AUY Yamana Gold Inc.

RNS Number:5264B
AuIron Energy Ld
3 April 2001

Auiron Energy Limited

3 April 2001

INTERNATIONAL INSTITUTIONS TAKE PLACEMENT OF 7 MILLION AUIRON SHARES


Placing

AuIron Energy has placed 7 million shares at 90c each with institutions
raising $A6.3 million prior to its proposed rights offer. The number of
ordinary shares on issue following the placement will be 260,431,386. The
placement represents 2.7% of the issued equity of the company.


Funds raised will be applied towards the acceleration of the group's SASE pig
iron project and Ballymoney development.


The placement reflects growing institutional interest in AuIron since the
announcement in March of its inclusion in the S&P ASX 200 Index effective from
1 April, 2001.


Ballymoney Listing


AuIron's Rights Offer to raise $A53m (net) will no longer include an
entitlement in a listed Ballymoney project. The Board decided that the present
stock market conditions in the UK for new floats make a separate listing
unattractive at this time.


Mr Neill Arthur, AuIron's CEO, commented today: "The energy market situation
in the UK continues to favour the development of the Ballymoney opportunity.
Part of the monies raised by the Rights Offer will be used to take the project
forward, negotiate with prospective power partners and have it independently
valued."


Rights Offer Prospectus


The AuIron prospectus is being amended to allow the Rights Offer documentation
to solely reflect an offer of AuIron shares. A revised timetable will be
issued shortly.


AuIron Energy Limited CAN 000 754 174

Level 3, 134 William Street, Sydney, NSW 2011. GPO Box 4278, Sydney, NSW 2001
Australia

T (61-2) 9357 2044. F (61-2) 9358 1313.

E auiron@auironenergy.com.au

www.auironenergy.com.au


END

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