Yamana Gold Announces Fourth Quarter & Year End 2012 Results

Yamana Gold Announces Fourth Quarter & Year End 2012 Results 
--Record Revenues and Mine Operating Earnings-- 
TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 -- YAMANA GOLD INC.
(TSX:YRI)(NYSE:AUY)(LSE:YAU) ("Yamana" or "the Company") today
announced its financial and operating results for the fourth quarter
and full year 2012.  
HIGHLIGHTS FOR THE YEAR 2012 
FINANCIAL: 


 
--  Record quarterly revenue for Q4 2012 of $629.5 million; record revenue
    for full year 2012 of $2.3 billion 
--  Adjusted earnings(1) for Q4 2012 of $197.4 million or $0.26 per share;
    for full year 2012 $694.3 million or $0.93 per share 
--  Record mine operating earnings of $1.1 billion for 2012 
--  Cash flow generated from operations(2) of $1.04 billion or $1.40 per
    share for 2012 
--  Cash and cash equivalents of $349.6 million at December 31, 2012 
--  Dividends paid were $168.2 million, increased by 68% year-over-year 

 
OPERATIONAL  


 
--  Record production of 1.2 million gold equivalent ounces (GEO)(3), an
    increase of 9% at cash costs(1)(4) of $230 per GEO 
    --  Gold production of 1.02 million ounces 
    --  Silver production of 9.0 million ounces 
--  First full year of production at Mercedes of 126,010 GEO, 20% above
    guidance 
--  22% production increase at Fazenda Brasiliero 
--  Ernesto/Pau a Pique start-up with ramp-up expected to be completed by
    mid-2013 
--  Cerro Moro mineral resources increased 44% and a plan developed to
    advance project 
--  Exploration program increased measured and indicated mineral resources
    by 15% and improved grade across all categories of mineral reserves and
    mineral resources 

 
"Our objective has been to become a more predictable and reliable
precious metals company delivering value to shareholders through
increasing our resource base, expanding production and ultimately
generating cash flow and increases in cash flow," said Peter Marrone,
Chief Executive Officer. "For 2012, we achieved record annual
production, partially as a result of the first full year of
production at Mercedes, expanded our mineral reserves, expanded our
mineral resources most notably through the addition of Cerro Moro,
and delivered strong financial results on behalf of shareholders. In
the coming year, we will continue to strive for consistency and
reliability in the delivery of high quality ounces at comparatively
low cost." 


 
(1)  Refers to a non-GAAP measure. Reconcilliation of non-GAAP measures are 
     available at www.yamana.com/2012.                                      
(2)  Cash flow from operations before changes in non-cash working capital.  
(3)  Gold equivalent ounces (GEO) includes silver production at a ratio of  
     50:1.                                                                  
(4)  Cash costs are shown on a by-product basis including Alumbrera unless  
     otherwise noted.                                                       

 
KEY STATISTICS 


 
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                                  Three months ended     Twelve months ended
                                         December 31             December 31
----------------------------------------------------------------------------
(In thousands of US dollars                                                 
 except where noted)                2012        2011        2012        2011
                            ------------------------------------------------
Revenues                     $   629,505 $   568,754 $ 2,336,762 $ 2,173,325
Cost of sales excluding                                                     
 depletion, depreciation and                                                
 amortization                    207,228     178,384     831,754     716,692
Depletion, depreciation and                                                 
 amortization                    100,195      93,611     383,738     356,759
General and administrative                                                  
 expenses                         38,997      32,343     145,856     121,381
Exploration expenses              15,140       9,080      58,049      32,398
Operating Earnings               280,295     247,847     936,351     944,962
Equity earnings from                                                        
 associate (Alumbrera)            18,147       1,269      50,642      39,019
Net Earnings                     169,161      89,599     442,064     548,294
Net Earnings per share              0.22        0.12        0.59        0.74
Adjusted earnings                197,368     184,242     694,333     712,896
Adjusted earnings per share         0.26        0.25        0.93        0.96
Cash flow generated from                                                    
 operations after changes in                                                
 non-working capital             367,881     338,850   1,158,057   1,225,782
Per share                           0.49        0.45        1.55        1.65
Cash flow generated from                                                    
 operations before changes                                                  
 in non-working capital          298,064     320,434   1,044,946   1,266,373
Per share                           0.40        0.43        1.40        1.70
Average realized gold price                                                 
 per ounce                         1,692       1,670       1,670       1,567
Average realized silver                                                     
 price per ounce                   31.37       31.29       30.46       35.19
Average realized copper                                                     
 price per pound                    3.54        3.36        3.60        3.93
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PRODUCTION SUMMARY - FINANCIAL AND OPERATING SUMMARY 


 
----------------------------------------------------------------------------
                                  Three months ended     Twelve months ended
                                         December 31             December 31
----------------------------------------------------------------------------
                                    2012        2011        2012        2011
                            ------------------------------------------------
Total gold equivalent ounces                                                
 - produced                      322,990     276,918   1,201,010   1,102,296
  Gold produced                  276,373     231,670   1,019,969     916,284
  Silver produced (millions                                                 
   of ounces)                        2.3         2.3         9.0         9.3
Total gold equivalent ounces                                                
 - sold                          317,615     272,491   1,186,991   1,089,811
Total copper produced -                                                     
 Chapada (millions of                                                       
 pounds)                            40.5        45.4       150.6       166.1
Total copper sold - Chapada                                                 
 (millions of pounds)               37.3        43.6       139.0       153.6
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                  Three months ended     Twelve months ended
                                         December 31             December 31
----------------------------------------------------------------------------
                                    2012        2011        2012        2011
                            ------------------------------------------------
Co-product cash costs per                                                   
 gold equivalent ounce       $       517 $       486 $       525 $       463
  Cash cost per pound of                                                    
   copper - Chapada          $      1.51 $      1.37 $      1.48 $      1.38
By-product cash costs per                                                   
 gold equivalent ounce       $       198 $       174 $       230 $        50
----------------------------------------------------------------------------

