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TORONTO, ONTARIO--(Marketwired - Feb. 11, 2015) - YAMANA GOLD INC. YRIAUY ("Yamana" or "the Company") announces its mineral reserves and mineral resources for the year ended December 31, 2014.
HIGHLIGHTS (as of December 31, 2014):
-- Total mineral reserves of 19.6 million ounces of gold contained in 779
million tonnes at an average grade of 0.78 grams/tonne ("g/t") and 110.0
million ounces of silver contained in 24 million tonnes at an average
grade of 141.1 g/t.
-- Total measured and indicated mineral resources of 21.6 million ounces of
gold contained in 722 million tonnes at an average grade of 0.93 g/t and
64.7 million ounces of silver contained in 104 million tonnes at an
average grade of 19.4 g/t.
-- Total inferred mineral resources of 13.9 million ounces of gold
contained in 252 million tonnes at an average grade of 1.72 g/t and 85.7
million ounces of silver contained in 48 million tonnes at an average
grade of 55.8 g/t.
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Total Mineral Reserves
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Tonnes (000s) Grade (g/t) Contained oz. (000s)
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Gold 779,284 0.78 19,626
Silver 24,267 141.1 110,064
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Tonnes (000s) Grade (%) Contained lbs (M)
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Copper 469,027 0.28 2,929
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Total Mineral Resources
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Tonnes (000s) Grade (g/t) Contained oz. (000s)
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Gold 722,020 0.93 21,559
Silver 103,616 19.4 64,679
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Tonnes (000s) Grade (%) Contained lbs (M)
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Copper 160,879 0.25 885
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Total Inferred Mineral Resources
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Tonnes (000s) Grade (g/t) Contained oz. (000s)
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Gold 251,771 1.72 13,887
Silver 47,765 55.8 85,666
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Tonnes (000s) Grade (%) Contained lbs (M)
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Copper 56,840 0.29 358
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(All amounts are expressed in United States dollars unless otherwise indicated.)
The changes in reserves are net of 2014 depletion due to production.
Detailed mineral reserve and mineral resource tables follow at the end of this press release and are available online at www.yamana.com/reservesandresources.
Total 2014 proven and probable mineral reserves were 19.6 million ounces of gold and 110.1 million ounces of silver compared to 16.3 million ounces of gold and 117.8 million ounces of silver, respectively, in 2013 representing an increase of 21% gold and a decrease of 7% silver. The increase in gold mineral reserves is mainly due to the acquisition of Canadian Malartic contributing 4.33 million ounces of gold to the reserve base. Proven and probable mineral reserves include approximately 2.7 million ounces of gold attributable to the Brio Gold assets(1).
Measured and indicated mineral resources increased 32% to 21.6 million ounces of gold and 25% to 64.7 million ounces of silver, compared with measured and indicated mineral resources of 15.4 million ounces of gold and 51.7 million ounces of silver in 2013. The increase in measured and indicated mineral resources is mainly due to the additions from the Company's 50% acquisition of Osisko Mining Corporation, infill drilling at Gualcamayo (gold) and infill programs at Cerro Moro (silver) and El Penon (silver). Total inferred mineral resources increased 6% to 13.9 million ounces of gold and increased 10% to 85.7 million ounces of silver.
(1) Brio Gold includes Fazenda Brasileiro, Pilar, C1 Santa Luz and some related exploration concessions.
The most notable changes are detailed below:
Canadian Malartic, Canada (50%)
-- Gold mineral reserves of 126.9 million tonnes at 1.06 g/t containing 4.3
million gold ounces
-- Gold mineral resources of 35.6 million tonnes at 0.85 g/t containing
968,000 gold ounces
-- Inferred gold mineral resources of 22.7 million tonnes at 0.76 g/t
containing 556,000 gold ounces
On August 14, 2014, the Company and its partner, Agnico Eagle Mines Limited, jointly filed a National Instrument 43-101 updated technical report for Canadian Malartic with an updated estimate of mineral reserves and mineral resources as of June 16, 2014. The current inventory of mineral reserves and mineral resources reflects that estimate and has been depleted due to production from June 16, 2014 until the end of the year.
El Penon, Chile
-- Mineral reserves of 10.4 million tonnes at 5.03 g/t gold containing 1.7
million gold ounces and 173.7 g/t silver containing 58.1 million silver
ounces
-- Mineral resources of 3.7 million tonnes at 7.83 g/t gold containing
919,000 gold ounces and 228.0 g/t silver containing 26.8 million silver
ounces
-- Inferred mineral resources of 6.9 million tonnes at 6.85 g/t gold
containing 1.5 million gold ounces and 274.6 g/t silver containing 61.0
million silver ounces
Gold mineral reserves decreased 14% to approximately 1.7 million ounces and silver mineral reserves decreased 10% to approximately 58.1 million ounces after production of 282,617 gold ounces and approximately 8.5 million silver ounces. Mineral reserve tonnage decreased slightly while grade decreased for gold and silver by 14% and 9% respectively. Mineral resources increased to 919,000 ounces and 26.8 million silver ounces, increases of 6% and 11% respectively, contained in 3.7 million tonnes at 7.83 g/t gold and 228.0 g/t silver. Inferred mineral resources increased 21% for gold and 15% for silver.
