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Gold/Mining/Energy : Yamana Resources INC. T- YRI -- Ignore unavailable to you. Want to Upgrade?

To: SwampDogg who wrote (2313)	11/8/1999 5:58:00 PM
From: Alex Harrington	Read Replies (1) \| Respond to of 2346

Here's some Bacon financing news: FOR FURTHER INFORMATION PLEASE CONTACT: Yamana Resources Inc. Victor H. Bradley (509) 838-6615 (509) 838-0714 (FAX) E-mail: bhubbard@yamana.com www.yamana.com NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: YAMANA RESOURCES INC. TSE SYMBOL: YRI NOVEMBER 8, 1999 Yamana Secures Bacon Silver Deposit Production Financing SP0KANE, WASHINGTON--Yamana Resources Inc. announces that it has obtained a commitment from Northgate Exploration Limited to provide up to US$ 4 million in project financing for the first phase of development of its Bacon silver deposit in Santa Cruz province, Argentina. The Bacon deposit currently has an indicated and inferred silver resource in the Veta Martha vein system of 9.3 million ounces of equivalent silver (endorsed by Micon International Limited), including an extraordinarily high-grade zone of sufficient tenor that it can be economically extracted and shipped directly to a smelter without mine site preconcentration. Under the first phase of a multiphase development plan intended to expand the minable reserves, Yamana will develop a small underground mine, the Martha Mine, on this direct shipping ore (DSO). Yamana estimates initially mining 5,000 tonnes of DSO containing in excess of 3 million ounces of silver. Production is expected to begin early in 2001. Under a recently signed ore purchase agreement, this DSO will be shipped to Noranda Inc. for smelting and refining at Rouyn-Noranda, Quebec. A two-year loan facility of up to US$ 4.0 million will be provided by Northgate for development of this mine. Initial funding, expected by early December, is subject to final legal due diligence and definitive documentation, together with receipt of necessary consents from remaining holders of Yamana's 8% Convertible Notes. As an arrangement fee, Trilon Financial Corporation will receive warrants to purchase 2 million common shares of Yamana, subject to regulatory approval. Vic Bradley, Chief Executive Officer of Yamana, said, "We are delighted to have achieved this alliance with Northgate. It will enable Yamana to pursue its long-term strategy of developing a high-grade silver mining camp in the Patagonia region of southern Argentina." 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 in partnership with Newmont Mining Corporation. Victor Bradley, Chief Executive Officer of Yamana Resources Inc., is the qualified person who prepared and is responsible for this news release. FORWARD-LOOKING STATEMENTS: This news release contains 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, including, without limitation, statements regarding potential mineralization and reserves, the commercial viability of the silver deposit on the Bacon property, and Yamana's future plans are forward-looking 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. 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.