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YAMANA GOLD ANNOUNCES NEW VICE PRESIDENT EXPLORATION |
01/08/2004 |
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Download this Press Release (PDF 51 KB)
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Yamana Gold Inc. (TSX: YRI; AMEX: AUY; LSE (AIM): YAU) is pleased to announce the appointment of Mel Klohn as Vice President Exploration. Mr. Klohn has agreed to join Yamana as its senior exploration officer responsible for exploration of the company’s extensive mineral concessions in Brazil focusing on regional exploration efforts of the company in particular. Mr. Klohn has over 35 years of exploration experience many of which were in South America and has participated in many mineral discoveries, several of which have become producing mines.
Yamana’s strong cash position allows the company to accelerate exploration of its extensive land holdings. Over the next few months, a comprehensive regional exploration program will be developed focusing on known gold occurrences on the company’s mineral concessions. With Mr. Klohn’s assistance and extensive experience, the company will accelerate exploration efforts in these very prospective areas with an initial focus on the Itapicuru greenstone belt north of the company’s Fazenda Brasileiro mine, satellite areas at Fazenda Nova and as well as at depth at the pre-production São Francisco gold project. Greenstone belts are known for multiple gold occurrences and the company’s efforts will concentrate on finding one or more deposits comparable to its Brasileiro mine. The company’s development stage properties with existing deposits also have considerable further exploration potential along strike, at depth and within reasonable distance of known deposits.
Fazenda Nova is presently under construction and is expected to be in production this Summer. The prior feasibility study at São Francisco is being updated and a production decision is expected in the Summer as well. Prior drilling at São Francisco’s deeper zone beneath the area of the planned open pit operations has also shown grades significantly in excess of reserve grades for the known deposit.
Yamana is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties and land positions in all major mineral areas in Brazil. Yamana expects to produce gold at intermediate company production levels by 2006 in addition to significant copper production by 2007. Yamana also holds gold exploration properties in Argentina subject to earn-in by Peruvian gold producers Buenaventura and Hochshild. Company management plans to build on this base by targeting other gold consolidation opportunities in Brazil and elsewhere in Latin America.
For further information, contact
Peter Marrone
President & Chief Executive Officer
(416) 815-0220
E-mail: investor@yamana.com
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “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 and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
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