The decline in mineral reserves can be attributed, in part, to the mining in 2014 of the higher grade areas that includes Bonanza. The expected conversion of mineral resources to mineral reserves was not achieved due to the narrower widths in some areas and less drilling being completed in 2014 which also contributed to the decline. Mineral resources increased as targets that were previously identified were drilled to begin to delineate and verify the mineralization.
The 2015 exploration program at El Penon will focus on converting mineral resources to mineral reserves and the discovery of new mineral deposits. This includes focused infill drill programs at Esmeralda Sur, Laguna, Borde Este, Caracoles, Sorpresa and the Providencia Norte structures.
Chapada, Brazil
-- Gold mineral reserves of 509.1 million tonnes at 0.25 g/t containing 4.0
million gold ounces
-- Gold mineral resources of 247.1 million tonnes at 0.27 g/t containing
2.1 million gold ounces
-- Inferred gold mineral resources of 79.8 million tonnes at 0.25 g/t
containing 648,000 gold ounces
Gold mineral reserves increased 5% to approximately 4.0 million ounces contained in 509.1 million tonnes, a 6% increase in tonnage, at 0.25 g/t. Gold mineral resources increased slightly to 3.1 million ounces in 247.1 million tonnes, a 3 % decrease, at 0.27 g/t, a 5% increase. Gold inferred mineral resources were 648,000 ounces contained in 79.8 million tonnes at 0.25 g/t, a 39% increase in grade.
Copper mineral reserves also increased 5% to approximately 2,794 million pounds contained in 450 million tonnes at 0.28%. Copper mineral resources decreased slightly to 867 million pounds contained in 157,669 million tonnes at 0.25%. Copper inferred mineral resources were 332 million pounds, a 55% decrease, contained in 52,230 million tonnes at 0.29%
Mineral reserves increased in both gold and copper net of depletion due to production mainly as a result of infill drilling at Corpo Sul, upgrading mineral resources. As a consequence of the conversion, inferred gold and copper mineral resources inventory declined.
Jacobina, Brazil
-- Gold mineral reserves of 22.8 million tonnes at 2.82 g/t containing 2.1
million gold ounces
-- Gold mineral resources of 32.9 million tonnes at 2.41 g/t containing 2.6
million gold ounces
-- Inferred gold mineral resources of 15.9 million tonnes at 3.22 g/t
containing 1.6 million gold ounces
Gold mineral reserves decreased 4% to approximately 2.1 million ounces contained in 22.8 million tonnes, a 5% decrease in tonnage. Gold mineral resources decreased 2% to 2.6 million ounces contained in 32.9 million tonnes, a 3% decrease. Gold inferred mineral resources increased 4% to 1.6 million ounces contained in 15.9 million tonnes at 3.22 g/t, a 4% increase in grade.
Mineral reserves and mineral resources declined due to depletion from production as the estimate was not updated from year end 2013. Inferred mineral resources increased as a result of drilling during the year. A deposit wide definition, infill and expansion drill program is planned for 2015. Following these programs, a new mineral resource and mineral reserve estimation will be calculated.
Gualcamayo, Argentina
-- Gold mineral reserves of 29.2 million tonnes at 1.33 g/t containing 1.2
million gold ounces
-- Gold mineral resources of 104.6 million tonnes at 1.14 g/t containing
3.8 million gold ounces
-- Inferred gold mineral resources of 27.5 million tonnes at 2.19 g/t
containing 1.9 million gold ounces
Gold mineral reserves decreased 10% to approximately 1.2 million ounces contained in 29.2 million tonnes, a 10% decrease in tonnage, at 1.33 g/t. Gold mineral resources increased 25% to 3.8 million ounces contained in 104.6 million tonnes, a 10% increase in tonnage, at 1.14 g/t, a 13% increase in grade. Contained gold inferred mineral resources decreased 5%.
Mineral reserves declined due to depletion from production which was partially offset by mineral reserve gains at QDD Lower West. Mineral resources increased as a result of infill and expansion drilling at Rodado SW, the focus of the 2014 program. Mineral resources also increased due to the conversion of the resources from inferred categories.
