Northern Orion - Explorer mit sicherem Cashflow und 35 Mrd. US$ Reserven Cu/Au - 500 Beiträge pro Seite

[Kusoke]

Northern Orion Resources Inc.

Wird dieser Wert eine weitere Novagold Gut möglich, den die vorhandenen Ressourcen sind gigantisch. Der Wert, vor kurzem zum 3. Mal in der Wirtschaftswoche vorgestellt, ist ein noch relativ unentdecktes Schmuckstück.

Hat zwei Wahnsinnsprojekte:

1.) 12,% Beteiligung an Kupfer- und Goldmine Bajo de la Alumbrera

- Ownership interests: Northern Orion 12.5%, Xstrata Plc. 50%, Goldcorp 37.5%
- Located in northwest Argentina at a 2600m (8500 ft) elevation,
- Project capital cost of US $1.3 billion, including associated infrastructure
- Commenced operations in 1997
- Open pit mining operation
- One of the world's largest copper and gold mining operations, and among the world's lowest cash cost copper producers
- Collapse of Argentine peso in 2001 greatly improved cost structure and profit
- Production: Northern Orion's 12.5% share since its acquisition date of June 24, 2003 through September 30, 2005: 113,612,000 pounds of copper and 172,291 ounces of gold
- June 2004: increased ore reserves raises contained metal reserves by more than 20%, equating to an additional 350,000 tonnes of contained copper and 1.2 million ounces of gold over the life of the mine
- Forecast production 2006:
(100%): 400 million pounds of copper and 600,000 ounces of gold
(NNO's 12.5% share): 50 million pounds of copper and 75,000 ounces of gold
- Proven and probable reserves (December 2005): 3.8 billion pounds of copper and 6 million ounces of gold

- Wert der Reserven: 5,8 Mrd. US-$ (Anteil NNO: etwa 750 Mio US-$)
- Gewinn für NNO in QI/06: 21,5 Mio US-$


2.) 100% an der der noch zu entwickelnden Mine Agua Rico

- 100% Northern Orion owned
- Located in northwest Argentina
- Only 34 km (20 miles) from Alumbrera
- Drill defined metal inventory of 21.8 billion pounds of copper, 13.3 million ounces of gold and 1.7 billion pounds of molybdenum
- Estimated mine life of at least 20 years
- Agua Rica's estimated rock value makes it one of the world's most significant undeveloped copper/gold/moly deposits known today
- No back-in rights to any third party
- More than $55 million spent by Northern Orion and BHP Billiton between 1994 and 2002 to define the deposit's resource and complete redevelopment
- More than 176 holes drilled in excess of 65,000 metres


- Wert der Reserven: 35,0 Mrd. US-$ !!!!!


(Bei der Wertberechnung wurden folgende Preise angenommen: 0,95$ je pound Cu, 375$ je oz. Au, 6,00$ je pound Molyb.)

Weiterhin hat Northern Orion einen Cashbestand in Höhe von 164 Mio. US-$!

Dieses ganze Paket (sicherer Cashflow in den nächsten 10 Jahren + unentwickelte riesen Kupfer/Gold-Mine) gibt es für nur etwa 650 Mio. US-$ Marktkapitalisierung!!!

Ich denke, dass sich NNO ähnlich entwickeln wird wie Novagold, auf die es Barrick derzeit abgesehen hat, nur mit dem Unterschied, dass NNO schon sichere, hohe Cashflows hat.

Also: zugreifen, bevor die Großen NNO entdecken - dann wird's teuer.

Weitere Infos: www.northernorion.com
Kusoke

[fireball69]

Antwort auf Beitrag Nr.: 23.366.735 von Kusoke am 09.08.06 12:33:43

Danke für den Hinweis. Das werde ich mir etwas genauer anschauen. Auf der Homepage gibt es ein Audio Webcast von heute.

Interessant finde ich auch YAMANA Gold.

Grüsse,
Fireball69

[Kusoke]

Super Ergebnisse für das 2. Quartal -

Northern Orion Reports Record Second Quarter 2006 Results and Indicative Guidance for Agua Rica

Meldung hier: http://www.em-forum.com/viewtopic.php?p=838#838

Kusoke

[herwoe]

seit wann ist dieser wert in deutschland notiert ?

[josef543]

Antwort auf Beitrag Nr.: 23.366.735 von Kusoke am 09.08.06 12:33:43

Hallo Kusoke!
Gibt es was neues zu Northern Orion. Ist der derzeitige Kurs von 2 Euro noch für einen Einstieg geeignet?
J.

[josef543]

Antwort auf Beitrag Nr.: 23.906.450 von josef543 am 13.09.06 11:31:16

Sorry, meinte natürlich 2 USD!
Rentiert es sich - natürlich nur langfristig gesehen.
J.

[Kusoke]

Antwort auf Beitrag Nr.: 23.906.527 von josef543 am 13.09.06 11:35:43

Nichts neues bei NO. Bin aber wie schon gesagt langfristig überzeugt, dass da ordentlich was draus werden kann.

Kusoke

[German2]

jeden Tag sind jetzt news drin... erwartet wird die endgültige Feasibility-Studie.... der Kurs läuft schon schön an

[German2]

und sie ist draussen...

[brettonwoods]

Es gibt ein aktuelles Video mit CEO David Cohen unter http://www.goldinvest.de/public/count_story.asp?url=story_de…

Gruß

[Kusoke]

Hier die News: Positive Feasibility Study Update

http://www.em-forum.com/viewtopic.php?p=1035#1035

Kusoke

[WM90]

Kommt unser Kupferjuwel nochmal in die Puschen

:O

[Kusoke]

@WM90:

Immer mit der Ruhe. Die sitzen auf einem riesigen Rohstoffberg. Aber bis der abgetragen wird, geht Zeit ins Land. Also sammle in Ruhe ein, solange NO noch unbekannt ist. Wenn Barrick oder andere aufmerksam werden wirds schon losgehen. und barrick wird sich an novagold die zähne ausbeißen - und dann brauchen sie ersatz. früher oder später wird man auf no aufmerksam. versprochen

Hier erst mal die 3Q-Zahlen:

http://www.em-forum.com/viewtopic.php?p=1135#1135

Sind ganz passabel. und no hat mehr als 180 Mio. $ in den taschen...

