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VANCOUVER (Scrap Monster): Yamana Gold Inc. (TSX:YRI)(NYSE:AUY) completed the acquisition of Extorre Gold Mines Ltd., previously announced on June 18 for $404 million.

Peter Marrone, chairman and chief executive officer stated that, “As an initial step, we plan to spend $5 million at Cerro Morro over the next four months to upgrade and increase mineral resources, with a focus on certainty in the definition of grade and size of the ore body."

"We will be evaluating a plan for a 2015 start-up that targets a production level at or above 200,000 ounces of gold equivalent per year,” he added.

The addition of Cerro More to Yamana’s portfolio will add about 1.36 million gold equivalent ounces in the indicated category and 1.05 gold equivalent ounces in the inferred category.

Yamana is a Canadian-based gold producer with properties in Brazil, Argentina, Chile, Mexico and Colombia.