Yamana Provides Development Stage Projects Update
14 9월 2009 - 9:40PM
PR Newswire (US)
TORONTO, Sept. 14 /PRNewswire-FirstCall/ -- YAMANA GOLD INC.
(TSX:YRI; NYSE:AUY; LSE:YAU) today announced updates to its
development projects, Mercedes in Mexico and Agua Rica in
Argentina. Mercedes, Mexico ---------------- Drilling continued at
Mercedes, focusing primarily on the central and northern portions
of the Las Barrancas Trend, the Northwest Extension at Mercedes,
and the Lupita vein zone. Drilling year to date totals 28,201
metres in 79 core holes. Las Barrancas ------------- Drilling on
the Barrancas Central and North targets continues to intersect
multiple epithermal quartz-carbonate vein and stock work zones
ranging from 1.0 to 23.0 metres in true width, in an area covered
by 70-120 metres of post-mineral volcano-sedimentary rocks. Gold
values in excess of 2.0 g/t gold equivalent (the current cut-off
grade) have been intersected along most of a 900 metre strike
length, covering a maximum vertical range of 180 metres (910 to
1,090 metre elevations). Drilling continues to intersect certain
zones of high-grade gold mineralization (up to 16.0 g/t gold
equivalent over a true width of 5.0 metres). Significant drill
results since the last update provided in the Company's June 17,
2009 press release (using a 2.0 g/t gold equivalent cutoff)
include:
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Hole Vein Ore Shoot From To Interval Au Ag (m) (m) (m) g/t g/t
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M09-452D Barrancas Sur 247.03 255.12 8.09 11.68 68.9
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M09-453D Barrancas Centro 193.11 194.89 1.78 10.75 172.0
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M09-459D Barrancas Centro 138.37 143.3 4.93 7.60 28.2 Barrancas
Centro 204.22 210.31 6.09 4.68 122.2 Barrancas Centro 245.35 256.03
10.68 4.07 62.2 Barrancas Centro 306.56 308.92 2.36 10.27 100.1
Barrancas Centro 318.82 333.42 14.60 5.82 186.2
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M09-461D Barrancas Norte 216.78 224.33 7.55 9.08 57.5
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M09-463D Barrancas Norte 220.77 223.38 2.61 7.75 97.0
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M09-464D Barrancas Norte 177.51 183.86 6.35 15.59 63.0
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M09-469D Barrancas Centro 285.90 289.03 3.13 9.51 116.1 Barrancas
Centro 296.57 298.09 1.52 14.30 94.8 Barrancas Centro 303.40 306.32
2.92 6.71 51.0 Barrancas Centro 310.29 311.76 1.47 12.14 64.7
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M09-470D Barrancas Centro 246.91 249.85 2.94 10.15 46.9
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Drill results at Barrancas are encouraging as assays have confirmed
the presence of additional high-grade gold mineralization around
the drill holes reported in June 2009. Additional drilling to
define ore shoots will be undertaken to confirm continuity of the
high grade mineralization. A 3-D model of geology and
mineralization is expected to be completed by year-end. Lupita
------ Initial 2009 drilling at Lupita confirmed the presence of
over 2.0 g/t gold equivalent gold mineralization along portions of
a 600 metre strike length of the Lupita vein zone, located at the
contact between the upper host andesite and lower lithic tuff. Gold
mineralization extends as much as 360 metres down-dip of surface
outcrops and is open at depth. Significant drill results since the
last update provided in the Company's June 17, 2009 press release
(using a 2.0 g/t gold equivalent cutoff) include:
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Hole Vein Ore Shoot From To Interval Au Ag (m) (m) (m) g/t g/t
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L09-027D Lupita 320.34 323.35 3.01 15.17 16.9
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L09-028D Lupita 246.58 252.68 5.55 2.59 115.3
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L09-029D Lupita 271.58 275.23 3.65 3.25 17.7
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Drilling at Lupita has significantly expanded the potential within
the vein zone, by demonstrating the presence of locally high-grade
gold at greater depths within the vein zone. The drilling program
is being expanded to in-fill and step-out around current drill
holes on 60 metre centres. The Lupita vein will be the primary
focus of drilling for the balance of September and into October of
this year. While additional drilling and other exploration efforts
are ongoing, these results continue to demonstrate the potential
for mineral resource expansion at Mercedes well beyond the current
mineral resources. The Company target remains a mine life in excess
of ten years and these results support this goal. Agua Rica,
Argentina -------------------- Yamana continues to focus on
increasing the value of its Agua Rica project in the province of
Catamarca in Argentina. Agua Rica is a large scale porphyry deposit
with defined copper, gold, silver and molybdenum content. Previous
molybdenum recovery tests suggest that the Agua Rica deposit also
contains significant amounts of rhenium. Based on a 2006
feasibility study update, Agua Rica is expected to produce
approximately 33 million tonnes of ore per year, resulting in
average annual production of approximately 365 million pounds of
copper, 135,000 ounces of gold and 15 million pounds of molybdenum.
