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

To: Alex Harrington who wrote (840)	2/2/1998 7:11:00 PM
From: kfdkfd	Read Replies (1) \| Respond to of 2346

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 -------------------------------------------------------------------------------- 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SPOKANE, WASHINGTON--Yamana Resources Inc. announces that, due to continuing depressed market conditions, it has withdrawn its best efforts placement of convertible debt securities.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.