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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Handshake™ who wrote (15833)	6/21/1999 3:18:00 PM
From: DR. MEADE	Read Replies (4) \| Respond to of 25548

Monday June 21, 7:02 am Eastern Time Company Press Release Yamana/Newmont in Paraguayan Gold Search SPOKANE, WASHINGTON--Yamana Resources announces that it has entered into a letter of intent with a subsidiary of Newmont Mining Corporation [NYSE:NEM - news], whereby Newmont, as operator, will conduct gold exploration programs in the Republic of Paraguay. Such programs will utilize Yamana's local staff and will be based upon Yamana's existing land holdings and databases. A binding agreement is subject to due diligence and Board approvals. Newmont may fund exploration costing US$5 million over six years, with a minimum of US$ 0.5 million for the first year, to earn a 70 percent interest and a further US$4 million, including such feasibility work as Newmont elects, to earn a 75 percent interest. When Newmont vests at 75 percent, Yamana may elect either a 25 percent fully participating interest or 10 percent (during capital payback) and a 15 percent (thereafter) carried interest. Gold exploration will focus on large alkalic rock districts. Alkalics are a special suite of igneous rocks that host great gold deposits elsewhere in the world. One of the more famous is the Cripple Creek, Colorado, district, which has produced more than 20 million ounces at an average grade of about 17 g/t Au, and still contains significant reserves. Yamana has discovered the first recorded gold in bedrock in Paraguay associated with a small breccia pipe within intrusive alkalic rocks. One diamond drill hole yielded 6 meters of 2.48 g/t Au and deeper in the same hole 4 meters of 3.25 g/t Au. The initial area of mutual interest covers approximately 35,000 square kilometers. Newmont will begin exploration with broad geophysical and geochemical surveys. Yamana resources Inc. is a Canadian minerals exploration company focused primarily on silver exploration and development in Argentina, with additional precious-metals interests in Paraguay and Washington state. Richard R. Walters, President and Chief Operating Officer of Yamana Resources Inc., is the qualified person who prepared and is responsible for this news release. 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, included in this release, including, without limitations, statements regarding potential mineralization in Paraguay and Yamana's future plans are forward-looking statements that involve various risks and uncertainties. There can be no assurances that such statements will prove to be accurate, and actual results and future events could differ materially from these anticipated in such statements. 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.