Trading Symbol (TSX-V): YGI
VANCOUVER, March 12 /CNW/ - Late last week, the local Legislature in La
Rioja Province tabled a law prohibiting open pit mining using cyanide, mercury
and/or other contaminating substances as leaching agents. In a separate
document, the Legislature is calling for a referendum vote on this matter on
July 29, 2007. The vote will be limited to residents of the departments of
Famatina and Chilecito, which are located at or near the joint venture project
between Barrick Gold Corporation and Yamiri S.A.
Although this legislation is not in force as it needs to comply with
further steps to become effective, it is very disappointing to mining
companies who are trying to develop new and promising economic activities in
an area where opportunities are scarce. The under-secretary for mining of the
La Rioja Executive Branch, Abel Nonino, strongly voiced his concern about
these initiatives and some of the potential consequences if they were finally
A few months ago, the Legislature of the Province of Mendoza voted to
suspend new permits for open pit mining, but this decision was vetoed by the
Provincial Governor. Moreover, it is usually the prerogative of the Federal
Mining Code and of the Federal Government to issue the rules necessary to
harmonize mining practices in the country.
La Rioja is surrounded not only by Chile, but also by the Argentine
Provinces of San Juan and Catamarca. Both have large and very successful
mining projects and operations which are making enormous contributions in
taxes and employment.
YAMIRI Gold and Energy Inc. reserves the right to pursue any and all
avenues to protect the interest of the company, its subsidiary Yamiri S.A. and
their respective shareholders. We hope that reason prevails and that these
attempted measures do not impact negatively on the development of mining
ventures in La Rioja Province.
Yamiri (TSX-V: YGI) is an exploration and development company focused on
precious metals and uranium. It holds more than 100,000 ha (1,000 square km)
of favourable ground in the La Rioja province of Argentina which is known for
precious metals, base metals, and uranium occurrences. Yamiri's strategy is to
advance and add value through sequential exploration and joint venture
programs on its existing properties, and to acquire additional precious metal
and uranium targets of merit.
For further information:
For further information: Marguerite Manshreck-Head, Vice President
Investor Relations, Tel: (416) 785-9484; Gord Keep, Corporate Secretary, Tel:
(604) 609-6110; www.yamirigold.com