Yamana Gold hosts official inauguration ceremony for the Gualcamayo mine in San Juan, Argentina
01 10월 2009 - 5:28AM
PR Newswire (US)
Provides exploration update on an exciting new area 10 km north of
Gualcamayo mine TORONTO, Sept. 30 /PRNewswire-FirstCall/ -- YAMANA
GOLD INC. (TSX: YRI; NYSE: AUY; LSE: YAU) today held the official
inauguration ceremony for its Gualcamayo gold mine, coinciding with
the completion of its first quarter of commercial production.
Gualcamayo is a significant operation for Yamana in Argentina where
the Company's interests include a 12.5% interest in the Alumbrera
mine and several development or near development projects including
Agua Rica. Working in collaboration with both the community and
appropriate governing authorities, Yamana was able to develop the
Gualcamayo mine quickly. Construction of the Gualcamayo mine was
substantially completed in less than 20 months following receipt of
a positive feasibility study and the start of construction in
August 2007. The processing of ore at Gualcamayo began in late
December 2008 and Yamana declared commercial production on July 1,
2009. "The inauguration at the Gualcamayo mine is really a
celebration of Yamana's growing presence in the San Juan province,
in the country of Argentina, and throughout South America, and
formally marks a significant milestone in the growth of Yamana,"
said Peter Marrone, Yamana's chairman and chief executive officer.
"We are deeply honoured and gratified to have Cristina Fernandez de
Kirchner, the President of Argentina, Jose Luis Gioja, the Governor
of San Juan Province in Argentina, Julio De Vido, the Minister of
Federal Planning in Argentina and Jorge Mayoral, the Secretary of
Mining in Argentina participate in the formal inauguration of the
Gualcamayo mine, along with several other dignitaries from the
local, provincial and national governments. We look forward to
building upon the strong relationships we have forged since we
first became active in Argentina several years ago. Yamana deeply
appreciates the high level of support that we have received from
the local community and all levels of government." "The
commencement of commercial production at Gualcamayo in July of this
year represents another significant achievement for the Company -
delivering earnings and cash flow from yet another Yamana mining
operation and giving us strong operating presence in another mining
friendly country," said Ludovico Costa, Yamana's president and
chief operating officer. "As with all of Yamana's mines, at
Gualcamayo we are continuing to evaluate ways to maximize output
and cash flow both in the near and longer term." The current
workforce at Gualcamayo is approximately 1,200 individuals,
inclusive of contract and direct employees, more than 90% of whom
are Argentine. Yamana would like to thank all of those who have
contributed to the completion of Gualcamayo and those who have made
the inauguration today possible. The Company would like to also
thank all the participants at today's inauguration ceremony. About
Gualcamayo The Gualcamayo property is located in northern San Juan
Province, Argentina. It consists of three known main mineral
deposits, the main QDD open pit deposit, the Amelia Ines and
Magdalena (AIM) satellite open pit deposits and the potential QDD
Lower West underground zone. The Gualcamayo mine presently has
total measured and indicated mineral resources* of 98.6 million
tonnes at an average grade of 1.10 grams per tonne, totaling 3.5
million ounces of gold, which includes proven and probable mineral
reserves of 83.7 million tonnes at an average grade of 1.08 grams
per tonne, totaling 2.9 million ounces of gold, supporting an
initial mine life of at least 13 years. In addition, the inferred
resource is 12.8 million ounces of gold, at an average grade of
1.04 grams per tonne, totaling 428,000 ounces of gold. This
represents an increase in total measured and indicated mineral
resources of 66% since mid 2006. Production from the Gualcamayo
mine is expected to be more than 120,000 ounces of gold for 2009
and to increase in later years as QDD fully ramps up and with
production contributions from the other deposits. Yamana continues
to advance its exploration efforts at QDD Lower West and a
feasibility study update is expected in 2010. As part of a broader
exploration program at Gualcamayo, an entirely new area of
mineralization, Salamanca, is being explored within the Gualcamayo
area. Salamanca may represent a new area for the addition of
resource ounces for Gualcamayo. * For further details on Yamana's
mineral reserves and mineral resources please see the Company's
Annual Information Form for the year ended December 31, 2008
available at http://www.sedar.com/ Exploration Update - Salamanca,
Gualcamayo, Argentina
----------------------------------------------------- The Salamanca
area is located approximately 10 kilometres north of Yamana's
Gualcamayo gold mine and is within the Gualcamayo mine area (see
