May 3, 2010 (Canada NewsWire Group) --
- Continued production, revenues, earnings and cash flow growth -
YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:YAU) today announced its financial and operating results for the first quarter ended
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FIRST QUARTER HIGHLIGHTS
Financial and Operating Highlights
Highlights for the three-month period ended March 31, 2010 include:
- Total production from continuing operations of 239,838 gold
equivalent ounces (GEO)
- Cash costs(1) from continuing operations, excluding Alumbrera, of
$161 per GEO
- Revenues of $346.3 million
- Mine operating earnings of $129.9 million
- Net earnings of $79.5 million
- Adjusted Earnings(1) of $73.2 million or $0.10 per share
For the three months ended March 31,
(In millions of United States Dollars
except per share amounts) 2010
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Net earnings $ 79.5
Non-cash unrealized foreign exchange gains (5.7)
Non-cash unrealized gains on derivatives (4.6)
Non-recurring business acquisition costs 0.8
Stock-based and other compensation 5.6
Future income tax recovery on translation of intercompany debt (3.8)
Other non-recurring loss 1.1
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Adjusted Earnings before income tax effects 73.0
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Income tax effect of adjustments 0.2
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Adjusted Earnings $ 73.2
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Adjusted Earnings per share $ 0.10
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- Cash flows from continuing operations after changes in non-cash
working capital items of $125.7 million or $0.17 per share and from
continuing operations before changes in non-cash working capital
items(1) of $137.8 million or $0.19 per share.
Development, Exploration and Corporate Highlights
Highlights for the three-month period ended March 31, 2010 include:
- Completed basic engineering and advanced mine development at
Mercedes. Mine construction is expected to begin in May 2010 with
production expected to start-up in 2012.
- Completed basic engineering and advanced detailed engineering at C1
Santa Luz. Mine construction is expected to begin in 2010 with
production start-up in 2012.
- Undertook optimization initiatives at Agua Rica and received an
updated mine plan prepared by an independent engineering consulting
firm, which includes a new mineral reserve estimate containing
approximately 10 percent more copper and 12 percent more gold than
previously reported.
- Made a construction decision for the development of Ernesto/Pau-a-
Pique for start-up in 2012.
- Provided a new strategic plan for the optimization of El Penon and
announced the discovery of a new high grade gold and silver vein
system, Pampa Augusta Victoria.
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"We remain committed to sustainable production which will initially be at a level of approximately 1.1 million GEO and increase from that point," said Yamana's chairman and chief executive officer,
FINANCIAL AND OPERATING SUMMARY
Revenues for the three-month period ended
Mine operating earnings for the three-month period ended
Adjusted Earnings for the three-month period ended
Cash flows from continuing operations after changes in non-cash working capital items for the three-month period ended
Cash and cash equivalents as at
Total production from continuing operations for the three-month period ended
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Mine Q1 2010
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Chapada 27,794
El Penon 108,437
Gualcamayo 29,462
Jacobina 25,022
Minera Florida 20,630
Fazenda Brasileiro 14,738
Alumbrera (12.5%) 13,755
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Total 239,838
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Production is on track to achieve annual guidance of 1,030,000 to 1,145,000 GEO.
Cash costs from continuing operations, excluding Alumbrera, for the three-month period ended
Gross margin(1) per GEO sold for the three-month period ended
"The first quarter exhibited significant growth from last year," said
Chapada,
Production at Chapada was 27,794 ounces in the first quarter. Mine operations in the first quarter would normally be expected to be lower than in subsequent quarters as a result of the rainy season. In the first quarter, the Company also began operating the new fleet of large trucks. Production in the second and third quarters of 2010 is expected to be at higher levels as the rainy season dissipates similar to trends seen in 2009. Production expectations for the year remain consistent with previous guidance. Optimizations continue in the first quarter and are scheduled to increase throughput to up to 22 million tonnes per year before 2012.