Kusoke

[trademore]

Antwort auf Beitrag Nr.: 25.402.164 von Kusoke am 15.11.06 08:11:03

Immer mit der Ruhe. Die sitzen auf einem riesigen Rohstoffberg. Aber bis der abgetragen wird, geht Zeit ins Land. Also sammle in Ruhe ein, solange NO noch unbekannt ist. Wenn Barrick oder andere aufmerksam werden wirds schon losgehen.

Mal paar Fakten zu NTO:
1. Von "unbekannt" kann man bei NTO auf keinen Fall sprechen
2. Übernahme von bspw. Xsatra wird seit 1 Jahr spekuliert, momentan aber vom Tisch.
3. Reserven - High! Das stimmt schon.
4. Aber Argentinien ist nicht ohne Risiko
5. Viel hängt von Agua Rico ab! Wenn hier mal endlich ein klares Statement zum Produktionsstart kommen würde, wäre dem Kurs endlich mal geholfen.
6. Nachteil! Viel zu viele Warrants wurden vom Management ausgegeben - mehrere Mio $ ! Greedy Management ?

Ich bin selbst seit 1,5 Jahren in NTO investiert und eigentlich müsste die Aktie irgendwo bei Can$ 5,00 stehen. Aber vor allem wegen der Punkte 4-6 wurde NTO stark abverkauft. Der Kupferpreisverfall hat natürlich auch nicht geholfen.

Wer in NTO investieren will, kann momentan ohne bedenken eine 1. Position aufbauen, den arg viel kann der Kurs nicht mehr nachgeben.
Wer schon shareholder ist hält am besten und/oder verkauft einen Teil bei Kursen über Can$ 4. Den Rest halten und schaun was mit Agua Rico und dem Kupfer Preis passiert in 2007. Wenn beides positiv, sehen wir locker Kurse über Can$ 6,00.

[trademore]

agua rica sollte nach "plan" etwa 2010 in Produktion gehen, partner sollen dieses jahr bekannt gegeben werden.

pros: strong cash position + strong cash flow von alumbrera, very low-cost production estimated from zero to minus $/pound cu because of gold and moly bonus, estimated production is 300 mio pound cu per year.

[Kusoke]

=======================================================================
Northern Orion Reports Fourth Quarter And 2006 Results =======================================================================

Northern Orion is pleased to announce net earnings of $9,908,000 ($0.06 per share) for the fourth quarter of 2006 ("Q4 2006") and net earnings of $86,781,000 ($0.57 per share) for the year ended December 31, 2006, compared with net earnings of $18,695,000 ($0.13 per share) and net earnings of $44,128,000 ($0.31 per share) for the same periods in 2005, respectively.

Fourth Quarter 2006 Highlights

-The Company's share of earnings before interest, depletion, depreciation, amortization and tax ("EBITDA") from Alumbrera was $17,798,000 ($0.12 per share) compared to $31,295,000 ($0.21 per share) for Q4 2005.

-Equity earnings from Alumbrera were $11,741,000 ($0.08 per share) in
Q4 2006, compared to $20,260,000 ($0.14 per share) for Q4 2005.

-Average realized copper price was $2.34 per pound and average realized gold price was $605 per ounce in Q4 2006 ($2.27 and $498 in Q4 2005 respectively). The average realized copper price was well below the spot price of $3.14 per pound in Q4 2006 due to negative price adjustments on final settlement of certain Q2 2006 and Q3 2006 sales.

-The Company's share of Alumbrera sales in Q4 2006 was 10,406,000 pounds of copper and 17,994 ounces of gold (16,498,000 pounds and
23,067 ounces in Q4 2005 respectively).

-During the quarter, the Company recorded a future income tax liability of $2,000,000 arising from non-deductible expenditures capitalized.

-The Company completed an update to the feasibility study (FSU) for the development of its Agua Rica project which indicates that Agua Rica is technically feasible and economically viable and can be developed as a long life copper-gold-molybdenum mine with a low cost of copper production and significant by-product credits. The FSU indicates an IRR of 20% based on 100% equity, a payback of initial capital investment within 2.9 years and an NPV (8%) of $1.9 billion.


Full Year Highlights

-The Company's share of earnings before interest, depletion, depreciation, amortization and tax ("EBITDA") from Alumbrera was $140,023,000 ($0.92 per share) compared to $75,500,000 ($0.53 per
share) for 2005.

-Equity earnings from Alumbrera were $93,167,000 ($0.61 per share) in 2006, compared to $46,755,000 ($0.33 per share) for 2005.

-Average realized copper price was $3.54 per pound and average realized gold price was $608 per ounce in 2006 ($1.88 and $452 in 2005 respectively). The Company's share of Alumbrera sales in 2006 was 48,178,000 pounds of copper and 79,211 ounces of gold (50,666,000 pounds and 71,777 ounces in 2005 respectively).

-As a result of strong earnings in the last few quarters, Alumbrera paid its first earned royalty payment under the original royalty agreement to Yacimientos Mineros de Agua de Dionisio ("YMAD"), a quasi government mining company in Argentina. Further to previous advances of
$16.4 million, payments of $67.2 million (on a 100% basis) were made to YMAD by Alumbrera in the second half of 2006.

-An ongoing ore delineation drilling programme at Alumbrera has confirmed an additional 40 million tonnes of mineral reserves, extending the mine life of Alumbrera by one year until at least mid-2016.

-During the year, the Company incurred a future income tax liability of $2,000,000 arising from non-deductible expenditures capitalized during the period.

-At December 31, 2006, the Company had a cash position of $178,956,000.


