17 Jan 2007drilling progress report▲ GoodMajor
Yamana reported infill drilling at Gualcamayo, including hole 06QD-377 with 4.86 g/t gold over 24m inside 2.11 g/t over 84m, and says resources may support a larger operation than the planned 16,000 tonnes per day. It also reported a San Andrés (Honduras) measured and indicated resource of 1,290,000 ounces as of Oct 31, 2006, up 455,000 ounces (54%) from the 835,000 ounces when Yamana acquired the property on Feb 28, 2006, plus reserves of 499,000 ounces. Production at the East Ledge pit is about 80,000 ounces a year, and the company says it is monitoring a new mining law in Honduras that matters for expansion plans; Gualcamayo start-up is still planned for mid-2008.