Minera Florida, Chile
-- Mineral reserves of 7.9 million tonnes at 2.41 g/t gold containing
613,000 gold ounces and 16.76 g/t silver containing 4.2 million silver
ounces
-- Mineral resources of 4.6 million tonnes at 5.30 g/t gold containing
784,000 gold ounces and 29.9 g/t silver containing 4.4 million silver
ounces
-- Inferred mineral resources of 5.3 million tonnes at 5.58 g/t gold
containing 954,000 gold ounces and 35.7 g/t containing 6.1 million
silver ounces
Gold mineral reserves decreased 2% to approximately 613,000 ounces and silver mineral reserves increased 2% to approximately 4.2 million ounces in 7.9 million tonnes at 2.41 g/t gold and 16.76 g/t silver. Gold mineral resources increased 3% to 784,000 ounces and silver mineral resources decreased slightly to 4.4 million silver ounces. Inferred mineral resources increased 5% for gold and slightly for silver.
Mineral reserves decreased due to depletion from production which was partially offset by mineral reserve additions. Mineral reserves were also impacted by a reclassification of a sill pillar that was previously scheduled to be mined at the end of the mine life.
Gold mineral resources increased due to infill drilling and minor changes to estimation parameters.
Mercedes, Mexico
-- Mineral reserves of 4.0 million tonnes at 5.03 g/t gold containing
648,000 gold ounces and 54.1 g/t silver containing 7.0 million silver
ounces
-- Mineral resources of 5.2 million tonnes at 3.35 g/t gold containing
559,000 gold ounces and 35.3 g/t silver containing 5.9 million silver
ounces
-- Inferred mineral resources of 2.7 million tonnes at 3.99 g/t gold
containing 342,000 gold ounces and 30.6 g/t silver containing 2.6
million silver ounces
Mineral reserves decreased 23% to 648,000 gold ounces and 17% to 7.0 million silver ounces in 4.0 million tonnes at 5.03 g/t gold and 54.1 g/t silver. Mineral reserve tonnage decreased 28%, and grade increased for gold and silver by 7% and 16% respectively. Mineral resources of 559,000 gold ounces and 5.9 million silver ounces represent increases of 57% and 35% respectively. Inferred mineral resources decreased 17% for gold and 32% for silver.
Mineral reserves reflect depletion due to production, and a change in estimation parameters in high grade zones at Mercedes and Klondike partially offset by improved silver recoveries for ore at Diluvio and Lupita, and gains in mineral reserves in other areas including Barrancas Norte and Breccia Hill.
Fazenda Brasileiro, Brazil
-- Gold mineral reserves of 2.1 million tonnes at 2.19 g/t containing
145,000 gold ounces
-- Gold mineral resources of 6.5 million tonnes at 2.09 g/t containing
437,000 gold ounces
-- Inferred gold mineral resources of 2.3 million tonnes at 2.26 g/t
containing 167,000 gold ounces
Gold mineral reserves decreased 14% to approximately 145,000 ounces contained in 2.1 million tonnes, a 5% decrease in tonnage. Gold mineral resources increased 278% to 437,000 ounces contained in 6.5 million tonnes, a 220% increase in tonnage. Gold inferred mineral resources decreased 73%.
Pilar, Brazil
-- Gold mineral reserves of 10.6 million tonnes at 3.98 g/t containing 1.4
million gold ounces
-- Gold mineral resources of 1.5 million tonnes at 4.35 g/t containing
214,000 gold ounces
-- Inferred gold mineral resources of 13.0 million tonnes at 4.1 g/t
containing 1.7 million gold ounces
Gold mineral reserves decreased 3% to approximately 1.4 million ounces contained in 10.6 million tonnes, a 2% increase in tonnage. Gold mineral resources decreased 21% to 214,000 ounces contained in 1.5 million tonnes, a 19% decrease in tonnage. Gold inferred mineral resources increased 2%.
Cerro Moro, Argentina
-- Probable mineral reserves of 2.0 million tonnes at 11.38 g/t gold
containing 715,000 gold ounces and 648.3 g/t silver containing 40.7
million silver ounces
-- Mineral resources of 3.3 million tonnes at 2.23 g/t gold containing
238,000 gold ounces and 190.3 g/t silver containing 20.3 million silver
ounces
-- Inferred mineral resources of 4.4 million tonnes at 1.96 g/t gold
containing 279,000 gold ounces and 101.3 g/t silver containing 14.4
million silver ounces
Probable mineral reserves were unchanged from 2013. Mineral resources were 238,000 gold ounces and 20.3 million silver ounces, representing increases of 95% and 77% respectively, contained in 3.3 million tonnes, an 87% increase, at 2.23 g/t gold and 190.3 g/t silver. Inferred mineral resources contained ounces also increased by 27% for gold and 8% for silver.
The increase in silver mineral resources at Cerro Moro is directly attributed to the expansion of mineral resources at Nini-Esperanza and increased average grades at Carlita following infill drilling.
2015 Exploration Program
Exploration at Yamana continues to be a key to unlocking value at existing operations. The 2015 program will continue to focus on finding higher quality ounces, those with the greatest potential to most quickly generate cash flow allowing the Company to grow prudently and profitably. The Company expects to spend between $70 to $98 million on exploration in 2015.
