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Yamana’s Mineral Reserve and Mineral Resource Estimates as of December 31, 2011

Mineral Reserves (Proven and Probable)



Gold Proven Reserves Probable Reserves Total - Proven and Probable
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's)
Alumbrera (12.5%) 31,000 0.37 369 1,000 0.24 8 32,000 0.36 376
Chapada 135,650 0.22 970 278,880 0.26 2,347 414,530 0.25 3,317
C1-Santa Luz 19,752 1.55 987 10,860 1.37 478 30,612 1.49 1,465
El Peñón 1,636 7.95 418 9,719 5.71 1,783 11,355 6.03 2,202
Ernesto/Pau a Pique 2,279 3.86 283 5,884 2.69 508 8,163 3.01 791
Fazenda Brasileiro 3,123 2.57 258 1,488 2.10 101 4,611 2.42 359
Gualcamayo 15,400 1.05 518 43,500 1.20 1,676 58,900 1.16 2,194
Jacobina 6,482 2.16 450 16,315 2.96 1,555 22,797 2.74 2,005
Jeronimo (57%) 6,350 3.91 798 2,331 3.79 284 8,682 3.88 1,082
Mercedes 492 9.12 144 4,804 5.31 820 5,296 5.66 964
Minera Florida Ore 2,998 3.50 338 2,005 4.74 306 5,004 4.00 643
Minera Florida Tailings 5,661 1.09 198 - - - 5,661 1.09 198
Total Minera Florida 8,659 1.93 536 2,005 4.74 306 10,665 2.45 842
Pilar - - - 11,098 4.04 1,440 11,098 4.04 1,440
Total Gold Mineral Reserves 230,824 0.77 5,732 387,885 0.91 11,305 618,709 0.86 17,038
Agua Rica 384,871 0.25 3,080 524,055 0.21 3,479 908,926 0.22 6,559


Silver Proven Reserves Probable Reserves Total - Proven and Probable
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's)
El Peñón 1,636 225.82 11,879 9,719 174.83 54,631 11,355 182.18 66,511
Mercedes 492 106.77 1,690 4,804 54.44 8,408 5,296 59.31 10,099
Minera Florida Ore 2,998 20.19 1,946 2,005 31.42 2,026 5,004 24.69 3,972
Minera Florida Tailings 5,661 12.96 2,359 - - - 5,661 12.96 2,359
Total Minera Florida 8,659 15.46 4,305 2,005 31.42 2,026 10,665 18.46 6,330
Total Silver Mineral Reserves 10,788 51.54 17,875 16,528 122.44 65,065 27,316 94.44 82,940
Agua Rica 384,871 3.73 46,176 524,055 3.33 56,070 908,926 3.50 102,246


Copper Proven Reserves Probable Reserves Total - Proven and Probable
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm)
Alumbrera (12.5%) 31,000 0.37 253 1,000 0.28 6 32,000 0.37 259
Chapada 135,650 0.30 891 220,010 0.29 1,419 355,660 0.29 2,310
Total Copper Mineral Reserves 166,650 0.31 1,144 221,010 0.29 1,425 387,660 0.30 2,569
Agua Rica 384,871 0.56 4,779 524,055 0.43 5,011 908,926 0.49 9,789


Zinc Proven Reserves Probable Reserves Total - Proven and Probable
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm)
Minera Florida 2,998 0.99 65 2,005 1.34 59 5,004 1.13 125
Total Zinc Mineral Reserves 2,998 0.99 65 2,005 1.34 59 5,004 1.13 125


Molybdenum Proven Reserves Probable Reserves Total - Proven and Probable
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm)
Alumbrera (12.5%) 31,000 0.013 9 1,000 0.014 0.3 32,000 0.013 9
Total Moly Mineral Reserves 31,000 0.013 9 1,000 0.014 0.3 32,000 0.013 9
Agua Rica 384,871 0.033 279 524,055 0.030 350 908,926 0.031 629

