Yamana Gold Inc. AUY

Primary Symbol: T.YRI

Metals & Mining Industrial Metals & Minerals

Yamana Gold Inc is a Canadian-based precious metals producer with gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile, and Argentina. The company's segment includes Canadian Malartic; Jacobina; Cerro Moro; El Penon; Minera Florida and Corporate and other. It generates maximum revenue from the Canadian Malartic segment.

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Yamana Gold Inc.

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Post by Banffstockeron Feb 05, 2009 9:27am

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Post# 15754100

Atna Provides Update on Exploration Venture Proper

Atna has received results from Yamana Gold Inc.'s ("Yamana") (TSX: YRI)(NYSE: AUY) exploration drilling program at Atna's Clover Project, Elko County, Nevada. Yamana completed 10 reverse circulation rotary drill holes (9,240 feet) in the Clover Hill area of the property. The 2008 drilling focused on extending the Clover Hill structure to the north of Yamana's 2007 drilling which included 35 feet grading 0.302 ounce per ton ("oz/t") gold in hole CV006. Yamana's 2008 drilling extends gold mineralization in this structure an additional 650 feet to the north, clearly demonstrating new discovery potential at the property. Drill results from Yamana's latest effort are as follows:
Yamana has informed Atna that it intends to prepare and submit a Plan of Operations with the Bureau of Land Management commencing in early 2009 to allow for further drill testing of the Clover Hill zone and other targets within the Clover project. Project planning continues and permit applications will follow as soon as drill hole planning is completed.

The Clover prospect is a low-sulphidation, vein-hosted, epithermal gold prospect located adjacent to the Midas trough within the Northern Nevada Rift. Clover's geologic setting is similar to Newmont Mining's Ken Snyder (Midas) mine 8 miles to the east and also adjacent to the Midas trough.
Yamana may earn a 51% interest in the Clover property by incurring exploration expenditures of US$3,300,000 and making payments to Atna totaling US$635,000 before June 19, 2010. Atna received a payment of US$150,000 in January 2009, as a portion of the initial earn-in requirements. Yamana may elect to increase its interest to 70% by completing a pre-feasibility study on the property.
All assay data from Yamana drill holes were completed by ALS Chemex and ISO certified analytical laboratory. Assays were completed by standard fire assay methods with an atomic absorption finish for both gold and silver with over limit assays being re-assayed by standard fire assay with a gravimetric finish. Yamana and ALS Chemex have rigorous quality control protocols in place to insure the quality of the analytical data reported in this press release.