-At March 8, 2007, the Company had a cash position of approximately $230 million.


Teleconference call details

Northern Orion will host a telephone conference call on Thursday 8 March 2007 at 1:00 p.m. Pacific (4:00 p.m. Eastern) to discuss these results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.

The conference call will be archived for later playback until March 15,
2007 and can be accessed by dialing 1-800-319-6413 or 1-604-638-9010 and using the passcode 3519#.

Results of Operations for the fourth quarter and year ended December 31, 2006

The following table sets forth selected consolidated financial information for the fourth quarters of 2006 and 2005 and for the years ended December 31, 2006, 2005, and 2004 (in thousands of U.S. dollars, except per share amounts):




Table 1
-----------------------------------------------------------------------
Consolidated statements of operations

Years ended
Fourth quarter December 31,
-------------------- --------------------------
2006 2005 2006 2005 2004
---------- --------- -------- --------- -------

Equity earnings of
Minera Alumbrera Ltd. $ 11,741 $ 20,260 $ 93,167 $ 46,755 $ 32,659
Expenses
Financing costs -- (281) -- (1,134) (1,036)
Foreign exchange
(losses) gains 201 63 122 2,794 (1,621)
Office and
administration (743) (1,537) (2,777) (3,342) (2,205)
Professional and
consulting (659) (766) (2,087) (1,957) (1,989)
Property maintenance
and exploration (797) (61) (1,825) (193) --
Stock-based
compensation -- (77) (5,165) (1,749) (1,607)
Write-down of mineral
property interests -- -- -- -- (22,209)
Interest and other
income 2,165 1,171 7,846 3,493 366
Interest expense -- (77) -- (539) (1,129)
Settlement of lawsuit -- -- (500) -- --
---------- --------- -------- --------- -------

Earnings before income
taxes 11,908 18,695 88,781 44,128 1,229
Provision for income
taxes (2,000) -- (2,000) -- --
---------- --------- -------- --------- -------

Net earnings for the
period $ 9,908 $ 18,695 $ 86,781 $ 44,128 $ 1,229
---------- --------- -------- --------- -------
---------- --------- -------- --------- -------

Earnings per share -
basic $ 0.06 $ 0.13 $ 0.57 $ 0.31 $ 0.01
Earnings per share -
diluted $ 0.06 $ 0.11 $ 0.48 $ 0.27 $ 0.01

Weighted average
shares outstanding
('000s)
Basic 152,531 148,476 151,521 143,734 109,214
Diluted 177,876 167,886 179,012 163,361 131,541

-----------------------------------------------------------------------
Consolidated balance sheets As at December 31,
--------------------------
2006 2005 2004
-------- --------- -------
Total assets $ 420,300 $ 321,826 $ 201,514
Total long-term liabilities $ 36,991 $ 34,353 $ 36,093

-----------------------------------------------------------------------




Alumbrera operations

During the three months ended December 31, 2006, the Company recorded equity earnings of $11,741,000, a decrease of 42% over the same period in 2005. The decrease is primarily due to lower copper grades mined in
Q4 2006 compared to Q4 2005 and higher costs experienced in Q4 2006.
During the year ended December 31, 2006, the Company's equity earnings of $93,167,000 were a 99% increase over the same period in 2005, mostly due to higher copper prices. These factors are described in greater detail below.

The following is a summary of Northern Orion's 12.5% proportional share of Alumbrera's operations for the year ended December 31, 2006 and
2005:




-----------------------------------------------------------------------
Company's 12.5% proportional share of Alumbrera operations

Year ended
Fourth quarter December 31,
------------------------- ----------------------
2006 2005 2006 2005
------------------------- ----------------------

Key financial statistics
(amounts stated in thousands of U.S. dollars)

(per share amounts stated in U.S. dollars)

EBITDA (1) $ 17,798 $ 31,295 $ 140,023 $ 75,500
Equity earnings $ 11,741 $ 20,260 $ 93,167 $ 46,755

EBITDA, per share (1) $ 0.12 $ 0.21 $ 0.92 $ 0.53
Equity earnings, per
share $ 0.08 $ 0.14 $ 0.61 $ 0.33

Sales - Copper (pounds) 10,406,000 16,498,000 48,178,000 50,666,000
Gold (ounces) 17,994 23,067 79,211 71,777

Average realized price
Copper ($ per pound) $ 2.34 $ 2.27 $ 3.54 $ 1.88
Gold ($ per ounce) $ 605 $ 498 $ 608 $ 452

Copper cash costs per
pound, net of gold
credits (1) $ 0.27 $ 0.05 $ 0.20 $ 0.10

Key production
statistics

Ore mined (tonnes) 1,347,000 1,103,000 3,876,000 4,172,000

Ore milled (tonnes) 1,150,000 1,197,000 4,544,000 4,576,000
Grades - Copper (%) 0.48 0.65 0.56 0.57
Gold (grams/
tonne) 0.54 0.77 0.71 0.63

Recoveries - Copper (%) 83 91 88 90
Gold (%) 74 79 78 78

Production - Copper
(pounds) 10,102,000 15,601,000 49,630,000 51,606,000
Gold
(ounces) 14,843 23,972 80,145 72,162
-----------------------------------------------------------------------
(1) These are non-GAAP measures as described below.





Average realized copper and gold prices in Q4 2006 were 3% and 21% higher, respectively, than for the same period in 2005. Average realized prices in 2006 were 88% and 34% higher, respectively, than in 2005. Average realized prices can differ from average spot prices as metals sales prices are subject to adjustment on final settlement. In a falling copper price environment which was experienced throughout Q4 2006, these adjustments on certain sales recognized during Q2 2006 and
Q3 2006 resulted in a realized price of $2.34 per pound of copper during Q4 2006, substantially lower than the average spot price of
$3.14 per pound for the period. As copper prices were rising during the first half of 2006, the Company recorded positive adjustments on certain sales recognized in late 2005, and as a result, the realized copper price of $3.54 per pound for the full year of 2006 was above the average spot price of $3.08 per pound.