El Penon,
El Penon produced 108,437 GEO in the first quarter, with throughput increases resulting from plant upgrades completed in the fourth quarter. During the quarter, Yamana also completed the transition to owner-mining. Production in 2010 is expected to remain in the range of the first quarter with modest variations quarter-over-quarter although costs are expected to improve as efficiencies derived from owner-mining are recognized. Production expectations for the year remain consistent with previous guidance. Yamana continues to evaluate further optimization strategies at El Penon to increase production from current levels. Recent plant expansions and resource contributions from the newly discovered high grade vein systems, Pampa
Gualcamayo,
Production at Gualcamayo was 29,462 ounces in the first quarter. Both tonnage and grade are expected to increase throughout the year. Production expectations for the year remain consistent with previous guidance.
Jacobina,
Production at Jacobina was 25,022 ounces in the first quarter. The Company remains focused on improving dilution and recovery as well as improving equipment availability and maintenance to better manage costs. Production expectations for the year remain consistent with previous guidance. The Company also remains focused on exploring, discovering and developing higher grade areas including Canavieiras. Exploration efforts will also be focused on the new discovery, Lagartixa, which exhibits substantially higher grade than the current mineral reserve grade at Jacobina.
Minera Florida,
Production at Minera Florida was 20,630 GEO in the first quarter and was impacted by the earthquake which occurred on
Fazenda Brasileiro,
Production at Fazenda Brasileiro was 14,738 ounces of gold. Production expectations for the year remain consistent with previous guidance although there will be variations quarter-over-quarter. As Fazenda Brasileiro reaches the end of its known mine life, based on mineral reserves, exploration efforts continue to focus on the two newly discovered areas, CLX2 and Lagoa do Gato, which Yamana believes represent significant potential to increase the mine life.
DEVELOPMENT UPDATE
C1
Yamana continues to conduct development work at C1
Mercedes,
Yamana continues to conduct development work at Mercedes. Basic engineering and advanced mine development has been completed and exploration results continue to confirm Mercedes' high geological potential. The Company has purchased key lead time items and construction is expected to begin in
Ernesto/Pau-a-Pique,
Yamana made a construction decision earlier this year for the development of Ernesto/Pau-a-Pique based on positive feasibility results. Yamana continues to conduct basic engineering and develop an exploration tunnel to facilitate drilling in deeper areas where there are further mineral resources. The Company also continues to conduct additional tests on metallurgy and recoveries. Permitting is underway and construction is expected to begin in 2010 with production start-up targeted for 2012.
Agua Rica,
The Company continues to advance its Agua Rica project and, as part of these initiatives, most recently the Company received an updated mine plan for Agua Rica prepared by an independent engineering consulting firm. Under the revised mine plan the project would deliver 870 million tonnes of ore over an estimated mine life of 26.5 years and the new estimate for mineral reserves, which contain approximately 10% more copper and 12% more gold than previously reported and which forms the basis for the new mine plan, is summarized as follows:
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Tonnes Cu Grade Au Grade Mo Grade Ag Grade
(000s) (%) (g/t) (%) (g/t)
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Proven 380,236 0.569 0.257 0.032 3.91
Probable 489,301 0.440 0.213 0.030 3.52
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Total proven and
probable mineral
reserves 869,537 0.496 0.232 0.031 3.69
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This reserve estimate is based on
Average annual production over the project mine life is summarized as follows:
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Time Frame
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5 Years 10 Years LOM
---------- ---------- ----------
Copper (mm lbs/yr) 419 370 306
Gold - (000s oz/yr) 140 148 129
Molybdenum - (mm lbs/yr) 15.2 13.9 15.3
Silver - (000s oz/yr) 1,987 2,605 2,513
Other optimization initiatives remain under review. These include but are
not limited to the following:
1. Alternative concentrate transport logistics (eg. trucking and rail
versus pipeline);
2. Paste versus filtered tailings disposal;
3. Alternative waste disposal logistics and scheduling;
4. Two tunnels - one for ore and one for waste versus to one large
tunnel for both;
5. Alternative access routes to the mine;
6. Rhenium as a source of by-product credits; and
7. Optimization of grinding requirements
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In addition, Yamana will determine further improvements in assumed gold and molybdenum recoveries in particular. Actual gold recoveries at comparable porphyry operations are significantly in excess of the assumed gold recoveries for Agua Rica. Metallurgical testwork for copper had been significantly more advanced than testwork for recoveries of other metals in the prior feasibility study and the Company intends to conduct further metallurgical testwork to increase gold and molybdenum recoveries. Any additional gold production from these tests is not yet included in the mine plan.
