YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or the
“Company”) provides notice that it has completed technical reports
under National Instrument 43-101 for the balance of its major mines
and projects for which technical reports were not previously
available. With the completion of technical reports for the Minera
Florida gold mine in central Chile, the Cerro Moro gold and silver
mine in Santa Cruz, Argentina, the Wasamac gold project in Quebec,
Canada, and the MARA copper and gold project in Catamarca,
Argentina, Yamana has now made public technical reports for all of
its major mines and projects. Technical reports on the core
material operations at the Canadian Malartic gold mine, the
Jacobina gold mine and the El Peñón gold and silver mine were
previously filed with Canadian securities regulators and remain
current.
The public availability of these technical
reports represents a recent policy decision of the Company to have
on public file technical reports for all major mines and projects
regardless of materiality.
The technical reports should be read in
conjunction with the most recent updates disclosed by the Company,
in particular the Yamana 1.5 Plan, which outlines in detail,
including capital and operating costs, the growth prospects of the
Company above and beyond the production plans set forth in the
technical reports, to a production level of at least 1.5 million
gold equivalent ounces, representing a minimum 50 per cent growth
rate, and the ongoing exploration and optimization studies which
followed publication of the Yamana 1.5 Plan. When read in their
entirety, these reports, materials, presentations and documents
demonstrate Yamana’s true value proposition, which significantly
exceeds the market value of the Company.
The details of the Yamana 1.5 Plan and
discussions about long-term value creation and upside optionality
across Yamana’s portfolio may be found in the April 5, 2022
Investor Day presentation. An update on the results and potential
of the Company’s exploration program may be found in the July 27,
2022 exploration update. Both the Investor Day presentation and the
exploration update can also be found on the Company’s website at
www.yamana.com.
The technical reports on all of the Company’s
major mines and projects are now available on the Company’s website
at www.yamana.com and, while the technical reports on core material
operations are filed under Yamana’s profile on www.sedar.com, the
newly disclosed reports will be filed in short order. These
technical reports are identified as follows:
- The technical report for the Minera
Florida mine, titled “NI 43-101 Technical Report, Minera Florida
Gold-Silver Mine, Metropolitan Region, Chile”, was prepared by
Yamana Gold Inc. effective December 31, 2021.
- The technical report for the Cerro
Moro mine, titled “NI 43-101 Technical Report, Cerro Moro
Gold-Silver Mine, Santa Cruz Province, Argentina”, was prepared by
Yamana Gold Inc. effective December 31, 2021.
- The technical report for the
Wasamac project, titled “NI 43-101 Technical Report on the Wasamac
Feasibility Study Update”, was prepared by Ausenco Engineering
Canada Inc. effective July 16, 2021. Subsequent to the effective
date, and as reported in the July 7, 2022 strategic initiatives
update, the Company has completed an updated strategic life-of-mine
plan for Wasamac incorporating the results of several value-adding
studies that were advanced throughout the first half of 2022.
- The technical report for the MARA
project, titled “Technical Report on the Agua Rica Integrated
Project, Catamarca Province, Argentina”, was prepared by SLR
Consulting (Canada) Ltd. effective June 30, 2019. As of the
effective date, the report covers the pre-feasibility study (A)
results. Subsequent to this, the Company has disclosed several
updates on the progress of the project, including among others, the
formal integration resulting in the creation of MARA Joint Venture
(“JV”) and the results of the optimization studies under the
supervision of the the JV Technical Committee, which were compiled
as the pre-feasibility study (B) results. MARA is currently
advancing a full feasibility study on the MARA Project as well as
the advancement of the permitting process and social engagement
initiatives.
- The technical report for the Canadian Malartic mine, titled “NI
43-101 Technical Report, Canadian Malartic Mine, Quebec, Canada“,
which was prepared by Canadian Malartic GP effective December 31,
2020.
- The technical report for the
Jacobina mine, titled “NI 43-101 Technical Report, Jacobina Gold
Mine, Bahia State, Brazil”, which was prepared by Yamana Gold Inc.
effective December 31, 2019.
- The technical report for the El
Peñón mine, titled “NI 43-101 Technical Report, El Peñón
Gold-Silver Mine, Antofagasta Region, Chile”, which was prepared by
Yamana Gold Inc. effective December 31, 2020.
Qualified Persons
Scientific and technical information contained
in this news release has been reviewed and approved by Sébastien
Bernier (P. Geo and Senior Director, Reserves and Resources).
Sébastien Bernier is an employee of Yamana Gold Inc. and a
"Qualified Person" as defined by Canadian Securities
Administrators' National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
About Yamana
Yamana Gold Inc. is a Canadian-based precious
metals producer with significant gold and silver production,
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 expansion and optimization initiatives at existing
operating mines, development of new mines, the advancement of its
exploration properties and, at times, by targeting other
consolidation opportunities with a primary focus in the
Americas.
FOR FURTHER INFORMATION PLEASE
CONTACT:Investor Relations
416-815-02201-888-809-0925Email: investor@yamana.com
FTI Consulting (UK Public Relations)Sara Powell
/ Ben Brewerton+44 7974 201 715223 / +44 203 727 1000
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 and 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 strategy,
plans, expectations and beliefs in connection with Yamana’s 1.5
Plan, including capital and operating costs, the growth prospects
of the Company above and beyond the production plans set forth in
the technical reports, to a production level of at least 1.5
million gold equivalent ounces, representing a minimum 50 per cent
growth rate, and the ongoing exploration and optimization studies
which followed publication of the Yamana 1.5 Plan; the reports,
materials, presentations and documents referenced demonstrating
Yamana’s true value proposition; discussions about long-term value
creation and upside optionality across Yamana’s portfolio that are
in the April 5, 2022 Investor Day presentation; the update on the
results and potential of the Company’s exploration program which
are in the July 27, 2022 exploration update; and Yamana’s plans to
continue to build on its current properties through expansion and
optimization initiatives at existing operating mines, development
of new mines, the advancement of its exploration properties and, at
times, by targeting other 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 production and exploration,
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 change in the
administration of 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, silver, copper and zinc),
currency exchange rates (such as the Canadian Dollar, 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 dispositions, 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, risks associated with infectious
diseases, including COVID-19, 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, 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 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 what the Company believes to be its true
value proposition and may not be appropriate for other
purposes.
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