Yamana Gold Inc. (YRI.TO) said it has completed the acquisition
of Extorre Gold Mines Ltd. after receiving final court approval on
With the acquisition, Yamana adds several exploration and
development stage precious metals projects, the most advanced of
which is Cerro Moro, a high grade, gold silver deposit in the
province of Santa Cruz, Argentina.
"We are pleased to finalize the acquisition of Extorre and
through that acquisition, the ownership of its Cerro Moro project.
Integration, exploration and development plans are already
underway. As an initial step, we plan to spend $5 million at Cerro
Morro over the next four months to upgrade and increase mineral
resources, with a focus on certainty in the definition of grade and
size of the ore body," commented Peter Marrone, Chairman and
"We will be evaluating a plan for a 2015 start-up that targets a
production level at or above 200,000 ounces of gold equivalent(1)
per year. This would represent an increase in production of more
than 10% and additional growth in cash flow and earnings. By the
end of the year, we expect to have a definitive plan for
exploration and development to achieve our target. We believe this
asset will deliver significant value to Yamana's shareholders."
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