The average copper grade mined in Q4 2006 was 0.48% compared to 0.65% in Q4 2005. The lower grade in Q4 2006 was in line with budget expectations as lower-grade zones were mined. Recoveries of copper were also lower compared to Q4 2005 and were slightly below budget expectations as a result of stockpile blending and processing of high gypsum content material. Both the lower copper grades and the lower recoveries led to a decrease in copper production during the quarter.
Alumbrera expects to return to budgeted recovery rates during the first quarter of 2007. During the year ended December 31, 2006, the average copper grade was 1% lower than the 2005 grade, and the average copper recovery was 2% lower than in 2005, resulting in a 4% reduction in copper production compared to 2005.

The average gold grade for Q4 2006 was 0.54 grams per tonne compared to
0.77 g/t in Q4 2005. This, combined with lower gold recoveries for the same reasons as lower copper recoveries, resulted in a decrease in gold production of 38% in Q4 2006 compared to Q4 2005. For the year, the average gold grade was 0.71 g/t compared to 0.63 g/t in 2005 resulting in an 11% increase in gold production.

Higher gold production and prices generally have a positive effect on cash costs per pound of copper net of gold credits, but increased royalties since Q2 2006 have offset the gold factor and have resulted in cash costs per pound of copper (net of gold credits) increasing from
$0.05 in Q4 2005 to $0.27 in Q4 2006, and from $0.10 for the full year of 2005 to $0.20 in 2006, as discussed in Section 3.3. During Q2 2006, Alumbrera started to accrue for royalties payable to Yacimientos Mineros de Agua de Dionisio ("YMAD Royalty"), a quasi-government mining company which owns and administers all mining prospects in the Farallon Negro district, the region which includes the Alumbrera Mine. Under a royalty agreement put in place prior to project construction, the YMAD Royalty is equal to 20% of net proceeds after capital recovery and certain other adjustments, and is payable in the fiscal year following the one in which positive net proceeds are realized. The YMAD Royalty is in addition to a royalty which the Alumbrera Mine already pays to the Province of Catamarca.

Total royalties were higher by $1,458,000 in Q4 2006 compared to Q4 2005, and by $16,120,000 in 2006 compared to 2005.

Recent Developments at Alumbrera

Alumbrera completed the expansion of its concentrator in December 2006 for a cost of about $16.7 million (Northern Orion share - $2.1 million). This is projected to increase mill throughput by 8% to 40 million tonnes per annum.

In August 2006, Alumbrera announced an upgrade in its Mineral Reserves and Resources, extending the mine life at Alumbrera by one year to mid-2016. This was based on an ongoing delineation drilling programme in the Alumbrera pit undertaken both within the existing ore envelope and for extensions at depth. As at December 31, 2006, the Mineral Reserves and Resources stand as follows (on a 100% basis, of which Northern Orion owns 12.5%):

Proved 360 Mt @0.45%Cu & 0.48 gpt Au
Probable 23 Mt @0.42%Cu & 0.43 gpt Au
Total 380 Mt @0.45%Cu & 0.48 gpt Au


Mineral Reserves* Mineral Resources* (not including reserves)


Measured 20 Mt @0.37%Cu & 0.36 gpt Au

Total 20 Mt @0.37%Cu & 0.36 gpt Au


* Information which relates to Mineral Resources and Reserves is based on information verified by Alumbrera's internal lab facilities and compiled by Mr. Luis Rivera who is a member of the Australasian Institute of Mining and Metallurgy and who is a Qualified Person as defined by National Instrument 43-101. Mr. Rivera is a full-time employee of Minera Alumbrera Limited. Ore Reserves have been calculated in accordance with the recommendations of the Australian Institute of Mining and Metallurgy - Joint Ore Reserve Committee (the "JORC"
code),where the Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves.

Alumbrera Non-GAAP Measures

The Company believes that conventional measures prepared in accordance with Canadian GAAP do not fully illustrate the ability of Alumbrera to generate cash flow. In this MD&A, the Company has reported its share of earnings before interest, depletion, depreciation, amortization and tax
("EBITDA") at Alumbrera. This is a liquidity non-GAAP measure which the Company believes is used by certain investors to determine the Company's ability to generate cash flows for investing and other activities. The Company also reports cash costs per pound of copper (net of gold credits), another non-GAAP measure which is a common performance measure used in the base metals industry. These non-GAAP measures do not have any standardized meaning prescribed under Canadian GAAP, and therefore they may not be comparable to similar measures employed by other companies.

The following table provides a reconciliation of EBITDA and cash costs per pound (net of gold credits) to the financial statements:




Table 3
-----------------------------------------------------------------------
(Stated in thousands, except Company's 12.5% proportionate share
ounce, pound, per ounce
and per pound amounts)
Year ended
Fourth quarter December 31,
---------------------- --------------------
2006 2005 2006 2005
---------- ---------- ---------- --------

EBITDA Calculation Revenues from mining
activities $ 31,482 $ 43,616 $ 197,714 $113,056
Cash cost of sales (13,684) (12,321) (57,691) (37,556)
---------- ---------- ---------- --------
EBITDA $ 17,798 $ 31,295 $ 140,023 $ 75,500
Interest, taxes,
depreciation and
amortization (6,057) (11,035) (46,856) (28,745)
---------- ---------- ---------- --------

Equity earnings of
Alumbrera $ 11,741 $ 20,260 $ 93,167 $ 46,755
---------- ---------- ---------- --------
---------- ---------- ---------- --------

Cash cost calculation
Gold sales in ounces 17,994 23,067 79,211 71,777
Average realized price
per ounce $ 605 $ 498 $ 608 $ 452
---------- ---------- ---------- --------
Total gold revenues $ 10,886 $ 11,487 $ 48,160 $ 32,443
Cash cost of sales 13,684 12,321 57,691 37,556
---------- ---------- ---------- --------

Net costs after gold
credits 2,798 834 9,531 5,113
---------- ---------- ---------- --------
Copper sales in pounds 10,406,000 16,498,000 48,178,000 50,666,000
---------- ---------- ---------- --------

Cash cost per pound of
copper $ 0.27 $ 0.05 $ 0.20 $ 0.10
---------- ---------- ---------- --------
---------- ---------- ---------- --------
-----------------------------------------------------------------------


Cash costs net of gold credits increased to $0.27 per pound of copper in Q4 2006 from $0.05 per pound in Q4 2005 and to $0.20 per pound in
2006 from $0.10 per pound in 2005. The primary cause for the increase is the YMAD Royalty as described above, but costs of production have also increased in the last twelve months due to rising costs of fuel, electricity, tires and reagents, and higher rates for price participation, treatment and refining charges, and ocean freight.

