Argentina - Agua Rica | Argentina (100% Yamana-owned)

The large scale Agua Rica copper-gold-molybdenum-silver porphyry deposit is located in the Catamarca province in northwestern Argentina. In early 2011, Yamana signed an agreement with its joint venture partners at Minera Alumbrera, granting Alumbrera the option to acquire interests in Agua Rica held through various Yamana subsidiaries. The option exists for up to four years. The integration of Agua Rica with Alumbrera provides the greatest value potential for Yamana and the best opportunity for the development of Agua Rica.

For more information please see our March 8, 2011 press release entitled “Yamana Advances Agua Rica Strategy through Agreement with Xstrata and Goldcorp - Targeting Integration Into Alumbrera” and our September 1, 2011 press release entitled "Xstrata Copper, Goldcorp and Yamana finalize four year Option Agreement on Agua Rica."

* Please refer to www.yamana.com/Operations/ReservesAndResources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.

Value Enhancing