 
Financial Results for the year ended December 31, 2012  
Net earnings for the year were $442.1 million or $0.59 per share on a
basic and diluted basis, compared with net earnings of $548.3 million
or basic and diluted earnings per share of $0.74 for 2011 (2010 -
$466.5 million). Net earnings for the year were impacted by an
increase of the income tax expense of $83.8 million due to the
increase in the Chilean tax rate enacted in late September 2012 which
affects the tax rates on deferred income taxes. The Company has
applied the new tax rate on all of its non-cash Chilean deferred
income tax liabilities resulting in an adjustment to net earnings of
2012 although deferred income taxes would only be paid on a direct
disposition of the asset that may never occur.  
Adjusted earnings were $694.3 million or $0.93 basic and diluted
earnings per share in 2012, compared with $712.9 million or $0.96 per
share in 2011 (2010 - $448.2 million or $0.61 per share). Lower
adjusted earnings was attributed mainly to higher net finance and
other expenses, partly offset by an increase in mine operating
earnings as a result of higher volume of gold sales at higher gold
prices offset by lower sales of copper and silver, and an increase in
equity earnings from the Company's 12.5% interest in Alumbrera. 
Revenues were $2.3 billion in 2012 compared with $2.2 billion in 2011
(2010 - $1.7 billion). Mine operating earnings were $1.12 billion,
slightly higher than $1.10 billion in 2011 (2010 - $753.8 million).
Higher revenues and mine operating earnings were mainly due to higher
sales volume of gold from the production of the new Mercedes mine,
which was under construction during the comparative period, and
higher realized gold prices, partly offset by lower copper and silver
prices and lower volume of copper and concentrate sales. 
Revenues for 2012 were generated from the sale of 1.19 million GEO,
consisting of 1.01 million ounces of gold and 9.0 million ounces of
silver, and 139.0 million pounds of copper, excluding Alumbrera which
is accounted for as an equity investment. This compares to sales,
excluding Alumbrera, of 1.09 million GEO (2010 - 1.09 million GEO)
that consisted of 906,985 ounces of gold and 9.1 million ounces of
silver (2010 - 909,985 ounces of gold and 10.1 million ounces of
silver), and 153.6 million pounds of copper (2010 - 143.8 million
pounds) in 2011. 
The average realized gold price in 2012 was $1,670 per ounce versus
$1,567 per ounce in 2011 (2010 - $1,237), the 2012 average realized
copper price was $3.60 per pound versus $3.93 per pound (2010 -
$3.37) and 2012 average realized silver price was $30.46 per ounce
compared to $35.19 per ounce in 2011 (2010 - $20.70). Although
average realized prices for copper and silver were lower than those
in 2011, average realized prices for gold trended upward by 7%
compared to 2011, consistent with market prices. 
Cost of sales excluding depletion, depreciation and amortization for
the year was $831.8 million compared with $716.7 million in 2011
(2010 - $631.1 million) due to the additional volume of gold sales
from Mercedes, which was under construction in 2011, and higher cash
costs per GEO.  
Depletion, depreciation and amortization ("DDA") expense for the year
was $383.7 million, compared to $356.8 million in the 2011 (2010 -
$301.9 million). The increase in DDA is mainly driven by higher
volume of gold sales and the additional DDA from the Mercedes mine,
which was under construction during 2011. 
Other expenses as an aggregate of general and administrative,
exploration and evaluation, other operating and net finance expenses
were $289.1 million in 2012, compared to $228.1 million in 2011 (2010
- $219.6 million). The increase in other expenses is detailed below. 
General and administrative expenses were $145.9 million in 2012
compared to $121.4 million in 2011 (2010 - $108.9 million). The
increase in administrative expenses was due to the expanded
administration of the Company's growing operations including the
addition of the Mercedes mine and consulting costs related to various
process and organizational improvement initiatives.  
Consistent with the Company's exploration plans to pursue organic
growth while continuing to build on its successful record of
replacing and increasing mineral reserves and mineral resources, and
exploration and evaluation activities, including additional
activities at the newly acquired Cerro Morro project, exploration and
evaluation expenses increased to $58.0 million from $32.4 million
incurred in 2011 (2010 - $39.2 million). 
Other operating expenses were $31.7 million compared to $40.2 million
in 2011.  
Net finance expense was $53.5 million for the year compared with net
finance expense of $34.2 million in 2011 (2010 - $47.9 million).
Higher net finance expense in 2012 compared to 2011, was mainly due
to higher unrealized foreign exchange loss and higher bank and
financing fees, partly offset by higher capitalization of borrowing
cost for the new mines and projects under construction.  
Equity earnings from associate were $50.6 million for the year
compared with $39.0 million in 2011. Cash distributions from the
Company's equity investment in Alumbrera during the year were $nil
compared to $71.5 million in 2011. 
Export sales were suspended by Alumbrera during the second quarter of
2012 due to a new resolution in respect to export revenue
repatriation in Argentina. Export sales resumed in July 2012 under
standard sales terms with the backlog of shipment sold in the second
half of 2012 following an amendment to the original resolution
extending the period for the repatriation of net export sales
proceeds. In excess of 70% of the volume of sales in all categories,
including gold, copper and mineral concentrate, occurred in the
second half of the year. 
Non-cash impairment losses mainly related to available-for-sale
investments were $67.7 million in 2012, compared with losses of $92.6
million in 2011 (2010 - $nil). 
The Company recorded an income tax expense of $373.1 million in 2012
compared to $269.9 million in 2011 (2010 - tax expense of $128.3
million). Of the 2012 income tax expense, $83.8 million was related
to the impact of increased Chilean tax rates on deferred income
taxes. The potential impact of this Chilean tax rate change was
disclosed and discussed in the Company's third quarter report. As the
charge is non-cash and relates to deferred tax balances recorded in
prior years, it is added back to adjusted earnings. The 2012 income
tax provision reflects a current income tax expense of $265.5 million
compared to tax expense of $266.1 million in 2011 (2010: tax expense
$136.5 million) and a deferred income tax expense of $107.6 million
compared to tax expense of $3.8 in 2011 (2010: deferred tax recovery
$8.2).  
Cash and cash equivalents as at December 31, 2012 were $349.6 million
compared to $550.4 million as at December 31, 2011. The Company
continues to rebuild its cash balance subsequent to the cash
consideration paid upon the acquisition of Extorre Gold Mines Limited
in August 2012. Cash flows generated from operations before changes
in non-cash working capital items for the year ended December 31,
2012 were $1.04 billion compared to $1.27 billion for 2011. The
decrease was mainly due to increased cash income taxes paid and the
absence of cash dividends from Alumbrera in 2012. Cash flows from
operations after taking into effect changes in working capital items
for the period ended December 31, 2012 were inflows of $1.16 billion,
compared to inflows of $1.23 billion for the year ended December 31,
2011, which includes an increase in trade payables and other payables
due to timing of payments. 
As at December 31, 2012, the Company has $1.1 billion in available
funds to continue to invest in future growth. 
Operating Results for the year ended December 31, 2012 
Total production was a Company record 1.20 million GEO for the year
and within the Company's original guidance of 1.175 to 1.310 million
GEO. Total production included the Company's attributable production
from the Alumbrera mine of 46,077 GEO and production during
commissioning of Mercedes, the tailings retreatment project at Minera
Florida and Ernesto/Pau-a-Pique of 12,094 GEO, compared with total
production of 1.10 million GEO for 2011 (2010: 1.09 million GEO).   
Commercial production for the year of 1.19 million GEO was also an
annual commercial production record, representing a 9% increase over
the commercial production of 1.09 million GEO in 2011 (2010: 1.05
million GEO). The increase was mainly due to the contribution from
the Company's new mine, Mercedes in Mexico, and increased production
from Gualcamayo and Fazenda Brasileiro.   
By-product cash costs averaged $230 per GEO, compared with $50 per
GEO in 2011 (2010: $50 per GEO). By-product cash costs were impacted
by lower copper sale credits as a result of lower market prices and
lower volume of sales. The average market price for copper in 2012
was 10% lower than 2011. By-product cash costs for 2012 met the
Company's previous guidance of below $250 per GEO. 
Co-product cash costs were $525 per GEO compared with $463 per GEO
for 2011 (2010: $442 per GEO). Planned lower gold grades at certain
mines and higher input costs during the period also impacted
by-product and co-product cash costs. 
Copper production for the year was 150.6 million pounds from the
Chapada mine, compared with 166.1 million pounds for 2011 (2010:
149.4 million pounds). Chapada copper production was lower primarily
as a result of expected lower copper grade and recovery rate offset
by higher throughput compared with 2011. Additionally, 37.4 million
pounds of copper produced from Alumbrera were attributable to the
Company, compared with 32.2 million pounds for the year ended
December 31, 2011 (2010: 38.7 million pounds). Total copper
production for 2012 was 188.0 million pounds, compared with 198.3
million pounds in 2011. 
Co-product cash costs per pound of copper averaged $1.40 in 2012 from
the Chapada mine, compared with $1.29 per pound in 2011 (2010: $1.17
per pound). Co-product cash costs per pound of copper for the year
including the Company's interest in the Alumbrera mine were $1.48 per
pound versus $1.38 per pound for 2011 (2010: $1.20 per pound). 
Financial Results for the three months ended December 31, 2012 
Net earnings for the quarter were $169.2 million or $0.23 basic and
$0.22 diluted per share, compared with net earnings of $89.6 million
or basic and diluted earnings per share of $0.12 for the fourth
quarter of 2011. Higher net earnings for the fourth quarter of 2012
were mainly due to higher mine operating earnings, partly offset by
higher operating expenses and higher income tax expenses. 
Adjusted earnings were $197.4 million or $0.26 basic and diluted
earnings per share in the fourth quarter of 2012, compared with
$184.2 million or $0.25 per share in the same quarter of 2011. Higher
adjusted earnings in the fourth quarter of 2012 were mainly due to
higher mine operating earnings, partly offset by higher general and
administrative expense, and exploration and evaluation expense in the
fourth quarter of 2012. 
Revenues were a record $629.5 million in the fourth quarter, compared
with $568.8 million in the same quarter of 2011. Mine operating
earnings were $322.1 million in the quarter, compared with $296.8
million in the fourth quarter of 2011. Higher revenues and mine
operating earnings were mainly due to higher sales volume of gold
from the production of the new Mercedes mine, which was under
construction during the comparative period, higher volume of silver
sales and higher metal prices, partly offset by lower volume of sales
of copper at Chapada. 
Revenues for the quarter were generated from the sale of 304,070 GEO,
consisted of 258,978 ounces of gold and 2.3 million ounces of silver,
and 37.1 million pounds of copper, excluding Alumbrera which is
accounted for as an equity investment. This compares to sales,
excluding Alumbrera, of 262,782 GEO ounces, consisting of 218,831
ounces of gold and 2.2 million ounces of silver, and 43.6 million
pounds of copper in the fourth quarter of 2011. 
For the fourth quarter, average realized prices for gold, copper and
silver were marginally higher than the average realized prices for
the same quarter in 2011. Average realized prices for the fourth
