TIDMAUY
RNS Number : 5640T
Yamana Gold Inc.
26 March 2021
YAMANA GOLD ANNOUNCES FILING OF TECHNICAL REPORTS FOR CANADIAN
MALARTIC AND EL PEÑÓN
TORONTO, ONTARIO, March 26, 2021 -- YAMANA GOLD INC. (TSX:YRI;
NYSE:AUY; LSE:AUY) ("Yamana" or the "Company") today provided
notice that National Instrument 43-101 technical reports have been
filed with Canadian securities regulators for the Canadian Malartic
mine in Quebec, Canada, and the El Peñón mine in Antofagasta
Region, Chile. The new technical reports, called "NI 43-101
Technical Report, Canadian Malartic mine, Quebec, Canada" and "NI
43-101 Technical Report, El Peñón Gold-Silver mine, Antofagasta
Region, Chile", respectively, have an effective date of December
31, 2020, and are available under Yamana's profile on www.sedar.com
.
The reports provide technical updates on two of Yamana's
cornerstone assets and information supporting the mineral reserves
and mineral resources that form the basis for the Company's 10-year
strategic production outlook presented in January.
El Peñón
Since the previous El Peñón technical report was filed three
years ago, the operation has gone from strength to strength. During
that time, the Company has continued to successfully expand the
operation's mineralization footprint, replace depletion of mineral
reserves each year at an average replacement factor of 130%, and
develop a pipeline of mineral resources and exploration targets to
maintain a mine life visibility of 10 years or more. Since year-end
2017, gold mineral reserves have increased from 764,000 ounces to
921,000 ounces at year-end 2020. Silver mineral reserves have
increased from 23.6 million ounces to 29.2 million ounces over the
same period.
The operation also continues to add to its mineral inventory in
both the measured and indicated and inferred mineral resource
categories. Since year-end 2019, measured and indicated gold
mineral resources increased by 16% to 765,000 ounces while inferred
gold mineral resources climbed by 16% to 850,000 ounces. Measured
and indicated silver mineral resources increased by 17% to 25.5
million ounces over the same period while inferred silver mineral
resources rose by 9% to 28.1 million ounces. El Peñón has a high
conversion factor of mineral resources into mineral reserves and
plans to draw on high conviction mineral resources that are at
mineral reserve grade and located near mine infrastructure.
Successful development of mineral reserves and mineral resources
has translated into the highest production levels since the Company
rightsized the operation in late 2016. While production is
increasing, costs are decreasing due to the improved cost structure
after rightsizing combined with ongoing cost savings initiatives,
internalization of core mining activities, and operational
improvements. El Peñón, now entering its 22(nd) year of operation,
continues to generate significant free cash flow.
Looking forward to the next 10 years, the Company has outlined a
production profile of approximately 230,000 gold equivalent ounces
("GEO") per year at El Peñón, based on over six years of mineral
reserves and ongoing mineral reserve replacement mostly through
infill drilling on several major veins near existing infrastructure
and mine workings carrying mineral resources at least equivalent to
mineral reserve grade. Continued exploration success would unlock
opportunities to leverage the mine's existing processing capacity
of 4,200 tonnes per day ("tpd") to increase production to
approximately 260,000 GEO per year. Minimal capital investment
would be required to achieve the higher processing rate.
El Peñón has an impressive track record of incremental mine life
extension, and 384,000 metres of drilling is planned from 2021 to
2023 to continue this trend.
El Peñón has all required permits to continue carrying out
mining and processing operations and sufficient tailings capacity
for current mineral reserves plus an additional capacity of
approximately 18.5 million tonnes.
Canadian Malartic
The previous technical report for Canadian Malartic was filed in
2014, shortly after Yamana and Agnico Eagle Mines Ltd. acquired the
operation. Since then, Canadian Malartic has produced four million
ounces of gold (100% basis), increased processing capacity to
57,000 tpd, completed construction of the Barnat pit extension and
highway relocation project, added more than 0.8 million ounces of
underground indicated mineral resource and 13.5 million ounces of
underground inferred mineral resources (100% basis), and approved
construction of the Odyssey underground project, which is expected
to extend the life of the complex to at least 2039 and produce an
average of 545,000 ounces of gold per year (100% basis) when
operating at full capacity beginning in 2029.
