Yamana Gold and Agnico Eagle Complete Acquisition of Osisko Mining
Corporation and the Canadian Malartic Mine
TORONTO, ONTARIO--(Marketwired - Jun 16, 2014) - YAMANA GOLD
INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or "the Company") and Agnico
Eagle Mines Limited (TSX:AEM)(NYSE:AEM) ("Agnico Eagle") are
pleased to announce today the completion of their previously
announced court-approved plan of arrangement (the "Arrangement")
pursuant to which Yamana and Agnico Eagle have jointly acquired
100% of the issued and outstanding common shares of Osisko Mining
Corporation ("Osisko"). Osisko's common shares will be de-listed
from the Toronto Stock Exchange ("TSX") at the close of business
today.
Yamana and Agnico
Eagle now each own 50% of Osisko and have formed a joint committee
to operate the Canadian Malartic mine in Quebec. The partners will
also jointly explore and potentially develop the Kirkland Lake
assets, and continue the exploration at the Hammond Reef, Pandora,
and Wood-Pandora properties.
Each outstanding
common share of Osisko was exchanged for:
- C$2.09 in cash;
- 0.26471 of a Yamana common share;
- 0.07264 of an Agnico Eagle common share; and
- 0.1 of one common share of Osisko Gold Royalties Ltd., a newly
formed company that has commenced trading on the Toronto Stock
Exchange under the symbol "OR". Pursuant to the Arrangement, the
following assets of Osisko have been transferred to Osisko Gold
Royalties Ltd.: (i) a 5% net smelter royalty ("NSR") on the
Canadian Malartic mine; (ii) C$157 million cash; (iii) a 2% NSR on
the Kirkland Lake assets, the Hammond Reef project, and certain
other properties; (iv) all assets and liabilities of Osisko in its
Guerrero camp; and (v) certain other investments and assets.
"The completion of our joint acquisition of Osisko and the
Canadian Malartic mine adds another cornerstone asset to our
portfolio that will contribute significantly to increased
production and cash flow levels as we continue to balance top and
bottom line growth," said Peter Marrone, Chairman and Chief
Executive Officer of Yamana. "We look forward to establishing our
presence in Canada as we work with Agnico to unlock additional
value at Canadian Malartic and develop an exploration program for
the Kirkland Lake assets."
"With the acquisition of Osisko now complete, Agnico Eagle looks
forward to working with Yamana to further optimize the Canadian
Malartic mine and build on the solid operational performance
achieved in May 2014," said Sean Boyd, President and Chief
Executive Officer of Agnico Eagle. "In addition, we are jointly
reviewing the Kirkland Lake portfolio with the intent of designing
an exploration program to expand and upgrade the current resource
base to further enhance shareholder value," added Mr. Boyd.
Additional Information for Shareholders
Shareholders who have questions or who may need assistance with
the completion of letters of transmittal are advised to contact our
Information Agent, Laurel Hill Advisory Group at:
North American Toll Free: 1-877-452-7184
Banks, Brokers or collect calls: 416-304-2011
Email: assistance@laurelhill.com
About Yamana
Yamana is a Canadian-based gold producer with significant gold
production, gold development stage properties, exploration
properties, and land positions throughout the Americas including
Brazil, Argentina, Chile, Mexico and Canada. Yamana plans to
continue to build on this base through existing operating mine
expansions, throughput increases, development of new mines, the
advancement of its exploration properties and by targeting other
gold consolidation opportunities with a primary focus in the
Americas.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has
produced precious metals since 1957. Its eight mines are located in
Canada, Finland and Mexico, with exploration and development
activities in each of these regions as well as in the United
States. The Company and its shareholders have full exposure to gold
prices due to its long-standing policy of no forward gold sales.
Agnico Eagle has declared a cash dividend every year since
1983.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Except for
statements of historical fact relating to the Company, information
contained herein constitutes forward-looking statements, including
any information as to the Company's strategy, plans or future
financial or operating performance. Forward-looking statements are
characterized by words such as "plan," "expect", "budget",
"target", "project", "intend," "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are
based on the opinions, assumptions and estimates of management
considered reasonable at the date the statements are made, and are
inherently subject to a variety of risks and uncertainties and
other known and unknown factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements.
These factors include the Company's expectations in connection
with the expected production and exploration, development and
expansion plans at the Company's projects discussed herein being
met, the impact of proposed optimizations at the Company's
projects, the impact of the proposed new mining law in Brazil and
the impact of general business and economic conditions, global
liquidity and credit availability on the timing of cash flows and
the values of assets and liabilities based on projected future
conditions, fluctuating metal prices (such as gold, copper, silver
and zinc), currency exchange rates (such as the Brazilian Real, the
Chilean Peso, the Argentine Peso, and the Mexican Peso versus the
United States Dollar), the impact of inflation, possible variations
in ore grade or recovery rates, changes in the Company's hedging
program, changes in accounting policies, changes in mineral
resources and mineral reserves, risk related to non-core mine
dispositions, risks related to acquisitions, changes in project
parameters as plans continue to be refined, changes in project
development, construction, production and commissioning time
frames, risk related to joint venture operations, the possibility
of project cost overruns or unanticipated costs and expenses,
higher prices for fuel, steel, power, labour and other consumables
contributing to higher costs and general risks of the mining
industry, failure of plant, equipment or processes to operate as
anticipated, unexpected changes in mine life, final pricing for
concentrate sales, unanticipated results of future studies,
seasonality and unanticipated weather changes, costs and timing of
the development of new deposits, success of exploration activities,
permitting time lines, government regulation and the risk of
government expropriation or nationalization of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims, limitations on insurance coverage and timing
and possible outcome of pending litigation and labour disputes, as
well as those risk factors discussed or referred to in the
Company's current and annual Management's Discussion and Analysis
and the Annual Information Form filed with the securities
regulatory authorities in all provinces of Canada and available at
www.sedar.com, and the Company's Annual Report on Form 40-F filed
with the United States Securities and Exchange Commission.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Company
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates, assumptions or opinions
should change, except as required by applicable law. The reader is
cautioned not to place undue reliance on forward-looking
statements. The forward-looking information contained herein is
presented for the purpose of assisting investors in understanding
the Company's expected financial and operational performance and
results as at and for the periods ended on the dates presented in
the Company's plans and objectives and may not be appropriate for
other purposes.
Lisa DoddridgeVice President, Corporate Communicationsand
Investor Relations416-815-02201-888-809-0925investor@yamana.com
Yamana Gold (TSX:YRI)
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