quarter of 2012 were $1,692 per ounce of gold, $3.54 per pound of
copper and $31.37 per ounce of silver, compared to average realized
prices of $1,670 per ounce, $3.36 per pound of copper and $31.29 per
ounce of silver in the fourth quarter of 2011.  
Cost of sales excluding depletion, depreciation and amortization for
the quarter was $207.2 million compared with $178.4 million in the
fourth quarter of 2011 mainly as a result of the additional volume of
gold sales, and higher cash costs per GEO.  
Depletion, depreciation and amortization ("DDA") expense for the
quarter was $100.2 million, an increase from $93.6 million in the
fourth quarter of 2011. The increase in DDA is mainly driven by
higher volume of gold sales and the additional DDA from the Mercedes
mine, which was under construction during the comparative period in
2011. 
Other expenses as an aggregate of general and administrative,
exploration and evaluation, other operating and net finance expenses
were $66.9 million in the three months ended September 30, 2012,
compared to $52.3 million in the fourth quarter of 2011. The increase
in other expenses is detailed below. 
General and administrative expenses were $39.0 million compared to
$32.3 million in 2011. The increase in administrative expenses was
due to the expanded administration of the Company's growing
operations including the addition of the Mercedes mine and consulting
costs related to various process and organizational improvement
initiatives.  
Consistent with the Company's plans to pursue organic growth while
continuing to build on its successful record of replacing and
increasing mineral reserves and mineral resources, exploration and
evaluation expenses increased to $15.1 from $9.1 million incurred the
comparative quarter in 2011. 
Other operating expenses were $5.8 million compared to $8.8 million
in the comparative quarter of 2011.  
Net finance expense was $7.0 million for the fourth quarter compared
with net finance expense of $2.1 million in 2011. Higher net finance
expense was mainly due to higher foreign exchange losses.  
Equity earnings from Alumbrera were $18.1 million for the quarter
compared with $1.3 million in the fourth quarter of 2011. Cash
distributions from the Company's equity investment in Alumbrera
during the quarter were $nil compared to $44.1 million in the fourth
quarter of 2011. 
Export sales were suspended by Alumbrera during the second quarter of
2012 due to a new resolution in respect to export revenue
repatriation in Argentina. Export sales resumed in July 2012 under
standard sales terms with the backlog of shipment sold in the second
half of 2012 following an amendment to the original resolution
extending the period for the repatriation of net export sales
proceeds. In excess of 70% of the sales volume occurred in the second
half of the year. 
The Company recorded an income tax expense of $93.2 in the quarter
compared to $63.6 million in the fourth quarter of 2011. Higher
income taxes were mainly due to higher net earnings.  
Cash flows generated from operations before changes in non-cash
working capital items for the quarter ended December 31, 2012 were
$298.1 million compared to $320.4 million for the same period ended
December 31, 2011. The decrease was mainly due to higher cash taxes
paid and the absence of cash distribution from Alumbrera in spite of
higher earnings before taxation. Cash flows from operating activities
for the quarter ended December 31, 2012 were $367.9 million, compared
to inflows of $338.9 million for the fourth quarter of 2011. The
increase was mainly attributed to the increase of trade payables and
other payables due to timing of payments. 
Operating Results for the three months ended December 31, 2012 
Total production was a Company record 322,990 GEO for the fourth
quarter, including the Company's attributable production from the
Alumbrera mine of 10,769 GEO and production during commissioning at
Ernesto Pau-a-Pique of 1,274 GEO, compared with production of 276,918
GEO for the quarter ended December 31, 2011. Commercial production
for the quarter of 321,716 GEO was also a quarterly production
record, representing a 20% quarter-to-quarter increase. The
production increase was mainly due to the contribution from the
Company's new mine, Mercedes in Mexico, and increased production from
Minera Florida upon completion of commissioning of its tailings
retreatment project, as well as increased production from Fazenda
Brasileiro, El Penon and Alumbrera, partly offset by decreased
production at Gualcamayo, Jacobina and Chapada. Decrease in
production at Gualcamayo was mainly due to the transitioning at QDD
Main open-pit from Phase II to Phase III, which will continue into
early 2013. Ore processed at Gualcamayo was drawn heavily from
stockpiled material. Build-up of ore stockpiles at Chapada and El
Penon continued to provide greater flexibility in respect to future
production. 
By-product cash costs were $198 per GEO, compared with $174 per GEO
in the fourth quarter of 2011. By-product cash costs were impacted by
lower copper sale credits as a result of lower volume of copper
sales.  
Co-product cash costs were $517 per GEO compared with $486 per GEO
for the fourth quarter of 2011. Planned lower gold grades at certain
mines and higher input costs during the period also impacted
by-product and co-product cash costs. 
Copper production for the fourth quarter was 40.5 million pounds from
the Chapada mine, compared with 45.4 million pounds for the fourth
quarter 2011. Chapada copper production was lower primarily as a
result of lower recovery rate partly offset by higher throughput
compared with the fourth quarter of 2011. Additionally, 8.5 million
pounds of copper produced from Alumbrera were attributable to the
Company, compared with 6.2 million pounds for the quarter ended
December 31, 2011. Total copper production for the fourth quarter was
49.0 million pounds, compared with 51.6 million pounds in the same
quarter of 2011. 
Co-product cash costs per pound of copper were $1.38 for the quarter
from the Chapada mine, compared with $1.20 per pound for the fourth
quarter in 2011. Co-product cash costs per pound of copper for the
quarter including the Company's interest in the Alumbrera mine were
$1.51 per pound versus $1.37 per pound for the quarter ended December
31, 2011. 
OPERATING MINES 
Charts providing a summary of mine-by-mine operating results are
presented at the end of this press release. 
Chapada, Brazil 
Chapada produced a total of 128,171 GEO contained in concentrate in
2012 compared with 135,347 GEO contained in concentrate in 2011.
Chapada copper production was 150.6 million pounds in 2012 compared
with production of 166.1 million pounds of copper in 2011. 
Production for the year was expected to be lower than 2011 as a
result of lower grades and recovery rates for 2012 relative to 2011.
However, production was higher than plan mainly as a result of
increased tonnage of ore mined and processed. A study to increase
grind capacity has been started and a carbon-in-leach ("CIL") project
is planned for 2013 to reverse the trend of lower grades and lower
recovery rates. 
Gold production is expected to increase in 2014 and in the years to
follow, mostly as a result of the start-up of the oxide gold
operation at Suruca and the expected gold and copper production from
Corpo Sul. 
By-product cash costs for the year were negative $1,865 per GEO
compared with negative $2,454 per GEO for 2011. Less favourble
by-product cash cost credits were due to lower copper sale credits as
a result of lower market prices and lower sales volume of copper
pounds.  
Co-product cash costs were $333 per GEO in 2012, compared to $319 per
gold ounce in 2011. Co-product cash costs for copper were $1.40 per
pound in the year versus $1.29 per pound in 2011. 
Revenues for the year net of sales taxes and treatment and refining
costs were $675.1 million (2011 - $722.7 million). Revenues included
mark-to-market adjustments and final and provisional pricing
settlements for the year of positive $19.4 million (2011 - negative
$24.4 million). 
Chapada produced a total of 32,498 GEO contained in concentrate in
the fourth quarter of 2012 compared with 34,313 GEO contained in
concentrate in the same quarter of 2011. Chapada copper production
was 40.5 million pounds in the quarter compared with production of
45.4 million pounds of copper in the fourth quarter of 2011. 
Production for the quarter was higher than the mine plan but lower
than the fourth quarter of 2011, as a result of the anticipated lower
grades and recovery rates for 2012 relative to 2011, partly offset by
increased tonnage of ore processed.  
By-product cash costs for the quarter were negative $2,021 per GEO
compared with negative $1,715 per GEO for the same quarter in 2011.
Favourable by-product cash cost credit per GEO was mainly due to the
effect of copper sale credits on the lower GEO production in the
fourth quarter of 2012 compared to 2011, in spite of lower total
copper sales due to lower volume partly offset by higher average
realized copper price for the quarter compared to the fourth quarter
of 2011. 
Co-product cash costs were $349 per GEO in the fourth quarter,
compared to $320 per gold ounce in the same quarter of 2011.
Co-product cash costs for copper were $1.38 per pound in the fourth
quarter versus $1.20 per pound in the same quarter of 2011. 
Chapada revenues for the quarter net of sales taxes and treatment and
refining costs were $174.9 million (Q4 2011 - $196.4 million).
Revenues included mark-to-market adjustments and final and
provisional pricing settlements in the quarter of positive $4.1
million (Q4 2011 - positive $4.7 million). 
In December 2011, the Company completed the feasibility study and
basic engineering on the oxides at Suruca. The deposit will support
an additional average production of 45,000-50,000 gold ounces per
year to Chapada's operations over an initial five years beginning in
late 2013. 
Drilling continued at Corpo Sul in 2012, a gold and copper deposit
discovered in 2011 at the southwest end of the orebody of Chapada
with mineral resources of higher average grade cores especially near
the current Chapada pit. The additional drilling has further defined
the geometry and grade continuity of Corpo Sul from the southwest
limits of the 2011 mineral resources for an additional strike length
of 2.9 kilometres. Mineralization and mineral resources have been
traced along a combined strike length of almost 16 kilometres
centered by the main Chapada pit. These new discoveries have led to
the initiation of a pre-feasibility study, which was completed in
late 2012. Chapada is expected to enhance throughput by blending the
ore from the main Chapada pit with the higher grade ore from Corpo
Sul and as its size and scale increases, it will be evaluated as a
stand-alone orebody. 
The Company's strategic plan is to ensure sustainable production from
Chapada at levels of at least 150,000 gold ounces and 135.0 million
pounds of copper from 2015 for at least five years. Gold production
for 2014 is expected to be approximately 140,000 ounces to 160,000
ounces. 
El Penon, Chile 
El Penon produced 462,496 GEO during 2012 compared to 475,586 GEO in
2011. Production for the year consisted of 317,557 ounces of gold and
7.2 million ounces of silver, compared with 306,184 ounces of gold
and 8.5 million ounces of silver produced in 2011. Production of gold
for the year increased by 4%, compared with 2011, mainly as a result
of higher feed grade, while production of silver decreased by 15% due
to lower feed grade and lower recovery rate.  
Cash costs averaged $440 per GEO in 2012, compared with $400 per GEO
in 2011. Increases in powers costs, higher maintenance costs,
including diesel and other consumable items and mining inflation
generally compared to that of 2011, contributed to higher per unit
cash costs. 
Production during the fourth quarter of 2012 was 128,119 GEO compared
to 115,043 GEO in the same quarter of 2011, representing an 11%
increase quarter-over-quarter. Compared to the third quarter of 2012,
GEO production increased by 8%, representing consecutive quarterly
increases as a result of gold grade improvement since the second
quarter. Production for the quarter consisted of 93,448 ounces of
gold and 1.7 million ounces of silver, compared with 75,407 ounces of
