Yamana Gold (AUY) Updates on FY11 Ops; Issues Extended Outlook

Yamana Gold (NYSE: AUY) updates on fiscal 2011 numbers, issues some guidance for the period running from 2012 to 2014.

Highlights for 2011:

• 1.10 million gold equivalent ounces (GEO)(1) of total production for 2011, an increase of 5% from 2010 and within previously provided guidance.
  • El Penon exceeded guidance with 476,000 GEO production for the year.
    
  • Chapada gold production was 135,000 ounces, in line with guidance, and Chapada copper production was 166 million pounds, exceeding guidance and representing an 11% increase from 2010 levels.
    
  • Gualcamayo gold production was 159,000 ounces, in line with guidance and representing an 18% increase from 2010 levels.
    
  • Jacobina gold production was 122,000 ounces, in line with guidance, continuing the consistent and predictable performance of recent years.
• Cash costs for the full year 2011 were approximately $50 per GEO after by-product credits, significantly less than previously stated guidance of less than $250 per GEO.

For its extended outlook:

• 2012 production is expected to be in the range of 1.2 - 1.3 million GEO, an increase of 13% versus 2011 levels.
  
  
• 2013 production is expected to be in the range of 1.5 - 1.7 million GEO, an increase of approximately 43% versus 2011 levels.
  
  For more color on the guidance, click here.

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