Spokane Journal of Business

Yamana to acquire four Argentinian properties

Spokane company also hopes to raise $1 million

  • Print Article

Yamana Resources Inc., of Spokane, has agreed to buy Platero Resources Inc., a Yukon Territory-based exploration company with potential mining properties located near Yamanas Martha Mine and Martinetas property in Santa Cruz province in Argentina.

The acquisition, which is subject to due diligence and other steps, is expected to be completed in January. The acquisition would add four propertiestotaling almost 64,250 acresto Yamanas about 15 gold-and-silver prospects in the Deseado Massif region in southern Argentina, says Victor Bradley, Yamanas president and CEO.

Separately, Yamana says that its proceeding with a private placement financing of units to raise a maximum of $1 million, which would be used partly to continue exploration at some of its properties and to keep Yamanas headquarters operating until it begins receiving cash flow from the sale of ore from its Martha Mine, Bradley says.

Of Plateros four properties, Yamana has the greatest hopes for the Malbec property, which is situated along a structural zone that favorably mirrors Yamanas Bacon property, Bradley says. Some reconnaissance sampling suggests that this lightly explored zone has the potential to contain high-grade vein systems similar to those of the Bacon property, he says.

Were excited because the Malbec property ties together three properties, Bradley says.

Plateros Malbec, Cabernet, and Merlot all are in the southwestern part of the region near Yamanas Bacon property, which is also where Martha Mine is located.

Yamana began developing the first phase of its Martha Mine in September and plans to begin shipping ore from the silver mine in February, Bradley says.

At first, the company plans to mine two of four known silver pockets, which are believed to contain a total of nearly 3.25 million troy ounces of silver at a grade of more than 650 ounces a metric ton. Martha Mine will have a total of four phases of development, he says.

Plateros fourth property, called Syrah, is located near Yamanas Martinetas prospect.

Yamanas Martinetas property has gold-vein systems, and the company says that early drilling and trenching at Plateros Syrah property have identified at least another three possiblethough incompletely exploredvein systems.

  • Lisa Harrell

  • Follow RSS feed for Lisa Harrell

Read More

Sign up for our E-mail updates

including the
Morning Edition

Join our list