Qualified Person
Other than as set forth herein, William Wulftange, P.Geo., Senior Vice President, Exploration for Yamana Gold Inc. has reviewed and confirmed the scientific and technical information contained within this press release and serves as the Qualified Person as defined in National Instrument 43-101.
About Yamana
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Brazil, Argentina, Chile, Mexico and Canada. 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.
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 2015 exploration plans and expenditures, and the Company's plans to continue to build on its base assets 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. 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 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), the impact of inflation, 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 and annual Management's Discussion and Analysis and the 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.
Mineral Reserves (Proven and Probable)
The following table sets forth the Mineral Reserve estimates for the Company's mineral projects as at December 31, 2014. See the qualified persons list below.
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Proven Mineral Reserves
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Gold
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Tonnes Grade Contained
(000's) (g/t) oz. (000's)
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Alumbrera (12.5%) 18,125 0.31 181
Canadian Malartic (50%) 24,969 0.92 736
Chapada 167,490 0.22 1,163
Cerro Moro - - -
El Penon 1,316 6.63 281
Ernesto/Pau a Pique - - -
Gualcamayo 7,906 1.76 447
Jacobina 3,361 2.00 216
Jeronimo (57%) 6,350 3.91 798
Mercedes 776 6.68 167
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Minera Florida Ore 1,312 3.78 160
Minera Florida Tailings 3,558 0.84 96
Total Minera Florida 4,870 1.63 256
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Yamana Gold Mineral Reserves 235,164 0.56 4,243
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C1-Santa Luz 14,480 1.62 756
Fazenda Brasileiro 1,620 2.31 120
Pilar - - -
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Brio Gold Mineral Reserves 16,100 1.69 876
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Total Gold Mineral Reserves 251,264 0.63 5,120
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Agua Rica 384,871 0.25 3,080
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Silver
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Tonnes Grade Contained
(000's) (g/t) oz. (000's)
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Cerro Moro - - -
El Penon 1,316 174.7 7,393
Mercedes 776 60.9 1,519
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Minera Florida Ore 1,312 24.2 1,022
Minera Florida Tailings 3,558 12.7 1,447
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Total Minera Florida 4,870 15.8 2,469
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Total Silver Mineral Reserves 6,963 50.8 11,381
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Agua Rica 384,871 3.7 46,176
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Copper
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Alumbrera (12.5%) 18,125 0.33 132
Chapada 167,490 0.27 998
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Total Copper Mineral Reserves 185,615 0.28 1,130
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Agua Rica 384,871 0.56 4,779
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Zinc
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Minera Florida 4,870 0.84 90
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Total Zinc Mineral Reserves 4,870 0.84 90
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Molybdenum
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Alumbrera (12.5%) 18,125 0.012 4.8
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Total Moly Mineral Reserves 18,125 0.012 4.8
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Agua Rica 384,871 0.033 279
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Probable Mineral Reserves
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Gold
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Tonnes Grade Contained
(000's) (g/t) oz. (000's)
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Alumbrera (12.5%) 625 0.21 4
Canadian Malartic (50%) 101,978 1.10 3,593
Chapada 341,656 0.26 2,870
Cerro Moro 1,954 11.38 715
El Penon 9,092 4.80 1,402
Ernesto/Pau a Pique 2,829 3.53 321
Gualcamayo 21,249 1.17 797
Jacobina 19,487 2.97 1,858
Jeronimo (57%) 2,331 3.79 284
Mercedes 3,233 4.63 482
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Minera Florida Ore 3,024 3.67 357
Minera Florida Tailings - - -
Total Minera Florida 3,024 3.67 357
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Yamana Gold Mineral Reserves 507,459 0.78 12,683
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C1-Santa Luz 9,552 1.45 444
Fazenda Brasileiro 432 1.75 24
Pilar 10,578 3.98 1,355
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Brio Gold Mineral Reserves 20,561 2.76 1,823
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Total Gold Mineral Reserves 528,020 0.85 14,506
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Agua Rica 524,055 0.21 3,479
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Silver
