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Canaccord Adams Raise Target on Yamana Gold (AUY) to $16.50

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November 19, 2009 12:16 PM EST

Canaccord Adams lifted their price target on Yamana Gold Inc. (NYSE: AUY) from $14.75 to $16.50 following a tour of the recently commissioned Gualcamayo mine in Argentina (9% of our 5%/peak NAVPS) and the flagship El Peñon mine in Chile. The firm reiterated their Buy rating.

The firm commented, "We were impressed by the quality of these assets/operating teams, and are particularly encouraged by 1) favourable start-up conditions at Gualcamayo, which has been executing well since start-up, and 2) initiatives undertaken at El Peñon to improve grades/minimize dilution. In addition, exploration potential at both these assets bodes well for future reserve additions. Execution at key assets has been a focus for Yamana, and should lead to further re-rating of the stock."

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