Agua Rica is an exceptional development stage project offering significant value and the Company is working towards a formal construction decision for the project. Work continues on the preparation of a full update to the prior feasibility study which will incorporate the recently completed mine plan update and all other optimization initiatives as appropriate.
Overview of Financial Results
The following table presents a summary of financial and operating information for the three months ended March 31, 2010:
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(in thousands of United States Dollars
except for shares and per share amounts; unaudited) March 31, 2010
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Revenues $ 346,341
Cost of sales excluding depletion, depreciation and
amortization (145,143)
Depletion, depreciation and amortization (69,707)
Accretion of asset retirement obligations (1,580)
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Mine operating earnings 129,911
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Expenses
General and administrative (24,042)
Exploration (6,758)
Other (3,725)
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Operating earnings 95,386
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Other business and interest expenses (15,946)
Foreign exchange gain 3,689
Realized loss on derivatives (5,230)
Unrealized gain on derivatives 4,586
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Earnings from continuing operations before income taxes, equity
earnings and extraordinary items 82,485
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Income tax expense (21,950)
Equity earnings from Minera Alumbrera 11,652
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Earnings from continuing operations 72,187
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Earnings from discontinued operations 7,352
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Net earnings $ 79,539
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Earnings Adjustments:
Non-cash unrealized foreign exchange gains (5,755)
Non-cash unrealized gains on derivatives (4,586)
Non-recurring business acquisition costs 822
Stock-based and other compensation 5,583
Future income tax recovery on translation of intercompany debt (3,772)
Other non-recurring loss 1,144
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Adjusted earnings before income tax effects 72,975
Income tax effect of adjustments 231
Adjusted Earnings $ 73,206
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Basic earnings per share $ 0.11
Diluted earnings per share $ 0.11
Adjusted Earnings per share $ 0.10
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Cash flow from operations (after changes in non-cash working
capital items) $ 125,671
Cash flow from operations (before changes in non-cash working
capital items) $ 137,830
Capital expenditures $ 126,445
Cash and cash equivalents (end of period) $ 221,983
Average realized gold price per ounce $ 1,114
Average realized silver price per ounce $ 17.07
Chapada average realized copper price per pound $ 3.25
Gold sales (ounces) 197,598
Silver sales (millions of ounces) 2.7
Chapada payable copper contained in concentrate sales
(millions of lbs) 29.1
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Further details of the 2010 first quarter results can be found in the Company's unaudited Management's Discussion and Analysis and Interim Consolidated Financial Statements at www.yamana.com, in the "Investors" section under "Financial and Corporate Reports", or at www.sedar.com under the Company's profile.
OUTLOOK AND STRATEGY
The Company continues to adhere to its key commitments to sustainable production, stability of jurisdictions, disciplined growth and industry low cash costs, which underlie Yamana's success in the past year.
The Company is committed to a sustainable production platform of approximately 1.1 million gold GEO mainly from its six producing mines: Chapada, Jacobina and Fazenda Brasileiro located in
The Company remains committed to operating in comparatively stable jurisdictions, preferably where there is an established mining culture and tradition. Yamana remains focused on the Americas, with production coming from operating mines in
The Company's well defined development stage and exploration projects, in addition to further value-enhancing opportunities, provide the Company with a superior organic growth profile and value proposition. Production growth will come from the Company's development stage projects: C1
Further growth is expected from other pending projects, which include QDD Lower West which will add to production at the Gualcamayo mine in
NON-GAAP MEASURES
The Company has included certain non-GAAP measures including "By-product cash costs per gold equivalent ounce", "Adjusted Earnings or Loss and Adjusted Earnings or Loss per share", "Cash flows from operations before changes in non-cash working capital" or "Cash flows from operating activities before changes in non-cash working capital per share" and "Gross margin" to supplement its financial statements, which are presented in accordance with Canadian GAAP.
