Monday, 18th October 2004 (2693 views)

Canadian gold producer Yamana Gold has announced it has obtained $100 million worth of funding for its Chapada project in Brazil.

In addition, the firm also revealed its latest progress on the site, with preparation already started and the selection of a contactor complete.

Peter Marrone, Yamana's chief executive officer, commented: "We are glad to have made the decision to move forward with this financing. Chapada is a robust project with an exceptional rate of return that is improved by this debt financing."

The firm also hopes to complete the feasibility study for its San Francisco heap leach gold project in November.

Production is set to commence by early 2007 and it is thought average annual production will reach over 134,000 ounces per year for each of the first five years of operation.

 

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