TIDMAUY
RNS Number : 5384M
Yamana Gold Inc.
22 January 2021
YAMANA GOLD cOMPLETES ACQUISITION OF wasamac property and camflo
property and mill, And BEGINS ADVANCING WASAMAC DEVELOPMENT
PLANS
TORONTO, ONTARIO, January 22, 2021 -- YAMANA GOLD INC. (TSX:YRI;
NYSE:AUY; LSE:AUY) ("Yamana" or the "Company") is pleased to
announce the successful completion of Yamana's acquisition of the
Wasamac property and the Camflo property and mill from Monarch Gold
Corporation ("Monarch") through its acquisition of all of the
issued and outstanding shares of Monarch (the "Monarch Shares") not
owned by Yamana under the previously-announced plan of arrangement
(the "Arrangement"). In connection with the Arrangement, Monarch
completed a spin-out to its shareholders, through newly formed
Monarch Mining Corporation ("Monarch Mining"), of its other mineral
properties and certain other assets and liabilities.
The addition of the Wasamac project to Yamana's portfolio
further solidifies the Company's long-term growth profile with a
top-tier gold project in Quebec's Abitibi region, a prolific mining
district where Yamana has deep operational and technical expertise
and experience. Additional details about Wasamac and Yamana's
initial plans for the asset include:
o Wasamac is located 15 kilometres west of Rouyn-Noranda in the
Abitibi region of Quebec adjacent to the Trans-Canada highway and
Ontario Northland rail line, and 100 kilometres from the Company's
50%-owned Canadian Malartic mine.
o The project consists of a single, continuous shear zone with a
consistent grade distribution and wide mining widths, making it
amenable to simple, productive, and cost efficient underground bulk
mining methods.
o The geological characteristics of the Wasamac ore body suggest
it holds the potential to be an underground mine with the potential
to achieve the same scale, grade, production, and costs as Yamana's
successful Jacobina mine in Brazil, and it possesses many parallels
to the underground project at Canadian Malartic.
o The project has existing proven and probable mineral reserves
of 1.8 million ounces of gold at 2.56 grams per tonne.(1) (See
mineral reserve and mineral resource statement at the end of this
press release.) Mineral resources and proven and probable mineral
reserves are supported by a Feasibility Study(1) previously
completed by Monarch in 2018 (the "Wasamac Feasibility Study"), and
Yamana completed independent geological modelling, mineral
resources and mineral reserves validations, among other extensive
work, as part of its due diligence reviews to ensure greater levels
of accuracy. There remains excellent potential for significant
future exploration success and mineral resource conversion, with
the deposit remaining open at depth and along strike.
o The currently defined deposit is situated at shallow depths in
comparison to other Abitibi mines. Current known mineralization
reaches a depth of approximately 800 metres, which offers the
opportunity for ramp access at low relative up-front development
costs over a relatively short development time frame.
o Yamana plans to build on the ongoing permitting and social
licensing effort carried out by Monarch, applying the Company's
strong ESG framework and best practices, and leveraging the
Company's extensive experience in permitting and proven track
record of building strong, respectful, and mutually beneficial
relationships with the communities and governments wherever it
operates.
o The Company will target increasing the mineral inventory and
perform optimizations to further enhance the project's value,
advance engineering, and de-risk execution, leveraging Yamana's
technical expertise and adhering to the Company's disciplined
capital approach.
o Building off the work completed to date, Yamana plans to
commence an exploration and infill drilling campaign and other
studies to refine and expand upon the potential of Wasamac and its
development alternatives.
o The Company plans to open a regional office in the coming
months to support community engagement.
Completion of the Arrangement
Under the terms of the Arrangement, each former holder of
Monarch Shares received, in exchange for each Monarch Share held
immediately prior to the effective time of the Arrangement: (i)
0.0376 of a Yamana Share; (ii) C$0.192 in cash from Yamana; and
(iii) 0.2 of a share of Monarch Mining.
In aggregate, Yamana issued 11,608,195 Yamana Shares (the
"Consideration Shares") and approximately C$59.3 million in cash
under the Arrangement to former Monarch shareholders as
consideration for their Monarch Shares. Upon closing of the
Arrangement, existing Yamana shareholders and former Monarch
shareholders own approximately 98.8 % and 1.2 % of the issued and
outstanding Yamana Shares, respectively. Monarch shareholders also
received shares of Monarch Mining under the Arrangement. Yamana now
owns 4,450,000 common shares of Monarch Mining, or approximately
6.7% of the outstanding common shares of Monarch Mining, and is
entitled to acquire an additional 2,225,000 common shares of
Monarch Mining upon the exercise of previously held Monarch
warrants, representing a partially-diluted share ownership in
Monarch Mining of approximately 9.8%. Yamana looks forward to
participating in the value created from Monarch's remaining
pipeline of development and exploration projects.
As Monarch is now a wholly-owned subsidiary of the Company, the
Monarch Shares are anticipated to be de-listed from the Toronto
Stock Exchange ("TSX") at the beginning of next week. Yamana will
also apply to the applicable securities regulators to have Monarch
cease to be a reporting issuer and terminate the entity's public
reporting obligations. This release is being made jointly with
Monarch, as Monarch currently remains a reporting issuer.
