6TH CONSECUTIVE YEAR OF MINERAL RESERVE INCREASES; MINERAL RESOURCE INCREASES 15%
YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY)(LSE:YAU) announced its mineral reserves and mineral resources for the year ended December 31, 2012.
— Total gold equivalent(1) mineral reserves increased to 19.3 million
ounces, a 4% increase from 2011, with a 3% increase in grade
— Gold equivalent mineral reserves at existing operations increased to
14.2 million ounces, a 6% increase from 2011
— Gold equivalent mineral reserves at existing operations and projects in
development increased to 17.9 million ounces, a 5% increase from 2011
— Total measured and indicated gold equivalent mineral resources of 15.6
million ounces, an increase of 15%, with a 14% increase in grade
— Total inferred gold equivalent mineral resources increased to 11.4
million ounces, a 10% increase, with a 119% increase in grade
(All amounts are expressed in United States dollars unless otherwise
1. Silver is treated as a gold equivalent at a ratio of 50:1 except at
Mercedes where silver is treated as a gold equivalent at a ratio of 140:1
On a gold equivalent basis, mineral reserves are 19.3 million ounces for the year ending December 31, 2012, an increase of over 4% from 2011. This is comprised of 17.7 million ounces of gold mineral reserves and 89.2 million ounces of silver mineral reserves. On a gold equivalent basis the average grade of mineral reserves increased 3% to 0.96 grams per tonne (g/t).
A priority in 2012 was to increase mineral reserves at existing operations. At the Company’s existing operations mineral reserves increased 6% to 14.2 million gold equivalent ounces (GEO) with an average gold equivalent grade of 0.82g/t.
Copper mineral reserves were 2.7 billion pounds of copper at an average grade of 0.31% copper including Alumbrera. Copper mineral reserves at Chapada increased by 7%.
For 2012, measured and indicated mineral resources increased 15% to 15.6 million GEO with an average gold equivalent grade of 0.89 g/t, which is a 14% increase from 2011. This is comprised of 14.1 million ounces of gold mineral resources, an increase of 7%, and 78.8 million ounces of silver, an increase of 237%.
Total inferred mineral resources increased 10% to 11.4 million GEO while the grade increased significantly to 1.51 g/t, a 119% increase from 2011. This is comprised of 10.1 million ounces of gold mineral resources, an increase of 10%, and 67.7 million ounces of silver, an increase of 7%.
Assumption of metal prices used in the estimate of mineral reserves and mineral resources remained unchanged from 2011: gold price of $950 per ounce, silver price of $20 per ounce and copper price of $2.50 per pound (except where noted).
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We acknowledge the [financial] support of the Government of Canada.