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Tonnes Grade Contained
(000's) (g/t) oz. (000's)
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Cerro Moro 1,954 648.3 40,723
El Penon 9,092 173.6 50,741
Mercedes 3,233 52.5 5,458
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Minera Florida Ore 3,024 18.1 1,761
Minera Florida Tailings 0 0.0 0
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Total Minera Florida 3,024 18.1 1,761
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Total Silver Mineral Reserves 17,304 177.4 98,683
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Agua Rica 524,055 3.3 56,070
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Copper
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Alumbrera (12.5%) 625 0.25 3
Chapada 282,786 0.29 1,796
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Total Copper Mineral Reserves 283,411 0.29 1,799
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Agua Rica 524,055 0.43 5,011
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Zinc
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Minera Florida 3,024 1.40 93
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Total Zinc Mineral Reserves 3,024 1.40 93
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Molybdenum
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Alumbrera (12.5%) 625 0.014 0.2
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Total Moly Mineral Reserves 625 0.014 0.2
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Agua Rica 524,055 0.030 350
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Total Proven & Probable
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Gold
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Tonnes Grade Contained
(000's) (g/t) oz. (000's)
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Alumbrera (12.5%) 18,750 0.31 185
Canadian Malartic (50%) 126,947 1.06 4,329
Chapada 509,147 0.25 4,033
Cerro Moro 1,954 11.38 715
El Penon 10,409 5.03 1,682
Ernesto/Pau a Pique 2,829 3.53 321
Gualcamayo 29,155 1.33 1,244
Jacobina 22,848 2.82 2,074
Jeronimo (57%) 8,681 3.88 1,082
Mercedes 4,010 5.03 648
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Minera Florida Ore 4,336 3.70 516
Minera Florida Tailings 3,558 0.84 96
Total Minera Florida 7,894 2.41 613
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Yamana Gold Mineral Reserves 742,623 0.71 16,926
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C1-Santa Luz 24,031 1.55 1,200
Fazenda Brasileiro 2,052 2.19 145
Pilar 10,578 3.98 1,355
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Brio Gold Mineral Reserves 36,661 2.29 2,700
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Total Gold Mineral Reserves 779,284 0.78 19,626
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Agua Rica 908,926 0.22 6,559
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Silver
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Tonnes Grade Contained
(000's) (g/t) oz. (000's)
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Cerro Moro 1,954 648.3 40,723
El Penon 10,409 173.7 58,135
Mercedes 4,010 54.1 6,977
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Minera Florida Ore 4,336 20.0 2,783
Minera Florida Tailings 3,558 12.7 1,447
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Total Minera Florida 7,894 16.7 4,230
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Total Silver Mineral Reserves 24,267 141.1 110,064
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Agua Rica 908,926 3.5 102,246
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Copper
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Alumbrera (12.5%) 18,750 0.33 135
Chapada 450,277 0.28 2,794
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Total Copper Mineral Reserves 469,027 0.28 2,929
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Agua Rica 908,926 0.49 9,790
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Zinc
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Minera Florida 7,894 1.05 184
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Total Zinc Mineral Reserves 7,894 1.05 184
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Molybdenum
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Tonnes Grade Contained
(000's) (%) lbs (mm)
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Alumbrera (12.5%) 18,750 0.012 5.0
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Total Moly Mineral Reserves 18,750 0.012 5.0
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Agua Rica 908,926 0.031 629
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Mineral Resources (Measured, Indicated and Inferred)
The following table set forth the Mineral Resource estimates and for the Company's mineral projects as at December 31, 2014. See the qualified persons list below.
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Measured Mineral Resources
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Gold
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Tonnes Grade Contained
(000's) (g/t) oz. (000's)
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Arco Sul - - -
Canadian Malartic (50%) 2,844 0.84 77
Chapada 18,669 0.24 146
Cerro Moro - - -
El Penon 896 11.13 321
Ernesto/Pau a Pique 307 2.30 23
Gualcamayo 59,110 0.99 1,878
Hammond Reef (50%) 82,831 0.70 1,862
