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.