AUY Yamana Gold Inc.

RNS Number:7204Y
AuIron Energy Ld
12 February 2001

au/iron/energy

12 February 2001


RIGHTS ISSUE - EQUITY FOR PROJECT DEVELOPMENT


AuIron Energy Limited announces a 1-for-4 rights issue at A$0.90 to all
shareholders to raise approximately A$53m to fund the next phase of
development of its projects.


Included in the rights issue for each new AuIron share is an entitlement to
one fully-paid share in the Ballymoney (Northern Ireland) project which will
be separately listed on AIM and in Germany.


The major purpose of the rights issue is to allow shareholders to participate
in funding the development of the projects, firstly, rather than allowing
dilution to third parties.


South Australian Steel & Energy Project (SASE):



The demonstration plant is operating within the planned parameters. The tender
for extracting a trial coal sample from our Phillipson resource closes later
this week.  The coal will be used in the final phase of operations of the
demonstration plant.  We have commenced work on the feasibility study.



New Listing Of Northern Ireland Power Project:



The AuIron Board is of the view that this is the right time to commence the
separation of the Northern Ireland power project into a new publicly listed
company.  The listing and formation of a separate Board will facilitate focus
on that project:



  * Our subsidiary has Measured and Indicated resources of 660 million
    tonnes of lignite coal.
  * Pre-feasibility results indicate that a power station would be
    competititve in Northern Ireland both with existing stations and gas
    stations at high utilisation levels.



TERMS OF THE ISSUE:


  * One new fully-paid share in AuIron AND one new fully-paid share in the
    Northern Ireland coal and power project for every 4 shares held in AuIron
    for a total subscription of A$0.90 (approximately 35p).
  * It is intended that the issue will be underwritten
  * It will be non-renounceable
  * Application monies will be applied A$0.875 to AuIron and A$0.025 (1p) to
    the Northern Ireland power project.


EXPECTED TIMEATABLE

            Mid-March                  Mail prospectus to all shareholders

            Mid-April                    Close the offer

            Early-May                   Issue scrip


Last Year's Achievements:

The Group in the last year:

*        Designed, constructed and commissioned, with the assistance of
Ausmelt and Thiess, the 2-tonne per hour pig iron demonstration plant in
Whyalla.

*        Completed, with the guidance of Corus, the first operation campaign
of the demonstration plant and produced pig iron.

*        Upgraded the demonstration plant capacity to further test efficiency
levels.

*        Completed the final surveys needed of its coal resource in readiness
for opening the test pit.

*        Completed the geological work necessary to confirm the presence of
sufficient iron ore at Measured and Indicated status to feed the proposed 2.5
million tonnes per year iron smelter for in excess of 20 years.



Our Next Steps Include:

  * Complete the operation campaigns of the demonstration plant
  * Complete the feasibility study for the commercial plant
  * Commence design work of the first half million tonne module of the
    planned 2.5 million tonne commercial plant.
  * Extract coal from Phillipson for demonstration plant operations


AuIron Energy Limited ACN 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) 9368 1313. E-Mail auiron@auironenergy.com.au
www.auironenergy.com.au

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