Yamana Seeks Termination of Meridian Poison Pill-OSC Hearing Date Set

    TSX: YRI
    NYSE:   AUY
    LSE: YAU

announces that the Ontario Securities Commission ("OSC") today confirmed a
hearing date to consider the cease trading of Meridian Gold Inc's shareholders
rights plan or "poison pill" pursuant to an application made by Yamana. The
hearing will take place tomorrow morning, Wednesday, September 5, 2007 at
10:00 am ET. In order to be accommodative, Yamana is seeking an order to have
the rights plan cease trade on September 11th, on the condition that its bid
be extended to that date.
    Yamana will issue a press release providing any updates with respect to
the poison pill and the bid deadline as appropriate following completion of
the OSC hearing on Wednesday. The Company fully expects that the shareholders
rights plan will be cease traded and urges Meridian shareholders to tender
their shares now.
    Yamana has considered, amongst other matters, that Meridian has had more
than two months to consider Yamana's offer and to table any other
alternatives. It is time for the poison pill to be removed so that
shareholders can respond to Yamana's offer.
    Yamana has offered C$4.00 plus 2.235 of a Yamana share per each Meridian
share as part of a three-way combination between Yamana, Meridian and Northern
Orion. Northern Orion shareholders voted overwhelmingly in favour of the
transaction on August 22, 2007. The offer deadline currently is September 7,

    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: FOR INVESTOR QUESTIONS, CONTACT: 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 FOR
FURTHER INFORMATION: 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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