Yamana Gold provides update to Pilar mineral resource estimate
14 4월 2009 - 5:30AM
PR Newswire (US)
- Substantial increase in both resource and grade - TORONTO, April
13 /PRNewswire-FirstCall/ -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY;
LSE:YAU) today announced an update to the mineral resource estimate
and progress toward a feasibility level study for the Pilar project
based on 2008 drilling. The Pilar project is a gold mineral
exploration project located in Goias, Brazil, approximately 300
kilometres northwest of the city of Brasilia and approximately 70
kilometres south of Yamana's Chapada mine. Pilar is comprised of
three deposits, Jordino, Ogo and Tres Buracos (JOT). The current
Pilar mineral resource estimate is summarized as follows:
------------------------------------ Inferred Mineral resource
------------------------------------------------------- Grade
Deposit (1) Tonnes Au g/t Ounces
------------------------------------------------------- Tres
Buracos 4,100,000 1.3 171,000
------------------------------------------------------- Ogo 800,000
1.8 48,000 -------------------------------------------------------
Jordino 7,698,000 5.03 1,245,000
------------------------------------------------------- Total
12,598,000 3.61 1,464,000
------------------------------------------------------- (1) The
Tres Buracos estimate is based on a cut-off grade of 0.5 g/t gold
as it is planned as an open pit mine whereas the Ogo and Jordino
estimates are based on a cut-off grade of 1.5 g/t gold as they are
planned as underground mines. Both grade and total resource ounces
have increased substantially from 2007 to end of 2008 as summarized
below: ------------------------------------ Inferred Mineral
resource -------------------------------------------------------
Grade Tonnes Au g/t Ounces
------------------------------------------------------- 2007
12,400,000 2.44 972,000
------------------------------------------------------- 2008
12,598,000 3.61 1,464,000
------------------------------------------------------- Increase
198,000 1.17 492,000
------------------------------------------------------- Percentage
Change 2% 48% 51%
------------------------------------------------------- The
increase in resource is entirely from the high-grade Jordino
deposit which is the largest and most prospective, and now
represents approximately 85% of total contained gold ounces. The
Jordino resource alone substantially increased by 492,000 gold
ounces, or 65%, and its grade improved significantly from 3.1 g/t
to 5.0 g/t, a 62% increase from the previous year. Yamana has now
added approximately 8.4 million new gold ounces before production
to its total gold reserves and resources base, across all
categories, in 2008, exceeding previous expectations of 7.0 million
new ounces. All three deposits share the same geology and structure
along a northwest trend that extends along strike for at least five
kilometres and is covered on the southeast end by post-mineral
sedimentary rocks of the Araxa Group. Mineralization is controlled
by a low angle shear zone with hydrothermal alteration consisting
of sulphidation, mainly as arsenopyrite, and silicification of the
carbonaceous sedimentary rocks across widths of 10 to 20 metres.
Higher grades are clearly associated with structurally controlled
ore shoots distributed along the trend of the Pilar Greenstone
belt. The Ogo and Tres Buracos deposits are located one and 2.7
kilometres northwest of Jordino, respectively. Yamana anticipates
that the three deposits will be developed as one mine. The JOT
deposits are hosted by metasedimentary rocks of the Pilar
Greenstone Belt which is the easternmost of three greenstone belts
in the Goias Massif. The other two greenstone belts include the
westernmost Crixas Greenstone Belt which hosts the Serra Grande
gold mine and the Guarinos Greenstone Belt which is east of the
Crixas Belt and similar in shape and size. The Crixas and Pilar
gold mineralization have very similar structural control,
hydrothermal alteration, stratigraphy and tectonic history, and are
approximately 40 kilometres apart. Yamana controls approximately
65,000 hectares of mineral claims and permits that cover the
majority of the Guarinos and Pilar Greenstone belts. In 2008,
Yamana completed an additional 23,500 metres of diamond drilling on
the project. To date 48,000 metres has been completed in 141 holes.