The Company believes that these measures, together with measures determined in accordance with Canadian GAAP, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP measures do not have any standardized meaning prescribed under Canadian GAAP, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP.
RECONCILIATION OF NON-GAAP MEASURES
By-product Cash Costs
The Company has included cash costs per GEO information because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with Canadian GAAP do not fully illustrate the ability of its operating mines to generate cash flows. The measures are not necessarily indicative of operating profit or cash flows from operations as determined under Canadian GAAP. Cash costs per GEO are determined in accordance with the Gold Institute's Production Cost Standard and are calculated on a co-product and by-product basis. Cash costs on a by-product basis are computed by deducting copper by-product revenues from the calculation of co-product cash costs of production per GEO. Cash costs on a co-product basis are computed by allocating operating cash costs separately to metals (gold and copper) based on an estimated or assumed ratio. Cash costs per GEO are calculated on a weighted average basis.
Reconciliation of cost of sales per the financial statements to by-product cash costs per GEO produced from continuing operations:
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GEO In thousands of United States Dollars
United States Dollars per GEO
For the three months --------------------- --------------------
ended March 31, 2010 2009 2010 2009
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Cost of sales (i) $ 145,143 $ 102,032 $ 642 $ 540
Adjustments:
Chapada treatment and refining
costs related to gold and
copper 5,863 8,847 26 47
Inventory movements and
adjustments (10,757) (6,363) (48) (34)
Commercial selling costs (5,182) (5,593) (23) (30)
Chapada copper revenue
including copper pricing
adjustment (98,650) (21,567) (436) (114)
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Total GEO by-product cash
costs (excluding Alumbrera) $ 36,417 $ 77,356 $ 161 $ 409
Mineral Alumbrera (12.5%
interest) by-product cash
costs (15,708) (4,456) (1,142) (283)
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Total GEO by-product cash
costs (i) $ 20,709 $ 72,900 $ 86 $ 356
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Commercial GEO produced
excluding Alumbrera 226,083 189,293
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Commercial GEO produced
including Alumbrera 239,838 205,038
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(i) Cost of sales includes non-cash items including the impact of the
movement in inventory.
(ii) Amortization and inventory purchase accounting adjustments are
excluded from both total cash costs and cost of sales.
Adjusted Earnings or Loss and Adjusted Earnings or Loss per share
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The Company uses the financial measures "Adjusted Earnings or Loss" and "Adjusted Earnings or Loss per share" to supplement information in its consolidated financial statements. The Company believes that in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors and analysts use this information to evaluate the Company's performance. The presentation of adjusted measures are not meant to be a substitute for net earnings or loss or net earnings or loss per share presented in accordance with GAAP, but rather should be evaluated in conjunction with such GAAP measures. Adjusted Earnings or Loss and Adjusted Earnings or Loss per share are calculated as net earnings excluding (a) stock-based compensation, (b) foreign exchange (gains) losses, (c) unrealized (gains) losses on commodity derivatives, (d) impairment losses, (e) future income tax expense (recovery) on the translation of foreign currency inter-corporate debt, and (f) write-down of investments and other assets and any other non-recurring adjustments. Non-recurring adjustments from unusual and extraordinary events or circumstances, such as the unprecedented volatility of copper prices in the fourth quarter of 2008, are reviewed from time to time based on materiality and the nature of the event or circumstance. Earnings adjustments reflect both continuing and discontinued operations.
