Argentina - Canadian Yamana Gold initiates construction gold-mine Gualcamayo

The Canadian mine-layer Yamana Gold has just initiated formally the construction of the gold-mine Gualcamayo, in the northwest of Argentina, with an entire investment of 780 millions in weight (245,2 million dollars). The project will create more than 2.000 piece of news positions of direct and indirect work, mostly of the communities near to the deposit, what it will generate “population rooting, major development and better quality of life for the inhabitants of the region”, said at once of throwing of the works the Argentine secretary of Mining, Jorge Mayoral.

Gualcamayo there is the second project of international characteristics that is started in the provincial Argentinian of Saint John (northwest) and it is foreseen that between in his productive stage at the end of this year to reach a production of 1,5 million annual ounces of gold, official sources reported.

Yamana Gold has already invested in this project approximately 300 millions in weight (94,3 million dollars) in exploration tasks and plans to invest another 470 millions in weight (147,2 million dollars) in the construction and starting of the mine.

The project ratifies a stage of historical growth of the mining sector in Argentina, which adds new record in investments, exports, production and employment.

In accordance with the report presented by Argentine Mines, the project will allow an annual production of 150.000 golden ounces.

31-03-2008

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