gold and 2.0 million ounces of silver produced in the fourth quarter
of 2011. Production of gold increased by 24%, compared with the same
quarter of 2011, mainly as a result of higher feed grade, while
production of silver decreased by 15% due to lower feed grade and
lower recovery rate. A higher proportion of ore feed from areas of
the Aleste-Bonanza vein in the quarter resulted in lower silver
recovery. Blending with ore from other areas will change the ore-mix
and improve recovery in the future. 
Cash costs were $415 per GEO in the fourth quarter, virtually
unchanged from $413 per GEO in the fourth quarter in 2011. While gold
feed grade and recovery rate are expected to continue at the current
levels, silver recovery rate is expected to improve in 2013,
according to the mine plan. 
Exploration has been ongoing for 20 years at El Penon, which has a
long track record of replacement of ounces mined. The new discoveries
at Dorada Sur and Dorada Oeste, Fortuna Este and Bonanza West are
being focused on in an effort to advance these targets to mineable
mineral reserves in the near term. This is expected to return
significant near surface gold and silver values, improve production
and provide mining flexibility for a sustainable production level of
about 440,000 GEO per year and ultimately increase mine life.
Development has commenced at Pampa Augusta Victoria and an open-pit
is expected to start in the first half of 2013. 
Gualcamayo, Argentina 
Gualcamayo produced 147,310 ounces of gold in 2012, compared with
158,847 ounces produced in 2011. Lower production was mainly due to
the planned transitioning process from Phase II to Phase III at the
QDD Main area during the fourth quarter of 2012, and the construction
and licensing delay of the Valle Norte heap leach pad early in the
year. Production at Gualcamayo is expected to increase with the
ramp-up of production from QDD Main Phase III starting in the second
quarter of 2013 followed by new production from the AIM open-pit and
QDD Lower West underground operations.  
Increased tonnage of ore mined in 2012 reflects Gualcamayo's
continuous effort in stacking materials in preparation of
transitioning to Phase III as part of the planned expansion. Compared
to 2011, recovery rate improved mainly as a result of the production
from the new Valle Norte heap leach pad. 
Cash costs averaged $536 per ounce in 2012 compared with $441 per
ounce in 2011. Inflationary pressures on labour and consumable costs,
lower grade and re-handling of waste costs along with increased
maintenance to improve availability of equipment resulted in higher
cash costs. The QDD Main area at Gualcamayo is an open pit operation
along a mountain face and from time to time waste is removed and
stored and then must be moved again once the orebody has been
accessed. This movement or re-handling of waste will cause costs to
increase from time to time. The Company is evaluating how to reduce
the re-handling of waste and has initiated a maintenance program in
an effort to better contain costs. 
Gualcamayo produced 31,502 ounces of gold in the fourth quarter,
compared with 40,676 ounces produced in the fourth quarter of 2011.
The transitioning process from QDD Main Phase II to Phase III
contributed to the lower production. Production in the quarter was
primarily sourced from the stockpiled material.  
Cash costs were $485 per ounce in the quarter ended December 31, 2012
compared with $424 per ounce in the fourth quarter of 2011.
Inflationary pressures on labour and consumable costs, lower grade
and re-handling of waste costs resulted in higher cash costs in
combination with lower quarterly production.  
Underground development of QDD Lower West continues to advance and
project completion remains on schedule. Full ramp-up of Gualcamayo's
expansions to be completed by mid-2013 are expected to increase
sustainable production to approximately 200,000 gold ounces per year
beginning in 2014. A scoping study on the evaluation of milling
higher grade ore at Gualcamayo, subject to mineral resource increases
in 2012 and 2013, is expected to be completed in the first half of
2013. 
Mercedes, Mexico 
Mercedes' production of 126,010 GEO in 2012, including 8,959 GEO of
commissioning production, was above the top end of guidance in its
first year of operation. The 2012 production consisted of 116,215
ounces of gold and 489,747 ounces of silver. Cash costs per GEO
averaged $485 for the year, within the range of the Company's
previous guidance of $475 - $500 per GEO for the year. 
Mercedes produced 39,443 GEO in the fourth quarter, representing
consecutive increases of 17% over the third quarter production, 36%
over the second quarter and 65% over the first quarter. Fourth
quarter production consisted of 36,057 ounces of gold and 169,313
ounces of silver. Cash costs per GEO were $435 for the fourth
quarter, 11% lower than the cash costs in the third quarter, 13%
lower than the second quarter and 19% lower than the first quarter,
representing decreases in consecutive quarters since the completion
of commissioning. Compared to the third quarter, feed grade improved
by 9% for gold and 15% for silver; recovery rate for silver improved
by 32%. 
Development continues at the Barrancas zone with the higher grade
Lagunas Norte vein, one of the newest discoveries at the mine, which
started production from flat-lying ore in the third quarter.
Development of the vein structure in the Barrancas zone was not
included in the original mine plan and represents a significant
opportunity to increase production. Confirmation of the width and
grades of mineralization by infill drilling at Lupita and the recent
discovery of high-grade mineralization at Rey de Oro that may be
amenable to underground mining methods, are expected to continue
growth of the measured and indicated mineral resources that will
extend mine life, maintain higher throughput and sustainable
production levels. 
Production was initially planned at an annual rate of 120,000 GEO per
year. With the acceleration of underground development and plant
modifications, the Company expects production to increase to 130,000
to 140,000 GEO in 2013 and a target of 130,000 GEO to 150,000 GEO in
2014.  
Jacobina, Brazil 
Gold production at Jacobina was 116,863 ounces in 2012, compared with
121,675 ounces produced in 2011. The decrease in production for the
year compared to that of 2011, mainly resulted from a decrease in
tonnage processed and lower gold grade. Continued development of
access to higher grade areas is expected to improve average ore grade
beginning in the second half of 2013. 
Cash costs were $747 per ounce for the year compared with $643 per
ounce in 2011. Cash costs were impacted by higher labour inflation
and maintenance costs in addition to continued rock support
improvements made during 2012. 
In the fourth quarter, gold production at Jacobina was 28,337 ounces,
compared with 31,983 ounces produced in the fourth quarter of 2011.
The decrease in production primarily resulted from an 8% decrease in
gold feed grade, lower recovery rate and less tonnage processed. Cash
costs were $825 per ounce for the fourth quarter compared with $646
per ounce in the fourth quarter of 2011.  
The Company continues to focus on upgrading the current mineral
resources at Canavieiras and Morro do Vento and improving overall
mineral reserve grade for the mine. Development of these high-grade
areas creates the opportunity for production to increase to over
140,000 ounces. The timing of which is dependent on the pace of
development work in these higher grade areas. 
Minera Florida, Chile 
Minera Florida produced a total of 105,679 GEO in 2012, an increase
of 3% versus production of 102,738 GEO in 2011. Production consisted
of 89,163 ounces of gold and 825,812 ounces of silver, both including
commissioning production, compared to 86,914 ounces of gold and
791,173 ounces of silver. The increased production was mainly due to
the new production from the tailings retreatment project. The
increase was partly offset by lower feed grade and lower recovery
rate of gold. Commercial production from tailings retreatment began
on October 1, 2012. The plant continued to ramp up to an average 65%
of capacity utilization in December 2012 and reaching full design
capacity in January 2013. 
In addition, the mine produced 5,381 tonnes of zinc in 2012, compared
with 6,958 tonnes of zinc produced in 2011. Zinc is accounted for as
a by-product credit to cash costs. 
Cash costs for the year were $797 per GEO compared with $591 per GEO
in the same quarter in 2011 primarily as a result of higher cost for
power, increased cost in temporary mine services and labour
inflation, lower credit from sales of zinc as a result of lower
production and lower prices for zinc. 
Minera Florida produced a total of 32,797 GEO in the quarter,
representing a 42% increase, compared with 23,151 GEO in the fourth
quarter of 2011, mainly due to the new production from the tailings
retreatment project. Compared to the third quarter, feed grade
improved by 19% for gold and 26% for silver.  
In addition, the mine produced 1,353 tonnes of zinc in the fourth
quarter, compared with 1,586 tonnes of zinc produced in the fourth
quarter of 2011.  
Cash costs for the fourth quarter were $805 per GEO compared with
$706 per GEO in the same quarter in 2011 primarily as a result of
higher cost for power, increased cost in temporary mine services and
labour inflation and lower credit from sales of zinc as a result of
lower production and lower prices for zinc. 
Production from tailings retreatment is expected to ramp up and
increase annual production by approximately 30,000 GEO per year for
five years through the retreatment of tailings. Overall costs are
expected to improve with the addition of tailings production and the
lack of mining costs associated with the retreatment of tailings.  
OTHER MINES 
Fazenda Brasileiro, Brazil  
Production at Fazenda Brasileiro was 67,130 ounces of gold in 2012
compared to 55,163 ounces of gold in 2011, representing a 22%
year-over-year increase. The increased production was mainly due to
higher gold feed grade, higher recovery rate and increased tonnage
processed.  
Cash costs averaged $872 per ounce for the year, 7% lower than $937
per ounce for 2011. Increases in tonnage mined and tonnage processed
positively impacted cash costs and more than offset the effect of
mining inflation.  
Production at Fazenda Brasileiro was 18,251 ounces of gold in the
fourth quarter compared to 15,568 ounces of gold in the fourth
quarter of 2011, representing a 17% quarter-over-quarter increase.
The increased production was mainly due to increased tonnage
processed and higher recovery rate, partly offset by lower gold feed
grade.  
Cash costs for the fourth quarter were $856 per ounce, 6% lower than
$915 per ounce for the same period in 2011. Increases in tonnage
processed positively impacted cash costs and more than offset the
effect of mining inflation.  
The Fazenda Brasileiro mine was acquired in 2003 with two and a half
years of mine life remaining based on known mineral reserves. The
Company has been mining at Fazenda Brasileiro for nearly nine years.
The mine continues to further outline exploration potential and
mineral resource additions are expected in 2013. 
Two new mineralization zones, CLX2 and Lagoa do Gato were discovered
in 2009. The CLX2 zone is identified as having significant potential
for high-grade sources of ore for the mill. Both infill and extension
drilling confirm the continuity of mineralization in both areas. The
Company continues to develop the high-grade mineral reserves at CLX2
with a focus on increasing mineral reserves and mineral resources.  
Alumbrera, Argentina  
The Company's interest in the Alumbrera Mine is accounted for as an
equity investment. The Company recorded earnings from its 12.5%
interest in Alumbrera Mine of $50.6 million and $18.1 million for the
year and three months ended December 31, 2012, compared with $39.0
million and $1.3 million reported for the respective periods of 2011.
Higher earnings for the year and the fourth quarter of 2012 compared
to the same periods of 2011 were mainly due to higher sale volumes of
mineral concentrate. Compared with the fourth quarter of 2011, sales
increased in the quarter ended December 31, 2012 as export sales by
Alumbrera resumed in the third quarter subsequent to a temporary
