Yamana Reports ( March 26,2008) Toronto's Yamana Gold Tuesday reported net earnings of $157.2 million or 38-cents per share for 2007, a considerable improvement over the loss of $70.16 million or negative 25-cent per share reported for 2006. During the past year Yamana completed its $4.8 billion acquisitions of Reno-based Meridian Gold and fellow Canadian miner Northern Orion Resources.

Reserves Increase At year end, Yamana's proven and probable mineral reserves were reported at 17.9 million ounces of contained gold, 182 million ounces of contained silver and 11.4 billion pounds of contained copper, based on a gold price of $550-$575/oz, a silver price of $10.75/oz and a copper price of $1.75/lb. This represents an increase of 163% or 11.1 million ounces of gold from 2006.

Cannacord Review of Yamana progress :

Production Forecasts In a news release issued Tuesday, the company said its strategic plan is focused on organic growth, targeting production of 1.3 million gold equivalent ounces (GEO) this year, and progressively increasing production to a sustained level of 2.2 million ounces of gold by 2012.

Capital Expenditures Yamana plans a capital investment of $1.3 billion over the next three years to be funded by existing cash and operating cash flow. The company hopes to release initial resource estimates for La Pepa, Jeronimo and Amancaya in the first half of the year; update resource estimates for El Penon in Chile; and complete a feasibility study for the Mercedes project in Mexico by year end, along with a feasibility study update for Gualcamayo. The company projects that it will produce 220,000 GEO and 30 million pounds of copper during the first quarter of this year.

Production forecasts Production will be increased to 500,000 gold equivalent ounces by the fourth quarter at El Penon. Yamana hopes to boost production to 600,000 GEO by 2010. The company is now determining if production can be increased to more than 650,000 with the development of the Amancaya project, 120 km to the southwest of El Penon. In Brazil, the Jacobina mine will be operating at full capacity by mid-April following mill upgrades to increase production and mine life. The mine is projected to produce 190,000 ounces of gold annually. A mine and mill expansion at Minera Florida in Chile is expecting to increase production to 65,000 to 70,000 GEO by November of this year, increasing to 125,000 to 135,000 GEO in 2009. The Gualcamayo gold mine in Argentina is planned for start-up during the third quarter of this year, and will eventually reach an annual gold production of 300,000 ounces beginning in late 2010. Yamana is also working on doubling throughput at Chapada in Brazil hoping to increase average yearly production to 192 million pounds of copper and 133,000 ounces of gold from 2008 to 2010.

Cash Costs of Gold reduced by other metal production income

For the fourth quarter of 2007, Yamana reported net earnings of $47.1 million or 8-cents per share, compared to $6.1 million (2-cents/sh) for the same quarter of 2006. For the year average cash cost after by-products was negative $182 per gold equivalent ounce.

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