The Company is now working on a number of optimization initiatives
that could have a material positive impact on the project.
Potential sources of upside for Agua Rica include: 1. Increasing
the mineral reserve base and/or metal price. Mineral reserves from
the 2006 feasibility study update were calculated based on
US$425/oz gold, US$1.10/lb copper, and US$6.00/lb molybdenum. At
current metal prices, contained metal in mineral reserves would
increase more than 20 percent. 2. Recovery of the very rare metal
rhenium and other metals not originally assumed in the feasibility
study. Initial metallurgical testing of Agua Rica's molybdenum
concentrate suggests that the deposit may contain a significant
amount of rhenium. Rhenium is a dense metal used in alloys
requiring high strength, corrosion resistance and a high melting
point (approximately 3180 degrees C). Demand for rhenium has grown
significantly as new applications are found and the amount of
rhenium used in existing applications is increasing. Superalloys
now account for approximately 70 to 80 percent of rhenium demand
and catalysts account for a further 10 to 15 percent. Yamana has
commissioned a detailed market study on rhenium and is also
advancing further drilling and metallurgical testing relating to
the recovery of large amounts of the metal. The possibility of
achieving rhenium by-product credits may significantly add to the
economics and potential of the project. 3. Alternative concentrate
logistics are being evaluated, including using only rail or
trucking concentrate instead of using pipeline and rail. This could
significantly decrease permitting time and further add value and
improve economics given a reduction in capital from eliminating the
requirement to build a pipeline as well as new port facilities. 4.
Relocating the waste area should have capital and operating cost
benefits. 5. Accessing the mine from a different access point (from
the west versus the south) should improve logistics and reduce
capital and operating costs. Yamana is also continuing to update
other components of the feasibility study delivered in October
2006. The Company believes an updated feasibility study should be
able to show added value and operational efficiencies, making this
viable project even more robust. The Company continues to advance
the permitting process for Agua Rica as well. The main
environmental license was obtained early in 2009. The Company is
now beginning the compliance process for the conditions of the
license and obtaining sectoral permits which are expected within 18
months. Yamana has also begun a process for evaluating potential
strategic partners for the development of Agua Rica. Yamana has
previously indicated that its strategic plan for the development of
Agua Rica would be in participation with one or more industry,
strategic and financial partners. Yamana's primary objective is to
benefit from the significant gold in the deposit at Agua Rica in
addition to deriving further value from the other metals in the
deposit. Quality Assurance and Quality Control Yamana incorporates
a rigorous Quality Assurance and Quality Control program for all of
its mines and exploration projects which conforms to industry Best
Practices as outlined by the CSE and National Instrument 43-101.
All exploration diamond drill cores are split in half by mechanical
or electrical sawing techniques and sampled at appropriate
intervals for assay. The remaining core is stored on-site pending
assay results. Quality Assurance standards, duplicates and blanks
are routinely inserted into the sample stream as a control for
assay accuracy, precision and contamination. The results of these
checks are tracked and failures are reanalyzed. Results are
incorporated into resource models following approval of the QAQC
Manager. Qualified Person Mark Hawksworth, P. Geo., Senior
Geologist for Yamana Gold Inc. has reviewed and confirmed the data
contained within this press release relating to Mercedes and serves
as the Qualified Person as defined in National Instrument 43-101.
About Yamana Yamana is a Canadian-based gold producer with
significant gold production, gold development stage properties,
exploration properties, and land positions in Brazil, Argentina,
Chile and Mexico. The Company 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 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, risk related to non-core mine
dispositions, changes in project parameters as plans continue to be
refined, changes in project development, construction, production
and commissioning 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
for the year ended December 31, 2008 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 financial and operational performance and
results as at and for the periods ended on the dates presented in
the Company's plans and objectives 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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