suspension to comply with a new resolution in respect of repatriation
of net proceeds from export sales set forth by the Argentine
Government. 
The Company did not receive cash distributions in the year ended
December 31, 2012, compared with cash distribution of $71.5 million
in 2011, of which $44.1 million was received in the fourth quarter of
2011. Cash distributions have resumed in January 2013.  
Attributable production from Alumbrera was 46,077 ounces of gold and
37.4 million pounds of copper for 2012. This compares with
attributable production of 44,502 ounces of gold and 32.2 million
pounds of copper in 2011. For the fourth quarter, attributable
production from Alumbrera was 10,769 ounces of gold and 8.5 million
pounds of copper, compared with 7,746 ounces of gold and 6.2 million
pounds of copper in the fourth quarter of 2011. 
By-product cash costs per ounce of gold were negative $1,203 for the
year and negative and $2,012 for the quarter ended December 31, 2012,
compared with negative $1,448 per ounce and negative $1,351 per ounce
for the respective periods in 2011. Co-product cash costs per ounce
for gold averaged $308 for the year and $343 for the quarter ended
December 31, 2012, compared with $283 per ounce and $450 per ounce
for the respective periods of 2011. Co-product cash costs per pound
for copper averaged $1.81 for the year and $2.15 for the quarter
ended December 31, 2012, compared with $1.82 per pound and $2.59 per
pound for the respective periods of 2011.  
Ernesto/Pau-a-Pique, Brazil 
Physical completion of this new mine is on schedule. Ernesto
Pau-a-Pique commenced commissioning with the first gold ounces poured
in October 2012. Commissioning will continue in early 2013 and
completion of commissioning is expected by mid-2013. Annual
production is expected to be in the range of 80,000 - 95,000 ounces
in 2013 with the potential to increase above that level in 2014.  
Ernesto/Pau-a-Pique is made up of two different deposits, one of
which is permitted and the other is currently operating under a
provisional permit. The Company expects definitive permits will be
issued under a proposed new Brazilian mining code legislation which
is in progress.  
CONSTRUCTION AND DEVELOPMENT PROJECTS  
The following summary highlights key updates from the Company's
construction and development projects. 
C1 Santa Luz, Brazil 
As of December 31, 2012, physical advancement of the project was over
95% complete. Civil works and electromechanical assembly continued as
planned. Power line construction is expected to be completed in early
2013. Start-up of operations is pending with completion of
commissioning expected by mid-2013. Water availability necessary for
continuous operations will depend on the continuation of the rains
throughout the rainy season which progresses through March and will
be supplemented by recently discovered water wells. 
C1 Santa Luz is an open-pit and potential underground operation for
which some concessions have already been permitted. Mining will start
in the already permitted concessions. Annual production is expected
to be approximately 100,000 gold ounces. 
Pilar, Brazil 
Construction progress is on schedule with commissioning and start-up
of production expected by mid-2013 with completion of commissioning
expected by the end of 2013. As at December 31, 2012, mine and plant
were advanced to approximately 75% completion. Civil works were
essentially completed, and work continued on electromechanical
assembly and the tailings dam. Underground development at Pilar
continued to progress and reached a total length of more than 9,000
metres and underground development at Caiamar has progressed more
than 1,000 metres. 
Annual production from the mine was originally estimated to be
120,000 ounces of gold. The project is being built with 30%
additional capacity to that contemplated in the feasibility study in
anticipation of significant mineral resource growth. The Company
focused exploration and evaluation on Maria Lazarus and the high
grade Jordino deposit. This resulted in a 29% increase in inferred
mineral resources. These mineral resources are expected to be
upgraded during 2013.  
Ore feed from Caiamar, a high-grade satellite deposit located 38
kilometres west of Pilar, is expected to contribute to production at
Pilar thereby increasing production to a minimum of 140,000 gold
ounces per year expected to begin as early as 2014. Mineral resource
development and work on a feasibility study continued at Caiamar
during the quarter. The ore from this deposit can be processed at
Pilar with the higher grades offsetting the additional transportation
costs. 
Other 
The Company continues to advance and evaluate additional projects,
including Jeronimo and Suyai. 
At Suyai, certain components that would lead to a feasibility study
continued in the quarter. Further advancement of the project will
partly depend on the passage of new mining legislation that is
pending. 
At Jeronimo, both Yamana and its joint venture partner, Codelco (43%
owner of the project), are evaluating the project. During this period
of evaluation, the Company is advancing other studies and reviews
normally completed after a construction decision is made. The
Company's objective is to advance opportunities that maximize cash
flow and optimize the allocation of capital. 
EXPLORATION 
The Company is committed to developing its future based on its
exploration successes and organic growth with programs targeting
mineral reserve growth and mineral resource discovery in addition to
development projects and discoveries at existing operations. 
The 2012 exploration program focused on increasing the Company's
mineral reserves and mineral resources, accelerating the development
of new discoveries such as Jordino and Maria Lazarus at Pilar, the
extension of Pampa Augusta Victoria and definition of a new discovery
at El Penon, the expansion of high grade mineral resources at
Jacobina, the delineation and expansion of Corpo Sul at Chapada, the
delineation and expansion of QDD Lower West at Gualcamayo and the
development of several greenfield projects with the potential to be
brought into the Company's project pipeline, enhancing present and
future asset values. The Company also initiated its exploration and
evaluation activities at Cerro Moro, the advanced exploration and
development stage project obtained through the acquisition of Extorre
in August 2012. 
OUTLOOK AND STRATEGY  
The Company continues with its objective to deliver consistent and
reliable operational results with an emphasis on comparatively low
costs to drive strong cash flows and expanding margins. This
objective will be achieved through the delivery of high quality
ounces and projects while containing costs and maintaining
disciplined capital spending. The Company continues on a steady path
of organic growth through expanding current, near-term and
in-development production plans, developing new projects and
advancing its exploration properties. The Company complements its
growth strategy by adding properties and projects with high
development potential and economic upside through strategic
acquisitions. 
Production in 2013 is expected to be in the range of 1.44 million to
1.60 million GEO with a target level of 1.48 million GEO. This will
represent an increase from 2012 production of at least 20%, most of
which will come from a full year of production at Mercedes, the
ramp-up of the expansion project at Minera Florida, the ramp-up of
production at the two new mines, Ernesto/Pau-a-Pique and C1 Santa
Luz, and the start-up of production at another new mine, Pilar. 
Production in 2014 is expected to be in the range of 1.60 to 1.77
million GEO with a long-term sustainable target of 1.75 million GEO,
representing an increase by approximately 33% from 2012 levels. The
production increase will be in part due to a full year of production
from Ernesto/Pau-a-Pique, C1 Santa Luz and Pilar, the Gualcamayo
expansion and the Suruca oxide and Corpo Sul expansions at Chapada. 
Silver production is expected to be consistent at between 8 million
to 9 million ounces in each of 2013 and 2014. Silver production is
reported as gold equivalent ounces and included in the above
forecasts at a ratio of 50:1. 
Copper production is expected to be in the range of 120 million to
135 million pounds in 2013 and 130 million to 145 million pounds in
2014. These estimates reflect the production from Chapada and do not
include the attributable production from the Company's 12.5% interest
in Alumbrera. 
By 2015, production is targeted to be at a sustainable level of
approximately 1.75 million GEO. This includes production from the
existing mines and development projects for which construction
decisions have been made. Planned sustainable production will be
augmented by additional production from the projects that are now
being evaluated, which include Cerro Moro, Jeronimo, Agua Rica and
Suyai. Expected production from these projects is not included in the
projected total but could increase sustainable production levels. 
Estimated cash costs for 2013 are forecast to be below $365 per GEO.
Cash costs are calculated after base metal by-product credits, which
assume a price forecast for copper of $4.00 per pound. 
In 2013, expected cost increases are driven by fewer copper
by-product credits with relatively higher gold production along with
inflationary impacts in the countries in which the Company operates.
While there is a planned decline in copper production at Chapada in
2013, this is expected to reverse with higher copper production
beginning in 2014. The Company will continue maximizing copper
production at Chapada as a strategy for further decreasing the
consolidated cost structure. 
The Company expects to spend approximately $110 million to $115
million on exploration and evaluation in 2013 continuing the
successful 2012 program. The 2013 exploration program will continue
to focus on increasing mineral reserves and mineral resources with
its near-mine and regional exploration programs, as well as
continuing to explore identified greenfield targets and identify new
targets. 
Expansionary capital spending for 2013 is expected to be $470
million, which includes approximately $50 million of unspent capital
initially contemplated in 2012, and additional amounts relating to
new projects including $29 million on the construction of the
carbon-in-leach plant at Chapada, $15 million for phase II of the
north pad heap leach expansion at Gualcamayo, and approximately $40
million on the advancement of Cerro Moro. Expected spending at Cerro
Moro includes amounts for the feasibility study and the development
of a production ready decline into the largest of the known ore
bodies, which was the approach taken in the development of Mercedes.
This approach will provide an increased level of certainty in
sustainable production levels going forward. Expansionary capital
spending is expected to decline in 2014 as the projects currently in
development will be complete and currently there are no other
projects for which positive construction decisions have been made. 
In 2013, sustaining capital spending is expected to be approximately
$445 million or $310 per GEO. This allocates all capital to gold
ounces with no consideration for copper. Sustaining capital per GEO
is expected to decline in future years as a result, in part, of the
cost saving initiatives related to maintenance and the expected
growth in gold production. 
In addition to $1.1 billion of available cash and undrawn credit
available at December 31, 2012, the Company expects significant
increase in cash flows by the fourth quarter of 2013 after completion
of the current development projects. The Company continues to work on
additional growth projects, expecting to move forward with those
projects that will deliver growth, maximize cash flows and
demonstrate efficient use of capital. Free cash flow should increase
as cash flow is expected to exceed required capital needs. 
Further details of the 2012 fourth quarter results can be found in
the Company's unaudited Management's Discussion and Analysis and
unaudited Consolidated Financial Statements at
www.yamana.com/Investors/FinancialCorporateReports. 
FOURTH QUARTER CONFERENCE CALL 
Q4 Conference Call Information for Thursday February 21, 2013, 11:00
a.m. ET 