Jacobina 13,845 2.25 1,001
Jeronimo (57%) 772 3.77 94
La Pepa 15,750 0.61 308
Lavra Velha - - -
Total Mercedes 498 5.53 89
Minera Florida 1,838 5.88 347
Suyai - - -
Upper Beaver (50%) - - -
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Yamana Gold Mineral Resources 197,362 0.97 6,146
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Total C1 Santa Luz 3,243 1.00 104
Fazenda Brasileiro - - -
Pilar - - -
----------------------------------------------------------------------------
Brio Gold Mineral Resources 3,243 1.00 104
----------------------------------------------------------------------------
Total Gold Mineral Resources 200,605 0.97 6,250
----------------------------------------------------------------------------
Agua Rica 27,081 0.14 120
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
----------------------------------------------------------------------------
Chapada - - -
Cerro Moro - - -
El Penon 896 289.8 8,349
----------------------------------------------------------------------------
Total Mercedes 498 56.4 903
Minera Florida 1,838 36.3 2,145
Suyai - - -
----------------------------------------------------------------------------
Total Silver Mineral Resources 3,233 109.7 11,397
----------------------------------------------------------------------------
Agua Rica 27,081 2.3 2,042
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Chapada 11,387 0.20 50
----------------------------------------------------------------------------
Upper Beaver (50%) 0 - -
----------------------------------------------------------------------------
Total Copper Mineral Resources 11,387 0.20 50
----------------------------------------------------------------------------
Agua Rica 27,081 0.45 266
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Minera Florida 1,838 1.71 69
----------------------------------------------------------------------------
Total Zinc Mineral Resources 1,838 1.71 69
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Molybdenum
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Agua Rica 27,081 0.049 29
----------------------------------------------------------------------------
Total Moly Mineral Resources 27,081 0.049 29
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Indicated Mineral Resources
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gold
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
----------------------------------------------------------------------------
Arco Sul - - -
Canadian Malartic (50%) 32,708 0.85 891
Chapada 228,443 0.27 1,984
Cerro Moro 3,321 2.23 238
El Penon 2,755 6.76 598
Ernesto/Pau a Pique 2,249 3.55 256
Gualcamayo 45,482 1.34 1,964
Hammond Reef (50%) 21,377 0.57 388
Jacobina 19,075 2.53 1,552
Jeronimo (57%) 385 3.69 46
La Pepa 133,682 0.57 2,452
Lavra Velha - - -
Total Mercedes 4,683 3.12 470
Minera Florida 2,765 4.92 437
Suyai 4,700 15.00 2,286
Upper Beaver (50%) 3,210 7.00 722
----------------------------------------------------------------------------
Yamana Gold Mineral Resources 504,835 0.88 14,284
----------------------------------------------------------------------------
Total C1 Santa Luz 8,542 1.36 374
Fazenda Brasileiro 6,504 2.09 437
Pilar 1,533 4.35 214
----------------------------------------------------------------------------
Brio Gold Mineral Resources 16,580 1.92 1,026
----------------------------------------------------------------------------
Total Gold Mineral Resources 521,415 0.91 15,310
----------------------------------------------------------------------------
Agua Rica 173,917 0.14 776
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
----------------------------------------------------------------------------
Chapada 82,161 1.4 3,775
Cerro Moro 3,321 190.3 20,313
El Penon 2,755 207.9 18,412
----------------------------------------------------------------------------
Total Mercedes 4,683 33.1 4,980
Minera Florida 2,765 25.6 2,279
Suyai 4,700 23.0 3,523
----------------------------------------------------------------------------
Total Silver Mineral Resources 100,384 16.5 53,282
----------------------------------------------------------------------------
Agua Rica 173,917 2.9 16,158
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Chapada 146,282 0.25 818
----------------------------------------------------------------------------
Upper Beaver (50%) 3,210 0.26 18
----------------------------------------------------------------------------
Total Copper Mineral Resources 149,492 0.25 836
----------------------------------------------------------------------------
Agua Rica 173,917 0.38 1,447
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Minera Florida 2,765 1.54 94
----------------------------------------------------------------------------
Total Zinc Mineral Resources 2,765 1.54 94
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Molybdenum
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Agua Rica 173,917 0.037 142
----------------------------------------------------------------------------
Total Moly Mineral Resources 173,917 0.037 142
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Measured & Indicated
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gold
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
----------------------------------------------------------------------------
