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Exploration is the lifeblood of mining through the discovery of new ounces and we continue to focus on being ever more efficient in our exploration efforts.  Our efforts in 2016 set the stage for mineral reserve growth in the future and we expect exploration to be a key driver going forward.  In 2017, our exploration budget is approximately $77 million plus an unallocated $21 million for those projects returning the most prospective results. 

2016 Exploration Highlights*

  • Chapada: exploration results continue to suggest a mineral district significantly larger than originally envisaged for the operation.  In 2016, exploration advanced at Sucupira, including the discovery of the Baru target immediately north and overlaying Sucupira.  The oxides at the Suruca deposit continued to be developed and exploration advanced at the higher grade at surface Formiga discovery.
  • El Peñón: high grade, moderate width vein structures were discovered near existing infrastructure at Quebrada Colorada, Bonanza, Providencia and other principal vein structures.  Exploration of high grade narrow vein structures close to existing development also advanced.
  • Canadian Malartic: a maiden inferred mineral resource for the Odyssey deposit was declared.  This desposit has the potential to provide optionality for enhanced production and mine life.
  • Gualcamayo: new oxide discoveries, Potenciales and Cerro Condor, are immediately adjacent to the QDD Main pit, and are expected to increase mineral resources and improve mine life.  The Las Vacas target is 2 kilometres northwest of the QDD Main pit and remains open along strike.  These new discoveries added approximately 350,000 ounces of gold to inferred mineral resources in 2016. 
  • Minera Florida: Las Pataguas is the best discovery made at the property in the past 10 years.  The target is perfectly positioned for exploitation as it is closer to the plant than existing mine workings.  Las Pataguas remains open in all directions and the mineral resource is expected to grow significantly during 2017.


$95M total exploration spend in 2016

* Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.


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Yamana discloses certain non-GAAP measures including Cash costs per ounce of gold, Cash costs per ounce of silver, Co-product cash costs per ounce of gold, Co-product cash costs per ounce of silver, Co-product cash costs per pound of copper, All-in sustaining costs per ounce of gold, All-in sustaining costs per ounce of silver, All-in sustaining co-product costs per ounce of gold, and All-in sustaining co-product costs per ounce of silver to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS. The term IFRS and generally accepted accounting principles (“GAAP”) are used interchangeably. The Company believes that these measures, together with measures determined in accordance with IFRS, 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 IFRS, 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 IFRS.

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