Shareholders of Northern Orion Resources Support Merger With Yamana Gold, Yamana One Step Closer to Completion of Arrangement With Northern Orion and Offer for Meridian

    TSX: YRI
    NYSE:   AUY
    LSE:   YAU

very pleased today to announce that shareholders of Northern Orion have voted
in favour of the proposed acquisition of Northern Orion by Yamana by way of a
plan of arrangement.
    "With the Northern Orion vote now behind us, the acquisition of Meridian
is one major step closer to being completed", said Peter Marrone, chairman and
chief executive officer of Yamana. "Investors can now focus on the profile of
the company that will be created upon completion of the Northern Orion and
Meridian transactions. We remain convinced that the strategic fit and value of
the combination between the companies is compelling and we look forward to a
positive outcome on September 7."
    Yamana believes that the combined company will provide shareholders with
superior cash flow, sustainable low-cost gold production, growth, considerable
liquidity and a proven track record of value creation.
    The completion of the Northern Orion acquisition is conditional upon,
among other things, the receipt by Yamana of at least 66 2/3% of the shares of
Meridian Gold Inc. pursuant to Yamana's outstanding offer to purchase all of
the outstanding common shares of Meridian. The offer to Meridian shareholders
expires at 8:00 p.m. on September 7, 2007 as stated in the Notice of Variation
and Extension by Yamana dated August 14, 2007. The plan of arrangement between
Yamana and Northern Orion is expected to be completed as soon as possible
following the satisfaction or waiver of all conditions to the arrangement.

    About Yamana

    Yamana is a Canadian gold producer with significant gold production, gold
development stage properties, exploration properties, and land positions in
Brazil, Argentina and Central America. Yamana is producing gold at
intermediate company production levels in addition to significant copper
production. Yamana's management plans to continue to build on this base
through the advancement of its exploration properties and by targeting other
gold consolidation opportunities in Brazil, Argentina and elsewhere in the

    IMPORTANT NOTICE: This press release does not constitute an offer to buy
or an invitation to sell, any of the securities of Yamana, Northern Orion or
Meridian. Such an offer may only be made pursuant to a registration statement
and prospectus filed with the U.S. Securities and Exchange Commission and an
offer to purchase and circular filed with Canadian securities regulatory
authorities. Yamana has filed with the U.S. Securities and Exchange Commission
a Registration Statement on Form F-10 as well as a Schedule TO tender offer
statement both of which include the offer and take-over bid circular relating
to the Meridian offer and is mailing the offer and take-over circular to
Meridian shareholders. Investors and security holders are urged to read the
Registration Statement, the offer and take-over bid circular and any other
relevant documents filed wit the SEC and Canadian securities regulators,
regarding the proposed business combination transaction because they contain
important information. Investors may obtain a free copy of the offer and
take-over bid circular and other documents filed by Yamana with the SEC at the
SEC's website at The offer and take-over bid circular and other
documents may also be obtained for free on Yamana's website at
or by directing a request to Yamana's investor relations department.

    FORWARD-LOOKING STATEMENTS: This news release contains certain
"forward-looking statements" and "forward-looking information" under
applicable Canadian securities laws concerning Yamana's respective
transactions with Northern Orion and Meridian. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at the date
the statements are made, and are based on a number of assumptions and subject
to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the
forward-looking statements. Assumptions upon which such forward-looking
statements are based include that Yamana will be successful in acquiring at
least 66 2/3% of the issued and outstanding Meridian shares, that all required
third party regulatory, governmental and court approvals for the transactions
will be obtained and all other conditions to completion of the transactions
will be satisfied or waived.
    Many of these assumptions are based on factors and events that are not
within the control of Yamana or Northern Orion and there is no assurance they
will prove to be correct. Factors that could cause actual results to vary
materially from results anticipated by such forward-looking statements include
Yamana failing to acquire at least 66 2/3% of the issued and outstanding
Meridian shares, failing to obtain the final court order approving the
Northern Orion transaction, as well as changes in market conditions and other
risk factors discussed or referred to in the annual Management's Discussion
and Analysis and Annual Information Form for each of Yamana and Northern Orion
filed with the securities regulatory authorities in all provinces of Canada
and available at, and the Annual Report on Form 40-F of each of
Yamana and Northern Orion filed with the United States Securities and Exchange
Commission. Although Yamana and Northern Orion have attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Yamana and
Northern Orion undertake no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change except as
required by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.

For further information:

For further information: Yamana Gold Inc., Peter Marrone, Chairman &
Chief Executive Officer, (416) 815-0220; or Yamana Gold Inc., Jodi Peake,
Director, Investor Relations, (416) 815-0220, Email:,
Website:; or MEDIA CONTACT: Mansfield Communications Inc., Hugh
Mansfield, (416) 599-0024, Email:, Website:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890