Agua Rica

In October 2006, the Company received a Feasibility Study Update (FSU), prepared by Hatch Ltd. and Amec, as part of the ongoing development of its 100% owned Agua Rica copper-gold-molybdenum project. The FSU assumes the development of the Agua Rica deposit on an independent basis and is based on the 1997 BHP/Northern Orion Initial Feasibility Study and recent additional work undertaken by Northern Orion. The development plan proposed in the FSU indicates that Agua Rica is technically feasible and economically viable and can be developed as a long life copper-gold-molybdenum mine with a low cost of copper production and significant by-product credits.

Key results of the FSU include:

-Proven and Probable reserve of 731 million tonnes of ore -90,000 tpd open pit operation at a 1.89 to 1 strip ratio
-23 year mine life, with higher grade ore over the initial 10 years -Unescalated capital cost of $2,055 million (stated in second quarter
2006 US dollars)
-Approximate annual production
-Years 1-10: 365 million lb/yr copper, 135,000 oz/yr gold and 15 million lb/yr molybdenum -Life of Mine (LOM): 300 million lb/yr copper, 125,000 oz/yr gold and
16 million lb/yr molybdenum
-Project Economics
-Operating cost of $6.82/ton milled, or negative $0.73/lb copper (net of credits), FOB port of exit -Internal Rate of Return (IRR) of 20% (100% equity) -Post-tax Net Present Value (NPV) at a 8% discount rate of $1.9 Billion

-2.9 year capital payback

In accordance with SEC guidelines, the economic analysis of the project was done using the average metal prices over the past 36 months. These calculate to $1.80 per pound of copper, $465 per ounce of gold, and
$22.75 per pound of molybdenum.

In Q4 2006, the Company incurred cash expenditures of $5,362,000 (Q4
2005 -- $6,492,000) on advancing the Agua Rica project after the FSU.
During the year ended December 31, 2006, the Company spent $20,902,000
(2005 - $17,441,000) on the Agua Rica project, of which $15,540,000
(2005 -- $17,441,000) was for the FSU.

Corporate

Corporate expenses in the fourth quarter of 2006 and in the year ended December 31, 2006 were generally in line with the same periods in 2005, except the following items:

A significant foreign exchange gain was incurred in 2005 as a result of the Company holding significant amounts of Canadian dollars in a volatile U.S. dollar environment. The Company reduced its exposure to foreign exchange gains and losses during the fourth quarter of 2005 when it converted Cdn.$74 million in cash to U.S. dollars. No significant foreign exchange gains or losses were experienced in 2006.

Office and administration expenses dropped from $1,537,000 in Q4 2005 to $743,000 in Q4 2006 and from $3,342,000 for the full year of 2005 to $2,777,000 in 2006. The decrease is mostly due to a one-time payment in
Q4 2005 of $817,000 related to the funding of past services costs for a defined contribution pension program which provides pension and life insurance benefits to members of senior management.

Property maintenance and exploration of $797,000 in Q4 2006 included expenditures of $747,000 ($1,648,000 for the year ended December 31,
2006) for general exploration on the Company's properties in the provinces of Mendoza and Neuquén in Argentina. Exploration costs prior to 2006 were not significant. The Company commenced a drilling program in these areas during the third quarter of 2006.

In Q2 2006, the Company settled a labour claim against the Company for $500,000. In 2004, the claimant had commenced a claim based on termination of an alleged employment relationship with the Company, claiming damages of $714,000.

The Company did not incur stock-based compensation expense during Q4 2006. Stock-based compensation of $5,165,000 was recorded in Q2 2006 as a result of the issuance of 5,340,000 stock options in Q2 2006. In 2005, stock-based compensation expense was incurred for the granting of 2,395,000 stock options.

Interest income increased from $1,171,000 in Q4 2005 to $2,165,000 in
Q4 2006 (and from $3,493,000 in 2005 to $7,846,000 in 2006) due to the Company's increased cash balances from cash distributions from Alumbrera and due to rising interest rates over the past 12 months.
Interest and other income in 2006 also included a $401,000 gain on sale of marketable securities recorded in Q2 2006. At December 31, 2006, $336,000 in interest receivable was included in other receivables on the balance sheet.

Financing costs and interest expense were incurred throughout 2005 in connection with an outstanding term loan facility which the Company repaid in full by the end of 2005. No such costs were incurred in 2006.

During the year, the Company incurred a future income tax liability of $2,000,000 arising from non-deductible expenditures capitalized.

U.S. GAAP accounting treatment of share purchase warrants

The Company reports its financial statements in accordance with Canadian generally accepted accounting principles ("GAAP") and provides a reconciliation of Canadian GAAP to U.S. GAAP in a note to its annual financial statements. Under Canadian GAAP, share purchase warrants are accounted for as equity. In previous years, the Company did not identify any difference in accounting for these warrants under U.S.
GAAP. Recently, the Securities and Exchange Commission (SEC) has emphasized that U.S. GAAP requires that share purchase warrants that have an exercise price denominated in a currency other than a company's functional currency must be recorded as a liability and should be fair valued with any resulting gains or losses being included in the calculation of U.S GAAP earnings. Under these circumstances, a loss would be recorded by the Company when the value of the share purchase warrants increases and vice versa. However, these losses or gains are non-cash items and will have no effect on the Company's previously reported financial results under Canadian GAAP.

