Yamana Awaiting Environmental Permit for $3 Billion Copper and Gold Project in Argentina

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Researched by Industrial Info Resources (Sugar Land, Texas)--Minera Agua Rica LLC (Andalgala, Argentina), a wholly owned subsidiary of Yamana Gold Incorporated (NYSE:AUY) (Toronto, Ontario), expects to obtain the necessary environmental approvals in the next few months to move forward with the $3 billion Agua Rica copper, gold and molybdenum project.

Agua Rica is located near the city of Andalgala in northern Argentina's Catamarca province, about 34 kilometers from Alumbrera, one of the world's largest copper and gold mining operations, in which Yamana holds a 12.5% interest. Agua Rica will process 90,000 tons per day of ore and produce 150,000 tons per year of copper, along with associated gold and molybdenum byproducts. After an environmental permit is granted, the company expects to start construction by mid-2009 with project completion scheduled by the third quarter of 2012. The mine is estimated to have a life of about 23 years, with higher grade over the initial 10 years.

Yamana became the project's owner after it acquired Northern Orion Resources Incorporated (Vancouver, British Columbia) last year.

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