map A at http://files.newswire.ca/797/yamana_maps.doc). Recent
drilling results support Yamana's view that Salamanca represents an
important source of further gold ounces for Gualcamayo. These
results will be used to support a mineral resource estimate in the
first half of 2010. The Company is currently conducting a 2,000
metre diamond drillhole program at Salamanca which is designed to
further evaluate previously identified sediment-hosted gold
mineralization. The previous program completed 14 holes and 2,100
metres of drilling. The current drill program is designed to test
for strike length extensions and to investigate the potential for
structural repetitions of the mineralized areas down dip and to the
west. The current drill holes are located within the known
mineralized strike length and confirm or increase the thickness,
strike length and grade of the mineralized zone. Ten drill holes
have been completed to date. Geochemical results for the first
seven holes have been received and are summarized below (also see
maps B and C at http://files.newswire.ca/797/yamana_maps.doc):
-------------------------------------------------------------------------
Hole ID From (m) To (m) Interval (m) Au (g/t)
-------------------------------------------------------------------------
09S-06 62.55 124.8 62.25 1.72 09S-06 including 64 94 30 2.23
-------------------------------------------------------------------------
09S-07 40 114 74 1.2 09S-07 including 62 86 24 1.6
-------------------------------------------------------------------------
09S-08 40 84 44 1.44 09S-08 including 40 68 28 1.81 09S-08 100
106.25 6.25 1.46 09S-08 112 118 6 1.8
-------------------------------------------------------------------------
09S-09 46.85 136 89.15 1.63 09S-09 including 46.85 84 37.15 1.5
09S-09 including 92 118 26 1.71 09S-09 including 122 136 14 2.77
09S-09 231.7 278 46.3 1.56
-------------------------------------------------------------------------
09S-11 33.3 56 22.7 1.22 09S-11 194 204 10 1.05
-------------------------------------------------------------------------
09S-12 22.1 76 53.9 1.25 09S-12 including 45 61.7 16.7 1.53 09S-12
154 184.45 30.45 1.16
-------------------------------------------------------------------------
09S-13 10.1 46 35.9 1.44 09S-13 including 10.1 23.1 13 1.95
-------------------------------------------------------------------------
Significant results from the previous drill program located in the
targeted area are summarized below. These results have not been
subjected to current QA/QC protocols.
-------------------------------------------------------------------------
Hole ID From (m) To (m) Interval (m) Au (g/t)
-------------------------------------------------------------------------
S96-1 0 19.5 19.5 2.4
-------------------------------------------------------------------------
S96-2 4 66.15 62.15 1.01
-------------------------------------------------------------------------
S96-4 66.14 102.5 36.4 2.15
-------------------------------------------------------------------------
S96-5 30.1 69.5 39.4 1.17
-------------------------------------------------------------------------
S97-3 58.3 118.25 51.3 1.50 S97-3 including 58.3 107 41.05 1.85
S97-3 including 58.3 80.3 18.85 2.66
-------------------------------------------------------------------------
S97-5 57.1 149.9 92.8 1.12 S97-5 including 131.25 149.9 18.65 2.07
S97-5 214.4 284.26 69.86 1.79 S97-5 including 221.2 275.75 54.55
1.95
-------------------------------------------------------------------------
Results to date compare favourably to results from the three known
mineral deposits at Gualcamayo, which have resource grades of 1.08
g/t gold at QDD, and 2.6 g/t gold at both QDD Lower West and AIM.
The sediment hosted mineralization at Salamanca is consistent with
the other known mineral deposits at Gualcamayo. Quality Assurance
and Quality Control Yamana incorporates a Quality Assurance and
Quality Control (QAQC) 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. Geochemical assays are
completed by ALS Chemex (the primary lab) and Alex Stewart (the
check lab) in Mendoza, Argentina, with analytical assays by ALS
Chemex completed in Lima, Peru. ALS Chemex is ISO 9001 and ISO
17025 certified and Alex Stewart is ISO 9001 certified. All samples
are initially assayed by FireAA methods and samples over 10 g/t are
re-analyzed by Fire Gravity finished methods. 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
Walter Soechting, P. Geo., Senior Geologist for Yamana Gold Inc.
has reviewed and confirmed the data contained within this press
release relating to Gualcamayo and Salamanca 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
Company's expectations in connection with th projects and
exploration programs 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, 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: Letitia Wong, Director, Investor Relations, (416)
815-0220, Email: ; MEDIA INQUIRIES: Mansfield Communications Inc.,
Hugh Mansfield, (416) 599-0024
Copyright