Yamana Resources Leases Mineral Rights

Yamana Resources said Wednesday that it has leased private mineral rights on about 825 acres near Wenatchee, Wash.

The Spokane-based company’s Wenatchee precious metals project includes a two-mile stretch along the Wenatchee Gold Belt, which historically has produced 1.7 million ounces of gold, the company said.

The lease package includes a $10 million exploration database with results from 125 diamond-drill core holes totaling more than 200,000 feet. One drill site shows mining potential for more than 1 million ounces of high-grade gold reserves, the company said.

Yamana currently is seeking a joint venture partner. The company believes the Wenatchee property would appeal to a major firm with experience in mining deep deposits.

“This has some similarities to that area,” said Yamana Vice President of Corporate Development Greg Taylor. No date has been set for starting work at the site.

“The current biggest factor is the market,” Taylor said. “As long as the price of gold and the stock market are down, even the majors aren’t looking at anything that’s in the relatively early stage.”

, DataTimes