Yamana Gold Announces Waiver of Meridian Gold Shareholder Rights Plan

    - Final obstacle to the strategic combination of Yamana, Northern Orion
    and Meridian removed -

    TSX: YRI
    NYSE:   AUY
    LSE: YAU

today announced that the Ontario Securities Commission, in a decision dated
today, ordered that the Meridian Gold Inc. shareholder rights plan be cease
traded at 9:00 am Toronto time on September 11, 2007 as per Yamana's request.
    Yamana's offer to Meridian shareholders has been outstanding for a
significant amount of time and no other offer for Meridian has yet emerged. In
connection with the waiving of the shareholder rights plan, Yamana has also
extended the expiry date of its offer to acquire the outstanding shares of
Meridian from 8:00 pm Toronto time on September 7, 2007 to 8:00 pm Toronto
time on September 11, 2007. No other terms of the offer have been changed.
Yamana is offering C$4.00 in cash and 2.235 Yamana shares per Meridian share.
    "The removal of the final obstacle to our offer provides increased
certainty and accommodation for Meridian shareholders to fully consider the
offer and tender to it", said Peter Marrone, chairman and chief executive
officer of Yamana. "We are confident that we will succeed in our bid for
Meridian and urge any shareholders who may not have yet tendered their shares
to do so today."
    The combined company will provide shareholders with a stake in a
gold-focused intermediate producer which offers superior cash flow, low-cost
gold production, project and country diversification, significant production
growth, and strong projected returns and considerable liquidity.
    For the purposes of U.S. tender offer rules, Yamana discloses that
3,928,368 Meridian common shares have been tendered to the offer as at
September 4, 2007.

    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 communication 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 as amended by a notice of variation and extension and is
mailing the offer and take-over circular and notice of variation and extension
to Meridian shareholders. Investors and security holders are urged to read the
Registration Statement, the offer and take-over bid circular, the notice of
variation and extension and any other relevant documents filed with 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, notice of
variation and extension and other documents filed by Yamana with the SEC at
the SEC's website at www.sec.gov. The offer and take-over bid circular, the
notice of variation and extension and other documents may also be obtained for
free on Yamana's website at www.yamana.com or by directing a request to
Yamana's investor relations department.

    Persons who are resident in the United Kingdom should note the following

    (i) the formal offering and takeover-bid circular to be issued to
    Meridian shareholders ("Offer and Circular") will not constitute a
    prospectus for the purposes of the Prospectus Rules ("Prospectus Rules")
    published by the Financial Services Authority of the United Kingdom (the
    "FSA"). Accordingly, the Offer and Circular has not been, and will not
    be, approved by the FSA or by London Stock Exchange plc. No action has
    been or is intended to be taken by Yamana or by Genuity Capital Markets
    or Canaccord Capital Corporation, or any of their affiliated entities,
    that would permit a public offer of Yamana Common Shares to be made in
    the United Kingdom, which would require an approved prospectus to be made
    available to the public in the United Kingdom (in accordance with the
    United Kingdom Financial Services and Markets Act 2000 ("FSMA") and the
    Prospectus Rules before such an offer was made.

    (ii) The Offer will be made to or directed at, and deposits of Meridian
    shares will be accepted from, only those shareholders in the United
    Kingdom who are (or who are acting on behalf of), and who are able to
    establish to the satisfaction of Yamana that they are (or are acting on
    behalf of): "qualified investors" within the meaning of section 86(7) of
    FSMA, and who are also persons falling within Article 19(5) or Article
    49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial
    Promotion) Order 2005. UK shareholders receiving the Offer and Circular
    should consult with their legal advisors to determine whether they are
    eligible to receive and accept the Offer.

    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 www.sedar.com, 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: Kingsdale Shareholder Services, Toll-free:
1-866-897-7644, Banks and brokers, call collect: (416) 867-2272, Email:
contactus@kingsdaleshareholder.com or MEDIA CONTACT: Mansfield Communications
Inc., Hugh Mansfield, (416) 599-0024 or YAMANA GOLD INC., Peter Marrone,
Chairman & Chief Executive Officer, (416) 815-0220, Email: investor@yamana.com
or YAMANA GOLD INC., Jodi Peake, Director, Investor Relations, (416) 815-0220,
Email: investor@yamana.com, Website: www.yamana.com

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