Arco Sul - - -
Canadian Malartic (50%) 35,552 0.85 968
Chapada 247,113 0.27 2,130
Cerro Moro 3,321 2.23 238
El Penon 3,651 7.83 919
Ernesto/Pau a Pique 2,556 3.40 279
Gualcamayo 104,592 1.14 3,841
Hammond Reef (50%) 104,208 0.67 2,251
Jacobina 32,921 2.41 2,553
Jeronimo (57%) 1,157 3.74 139
La Pepa 149,432 0.57 2,760
Lavra Velha 0 - -
Total Mercedes 5,181 3.35 559
Minera Florida 4,603 5.30 784
Suyai 4,700 15.13 2,286
Upper Beaver (50%) 3,210 7.00 722
----------------------------------------------------------------------------
Yamana Gold Mineral Resources 702,196 0.90 20,429
----------------------------------------------------------------------------
Total C1 Santa Luz 11,786 1.26 478
Fazenda Brasileiro 6,504 2.09 437
Pilar 1,533 4.35 214
----------------------------------------------------------------------------
Brio Gold Mineral Resources 19,823 1.77 1,129
----------------------------------------------------------------------------
Total Gold Mineral Resources 722,020 0.93 21,559
----------------------------------------------------------------------------
Agua Rica 200,998 0.14 896
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
----------------------------------------------------------------------------
Chapada 82,161 1.4 3,775
Cerro Moro 3,321 190.3 20,313
El Penon 3,651 228.0 26,761
----------------------------------------------------------------------------
Total Mercedes 5,181 35.3 5,883
Minera Florida 4,603 29.9 4,424
Suyai 4,700 23.3 3,523
----------------------------------------------------------------------------
Total Silver Mineral Resources 103,616 19.4 64,679
----------------------------------------------------------------------------
Agua Rica 200,998 2.8 18,200
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Chapada 157,669 0.25 867
----------------------------------------------------------------------------
Upper Beaver (50%) 3,210 0.25 18
----------------------------------------------------------------------------
Total Copper Mineral Resources 160,879 0.25 885
----------------------------------------------------------------------------
Agua Rica 200,998 0.39 1,714
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Minera Florida 4,603 1.61 163
----------------------------------------------------------------------------
Total Zinc Mineral Resources 4,603 1.61 163
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Molybdenum
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Agua Rica 200,998 0.039 172
----------------------------------------------------------------------------
Total Moly Mineral Resources 200,998 0.039 172
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred Mineral Resources
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gold
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
----------------------------------------------------------------------------
Arco Sul 5,000 4.02 646
Canadian Malartic (50%) 22,655 0.76 556
Chapada 79,783 0.25 648
Cerro Moro 4,427 1.96 279
El Penon 6,905 6.85 1,521
Ernesto/Pau a Pique 2,389 3.39 260
Gualcamayo 27,502 2.19 1,938
Hammond Reef (50%) 251 0.72 6
Jacobina 15,900 3.22 1,644
Jeronimo (57%) 1,118 4.49 161
La Pepa 37,900 0.50 620
Lavra Velha 3,934 4.29 543
Total Mercedes 2,669 3.99 342
Minera Florida 5,311 5.58 954
Suyai 900 9.90 274
Upper Beaver (50%) 4,610 3.53 523
----------------------------------------------------------------------------
Yamana Gold Mineral Resources 221,253 1.53 10,914
----------------------------------------------------------------------------
Total C1 Santa Luz 15,231 2.23 1,092
Fazenda Brasileiro 2,295 2.26 167
Pilar 12,992 4.10 1,713
----------------------------------------------------------------------------
Brio Gold Mineral Resources 30,518 3.03 2,973
----------------------------------------------------------------------------
Total Gold Mineral Resources 251,771 1.72 13,887
----------------------------------------------------------------------------
Agua Rica 642,110 0.12 2,444
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Silver
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (g/t) oz. (000's)
----------------------------------------------------------------------------
Chapada 27,553 1.1 982
Cerro Moro 4,427 101.3 14,415
El Penon 6,905 274.6 60,969
----------------------------------------------------------------------------
Total Mercedes 2,669 30.6 2,625
Minera Florida 5,311 35.7 6,100
Suyai 900 21.0 575
----------------------------------------------------------------------------
Total Silver Mineral Resources 47,765 55.8 85,666
----------------------------------------------------------------------------
Agua Rica 642,110 2.3 48,124
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Chapada 52,230 0.29 332
----------------------------------------------------------------------------
Upper Beaver (50%) 4,610 0.26 26
----------------------------------------------------------------------------
Total Copper Mineral Resources 56,840 0.29 358
----------------------------------------------------------------------------
Agua Rica 642,110 0.34 4,853
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Zinc
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Minera Florida 5,311 1.49 174
----------------------------------------------------------------------------
Total Zinc Mineral Resources 5,311 1.49 174