Drilling focused on increasing the resource down dip and along
strike and on better defining the ore grade continuity through
infill drilling. The majority of the resource has now been outlined
by drilling on a 100x100 metre grid with some sections completed on
a 50x50 metre grid. Yamana has budgeted US$4.1 million for
exploration in 2009 for the Pilar project for approximately 20,000
metres of diamond drilling, of which approximately 12,000 metres
will be focused on growing the resource along strike and down dip.
Infill drilling and tunneling is also planned to further define the
current inferred resource to upgrade the resource category. Almost
all of the extension and infill drilling will be at Jordino. The
Company's view is that an initial mineable resource level of one
million ounces would support a development decision. The Pilar
project is rapidly developing into a defined resource for
feasibility. Yamana believes Pilar is highly prospective and is an
important development stage project for the Company with the
potential to be accelerated. Qualified Person William H. Wulftange,
P.Geo., Director, Technical Compliance for Yamana Gold Inc. has
reviewed and confirmed the data contained within this Press Release
and serves as the Qualified Person as defined in National
Instrument 43-101. UPCOMING EVENTS - Update to C1 Santa Luz
economic analysis: Q2 2009 - C1 Santa Luz construction decision: H2
2009 - Ernesto/Pau-a-Pique feasibility study and construction
decision: by end of 2009 - Mercedes feasibility study and
construction decision: Q1 2010 - Pilar feasibility study and
construction decision: Q1 2010 About Yamana Yamana is a
Canadian-based gold producer with significant gold production, gold
development stage properties, exploration properties, and land
positions in Brazil, Chile, Argentina, Mexico and Central America.
Yamana is producing gold and other precious metals at intermediate
company production levels. Yamana plans to continue to build on
this base through existing operating mine expansions and throughput
increases, the advancement of its exploration properties and by
targeting other gold consolidation opportunities in the Americas.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news
release contains or incorporates by reference "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation. Except for statements of historical fact
relating to the Company, information contained herein constitutes
forward-looking statements, including any information as to the
Company's strategy, plans or future financial or operating
performance. 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 but are not limited to, the advantages determined based on
findings described herein proving to be accurate, the Company's
expectations in connection with the project discussed herein being
met, 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, copper, silver
and zinc), currency exchange rates (such as the Brazilian Real and
the Chilean Peso versus the United States Dollar), possible
variations in ore grade or recovery rates, changes in the Company's
hedging program, changes in accounting policies, changes in the
Company's corporate resources, changes in project parameters as
plans continue to be refined, changes in project development and
production time frames, risk related to joint venture operations,
the possibility of project cost overruns or 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 time lines, government regulation of mining
operations, environmental risks, unanticipated reclamation
expenses, title disputes or claims, limitations on insurance
coverage and timing and possible outcome of pending litigation and
labour disputes, as well as those risk factors discussed or
referred to in the Company's annual Management's Discussion and
Analysis and Annual Information Form filed with the securities
regulatory authorities in all provinces of Canada and available at
http://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 expected operational performance and the Company's
plans and objectives related to the project discussed herein and
may not be appropriate for other purposes. CAUTIONARY NOTE TO U.S.
INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED
MINERAL RESOURCES This news release uses the terms "Measured",
"Indicated" and "Inferred" Mineral Resources. United States
investors are advised that while such terms are recognized and
required by Canadian regulations, the United States Securities and
Exchange Commission does not recognize them. "Inferred Mineral
Resources" have a great amount of uncertainty as to their
existence, and as to their economic and legal feasibility. It
cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of Inferred Mineral Resources may not form the
basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of
Measured or Indicated Mineral Resources will ever be converted into
Mineral Reserves. United States investors are also cautioned not to
assume that all or any part of an Inferred Mineral Resource exists,
or is economically or legally mineable. DATASOURCE: Yamana Gold
Inc. CONTACT: Jodi Peake, Vice President, Corporate Communications
& Investor Relations, (416) 815-0220, Email: ,
http://www.yamana.com/; Letitia Wong, Director, Investor Relations,
(416) 815-0220, Email: ; MEDIA INQUIRIES: Mansfield Communications
Inc., Hugh Mansfield, (416) 599-0024
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