The Company is currently evaluating the impact of this on its U.S. GAAP earnings. If the impact is determined to be material, a restatement of the U.S. GAAP note included in the Company's financial statements and a refiling of these financial statements for any or all of the years ended December 31, 2003, 2004 and 2005 will be required.

Liquidity and Capital Resources

At December 31, 2006, the Company had working capital of $176,761,000 (December 31, 2005 - $133,605,000) and cash and cash equivalents and temporary investments of $178,956,000 (December 31, 2005 - $135,911,000). The increase in the cash balances in 2006 was mainly due to cash distributions of $61,790,000 received from the Alumbrera mine, offset by cash expenditures of $20,902,000 at Agua Rica.

The Company had no long-term debt at December 31, 2006, other than asset retirement obligations and royalty and net proceeds interest payable.

At December 31, 2006, the Company also had restricted cash of $360,000 ($660,000 -- December 31, 2005) held in a non-interest bearing bank account in Argentina. Pursuant to Argentine legislation, funds entering Argentina are subject to a withholding of 30% (the "30% Withholding") unless exceptions to the 30% Withholding apply. Under this regime, the funds corresponding to the 30% Withholding are held by the bank through which the transfer was entered into Argentina and deposited, for a period of 365 days, in a non-interest bearing bank account opened in Argentina. The 30% Withholding may be avoided, or the funds corresponding to the 30% Withholding may be withdrawn before the expiry of the 365-day term, if documents evidencing that an exception to the 30% Withholding is applicable are filed with and accepted by the bank through which the transfer was entered into Argentina.

Outlook

The Company anticipates copper and gold prices will remain strong through 2007. In 2007, the mine plan at Alumbrera calls for the mining of zones that are of overall similar copper grades as that achieved in
2006 (2007 estimate -- 0.55%; 2006 actual -- 0.56%), and slightly lower gold grades as compared to 2006 (2007 estimate -- 0.65 g/t; 2006 actual
-- 0.71 g/t). Recovery rates in 2007 for copper and gold are expected to be similar to or slightly higher than in 2006. The following graphs show the estimated grades and recoveries for copper and gold for each of the quarters in 2007:

http://www.northernorion.com/i/misc/Estimated_2007.jpg" target="_blank" rel="nofollow ugc noopener">http://www.northernorion.com/i/misc/Estimated_2007.jpg

Based on current commodity prices, market conditions and planned production levels at Alumbrera, the Company expects to receive significant cash flows from Alumbrera for at least the next eight to ten years, which, along with the Company's current cash balances, will provide a significant part of the equity contribution necessary for the Company to bring Agua Rica into production. The Company will also require significant external financing or third party participation in order to bring Agua Rica into production. However, if volatile global and market conditions result in a significant decline in commodity prices, then the cash flows from Alumbrera may become insufficient to advance any of the Company's projects, including Agua Rica, to the production stage, and to fund other acquisition projects. This could also result in the Company having difficulty in obtaining external financing or third party participation.

If so, over the long-term, the Company will be required to obtain additional funding either through the public or private sales of equity or debt securities of the Company, or through the offering of joint venture or other third party participation in Agua Rica in order to bring Agua Rica into production. There can be no assurance that any additional funding will be available to the Company or, if available, that it will be on acceptable terms. If adequate funds are not available, the Company may be required to delay or reduce the scope of its activities to bring Agua Rica into full production.

The Company will continue to build upon its progress to date with a strategy to advance Agua Rica so as to achieve maximum monetary returns in the shortest time frame. In addition, the Company will continue to review and evaluate accretive acquisitions that could provide the Company with additional cash flow in the short to medium term.

"David Cohen"
David Cohen, President and CEO

For further information, please contact: Investor Relations, 1-866-608-9970 or [e-mail]


Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to the price of gold, silver and copper, the timing and amount of estimated future production, the potential and/or projected cash flow generated from production, costs of production, reserve determination and reserve conversion rates, and the potential for further equity dilution involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Northern Orion to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, uncertainty in the estimation of ore reserves and mineral resources, changes in project parameters as plans continue to be refined, future prices of gold, silver and copper, economic and political instability in Argentina, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Northern Orion's Renewal Annual Information form attached to Northern Orion's latest Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Northern Orion has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Northern Orion disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

View News Release in PDF Format:
File: http://www.northernorion.com/i/pdf/2007_03_08.pdf" target="_blank" rel="nofollow ugc noopener">http://www.northernorion.com/i/pdf/2007_03_08.pdf
242 KB, approx. 46 seconds at 56.6Kbps

=======================================================================
Copyright (c) 2007 NORTHERN ORION RESOURCES INC. (NNO) All rights reserved. For more information visit our website at http://www.northernorion.com/ or send mailto:[e-mail] =======================================================================

[McF]

Ist hier noch jemand investiert?
Seit April hat sich ein schöner Aufwärtstrend gebildet, gibts hier news?

Gruß
M

[Kusoke]

ja, dringende: NO wird von Yamana Gold übernommen, was im Grunde nicht schlecht ist. Yamana wächst sehr aggressiv durch übernahmen und hat eine interessante performance (ich meine hier nicht den kurs) hinter sich.

Lest einfach selbst nach:
Pressemitteilung:
http://www.yamana.com/Theme/Yamana/files/NorthernMeridian/No…

Präsentation dazu:
http://www.yamana.com/Theme/Yamana/files/NorthernMeridian/No…

Kusoke

[grasgruener]

Antwort auf Beitrag Nr.: 30.462.489 von Kusoke am 03.07.07 07:55:03

der Weg ist dann wohl frei:

Jul 04, 2007 21:44 ET
Yamana Gold and Northern Orion Respond to Meridian Gold Announcement
TORONTO, ONTARIO--(Marketwire - July 4, 2007) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY)(LSE:YAU) and Northern Orion Resources Inc. (TSX:NNO)(AMEX:NTO) today responded to Meridian Gold Inc.'s public announcement of July 3, 2007.