 
Toll Free (North America):                    1-800-355-4959                
Toronto Local and International               416-695-6616                  
International: Participant Audio Webcast:     www.yamana.com                

 
Q4 Conference Call REPLAY: 


 
Toll Free Replay Call (North America):     1-800-408-3053   Passcode 9088417
Toronto Local and International:           905-694-9451     Passcode 9088417

 
The conference call replay will be available from 2:00 p.m. ET on
February 21, 2013 until 11:59 p.m. ET on March 7, 2013.  
Via Webcast 
Live Audio & Webcast: www.yamana.com. 
For further information on the conference call or audio webcast,
please contact the Investor Relations Department or visit our
website, www.yamana.com.  
About Yamana 
Yamana is a Canadian-based gold producer with significant gold
production, gold development stage properties, exploration
properties, and land positions in Brazil, Argentina, Chile, Mexico
and Colombia. Yamana plans to continue to build on this base through
existing operating mine expansions, throughput increases, development
of new mines, the advancement of its exploration properties and by
targeting other gold consolidation opportunities with a primary focus
in the Americas. 


 
----------------------------------------------------------------------------
Chile                                                                       
                                    Gold      Silver        Gold      Silver
                         Ore       Grade       Grade    Recovery    Recovery
                   Processed         g/t         g/t         (%)         (%)
----------------------------------------------------------------------------
El Penon                                                                    
Total 2012         1,415,292        7.47      199.21        93.5        80.0
Q4 2012              362,874        8.59      195.00        93.0        76.0
----------------------------------------------------------------------------
Q3 2012              361,544        7.72      196.33        93.3        78.1
Q2 2012              355,132        6.32      194.34        94.1        82.5
Q1 2012              335,741        7.19      212.02        93.5        82.9
Total 2011         1,452,090        7.05      215.90        93.0        84.0
Q4 2011              363,796        6.91      200.20        93.1        83.9
Q3 2011              367,503        6.77      215.46        93.6        86.8
Q2 2011              362,778        7.64      220.24        93.4        85.1
Q1 2011              358,013        6.91      227.80        92.0        79.9
----------------------------------------------------------------------------
Minera Florida                                                              
Total 2012           902,788        3.34       39.29        81.1        67.6
Q4 2012              222,440        3.53       46.90        81.6        69.8
----------------------------------------------------------------------------
Q3 2012              227,246        2.97       37.16        80.5        67.3
Q2 2012              224,107        3.15       43.31        80.8        69.6
Q1 2012              228,994        3.70       25.23        81.4        62.4
Total 2011           920,388        3.50       38.40        84.0        68.3
Q4 2011              207,147        3.37       50.30        83.5        68.9
Q3 2011              242,670        3.45       38.01        84.0        67.6
Q2 2011              238,287        3.43       31.77        83.9        68.0
Q1 2011              232,284        3.78       35.15        84.6        68.7
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
Chile                                                                       
                                                Gold        Gold        Cash
                        Gold      Silver  Equivalent       Equiv        Cost
                      Ounces      Ounces      Ounces      Ounces         per
                    Produced    Produced    Produced        Sold     GEO (1)
----------------------------------------------------------------------------
El Penon                                                                    
Total 2012           317,557   7,246,951     462,496     457,704   $     440
Q4 2012               93,448   1,733,573     128,119     127,431   $     415
----------------------------------------------------------------------------
Q3 2012               83,092   1,768,273     118,457     117,390   $     422
Q2 2012               68,275   1,848,501     105,245     104,873   $     491
Q1 2012               72,742   1,896,604     110,675     108,011   $     442
Total 2011           306,184   8,470,112     475,586     473,607   $     400
Q4 2011               75,407   1,981,806     115,043     116,174   $     413
Q3 2011               76,347   2,213,974     120,627     125,600   $     407
Q2 2011               80,861   2,162,850     124,118     117,030   $     382
Q1 2011               73,568   2,111,482     115,798     114,803   $     397
----------------------------------------------------------------------------
Minera Florida                                                              
Total 2012            89,163     825,812     105,679     107,198   $     797
Q4 2012               27,889     245,393      32,797      33,244   $     805
----------------------------------------------------------------------------
Q3 2012               19,994     210,297      24,200      24,371   $     826
Q2 2012               19,179     239,931      23,978      23,229   $     811
Q1 2012               22,101     130,191      24,705      26,354   $     748
Total 2011            86,914     791,173     102,738     101,565   $     591
Q4 2011               18,326     241,208      23,151      23,219   $     706
Q3 2011               22,569     200,399      26,577      28,717   $     588
Q2 2011               22,034     167,114      25,376      22,831   $     614
Q1 2011               23,986     182,453      27,635      26,798   $     476
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Brazil                                                                      
                                                               By-       Co-
                                                           Product   Product
                                                     Gold     Cash      Cash
                           Gold     Gold     Gold   Equiv     Cost      Cost
                     Ore  Grade Recovery   Ounces  Ounces      per       per
               Processed    g/t      (%) Produced    Sold  GEO (1)       GEO
----------------------------------------------------------------------------
Chapada                                                                     
Total 2012    21,591,482   0.29     59.4  119,655 121,030 $ (1,865) $    333
Q4 2012        5,734,592   0.28     59.4   30,121  29,331 $ (2,021) $    349
----------------------------------------------------------------------------
Q3 2012        5,566,744   0.30     58.6   31,281  29,883 $ (1,659) $    341
Q2 2012        5,802,649   0.30     59.8   33,712  35,847 $ (2,207) $    302
Q1 2012        4,487,496   0.29     59.6   24,542  25,970 $ (1,473) $    348
Total 2011    20,581,385   0.32     63.8  125,839 134,483 $ (2,454) $    319
Q4 2011        5,559,778   0.32     60.5   31,012  34,497 $ (1,715) $    320
Q3 2011        5,075,556   0.33     66.0   33,781  30,236 $ (2,045) $    329
Q2 2011        4,857,313   0.32     64.3   29,577  35,527 $ (3,555) $    342
Q1 2011        5,088,739   0.32     64.7   31,469  34,223 $ (2,615) $    286
----------------------------------------------------------------------------
Jacobina                                                                    
Total 2012     2,104,683   1.84     93.8  116,863 114,786           $    747
Q4 2012          508,737   1.87     92.5   28,337  25,843           $    825
----------------------------------------------------------------------------
Q3 2012          545,578   1.81     94.4   30,028  31,385           $    768
Q2 2012          523,603   1.75     95.1   28,005  27,852           $    735
Q1 2012          526,765   1.94     93.0   30,493  29,706           $    666
Total 2011     2,148,275   1.89     93.3  121,675 123,323           $    643
Q4 2011          527,537   2.03     93.4   31,983  32,904           $    646
Q3 2011          559,207   1.89     92.9   31,567  30,528           $    654
Q2 2011          532,496   1.74     93.4   27,806  28,354           $    663
Q1 2011          529,035   1.91     93.5   30,319  31,537           $    611
----------------------------------------------------------------------------
Fazenda                                                                     
 Brasileiro                                                                 
Total 2012     1,048,489   2.22     89.5   67,130  66,805           $    872
Q4 2012          270,998   2.28     91.8   18,251  17,773           $    856
----------------------------------------------------------------------------
Q3 2012          255,769   2.52     89.6   18,601  20,448           $    803
Q2 2012          251,430   2.27     88.4   16,219  14,048           $    827
Q1 2012          270,292   1.84     88.1   14,059  14,536           $  1,037
Total 2011       936,459   2.07     88.4   55,163  56,907           $    937
Q4 2011          234,767   2.33     88.1   15,568  16,430           $    915
Q3 2011          249,752   1.99     89.9   14,335  14,534           $    940
Q2 2011          246,551   2.02     87.5   14,007  13,052           $    934
Q1 2011          205,389   1.93     88.2   11,252  12,891           $    968
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Argentina                                                                   
                                                                       Cash 
                                 Gold      Gold      Gold    Gold      Cost 
                          Ore   Grade  Recovery    Ounces  Ounces       per 
                    Processed     g/t       (%)  Produced    Sold   GEO (1) 
----------------------------------------------------------------------------
Gualcamayo                                                                  
Total 2012          7,742,140    0.80      75.5   147,310 149,372 $     536 
Q4 2012             2,002,170    0.66      75.8    31,502  33,568 $     485 
----------------------------------------------------------------------------
Q3 2012             1,664,568    0.78      94.0    38,248  42,095 $     669 
Q2 2012             1,977,398    0.90      71.6    38,297  33,832 $     547 
Q1 2012             2,098,004    0.85      68.1    39,263  39,877 $     436 
Total 2011          7,578,156    0.97      68.4   158,847 160,326 $     441 
Q4 2011             1,955,094    0.99      65.4    40,676  40,908 $     424 
Q3 2011             1,844,293    0.94      67.7    37,381  38,354 $     442 
Q2 2011             1,882,237    1.02      74.4    43,194  46,399 $     399 
Q1 2011             1,896,533    0.95      66.4    37,597  34,665 $     507 
----------------------------------------------------------------------------
Alumbrera                                                                   
Total 2012          4,962,373    0.40      71.0    46,077  43,580 $  (1,203)
Q4 2012             1,305,186    0.36      71.0    10,769  13,546 $  (2,012)
----------------------------------------------------------------------------
Q3 2012             1,271,732    0.45      72.8    13,633  18,566 $  (2,254)
Q2 2012             1,218,825    0.44      71.2    12,359   3,242 $     711 
Q1 2012             1,166,630    0.36      67.5     9,317   8,227 $  (1,270)
Total 2011          4,775,130    0.42      69.4    44,502  44,664 $  (1,448)
Q4 2011             1,176,148    0.30      68.3     7,746   9,709 $  (1,351)
Q3 2011             1,239,638    0.44      71.8    12,712  11,177 $  (1,216)
Q2 2011             1,227,348    0.47      68.2    12,670  12,367 $  (1,736)
Q1 2011             1,131,995    0.45      69.3    11,374  11,412 $  (1,452)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Mexico                                                                      
                                    Gold      Silver        Gold      Silver
                         Ore       Grade       Grade    Recovery    Recovery
                   Processed         g/t         g/t         (%)         (%)
----------------------------------------------------------------------------
Mercedes                                                                    
Total 2012           603,188        6.43       78.42        94.8        32.0
Q4 2012              164,285        7.38       85.17        95.8        39.0
----------------------------------------------------------------------------
Q3 2012              151,415        6.77       74.23        94.5        29.6
Q2 2012              151,425        5.53       70.63        94.9        30.8
Q1 2012              136,063        5.90       83.62        93.7        28.4
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
Mexico                                                                      
                                                Gold        Gold        Cash
                        Gold      Silver  Equivalent       Equiv        Cost
                      Ounces      Ounces      Ounces      Ounces         per
                    Produced    Produced    Produced        Sold     GEO (1)
----------------------------------------------------------------------------
Mercedes                                                                    
Total 2012           116,215     489,747     126,010     126,515 $       485
Q4 2012               36,057     169,313      39,443      36,879 $       435
----------------------------------------------------------------------------
Q3 2012               31,497     110,817      33,713      31,835 $       490
Q2 2012               26,646     112,729      28,900      28,760 $       499
Q1 2012               22,016      96,887      23,953      28,841 $       534
----------------------------------------------------------------------------
 

