YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) (“Yamana” or “the Company”) is
pleased to announce the promotion of Daniel Racine to President and
Chief Executive Officer (“CEO”), from his current role as Executive
Vice President, Chief Operating Officer. Peter Marrone, the
Company’s Chairman and CEO, is assuming a newly created role as
Executive Chairman, and will continue to serve as Chairman of
Yamana’s Board of Directors.
Mr. Marrone will be accountable to the Board of
Directors and serve as a liaison between the Board of Directors and
management, through the President and CEO. Mr. Marrone will
continue to drive Yamana’s strategic vision, focusing on the
initiatives to optimize capital deployment, return measures, the
sustainability of cash flows, and the evaluation of strategic
alternatives to maximize the value of the Company’s assets,
including the substantial non-producing portion of the portfolio,
for shareholders.
Mr. Marrone will also serve as a guide, and
mentor, to the President and CEO and, through the President and
CEO, to management of the Company more generally. Mr. Marrone
is the founder of the Company and has been responsible for its
activities and development in his role as Chairman and
CEO.
The creation of an Executive Chairman role is
consistent with the Company’s ongoing review of management
effectiveness and succession planning. The separation of the
Chairman and CEO roles has been enabled by several years of
progressive steps where management strength and the management
construct have been enhanced, the balance sheet bolstered, and the
Company’s mines and projects have performed well, including the
newly commissioned high-grade Cerro Moro mine. The new construct
provides a continuity in approach, builds on the strong foundation
in place, while leveraging the expertise of both Mr. Marrone and
Mr. Racine.
“We are delighted to report on our succession
plan for the senior most roles of the Company pursuant to which
Daniel succeeds me in the role of CEO and takes on the formal role
of President and CEO,” said Peter Marrone, who now takes on the
role of Executive Chairman. “Our Board of Directors sees this
appointment as a natural evolution of his roles over the last
several years. Daniel has shown tremendous leadership and his
co-operative approach has been a key to the Company’s recent strong
performance.” Mr. Marrone continued, “In my role as Executive
Chairman, I look forward to continuing to assist the Company in
many initiatives and efforts to deliver value for our shareholders
and other stakeholders.”
Mr. Racine has been with the Company since 2014
and, most recently, was the Executive Vice President, Chief
Operating Officer of the Company, responsible for overseeing
Yamana’s operations and development stage projects. In his
capacity as President and CEO, Mr. Racine will be responsible for
the business of the Company with all executive offices reporting
directly to him. In turn, the President and CEO will report
directly to the Executive Chairman of the Company. Mr. Racine
will work with the Executive Chairman in the formulation of
strategy, be responsible for managing the business and be
accountable for the management, prepare the business plan for the
Company and ensure the Company adheres to that plan.
Commented Daniel Racine, President and Chief
Executive Officer: “In joining this Company in 2014, I recognized
the opportunities in assets and people. Considerable efforts
have been made to improve the quality of managers and management of
the Company and oversight by the Board of Directors in the last
several years. These changes have helped improve the
resilience of our Company, deliver predictable operational
performance, successfully develop Cerro Moro and establish a
culture that champions health, safety and sustainable development
more effectively.
“Peter has been instrumental in driving these
changes and with them, much of the heavy lifting to position Yamana
Gold for the future and next phase in its evolution have been
completed. Our operations are performing well, as evidenced
by our performance through the first half of 2018 and that strong
performance continued through July. Cerro Moro is producing
at a monthly rate that is in line with our plans and our other
operations continue to perform. We are well in excess of
production plans so far this year and are trending very favourably
toward annual guidance for all gold, silver and copper.
“When I was called to step into the role of
President and CEO as part of the Company’s senior management
succession plan, it was natural for me to accept. We have
accomplished so much in the past few years and I am confident we
have more potential to unlock from our portfolio. I look
forward to working with our management, Peter and the Board of
Directors to deliver further value to our stakeholders.”
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 Canada, Brazil, Chile and Argentina. Yamana plans
to continue to build on this base through existing operating mine
expansions and optimization initiatives, development of new mines,
the advancement of its exploration properties and, at times, by
targeting other gold consolidation opportunities with a primary
focus in the Americas.
FOR FURTHER INFORMATION PLEASE CONTACT:Investor Relations and
Corporate Communications416-815-02201-888-809-0925Email:
investor@yamana.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS: This news release contains or
incorporates by reference “forward-looking statements” and
“forward-looking information” under applicable Canadian securities
legislation within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
information includes, but is not limited to information with
respect to the Company’s optimization and expansion plans,
strategy, other 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
changes in its management structure, the production and
exploration, the impact of declaring commercial production,
development and expansion plans at the Company's projects being
met, the impact of proposed optimizations at the Company's
projects, changes in national and local government legislation,
taxation, controls or regulations and/or changes in the
administration or laws, policies and practices, 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, and the Argentine 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, risks related to asset disposition, risks related to
metal purchase agreements, risks related to acquisitions, changes
in project parameters as plans continue to be refined, changes in
project development, construction, production and commissioning
time frames, 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
timelines, government regulation and the risk of government
expropriation or nationalization of mining operations, risks
related to relying on local advisors and consultants in foreign
jurisdictions, environmental risks, unanticipated reclamation
expenses, risks relating to joint venture operations, title
disputes or claims, limitations on insurance coverage and timing
and possible outcome of pending and outstanding litigation and
labour disputes, risks related to enforcing legal rights in foreign
jurisdictions, as well as those risk factors discussed or referred
to herein and in the Company's 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.
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