Yamana gets bond refund

Yamana gets bond refund

TORONTO (Reuter): Yamana Resources Inc said on Wednesday it
received a refund of "seriousness guarantees" for 12 contract of
work applications on Jan. 16, 1996 with Indonesia's department of
mines and energy.

The entire US$13.7 million, together with accumulated
interest, was returned to the company on Aug. 12 in accordance
with regulations established by the department of mines and
energy.

Yamana said Barrick Gold Corp lent US$14,666,000 to Yamana
last Jan. 15. Of that amount, Barrick used US$7,166,000 to buy
3,005,310 units of Yamana.

Approvals in principal were issued by the mines department on
Feb. 12 for all 12 COWs, covering 2,722,800 hectares in northeast
Kalimantan, Yamana said. It said it also applied for
reconnaissance permits on seven of the COWs that cover 1,541,200
hectares around the rights held by Bre-X containing their Busang
47 million ounce gold deposit.

Yamana said it commenced geologic reconnaissance and sampling
on July 12.