 
                                                                            
----------------------------------------------------------------------------
Copper Production                                                           
                             Copper    Copper    Copper    Copper Cash costs
                       Ore      Ore  Recovery  Produced      Sold  per pound
                 Processed    Grade       (%)  (M lbs.)  (M lbs.)  of copper
----------------------------------------------------------------------------
Chapada                                                                     
Total 2012      21,591,482     0.39      82.2     150.6     139.0 $     1.40
Q4 2012          5,734,592     0.40      81.1      40.5      37.3 $     1.38
----------------------------------------------------------------------------
Q3 2012          5,566,744     0.40      80.6      39.4      37.1 $     1.38
Q2 2012          5,802,649     0.38      83.3      40.4      37.4 $     1.34
Q1 2012          4,487,496     0.36      84.0      30.3      27.3 $     1.51
Total 2011      20,581,385     0.42      87.4     166.1     153.6 $     1.29
Q4 2011          5,559,778     0.43      86.7      45.4      43.6 $     1.20
Q3 2011          5,075,556     0.42      87.5      41.4      38.7 $     1.45
Q2 2011          4,857,313     0.43      88.4      40.8      41.6 $     1.32
Q1 2011          5,088,739     0.39      87.1      38.5      29.7 $     1.21
----------------------------------------------------------------------------
Alumbrera                                                                   
Total 2012       4,962,373     0.40      84.0      37.4      35.4 $     1.81
Q4 2012          1,305,186     0.30      85.0       8.5      11.1 $     2.15
----------------------------------------------------------------------------
Q3 2012          1,271,732     0.44      85.1      10.4      14.8 $     1.92
Q2 2012          1,218,825     0.45      85.9      10.5       2.3 $     1.41
Q1 2012          1,166,630     0.40      79.4       8.0       7.2 $     1.85
Total 2011       4,775,130     0.40      77.2      32.2      31.5 $     1.82
Q4 2011          1,176,148     0.30      78.9       6.2       7.7 $     2.59
Q3 2011          1,239,638     0.44      79.5       9.5       7.9 $     1.58
Q2 2011          1,227,348     0.45      77.2       9.3       8.8 $     1.54
Q1 2011          1,131,995     0.39      73.1       7.1       7.1 $     1.85
----------------------------------------------------------------------------