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Molybdenum
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Grade Contained
(000's) (%) lbs (mm)
----------------------------------------------------------------------------
Agua Rica 642,110 0.034 480
----------------------------------------------------------------------------
Total Moly Mineral Resources 642,110 0.034 480
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Yamana Gold Inc. Mineral Reserve and Mineral Resource Reporting Notes:
1. Metal Prices and Cut-off Grades:
Mine Mineral Reserves Mineral Resources
-------------------- ------------------------- ---------------------------
Alumbrera (12.5%) $1,332 Au, $3.17 Cu, N/A
$10.00 Mo. Open pit
cutoff at 0.22% CuEq
Arco Sul N/A 2.5 g/t Au cutoff
Canadian Malartic $1,300 Au, Cutoff grades $1,300 Au, Cutoff grades
(50%) range from 0.277 to 0.349 range from 0.277 to 0.349
g/t Au g/t Au inside and outside
Open pit shell
Cerro Moro $950 Au and $18.00 Ag, 1.0 g/t Aueq cut-off
Open pit cut-off at 3.4
g/t Aueq and Underground
cut-off at 6.2 g/t Aueq
Chapada $1,150 Au, $3.00 Cu, $1,500 Au, $3.5 Cu and
$4.55 average cut-off, $4.81 NSR cut-off out of
1.25 Revenue Factor for pit for Chapada Mine (Main
Main Pit Pit, CorpoSul and Corpo NE)
$1,150 Au, $3.00 Cu, 0.2 g/t Au cut-off for
$4.84 average cut-off, oxide and 0.3 g/t Au cut-
1.00 Revenue Factor for off for sulphide in Suruca
Corpo Sul Gold Project
$900 Au; 0.2 g/t Au cut-
off for oxide ore and 0.3
g/t Au cut-off for
sulphide ore in Suruca
Gold Project
El Penon $1,150 Au, $18.00 Ag, 3.9 g/t Aueq cut-off
Variable cut-off for
Underground and 1.2 g/t
Aueq cut-off for Open Pit
Ernesto/Pau a Pique $950 Au, 1.5 g/t UG, OP $1,500 Au0.5 g/t Au cutoff
cut-off 0.91 g/t Au for for Ernesto, 0.5 g/t Au
Ernesto and 1.08 g/t Au cutoff for Lavrinha, 0.63
cut-off for Lavrinha and g/t Au cutoff for
0.63 g/t Au for Satellites NM and 1.0 g/t
Satellites NM Au cutoff for Pau a Pique
Gualcamayo $1,150 Au: 1.49 g/t 1.00 g/t AuCut-off UG: cut-
AuCut-off UG: cut-offs offs for OP, 0.20 g/t Au
for OP, 0.32 g/t Au for for QDD Upper and 0.5 g/t
QDD Upper and 0.52 g/t Au Au for AIM
for AIM
Hammond Reef (50%) N/A $1,400 Au, Open pit cutoff
0.32 g/t Au West Pit and
0.34 g/t Au East Pit
Jacobina $950 Au; 1.45 g/t Au cut- 0.5 g/t Au cut-off UG, 1.5
off g/t Au cutoff for Pindobacu
Jeronimo $900 Au, 2.0 g/t Au cut- 2.0 g/t Au cut-off
off
La Pepa N/A $780 Au, 0.30 g/tAu cut-off
Lavra Velha N/A $1300 Au, $3.5Cu and 0.2g/t
Au, 0.1% Cu cut-offs
Mercedes $1,150 Au, $18.00 Ag, 2.9 2.0 g/t Aueq cut-off for
g/t Aueq Mercedes and 0.4 g/t Aueq
cut-off for Rey de Oro
Minera Florida $1,150 Au, $18.00 Ag, $1 2.22 g/t Aueq cut-off
lb Zn, 2.80 g/t Aueq cut-
off and Florida tailings
cut-off N/A
Suyai N/A 5.0 g/t Au cut-off
Upper Beaver (50%) N/A $1,200 Au and $3.00 Cu,
Open pit cutoff 0.8 g/t
Aueq and Underground cutoff
2.5 g/t Aueq
C1-Santa Luz $950 Au for C1 with 0.7 0.5 g/t Au cut-off for C1
g/t Au cut-off, Antas 2, Ore(Antas 2, Antas 3,
$950 Au for Antas 3 with Mansinha, Mari, Alvo 36,
0.5 g/t Au cut-off and VG14 and Serra Branca) and
$750 Au Mansinha and 1.5 g/t Au cut-off for C1
Mari; 0.50 g/t Au cut-off Underground high grade ore
Fazenda Brasileiro $950 Au, 2.14 g/t Au UG 0.5 g/t cut-off underground
and 0.75 g/t Au OP cut- and open pit
off
Pilar $950 Au; 2.0 g/t Au cut- 2.0 g/t Au cut-off at Pilar
off and 1.5 g/t Au cutoff at
Caiamar
Agua Rica $1,000 Au, $2.25 lb Cu, 0.2% Cu cut-off
$17.00 g/t Ag, $12.00 lb
Mo
2. All Mineral Reserves and Mineral Resources have been calculated in
accordance with the standards of the Canadian Institute of Mining,
Metallurgy and Petroleum and NI 43-101, other than the estimates for the
Alumbrera mine which have been calculated in accordance with the JORC
Code which is accepted under NI 43-101.
3. All Mineral Resources are reported exclusive of Mineral Reserves.
4. Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.
5. Mineral Reserves and Mineral Resources are reported as of December 31,
2014.
6. For the qualified persons responsible for the Mineral Reserve and
Mineral Resource estimates on the Company's material projects, see the
qualified persons list below.
----------------------------------------------------------------------------
Property Qualified Persons for Qualified Persons for
Mineral Reserves Mineral Resources
----------------------------------------------------------------------------
Canadian Malartic Donald Gervais, P. Geo., Donald Gervais, P. Geo.,
Canadian Malartic GP Canadian Malartic GP
----------------------------------------------------------------------------
Chapada Robert Michaud, P.Eng., Wayne Valliant, P.Geo.,
Roscoe Postle Associates Roscoe Postle Associates
Inc. Inc.
----------------------------------------------------------------------------
El Penon Carlos Bottinelli Otarola, Marcos Valencia A. P.Geo.,
P. Eng. Registered Member of Registered Member of Chilean
Chilean Mining Commission, Mining Commission, Corporate
Development Manager, Yamana Manager R&R, Andes/Mexico,
Gold Inc. Yamana Gold Inc.
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Yamana Gold Inc.
Lisa Doddridge
Vice President, Corporate Communications
and Investor Relations
416-815-0220 or 1-888-809-0925
investor@yamana.com
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