The terms "Adjusted Earnings (Loss)" and "Adjusted Earnings (Loss) per share" do not have a standardized meaning prescribed by Canadian GAAP, and therefore the Company's definitions are unlikely to be comparable to similar measures presented by other companies. Management believes that the presentation of Adjusted Earnings or Loss and Adjusted Earnings or Loss per share provide useful information to investors because they exclude non-cash and other charges and are a better indication of the Company's profitability from operations. The items excluded from the computation of Adjusted Earnings or Loss and Adjusted Earnings or Loss per share, which are otherwise included in the determination of net earnings or loss and net earnings or loss per share prepared in accordance with Canadian GAAP, are items that the Company does not consider to be meaningful in evaluating the Company's past financial performance or the future prospects and may hinder a comparison of its period-to-period profitability. A reconciliation of Adjusted Earnings to net earnings is provided on page one of this press release.
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Cash Flows From Continuing Operations Before Changes in Non-Cash Working
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Capital
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The Company uses the financial measure "cash flows from operations before changes in non-cash working capital" or "cash flows from operating activities before changes in non-cash working capital" to supplement its consolidated financial statements. The presentation of cash flows from operations before changes in non-cash working capital is not meant to be a substitute for cash flows from operations or cash flows from operating activities presented in accordance with Canadian GAAP, but rather should be evaluated in conjunction with such Canadian GAAP measures. Cash flows from operations before changes in non-cash working capital excludes the non-cash movement from period to period in working capital items including accounts receivable, advances and deposits, inventory, accounts payable and accrued liabilities.
The terms "cash flows from operations before changes in non-cash working capital" or "cash flows from operating activities before changes in non-cash working capital" do not have a standardized meaning prescribed by Canadian GAAP, and therefore the Company's definitions are unlikely to be comparable to similar measures presented by other companies. The Company's management believes that the presentation of cash flows from operations before changes in non-cash working capital provides useful information to investors because it excludes the non-cash movement in working capital items and is a better indication of the Company's cash flows from operations and considered to be meaningful in evaluating the Company's past financial performance or the future prospects. The Company believes that a conventional measure of performance prepared in accordance with Canadian GAAP does not fully illustrate the ability of its operating mines to generate cash flows.
The following table provides a reconciliation of cash flows from operation before changes in non-cash working capital:
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Three months ended
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March 31, March 31,
In thousands of United States Dollars 2010 2009
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Cash flows from operating activities of continuing
operations $ 125,671 $ 56,746
Adjustments:
Net change in non-cash working capital 12,159 11,272
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Cash flows from operating activities of continuing
operations before changes in non-cash working
capital $ 137,830 $ 68,018
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Cash flow per share
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The Company uses the financial measure "cash flow per share." The presentation of cash flow per share is not meant to be a substitute for cash flows from operations or cash flows from operating activities presented in accordance with Canadian GAAP, but rather should be evaluated in conjunction with such Canadian GAAP measures. "Cash flow per share" is calculated as "cash flows from operations after changes in non-cash working capital" divided by the weighted average number of shares outstanding and/or as "cash flows from operating activities before changes in non-cash working capital" (Non-GAAP measure) divided by the weighted average number of shares outstanding for the period.
The term "cash flow per share" does not have a standardized meaning prescribed by Canadian GAAP, and therefore the Company's definition is unlikely to be comparable to similar measures presented by other companies. The Company's management believes that the presentation of cash flow per share provides useful information to investors because it presents cash flows from operations on a per share basis and is useful information to investors in evaluating the Company's past financial performance or future prospects in its ability to generate cash flows.
The table below presents the calculation of cash flow per share:
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Three months ended
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March 31, March 31,
In millions of United States Dollars 2010 2009
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Cash flows from continuing operations after
changes in non-cash working capital $ 125.7 $ 56.8
Cash flows from continuing operations before
changes in non-cash working capital $ 137.8 $ 68.0
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Weighted average number of shares outstanding 737 733
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Cash flows from continuing operations after changes
in non-cash working capital per share $ 0.17 $ 0.08
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Cash flows from continuing operations before
changes in non-cash working capital per share $ 0.19 $ 0.09
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Gross margin
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The Company uses the financial measure "gross margin" to supplement its consolidated financial statements. The presentation of gross margin is not meant to be a substitute for net earnings presented in accordance with Canadian GAAP, but rather should be evaluated in conjunction with such Canadian GAAP measures. Gross margin represent the amount of revenues in excess of cost of sales. It may be expressed in terms of percentage of revenues, both in total amount or on a per GEO basis.