 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Except for statements
of historical fact relating to the Company, information contained
herein constitutes forward-looking statements, including any
information as to the Company's strategy, plans or future financial
or operating performance. Forward-looking statements are
characterized by words such as "plan," "expect", "budget", "target",
"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, assumptions and estimates of management considered
reasonable at the date the statements are made, and are inherently
subject to a variety of risks and uncertainties and other known and
unknown factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the Company's expectations in connection with
the  expected production and exploration, development and expansion
plans at the Company's projects discussed herein being met, the
impact of proposed optimizations at the Company's projects, the
impact of the proposed new mining law in Brazil and the impact of
general business and economic conditions, global liquidity and credit
availability on the timing of cash flows and the values of assets and
liabilities based on projected future conditions, fluctuating metal
prices (such as gold, copper, silver and zinc), currency exchange
rates (such as the Brazilian Real, the Chilean Peso, the Argentine
Peso, and the Mexican Peso versus the United States Dollar), possible
variations in ore grade or recovery rates, changes in the Company's
hedging program, changes in accounting policies, changes in mineral
resources and mineral reserves, risk related to non-core mine
dispositions, risks related to acquisitions, changes in project
parameters as plans continue to be refined, changes in project
development, construction, production and commissioning time frames,
risk related to joint venture operations, the possibility of project
cost overruns or unanticipated costs and expenses, higher prices for
fuel, steel, power, labour and other consumables contributing to
higher costs and general risks of the mining industry, failure of
plant, equipment or processes to operate as anticipated, unexpected
changes in mine life, final pricing for concentrate sales,
unanticipated results of future studies, seasonality and
unanticipated weather changes, costs and timing of the development of
new deposits, success of exploration activities, permitting time
lines, government regulation and the risk of government expropriation
or nationalization of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims,
limitations on insurance coverage and timing and possible outcome of
pending litigation and labour disputes, as well as those risk factors
discussed or referred to in the Company's current annual Management's
Discussion and Analysis and Annual Information Form filed with the
securities regulatory authorities in all provinces of Canada and
available at www.sedar.com, and the Company's Annual Report on Form
40-F filed with the United States Securities and Exchange Commission.
Although the Company has 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. The Company
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates, assumptions or opinions
should change, except as required by applicable law. The reader is
cautioned not to place undue reliance on forward-looking statements.
The forward-looking information contained herein is presented for the
purpose of assisting investors in understanding the Company's
expected financial and operational performance and results as at and
for the periods ended on the dates presented in the Company's plans
and objectives and may not be appropriate for other purposes. 
CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF
MEASURED, INDICATED AND INFERRED MINERAL RESOURCES 
This news release uses the terms "mineral resource", "measured
mineral resource", "indicated mineral resource" and "inferred mineral
resource" are defined in and required to be disclosed by NI 43-101.
However, these terms are not defined terms under Industry Guide 7 and
are not permitted to be used in reports and registration statements
of United States companies filed with the Commission. Investors are
cautioned not to assume that any part or all of the mineral deposits
in these categories will ever be converted into mineral reserves.
"Inferred mineral resources" have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form
the basis of feasibility or pre-feasibility studies, except in rare
cases. Investors are cautioned not to assume that all or any part of
an inferred mineral resource exists or is economically or legally
mineable. Disclosure of "contained ounces" in a mineral resource is
permitted disclosure under Canadian regulations. In contrast, the
Commission only permits U.S. companies to report mineralization that
does not constitute "mineral reserves" by Commission standards as in
place tonnage and grade without reference to unit measures.
Accordingly, information contained in this news release may not be
comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements under the United
States federal securities laws and the rules and regulations of the
Commission thereunder. 
NON-GAAP MEASURES 
The Company has included certain non-GAAP measures including
"Co-product cash costs per gold equivalent ounce", "Co-product cash
costs per pound of copper", "By-product cash costs per gold
equivalent ounce", "Adjusted Earnings or Loss and Adjusted Earnings
or Loss per share" to supplement its financial statements, which are
presented in accordance with International Financial Reporting
Standards ("IFRS"). The term IFRS and generally accepted accounting
principles ("GAAP") are used interchangeably throughout this MD&A,
except that 2010 financial data is presented in accordance with
previous Canadian GAAP.  
The Company believes that these measures, together with measures
determined in accordance with IFRS, provide investors with an
improved ability to evaluate the underlying performance of the
Company. Non-GAAP measures do not have any standardized meaning
prescribed under IFRS, and therefore they may not be comparable to
similar measures employed by other companies. The data is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in
accordance with IFRS. 
CASH COSTS 
The Company discloses "cash costs" because it understands that
certain investors use this information to determine the Company's
ability to generate earnings and cash flows for use in investing and
other activities. The Company believes that conventional measures of
performance prepared in accordance with International Financial
Reporting Standards ("IFRS") do not fully illustrate the ability of
its operating mines to generate cash flows. The measures, as
determined under IFRS, are not necessarily indicative of operating
profit or cash flows from operations. Average cash costs figures are
calculated in accordance with a standard developed by The Gold
Institute, which was a worldwide association of suppliers of gold and
gold products and included leading North American gold producers. The
Gold Institute ceased operations in 2002, but the standard remains
the generally accepted standard of reporting cash costs of production
in North America. Adoption of the standard is voluntary and the cost
measures presented herein may not be comparable to other similarly
titled measures of other companies. Cash costs include mine site
operating costs such as mining, processing, administration, royalties
and production taxes, but are exclusive of amortization, reclamation,
capital, development and exploration costs. Cash costs are computed
both on a co-product, by-product and all-in sustaining basis.  
Cash costs per gold equivalent ounce on a by-product basis is
calculated by applying zinc and copper net revenue as a credit to the
cost of gold production and as such the by-product gold equivalent
ounce cash costs are impacted by realized zinc and copper prices.
These costs are then divided by gold equivalent ounces produced. Gold
equivalent ounces are determined by converting silver production to
its gold equivalent using relative gold/silver metal prices at an
assumed ratio and adding the converted silver production expressed in
gold ounces to the ounces of gold production. 
Cash costs on a co-product basis are computed by allocating operating
cash costs to metals, mainly gold and copper, based on an estimated
or assumed ratio. These costs are then divided by gold equivalent
ounces produced and pounds of copper produced to arrive at the
average cash costs of production per gold equivalent ounce and per
pound of copper, respectively. Production of zinc is not considered a
core business of the Company; therefore, the net revenue of zinc is
always treated as a credit to the costs of gold production. 
All-in sustaining cash costs seeks to represent total sustaining
expenditures of producing gold equivalent ounces from current
operations, including by-product cash costs, mine sustaining capital
expenditures, corporate general and administrative expense excluding
stock-based compensation and exploration and evaluation expense. As
such, it does not include capital expenditures attributable to
projects or mine expansions, exploration and evaluation costs
attributable to growth projects, income tax payments, financing costs
and dividend payments. Consequently, this measure is not
representative of all of the Company's cash expenditures. In
addition, our calculation of all-in sustaining cash costs does not
include depletion, depreciation and amortization expense as it does
not reflect the impact of expenditures incurred in prior periods.
This performance measure has no standard meaning and is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures prepared in accordance with
GAAP. 
Cash costs per gold equivalent ounce and per pound of copper are
calculated on a weighted average basis. 
The measure of cash costs, along with revenue from sales, is
considered to be a key indicator of a company's ability to generate
operating earnings and cash flow from its mining operations. This
data is furnished to provide additional information and is a non-GAAP
measure. It should not be considered in isolation as a substitute for
measures of performance prepared in accordance with IFRS and is not
necessarily indicative of operating costs, operating profit or cash
flows presented under IFRS. 
ADJUSTED EARNINGS OR LOSS AND ADJUSTED EARNINGS OR LOSS PER SHARE 
The Company uses the financial measures "Adjusted Earnings or Loss"
and "Adjusted Earnings or Loss per share" to supplement information
in its consolidated financial statements. The Company believes that
in addition to conventional measures prepared in accordance with
IFRS, the Company and certain investors and analysts use this
information to evaluate the Company's performance. The presentation
of adjusted measures are not meant to be a substitute for net
earnings or loss or net earnings or loss per share presented in
accordance with IFRS, but rather should be evaluated in conjunction
with such IFRS measures. Adjusted Earnings or Loss and Adjusted
Earnings or Loss per share are calculated as net earnings excluding
(a) share-based payments and other compensation, (b) unrealized
foreign exchange (gains) losses related to revaluation of deferred
income tax asset and liability on non-monetary items, (c) unrealized
foreign exchange (gains) losses related to other items, (d)
unrealized (gains) losses on commodity derivatives, (e) impairment
losses and reversals, (f) deferred income tax expense (recovery) on
the translation of foreign currency inter-corporate debt, (g)
mark-to-market (gains) losses on share-purchase warrants, (h)
write-down of investments and other assets and any other
non-recurring adjustments. Non-recurring adjustments from unusual
events or circumstances are reviewed from time to time based on
materiality and the nature of the event or circumstance. Earnings
adjustments for the comparative period reflect both continuing and
discontinued operations. 
The terms "Adjusted Earnings (Loss)" and "Adjusted Earnings (Loss)
per share" do not have a standardized meaning prescribed by IFRS, and
therefore the Company's definitions are unlikely to be comparable to
similar measures presented by other companies. Management believes
that the presentation of Adjusted Earnings or Loss and Adjusted
Earnings or Loss per share provide useful information to investors
because they exclude non-cash and other charges and are a better
indication of the Company's profitability from operations. The items
excluded from the computation of Adjusted Earnings or Loss and
Adjusted Earnings or Loss per share, which are otherwise included in
the determination of net earnings or loss and net earnings or loss
per share prepared in accordance with IFRS, are items that the
Company does not consider to be meaningful in evaluating the
Company's past financial performance or the future prospects and may
hinder a comparison of its period-to-period profitability.
Reconciliations of Adjusted Earnings to net earnings are provided in
the Company's MD&A Section 5 "Overview of Annual Results" and Section
6 "Overview of Quarterly Results" for both the yearly and quarterly
reconciliations, respectively, found on the Company's website at
www.yamana.com. 
ADDITIONAL MEASURES 
The Company uses other financial measures the presentation of which
is not meant to be a substitute for other subtotals or totals
presented in accordance with IFRS, but rather should be evaluated in
conjunction with such IFRS measures. The following other financial
measures are used: 


 
--  Gross margin - represents the amount of revenues in excess of cost of
    sales excluding depletion, depreciation and amortization. 
--  Mine operating earnings - represents the amount of revenues in excess of
    cost of sales excluding depletion, depreciation and amortization and
    depletion, depreciation and amortization. 
--  Operating earnings - represents the amount of earnings before net
    finance income/expense and income tax expense. 
--  Cash flows generated from operations before changes in non-cash working
    capital - excludes the non-cash movement from period-to-period in
    working capital items including accounts receivable, advances and
    deposits, inventory, accounts payable and accrued liabilities. 

 
The terms described above do not have a standardized meaning
prescribed by IFRS, and therefore the Company's definitions are
unlikely to be comparable to similar measures presented by other
companies. The Company's management believes that their presentation
provides useful information to investors because gross margin
excludes the non-cash operating cost item (i.e. depreciation,
depletion and amortization), Cash flows generated from operations
before changes in non-cash working capital excludes the non-cash
movement in working capital items, mine operating earnings excludes
expenses not directly associate with commercial production and
operating earnings excludes finance and tax related expenses and
income/recoveries. These, in management's view, provide useful
information of the Company's cash flows from operations and are
considered to be meaningful in evaluating the Company's past
financial performance or the future prospects.
Contacts:
Yamana Gold Inc.
Lisa Doddridge, Vice President,
Corporate Communications and Investor Relations
416-945-7362 or 1-888-809-0925
lisa.doddridge@yamana.com
www.yamana.com
 
 
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