Yamana Gold Inc. Form 6-K
FORM
6-K
UNITED
STATES
SECURITIES
AND EXCHANGE
COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For
the
month of May 2006
Commission
File Number 001-31880
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Yamana
Gold Inc.
(Translation
of registrant's name into English)
|
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150
York Street
Suite
1902
Toronto,
Ontario M5H 3S5
(Address
of principal
executive offices)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
|
Form
20-F
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....[
]..... |
Form
40-F |
....[X].... |
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____
Note:
Regulation S-T Rule 101(b)(1) only permits the submission in
paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____
Note:
Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a Form 6-K if submitted to furnish a report or other document that
the registrant foreign private issuer must furnish and make public under the
laws of the jurisdiction in which the registrant is incorporated, domiciled
or
legally organized (the registrant’s “home country”), or under the rules of the
home country exchange on which the registrant’s securities are traded, as long
as the report or other document is not a press release, is not required to
be
and has not been distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate
by check mark whether by furnishing the information contained in this Form,
the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
Yes
|
....[
].... |
No
|
....[X].... |
If
"Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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YAMANA
GOLD INC. |
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|
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| Date: May
05, 2006 |
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/s/ Charles
Main |
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Name:
Charles Main |
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Title:
CFO |
YAMANA
ANNOUNCES THE COMPLETION OF ITS EARLY REPAYMENT OF ITS SENIOR SECURED NOTE
FACILITY
YAMANA
GOLD INC.
(TSX:
YRI; AMEX: AUY; LSE (AIM): YAU) is pleased to announce that is has completed
today its previously announced repayment of its senior secured note facility
(see press release dated April 19, 2006).
Commenting
on the transaction, Chuck Main, the Company’s Chief Financial Officer, said “The
closing of this transaction is a significant milestone for the Company and
represents part of management’s continuous efforts to improve the financial
foundation of the Company. Combined with the closing of our equity financing
this week, we have increased our cash balances. With the elimination of our
debt
we are in a strong financial position and it provides us with increased
flexibility to carry out our expansion plans. Annual interest costs are reduced
by US$11-12 million per year, which have been capitalized until now as part
of
the capital construction costs of our Chapada copper gold project and would
have
been charged to earnings upon the reaching of commercial production. This
transaction provides us significant financing flexibility in an interest
rate
environment that combined with the current cash flow generation of the Company,
and our cash position, would allow us to reduce our costs of any future
financing. The current attributes of the Company also would reduce the extent
of
encumbrances by security and covenant requirements associated with
debt.”
Yamana
is
a Canadian gold producer with significant gold production, gold and copper-gold
development stage properties, exploration properties, and land positions
in all
major mineral areas in Brazil and Central America. Yamana expects to produce
gold at intermediate company production levels in 2006 in addition to
significant copper production by 2007. Management of Yamana plan to continue
to
build on this base through the advancement of its exploration properties
and by
targeting other gold consolidation opportunities in Brazil and elsewhere
in
Latin America.
This
release does not constitute an offer for sale of securities in the United
States. Securities may not be offered or sold in the United States absent
U.S.
registration or an exception from U.S. registration requirements.
For
further information, contact
|
Peter
Marrone
President
& Chief Executive Officer
(416)
815-0220
E-mail:
investor@yamana.com
|
Chuck
Main
Chief
Financial Officer
(416)
815-0220
E-mail:
investor@yamana.com
|
FORWARD-LOOKING
STATEMENTS: This news release contains “forward-looking statements”, within the
meaning of the United States Private Securities Litigation Reform Act of
1995
and similar Canadian legislation, concerning the business, operations and
financial performance and condition of Yamana Gold Inc. Forward-looking
statements include, but are not limited to, statements with respect to estimated
production, synergies and financial impact of the proposed transaction; the
benefits of the proposed transaction and the development potential of Yamana’s
properties; the future price of gold and copper; the estimation of mineral
reserves and resources; the realization of mineral reserve estimates; the
timing
and amount of estimated future production; costs of production; capital
expenditures; success of exploration activities; permitting time lines and
permitting, mining or processing issues; currency exchange rate fluctuations;
government regulation of mining operations; environmental risks; unanticipated
reclamation expenses; title disputes or claims; and limitations on insurance
coverage. Generally, these forward-looking statements can be identified by
the
use of forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or variations
of such words and phrases or state that certain actions, events or results
“may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are based on the opinions and estimates of management
as of the date such statements are made, and they are subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Yamana to be
materially different from those expressed or implied by such forward-looking
statements, including but not limited to risks related to: unexpected events
during construction, expansion and start-up; variations in ore grade, tonnes
mined, crushed or milled; variations in relative amounts of refractory,
non-refractory and transition ores; delay or failure to receive board or
government approvals; timing and availability of external financing on
acceptable terms; the business of Yamana not being integrated successfully
or
such integration proving more difficult, time consuming or costly than expected;
not realizing on the anticipated benefits from acquisition transactions or
not
realizing on such anticipated benefits within the expected time frame; risks
related to international operations; actual results of current exploration
activities; actual results of current reclamation activities; conclusions
of
economic evaluations; changes in project parameters as plans continue to
be
refined; future prices of gold and copper; possible variations in ore reserves,
grade or recovery rates; failure of plant, equipment or processes to operate
as
anticipated; accidents, labour disputes and other risks of the mining industry;
delays in the completion of development or construction activities, as well
as
those factors discussed in or referred to in the current annual Management’s
Discussion and Analysis and current Annual Information Form of Yamana filed
with
the securities regulatory authorities in Canada and available at
www.sedar.com,
and Yamana’s Annual Report on Form 40-F, filed with the United States Securities
and Exchange Commission. Although management of Yamana has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other factors
that
cause results not to be as anticipated, estimated or intended. There can
be no
assurance that such statements will prove to be accurate, as actual results
and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Yamana does not undertake to update any forward-looking statements
that are incorporated by reference herein, except in accordance with applicable
securities laws.