release Feb. 24, 1998.) Geologic, geophysical, and geochemical surveys underline the high
prospectivity of the properties.
Barrick remains Yamana's largest single shareholder (11.43 percent of outstanding shares) and continues to be represented
on Yamana's Board of Directors.
Yamana Resources Inc. is a Canadian minerals exploration company focused primarily in Argentina, with additional interests
in Chile, Paraguay, Papua New Guinea, Indonesia, and Washington state.
FORWARD-LOOKING STATEMENTS: This News Release includes certain ''forward-looking statements'' within the
meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, incl uded in this release, including, without limitation, statements regarding potential
mineralization, Yamana's planned exploration, exploration results, future plans and objectives of Yamana and the prospects
for its Indonesian properties, are forward-look ing statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and actual results and future events could differ materially from
those anticipated in such statements. Certain importa nt factors that could cause actual results to differ materially from
Yamana's expectations include the uncertain reliability of drilling results and other geochemical data and the interpretation
thereof, the possibility of unanticipated costs or inadequa cy of cash resources, political and economic conditions in the
world economy or the conditions in the nations in which the company does business, metal prices and other factors disclosed
under the heading ''Risk Factors'' and elsewhere in Yamana's document s filed from time to time with The Toronto Stock
Exchange, the United States Securities and Exchange Commission and other regulatory authorities. Forward-looking
statements are based on the estimates and opinions of management on the date the statements are made, and Yamana does not
undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions
change.
Contact:
Yamana Resources Inc.
Amy Martin
Investor Relations Coordinator
(509) 838-6615
(509) 838-0714
E-mail: amartin@yamana.com
Home Page: yamana.com |
