Yamana Gold says reserves at Sao Francisco project up 20 pct vs previous study

LONDON (AFX) — Yamana Gold Inc said proven and probable reserves at its Sao Francisco gold project in Brazil have increased 20 pct, according to its final feasibility study.

The final study estimates reserves of 1.04 mln ounces from the previous estimate of 865,000 ounces. The mine is expected to produce an average of 108,666 ounces per year.

The company expects to spend a total of 46.1 mln usd on the project and anticipates production starting in the fourth quarter of 2005. It also plans plans to start output at its Chapada gold-copper project in early 2007.

«We are now working on an update to the neighbouring Sao Vicente mine plan and hope to be able to improve the project even further with increased reserves and an accelerated production schedule,» said Yamana’s president and chief executive Peter Marrone.

«As it currently stands, we expect to be able to produce approximately 950,000 ounces of gold from the two deposits at a cash cost of under 210 usd per ounce,» he added.

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