Yamana has consistently communicated its willingness to engage in friendly, constructive discussions with Meridian and this has not changed. Toward this end, Yamana continues to encourage discussions that, among other things, would allow for due diligence to be completed and to properly consider value to all shareholders.

Yamana and Northern Orion have been very encouraged by the positive response the proposed transaction has received from shareholders of all three companies, including several of Meridian's institutional shareholders. Yamana and Northern Orion believe that this strategic business combination makes sense if it can be done on an expedited basis and further believe that the premium to Meridian shareholders in its cash and share offer of approximately 23% based on closing prices the day of Yamana's original announcement represents full and fair value for Meridian. Shareholders, including those of Meridian, will also benefit from the expected valuation increase following the combination.

The combination of Yamana, Northern Orion and Meridian creates a powerful cash flow generating company that will be the pre-eminent intermediate gold producer with a leading resource, production growth and cash cost profile. It maintains a Latin American focus for each of the companies yet provides geographic diversification from the countries in which they are currently active. The New Yamana will be a stronger company with a diversified asset base and a leading presence in Latin America.

Yamana will continue to evaluate the best course of action for shareholders and consider any approach that would maximize value and encourage an open dialogue.

Yamana has prepared an updated presentation and a frequently asked questions document which shareholders may access on its corporate website by clicking on the link provided on the home page (www.yamana.com).

About Northern Orion

Northern Orion Resources Inc. is a mid-tier copper and gold producer focused on the development of its Agua Rica project and engaged in the exploration for copper and associated by-product metals in Argentina. Northern Orion principal mineral properties and assets are a 12.5% indirect ownership interest in Minera Alumbrera Limited, which owns and operates the Bajo de la Alumbrera mine, a copper/gold mine in Catamarca Province, Argentina, and a 100% interest in the Agua Rica project (a copper/gold/molybdenum development property) also in Catamarca Province, Argentina. Northern Orion recently completed an update to the feasibility study for the development of the Agua Rica project.

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 Americas.

This press release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any of the securities of Yamana, Northern Orion or Meridian. Such an offer may only be made pursuant to an offer and take-over bid circular filed with the securities regulatory authorities in Canada.

If an offer is commenced, Yamana will file with the U.S. Securities and Exchange Commission a Registration Statement, which will include the offer and take-over bid circular relating to the Meridian offer. Investors and security holders are urged to read the offer and take-over bid circular, regarding the proposed business combination transaction referred to in the foregoing information, when these documents become available, because they will contain important information. Investors may obtain a free copy of the offer and take-over bid circular when they become available 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 and other documents may also be obtained for free, once they have been mailed, on Yamana's website or by directing a request to Yamana's investor relations department.

FORWARD-LOOKING STATEMENTS: This news release and information contained in the attachments hereto contain certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of the combined company, Yamana, Northern Orion and Meridian and estimated production and mine life of the various mineral projects of Yamana, Northern Orion or Meridian. Except for statements of historical fact relating to the companies, 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 100% of the issued and outstanding Meridian shares, that the shareholders of Northern Orion will approve the transaction, that all required third party regulatory and governmental approvals to 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 changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, the business of the companies not being integrated successfully or such integration proving more difficult, time consuming or costly than expected as well as those 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. Any forward-looking statements of facts related to Meridian are derived from Meridian's publicly filed reports. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.

[grasgruener]

nach langem Hickhack jetzt doch entgültig?!
kam nachbörslich........

Yamana will unbedingt und packt auch noch was drauf - vielleicht heute Hüpfer an die 7 Can$?!

&Toronto, Ontario, July 19, 2007 - YAMANA GOLD INC. (TSX:YRI; NYSE:AUY;
LSE:YAU) and NORTHERN ORION RESOURCES INC. (TSX:NNO; AMEX:NTO) today announced that they have signed a definitive business combination agreement. Yamana also announced that it has filed with securities regulators in Canada and the United States its formal offer for all of the outstanding common shares of Meridian Gold Inc. Accordingly, Yamana is commencing the mailing of its offering circular and related documents to Meridian shareholders.

The offer to Meridian shareholders will remain open until 8:00 p.m.
(Toronto time) on August 27, 2007, unless the offer is withdrawn or extended by Yamana. Under the terms of the offer, Meridian shareholders will be entitled to receive 2.235 Yamana common shares plus C$3.15 in cash for each Meridian common share tendered and taken up by Yamana.

Based on Yamana's closing share price of C$13.40 on July 19, 2007, the offer price to Meridian shareholders is C$33.10 per share representing an approximate 26.3% premium to the unaffected Meridian share price on June 27, 2007 (the day of Yamana's original announcement of its proposal to Meridian). On June 27, 2007, the offer price to Meridian shareholders was C$32.25 representing a spot premium of approximately 23% over the closing price of Meridian shares. The premium was approximately 24.6% based on the respective average closing prices for Yamana and Meridian shares for the 20 trading days on the TSX immediately preceding the June 27, 2007 announcement date.

Under the terms of the definitive agreement between Yamana and Northern Orion, Yamana will acquire all of the issued and outstanding securities of Northern Orion on the basis of 0.543 of a Yamana share for each Northern Orion share. The terms of the definitive agreement are set out in more detail in Northern Orion's shareholder circular which will be filed with the appropriate securities regulators shortly.

Based on Yamana's closing share price of C$13.40 on July 19, 2007, the transaction price to Northern Orion shareholders is C$7.28 per share representing an approximate 24.9% premium to the unaffected Northern Orion share price on June 27, 2007. On June 27, 2007, the transaction price to Northern Orion shareholders was C$7.07 per share representing a spot premium of approximately 21.3% over the closing price of Northern Orion shares. The premium was approximately 28.4% based on the respective average closing prices for Yamana shares and Northern Orion shares for the 20 trading days on the TSX immediately preceding the June 27, 2007 announcement date.

