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

To: kingfisher who wrote (1425)	7/22/1998 8:42:00 AM
From: Alex Harrington	Read Replies (2) \| Respond to of 2346

Financing complete: OR FURTHER INFORMATION PLEASE CONTACT: Yamana Resources Inc. Greg W. Taylor, Vice President Corporate Development (509) 838-6615 (509) 838-0714 (FAX) Home page: yamana.com E-mail: gwtaylor@yamana.com NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: YAMANA RESOURCES INC. TSE SYMBOL: YRI JULY 22, 1998 Yamana Completes Convertible Debenture Offering SPOKANE, WASHINGTON--Yamana Resources Inc. announces that it has completed an offering of 8 percent Senior Secured Convertible Notes and Warrants for gross proceeds of US$4,800,000. Bearer Notes were sold in principal amounts of US$5,000, with each note entitling its holder to convert it into 9,090 Common Shares of Yamana. The Notes have a term of five years and are convertible into Common Shares of Yamana at an initial conversion price of US$0.55 (est. C$0.81) per share. Each Noteholder also receives Warrants to purchase 4,545 Common Shares for each note. The Warrants become exercisable into Common Shares at a price of US$0.66 (est. C$0.97) before July 31, 2001, but only in the event that the corresponding Notes are voluntarily converted before July 17, 1999. Under the terms of the offering, specified premiums are available to Noteholders voluntarily converting to Common Shares within the first year. Further, the agreement provides Yamana with the right to force conversion of the Notes if the Company's share price exceeds certain levels during the five-year term. Yamana maintains the option to pay the principal and interest on the Notes either in cash or, subject to certain premiums, in Common Shares. Yamana intends to use the majority of the proceeds from this financing for exploration of its properties in the emerging precious-metals district in the western region of the Company's wholly owned Santa Cruz, Argentina, project. Much of the focus will be on conducting diamond core drilling at Lejano and Bacon, where reverse-circulation drilling discovered deposits of bonanza-grade silver with gold. Yamana also plans initial diamond core drill testing of numerous established targets on several of its properties in the Northern Porphyry Copper Belt in Chile. Details of these two exploration programs, both of which are scheduled to begin in September following the southern winter, will be released in August. Yamana Resources Inc. is a Canadian exploration company holding interests in projects in Argentina, Chile, Paraguay, Papua New Guinea, Indonesia, and Washington state. None of the securities have been or will be registered under the United States Securities Act of 1933 and these securities may not be offered or sold in the United States or to U.S. persons unless an exemption from registration is available. 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 limitation, statements regarding Yamana's planned drilling program and other future plans and objectives of Yamana, 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. Certain important factors that could cause actual events to differ materially from Yamana's expectations include the possibility that future events may lead to changes in Yamana's planned exploration activities, the limited amount of geological data available, the uncertain reliability of drilling results and geophysical and geological data, and the interpretation thereof, changes in metal prices, and other factors disclosed under the heading "Risk Factors" and elsewhere in Yamana's documents 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 dates on which they are made, and Yamana assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

To: kingfisher who wrote (1425)	7/22/1998 10:01:00 AM
From: PSkars	Respond to of 2346

R.Barbi, I agree that this stock is too good to ignore for very long...Silver opened today +17 to 5.71 (Sept) and is a definite breakout above the 50 Moving Average. It still has to get above 5.75 to test the 6.24 area, but, I believe that this is the continuation from the consolidation and this upside move should see at least $8. It will be fueled by lower COMEX stocks, which I believe are shrinking faster than the commerical users can get their hands on it....keep a watch on the total physical stocks from here on out...Buffet or no Buffet this could be the last crack in the dam. Phil