TIDMAUY
RNS Number : 7698B
Yamana Gold Inc.
14 June 2021
YAMANA GOLD PROVIDES TIMING FOR UPDATE ON FEASIBILITY STUDY AND
DEVELOPMENT DECISION ON WASAMAC PROJECT; ANNOUNCEs ACQUISITION OF
PROPERTIES ADJOINING THE COMPANY'S WASAMAC PROJECT IN
ABITIBI-TÉmiscamingue REGION WHICH REPRESENT STRUCTURAL EXTENSIONS
OF GOLD MINERALIZATION AND ADD SIGNIFICANT EXPLORATION UPSIDE
TORONTO, ONTARIO , June 14, 2021 - YAMANA GOLD INC. (TSX: YRI;
NYSE: AUY; LSE: AUY) ("Yamana" or "the Company") is pleased to
announce that it has agreed to acquire from Globex Mining
Enterprises Inc. the Francoeur, Arntfield and Lac Fortune gold
properties adjoining the Company's Wasamac project as well as
additional claims in the Beuchastel township to the east of the
Wasamac project.
T he acquisition of the Globex claims will significantly add to
the exploration upside of the Wasamac project, and it is consistent
with Yamana's strategy to expand its presence in the
Abitibi-Témiscamingue Region of Quebec. Historical drilling,
previous production from Francoeur and Arntfield, both former
operating mines, and recent trenching and exploration work by
Globex has defined a six-kilometre western continuation of the Wasa
shear - located immediately north of the prolific Cadillac Break -
with mineralization similar to that at Wasamac. Data from the
Globex properties and the adjoining Wasamac project will be
consolidated, and exploration drilling is expected to begin during
the second half of 2021 with the objective of adding mineral
resources that could extend mine life or enhance production at the
proposed Wasamac mine.
The Globex properties also cover several historical gold
producers located along the shear zone and, notwithstanding past
production, exploration will build on a historical drill database
of 1,024 drill holes by drilling several high potential targets
with significant gold intercepts located outside of the
historically mined areas as well as extending known mineral
resources. Wasamac, Francoeur and Arntfield have recorded past
production of over 823,000 ounces of gold, including 508,642 ounces
at Francoeur (2.60 million tonnes at 6.1 grams per tonne ("g/t"));
252,923 ounces at Wasamac (1.89 million tonnes at 4.2 g/t); and
61,524 ounces at Arntfield (480,000 tonnes at 4.0 g/t).(1) The
presence of significant mineralization and excellent exploration
upside adjacent to a planned mine site underscores the potential to
add significant value in the short term to the Wasamac project.
Pursuant to the terms of the Agreement, Yamana will pay an
initial amount of C$4,000,000 on closing, which at the direction of
Globex will be paid in shares, with the remaining payment of
C$11,000,000 payable over four years in either cash or shares at
the election of Globex. In addition, Globex will receive a 2% Gross
Metal Royalty from Yamana, of which 0.5% may be bought back at any
time by Yamana for C$1,500,000, following which the royalty would
be reduced to a 1.5% Gross Metal Royalty.
The acquisition also includes certain other claims in Malartic
township adjacent to the Camflo property which the Company
previously acquired and has transferred to the Canadian Malartic
General Partnership. These claims will be made available to the
partnership also.
Closing of the Transaction is expected to take place on or about
June 21, 2021, subject to usual closing conditions.
1. Historical production for the Francoeur and Arntfield mines
is from the Francoeur NI 43-101 Technical Report published by
Richmont Mines in August 2012; Historical production for the
Wasamac mine is from the Wasamac NI 43-101 Technical Report
published by Monarch Gold in December 2018. Both NI 43-101
Technical Reports are available on SEDAR at www.sedar.com .
The Wasamac Underground Gold Project
Yamana's Wasamac project is located in the Abitibi
-Témiscamingue Region of Quebec, 100 kilometres from the Company's
50%-owned Canadian Malartic mine. The project has existing proven
and probable mineral reserves of 1.8 million ounces of gold (21.45
million tonnes at 2.56 g/t), measured and indicated mineral
resources of 525,000 ounces (6.95 million tonnes at 2.35 g/t), and
inferred mineral resources of 263,000 ounces (3.78 million tonnes
at 2.17 g/t) supported by a previously completed Feasibility Study
in 2018.
Following an in-depth review of the 2018 Feasibility Study,
Yamana has identified opportunities to optimize the processing
plant design, incorporate increased levels of automation in the
underground mine, and optimize the materials handling system to
increase the planned throughput rate to 7,000 tonnes per day. In
addition, t he processing plant and associated infrastructure have
been designed at a nameplate capacity of 7,500 tonnes per day,
representing further production upside. Additional metallurgical
test work supports an optimized processing flow sheet, meaning that
the higher throughput can be achieved with similar-sized equipment
to the 2018 study. In the mine, the underground crusher and
conveyor system requires significantly less capital development
compared to the previous study.
The higher throughput rate supports the Company's vision of
Wasamac as a 170,000 to 200,000 ounce per year producer with all-in
sustaining costs well below the Company's average. The Company has
also identified opportunities to convert additional mineral
reserves at the same average gold grade to maintain an initial
reserve life at the higher than Feasibility Study throughput and
production levels referred to above of more than 10 years. In
addition, mineral resources exclusive of mineral reserves along
with expansion potential at depth and in other areas of the
original claims package support a strategic mine life of more than
15 years. This geological and exploration potential is
significantly improved with the purchase of the Globex claims.
The details of a definitive update of the Feasibility Study are
expected to be announced on or before the release of the Company's
second quarter production and financial results expected in late
July, at which point a formal construction decision will be made
for the Wasamac project. In this period of updating the Feasibility
Study, the Company has also begun the permitting process and
established an office and regional presence in Abitibi-
Témiscamingue.
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 7931 765 223 / +44 203 727 1000
Peel Hunt LLP (Joint UK Corporate Broker)
Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900
Berenberg (Joint UK Corporate Broker)
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800
Credit Suisse (Joint UK Corporate Broker)
Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888
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 Transaction and anticipated timing
of closing; the expectation that the Transaction will significantly
add to the exploration upside of the Wasamac project; the
expectation that drill exploration will be initiated during the
second half of 2021; the timing of the Wasamac Feasibility Study
and the expectation that the exploration work will lead to the
addition of mineral resources that could extend mine life or
enhance production at the proposed Wasamac mine. 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 of each of the companies 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, without limitation, unforeseen impacts on
cash flow, the timing and outcome of the planned exploration work,,
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, fluctuating metal prices changes in
mineral resources and mineral reserves, changes in project
parameters as plans continue to be refined, changes in project
development, 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, , 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, ,
environmental risks, , title disputes or claims, limitations on
insurance coverage, labour disputes, as well as those risk factors
discussed or referred to herein and in Yamana's Annual Information
Form filed with the securities regulatory authorities in all
provinces of Canada and available at www.sedar.com , and Yamana's
Annual Report on Form 40-F filed with the United States Securities
and Exchange Commission. Although all of the companies have
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. None of the companies undertake any
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 Transaction
with Globex and the Company's plans and expectations related
thereto and may not be appropriate for other purposes.
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END
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