Development of the Barnat pit extension was completed in 2020
and mining will gradually transition from the Canadian Malartic pit
to the Barnat pit. The life-of-mine plan assumes a nominal
processing throughput rate of 57,000 tpd, with ore from the open
pit supplemented with consumption of ore stockpiles. Based on
current mineral reserves, the open pit life of mine extends to
2028.
The Odyssey project will benefit from synergies with the
existing open pit operation, and utilization of the existing
processing plant and other infrastructure will significantly reduce
risk and minimize capital requirements. The gradual transition from
open pit to underground mining allows for capital expenditure to be
spread over eight years. Proceeds from the 932,000 ounces of
pre-commercial production (100% basis), which is expected to begin
in 2023, will significantly reduce the external cash requirements
for the construction of the project from C$1,736 million to C$758
million using a gold price assumption of $1,550 per ounce.
Project enhancement opportunities will continue to be evaluated
as the project advances, including opportunities for increased
conversion of mineral resources and extension of the higher-grade
East Goudie zone, which have the potential to significantly extend
mine life and improve the gold production profile in the transition
from open pit to underground mining.
The Odyssey project mine plan currently includes 0.4 million
ounces of the project's 0.8 million ounces of indicated mineral
resources and 6.9 million ounces of the project's 13.5 million
ounces of inferred mineral resources. In total, the mine plan
supports 7.3 million mineable ounces (100% basis) . Lower grade
mineral resources, that fall below cut-off grade when fully diluted
and using a gold price assumption of $1,250 per ounce, are excluded
from the plan. Additional mineral resources are excluded with the
application of a mining recovery factor. Mineral resources from the
Odyssey internal zones are not currently included in the mine plan
due to the increased geological complexity of these zones. Infill
drilling of these zones from underground is planned to increase
geological understanding, which could present opportunities for
additional production during the underground ramp-up period. In
addition, mineral resources from the East Malartic zone at depth
represent another opportunity for future inclusion in the mine
plan, which could extend the life of the underground project.
Infill drilling and additional engineering is required to evaluate
the economic potential of these mineral resources.
For more information on the Odyssey project, please see the
Company's press release issued February 11, 2021, titled 'Yamana
Gold Reports Strong Fourth Quarter Results; Impressive Technical
Study Results Delivered for the Odyssey Underground Project',
available on the Company's website at www.yamana.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 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 and Corporate Communications
416-815-0220
1-888-809-0925
Email: investor@yamana.com
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7974 201 715 / +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 Company's strategy, plans or future
financial or operating performance, results of technical studies,
and updates regarding mineral reserves and mineral resources.
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 Company's
10-year strategic production outlook and 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, changes in national and
local government legislation, taxation, controls or regulations
and/or change in the administration of laws, policies and
practices, 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, silver, copper and zinc), currency exchange rates (such as
the Canadian Dollar, the Brazilian Real, the Chilean Peso and the
Argentine 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, risks
related to asset dispositions, risks related to metal purchase
agreements, risks related to acquisitions, changes in project
parameters as plans continue to be refined, changes in project
development, construction, production and commissioning time
frames, risks associated with infectious diseases, including
COVID-19, 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
timelines, government regulation and the risk of government
expropriation or nationalization of mining operations, risks
related to relying on local advisors and consultants in foreign
jurisdictions, environmental risks, unanticipated reclamation
expenses, risks relating to joint venture operations, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of pending and outstanding litigation and labour
disputes, risks related to enforcing legal rights in foreign
jurisdictions, 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. The forward-looking information
contained herein is presented for the purpose of assisting
investors in understanding the Company's plans and objectives in
connection with the mineral projects discussed herein and may not
be appropriate for other purposes.
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END
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March 26, 2021 03:00 ET (07:00 GMT)
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