The acquisition of Northern Orion by Yamana has the unanimous support of the Boards of Directors of both Northern Orion and Yamana. GMP Securities L.P. has provided its opinion to Northern Orion's Board of Directors that the consideration offered to Northern Orion shareholders is fair, from a financial point of view, to the shareholders of Northern Orion. The Northern Orion transaction is subject to customary conditions including receipt of all requisite third party and regulatory approvals and consents, court approval and approval by shareholders of Northern Orion. It is also conditional on at least 66 2/3% (fully diluted) of the outstanding Meridian common shares having been tendered to the Yamana offer. The Northern Orion shareholder meeting to consider the Yamana business combination is currently scheduled for August 22, 2007, approximately five days prior to the expiry of Yamana's offer to Meridian shareholders.

To complete the Meridian offer and the Northern Orion transaction, Yamana will issue approximately 309.8 million new common shares (226.1 million and 83.7 million common shares to Meridian and Northern Orion shareholders, respectively) and pay cash consideration of approximately
US$305 million to Meridian shareholders on the basis previously disclosed. On an issued basis, the pro rata shareholdings of the combined company are anticipated to be: 53.4% existing Yamana shareholders, 34% existing Meridian shareholders and 12.6% existing Northern Orion shareholders.

Copies of the definitive business combination agreement and loan agreement between Yamana and Northern Orion are filed under the profiles of the companies on www.sedar.com and on the SEC's website at www.sec.gov.

Genuity Capital Markets and Canaccord Capital Corporation are financial advisors to Yamana. Ongoing advisory services are also being provided to Yamana by Wellington West Capital Markets. Yamana's Canadian legal advisor is Cassels Brock & Blackwell LLP and its US legal advisor is Dorsey & Whitney LLP. Endeavour Financial International Corporation and GMP Securities L.P. are financial advisors to Northern Orion. Northern Orion's Canadian legal advisors are DuMoulin Black LLP and Blake, Cassels & Graydon LLP and its US legal advisor is Troutman Sanders LLP.


Commenting on the formal offer, Peter Marrone, chairman and chief executive officer of Yamana stated, "As we have previously indicated, we believe our offer and the proposed transaction provides both Meridian and Northern Orion shareholders with an opportunity to realize full and fair value for their shares. We continue to have the view that the proposed transaction will create value for all three shareholder groups and that Yamana after completion of the proposed transaction will be in an even better position as a premier intermediate gold mining company. We urge Meridian shareholders to tender their shares to our offer and would welcome discussions with Meridian management and its Board of Directors such that we can all begin to focus on generating value together."

David Cohen, president and chief executive officer of Northern Orion added, "The combined company will undoubtedly be one of the stronger companies, if not the strongest in the intermediate gold producer category. The geographical and operational mix is highly complementary and the resulting strong cash flow should command a premium valuation.
We have preserved the ability of Northern Orion shareholders to fully participate in this ultra low cost exposure to the ongoing strength of the metals market and the significant growth prospects of Northern Orion's development--stage assets."

About Northern Orion

Northern Orion Resources Inc. is a mid-tier copper and gold producer focused on the development of its Agua Rica project and engaged in the exploration for copper and associated by-product metals in Argentina.
Northern Orion principal mineral properties and assets are a 12.5% indirect ownership interest in Minera Alumbrera Limited, which owns and operates the Bajo de la Alumbrera mine, a copper/gold mine in Catamarca Province, Argentina, and a 100% interest in the Agua Rica project (a copper/gold/molybdenum development property) also in Catamarca Province, Argentina. Northern Orion recently completed an update to the feasibility study for the development of the Agua Rica project.

About Yamana

YAMANA GOLD INC.
Peter Marrone
Chairman & Chief Executive Officer
[phone]
Email: [e-mail]
www.yamana.com

MEDIA INQUIRIES:

Mansfield Communications Inc.
Rob Ireland
[phone]

NORTHERN ORION RESOURCES INC.
David Cohen
Chief Executive Officer
[phone] or 1-866-608-9970
Email: [e-mail]
www.northernorion.com

Jodi Peake
Director, Investor Relations
[phone]
Email: [e-mail]
www.yamana.com

[McF]

Wie ist der aktuelle Stand für den angekündigten Zusammenschluss?
Wann und zu welchen Konditionen wird der Deal abgewickelt?
Werden die neuen Anteile an Yamana Gold einfach eingebucht (ähnlich Splitt) oder kommt erst eine Info der Hausbank?
Habe in dem Bereich keinerlei Erfahrung.

GOLDINVEST-Kolumne: Das Übernahmekarussell im Goldsektor dreht sich weiter
"Für die Aktionäre der Unternehmen ergibt sich folgendes Bild: Die Anteilseigner von Northern Orion erhalten nach einer Übereinkunft 0,543 Anteile der Yamana-Anteile und den Meridian-Aktionären werden 2,235 Anteile an Yamana-Aktien plus 3,15 CAD in bar für jede Meridian-Aktie geboten, basierend auf den Schlusskursen des 27. Juni. Dies entspricht einer Prämie von knapp 23 Prozent auf den letzten Kurs der Meridian-Aktie und rund 21,3 Prozent auf den Schlusskurs der Northern Orion-Aktie."

Gruß
M

[Kusoke]

Hängt von den Meridian-Aktionären ab. Scheinbar platzt der Deal, wenn die nicht so wollen. Und scheinbar wollen die nicht.
Es kann also noch dauern, bis das alles entschieden ist. Wenn alle Seiten zustimmen, bekommst Du die alten NO ausgebucht und entsprechend Yamana eingebucht. Das war's, brauchst nur zusehen.

Kusoke

[McF]

Der Deal ist perfekt und wir sind nun an Yamana beteiligt.
Die Aus-/Einbuchungen werden folgen.

Say goodbye to NORTHERN ORION RESOURCES

Gruß
M