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

To: G who wrote (958)	2/25/1998 6:44:00 PM
From: Greg W. Taylor	Respond to of 2346

Brian Christie, an analyst from HSBC James Capel wrote that recommendation and forecast (12-month $4) target last week. Brian has visited the project, although not Lejano. His recommendation is based on his visit, the release and a detailed discussion with Dick Walters and myself. However, connecting a Buy recommendation with a house position can be tricky. By definition, there is a conflict of interest at some level. I'm not sure what all of the rules and policies are out there but I'd remind you about the serious advisors who, as part of their credo and since their recommendation could have an impact on the stock, do not buy a stock within a certain period of their making a recommendation. It's an way of maintaining your independence and credibility. This is, for example, why the best houses have at least a Chinese Wall between the analysts and the investment side. And none of this has got anything to do with whatever other corporate issues might be involved in terms of HSBC's cash position or planning goes. I hope this helps. Greg