The Company also plans to apply to the Financial Conduct
Authority (the "FCA") and London Stock Exchange plc (the "LSE")
respectively for the Consideration Shares issued under the
Arrangement to be admitted to the standard listing segment of the
Official List of the FCA and to trading on the main market for
listed securities of the LSE (together, "Admission"). It is
expected that Admission will become effective at 8:00 a.m. on 27
January 2021. An additional 388,759 Yamana Shares have been
reserved for issuance to former Monarch warrantholders on exercise
of their warrants.
Following the issuance of the Consideration Shares, the
Company's issued share capital now consists of 964,260,851 common
shares and the total number of voting rights in the Company is
964,260,851. This figure may be used by Shareholders as the
denominator for the calculations by which they determine if they
are required to notify their interest in, or a change in their
interest in, the Company under the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority.
Further details regarding the Arrangement are set out in the
management information circular of Monarch dated November 30, 2020,
which is available on under Monarch's profile on SEDAR at
www.sedar.com . A copy of the early warning report of Yamana in
connection with the acquisition of the Monarch Shares is available
on SEDAR under Monarch's SEDAR profile at www.sedar.com and can be
obtained by contacting Yamana at the contact information below.
Information for Former Monarch Shareholders
Pursuant to the Arrangement, former Monarch shareholders are
entitled to receive the above-noted cash and Share Consideration
for each Monarch Share held prior to closing of the
Arrangement.
In order to receive such consideration in exchange for Monarch
Shares, registered shareholders of Monarch must complete, sign,
date and return the letter of transmittal that was mailed to each
Monarch shareholder prior to closing. The letter of transmittal is
also available under Monarch's profile on SEDAR at www.sedar.com .
For those shareholders of Monarch whose Monarch Shares are
registered in the name of a broker, investment dealer, bank, trust
company, trust or other intermediary or nominee, they should
contact such nominee for assistance in depositing their Monarch
Shares and should follow the instructions of such intermediary or
nominee. For further details regarding the submission of the
letters of transmittal, please refer to the Monarch management
information circular dated November 30, 2020 available under
Monarch's profile on SEDAR at www.sedar.com , or questions may be
directed to the depositary, Computershare Trust Company of Canada,
at 1-800-564-6253 or via email at
corporateactions@computershare.com .
Mineral Reserve Statement, Wasamac deposit
Proven Mineral Reserves Probable Mineral Reserves Total Proven & Probable
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's)
-------- ------ ------------ -------- ------ ------------ -------- ------ ------------
Gold 1,028 2.66 88 20,427 2.56 1,679 21,455 2.56 1,767
-------- ------ ------------ -------- ------ ------------ -------- ------ ------------
Mineral Resource Statement, Wasamac deposit
Measured Mineral Resources Indicated Mineral Resources Total Measured & Indicated
Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
(000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's)
-------- ------ ------------- --------- ------ ------------- -------- ------ -------------
Gold 3,990 2.52 323 25,870 2.72 2,265 29,860 2.70 2,588
-------- ------ ------------- --------- ------ ------------- -------- ------ -------------
Inferred Mineral Resources
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
-------- ------ -------------
Gold 4,160 2.20 294
-------- ------ -------------
To view all of the assumptions and the names of qualified
persons who prepare the mineral reserve and mineral resource
estimates, please refer to the Wasamac Feasibility Study available
under Monarch's profile on SEDAR at www.sedar.com .
Qualified Persons
Scientific and technical information contained in this news
release has been reviewed and approved by Sébastien Bernier (P.Geo
and Senior Director, Geology and Mineral Resources). Sébastien
Bernier is an employee of Yamana Gold Inc. and a "Qualified Person"
as defined by Canadian Securities Administrators' National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
About Yamana
Yamana Gold Inc. is a Canadian-based precious metals producer
with significant gold and silver production, development stage
properties, exploration properties, and land positions throughout
the Americas, including Canada, Brazil, Chile and Argentina. Yamana
plans to continue to build on this base through expansion and
optimization initiatives at existing operating mines, development
of new mines, the advancement of its exploration properties and, at
times, by targeting other consolidation opportunities with a
primary focus in the Americas.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
416-815-0220
1-888-809-0925
Email: investor@yamana.com
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 203 727 1000
Email: Yamana.gold@fticonsulting.com
Credit Suisse (Joint UK Corporate Broker)
Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888
Joh. Berenberg Gossler & Co. KG (Joint UK Corporate Broker)
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800
Peel Hunt LLP (Joint UK Corporate Broker)
Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news
release contains or incorporates by reference "forward-looking
statements" and "forward-looking information" under applicable
Canadian securities legislation and within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking information includes, but is not limited to,
information with respect to the expected timing for the de-listing
of the Monarch Shares from the TSX, and Monarch ceasing to be a
reporting issuer and the Company's initial plans for the Wasamac
project. 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 ability of the parties to receive, in a timely manner
and on satisfactory terms, the necessary regulatory approval and
other expectations and assumptions concerning the Arrangement
changing; the Company's plans related to the Wasamac project
changing; as well as those risk factors discussed or referred to
herein and in the Company's 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.
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