Cerro Moro is an advanced gold-silver exploration project located in Santa Cruz province. Acquired through its purchase of Extorre Gold Mines Ltd. in August 2012, Yamana conducted a $5 million, 100-hole drill program over the remainder of 2012 that increased indicated mineral resources by 44 percent. Cerro Moro is a low sulphidation epithermal vein deposit with similarities to the deposits at the El Peñón and Mercedes mines. Exploration will continue in 2013 while pre-development work and a feasibility study are initiated. A construction decision is anticipated in 2014 with a potential mine start-up expected in 2016. Preliminary studies have indicated a combined open pit (30%) and underground (70%) 1,000 tonnes per day operation and annual production of approximately 200,000 GEO.