The terms "gross margin" does not have a standardized meaning prescribed by Canadian GAAP, and therefore the Company's definitions is unlikely to be comparable to similar measures presented by other companies. The Company's management believes that the presentation of gross margin provides useful information to investors because it excludes the non-cash operating cost items such as depreciation, depletion and amortization and accretion for asset retirement obligations and considers this non-GAAP measure meaningful in evaluating the Company's past financial performance or the future prospects. The Company believes that conventional measure of performance prepared in accordance with Canadian GAAP does not fully illustrate the ability of its operating mines to generate cash flows.
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The following table provides a reconciliation of gross margin:
Three months ended
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March 31, March 31,
2010 2009
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Revenues $ 346,341 $ 213,600
Cost of sales excluding depletion, depreciation
and amortization (145,143) (102,032)
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Gross Margin $ 201,198 $ 111,568
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Gross Margin as % of Revenues from continuing
operations 58% 52%
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GEO Sold (excluding Alumbrera) 239,069 222,008
Gross Margin per GEO Sold $ 842 $ 503
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FIRST QUARTER CONFERENCE CALL
A conference call and audio webcast is scheduled for May 4, 2010 at
11:00 a.m. E.T. to discuss 2010 first quarter results.
Q1 Conference Call Information:
Toll Free (North America): 888-231-8191
International: 647-427-7450
Participant Audio Webcast: www.yamana.com
Q1 Conference Call REPLAY:
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Toll Free Replay Call (North America): 800-642-1687, Passcode 63821038
followed by the number sign
Replay Call: 416-849-0833, Passcode 63821038
followed by the number sign
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The conference call replay will be available from
For further information on the conference call or audio webcast, please contact the Investor Relations Department or visit our website, www.yamana.com.
ANALYST AND INVESTOR DAY NOTIFICATION
Yamana will be hosting its annual analyst and investor day on
ANNUAL MEETING OF SHAREHOLDERS
The Annual Meeting of Shareholders will take place on
For those unable to attend the meeting in person, there are several listen-only alternatives listed below.
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Via Telephone:
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Toll Free (North America): 888-231-8191
International: 647-427-7450
Via Webcast:
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Live Audio Webcast: www.yamana.com
Conference Call REPLAY:
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Toll Free Replay Call (North America): 800-642-1687, Passcode 63829307
followed by the number sign
Replay Call: 416-849-0833, Passcode 63829307
followed by the number sign
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The conference call replay will be available from
Quality Assurance and Quality Control
Yamana incorporates a rigorous Quality Assurance and Quality Control program for all of its mines and exploration projects which conforms to industry Best Practices as outlined by the CSE and National Instrument 43-101. This includes the use of independent third party laboratories and the use of professionally prepared standards and blanks and analysis of sample duplicates with a second independent laboratory.
Qualified Person
Evandro Cintra, P.Geo., Senior Vice President, Technical Services of Yamana Gold Inc. has reviewed and confirmed the scientific and technical information contained within this news release other than Agua Rica and serves as the Qualified Person as defined in National Instrument 43-101.
Qualified Person
About Yamana
Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference "forward-looking statements" within the meaning of the
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1) Cash costs per GEO, adjusted earnings, adjusted earnings per share,
cash flows from operations before changes in non-cash working
capital, cash flows from operations before changes in non-cash
working capital per share and gross margin are non-GAAP measures.
Reconciliation of non-GAAP measures is located on pages 8 to 11 of
this press release. Cash costs are shown on a by-product basis.
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