Yamana's Mineral Reserves and Resources Estimates as at December 31, 2011

Mineral Resources (Measured, Indicated and Inferred)
Gold Measured Resources Indicated Resources Total - Measured and Indicated Inferred Resources
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's)
Amancaya - - - - - - - - - 1,390 7.90 351
C1 Santa Luz Shallow 3,243 1.00 104 5,792 1.07 199 9,035 1.04 303 2,638 1.19 101
C1 Downdip Extension - - - 3,046 2.85 279 3,046 2.85 279 3,217 3.63 376
Total C1 Santa Luz 3,243 1.00 104 8,837 1.68 478 12,081 1.50 582 5,855 2.53 476
Chapada 40,760 0.16 212 258,681 0.24 1,978 299,441 0.23 2,190 358,960 0.10 1,182
El Peñón 604 10.17 198 1,306 5.93 249 1,910 7.28 447 5,257 6.55 1,107
Ernesto/Pau a Pique 204 6.28 41 2,083 1.50 100 2,287 1.92 141 4,868 1.87 293
Fazenda Brasileiro 127 1.82 7 2,361 1.92 146 2,488 1.91 153 4,728 3.45 525
Gualcamayo 7,244 1.20 279 26,325 0.99 840 33,569 1.04 1,119 10,259 1.90 626
Jacobina 12,259 2.22 876 15,303 3.08 1,515 27,562 2.70 2,391 15,814 2.68 1,362
Jeronimo (57%) 772 3.77 94 385 3.69 46 1,157 3.74 139 1,118 4.49 161
La Pepa 15,750 0.61 308 133,682 0.57 2,452 149,432 0.57 2,760 37,900 0.50 620
Mercedes 57 7.50 14 1,809 3.00 174 1,866 3.13 188 3,293 3.98 421
Rey del Oro - - - - - - - - - 4,020 0.68 88
Total Mercedes 57 7.50 14 1,809 3.00 174 1,866 3.13 188 7,313 2.16 509
Minera Florida 1,321 6.21 264 1,471 5.60 265 2,792 5.89 529 3,457 5.32 591
Pilar - - - 1,094 4.51 159 1,094 4.51 159 6,785 4.19 915
Pilar - Caiamar - - - 703 4.76 108 703 4.76 108 1,380 3.30 150
Total Pilar - - - 1,797 4.62 267 1,797 4.62 267 8,165 4.06 1,065
Suyai - - - 4,700 15.00 2,286 4,700 15.00 2,286 900 9.90 274
Total Gold Mineral Resources 82,347 0.91 2,397 458,743 0.73 10,796 541,090 0.76 13,192 465,991 0.61 9,142
Agua Rica 27,081 0.14 120 173,917 0.14 776 200,998 0.14 896 642,110 0.12 2,444


Silver Measured Resources Indicated Resources Total - Measured and Indicated Inferred Resources
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's) (000's) (g/t) oz. (000's)
Amancaya - - - - - - - - - 1,390 73.00 3,270
Chapada - - - 82,161 1.43 3,775 82,161 1.43 3,775 27,553 1.11 982
El Peñón 604 231.90 4,505 1,306 163.87 6,879 1,910 185.40 11,384 5,257 274.89 46,458
Mercedes 57 34.51 63 1,809 32.25 1,876 1,866 32.32 1,939 3,293 41.97 4,443
Rey del Oro - - - - - - - - - 4,020 21.77 2,814
Total Mercedes 57 34.51 63 1,809 32.25 1,876 1,866 32.32 1,939 7,313 30.87 7,257
Minera Florida 1,321 32.00 1,354 1,471 30.00 1,409 2,792 30.78 2,763 3,457 44.00 4,884
Suyai - - - 4,700 23.00 3,523 4,700 23.00 3,523 900 21.00 575
Total Silver Mineral Resources 1,982 92.92 5,922 91,447 5.94 17,462 93,429 7.78 23,384 45,870 43.01 63,426
Agua Rica 27,081 2.35 2,042 173,917 2.89 16,158 200,998 2.82 18,200 642,110 2.33 48,124


Copper Measured Resources Indicated Resources Total - Measured and Indicated Inferred Resources
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm)
Chapada 40,760 0.19 167 176,520 0.21 818 217,280 0.21 986 331,407 0.17 1,218
Total Copper Mineral Resources 40,760 0.19 167 176,520 0.21 818 217,280 0.21 986 331,407 0.17 1,218
Agua Rica 27,081 0.45 266 173,917 0.38 1,447 200,998 0.39 1,714 642,110 0.34 4,853


Zinc Measured Resources Indicated Resources Total - Measured and Indicated Inferred Resources
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm)
Minera Florida 1,321 1.75 51 1,471 1.70 55 2,792 1.72 106 3,457 1.43 109
Total Zinc Mineral Resources 1321 1.75 51 1471 1.70 55 2792 1.72 106 3457 1.43 109


Molybdenum Measured Resources Indicated Resources Total - Measured and Indicated Inferred Resources
  Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained
  (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm) (000's) (%) lbs (mm)
Agua Rica 27,081 0.049 29 173,917 0.037 142 200,998 0.039 172 642,110 0.034 480


NOTE: Mineral Resources are exclusives of Mineral Reserves


Yamana Gold Inc. Mineral Reserves and Mineral Resource Reporting Notes:

1. Metal Price, Cut-off Grade

Mine

Mineral Reserves

Mineral Resources
     
     

Alumbrera (12.5%)

$1,400 Au, $3.20 Cu, $17.00 Mo and 0.22% CuEq

N/A

Amancaya

N/A

1.0 g/t Aueq Open pit , 3.4 g/tAueq Underground

Caiamar

N/A

1.5 g/t Au cut-off

Chapada

$950 Au, $2.50 Cu, $4.40 NSR cut-off for Chapada Mine

$3.53 NSR cut-off out of pit for Chapada Mine
 

$900 Au; 0.2 g/t Au cut-off for oxides and 0.3 g/t Au cut-off for sulphides in Suruca Gold Project

0.2 g/t Au cut-off for oxides and 0.3 g/t Au cut-off for sulphides in Suruca Gold Project

C1-Santa Luz

$950 Au for C1, Antas 2, Antas 3 and $750 Au Mansinha and Mari, 0.50 g/t Au cut-off

0.5 g/t Au cut-off for C1 Santa Luz Shallow and 1.5 g/t Au cut-off for C1 Downdip Extension

El Peñón

$950 Au, $20.00 Ag, Variable cut-off for Underground and 1.2 g/t Aueq cut-off for Open pit

3.9 g/t Aueq cut-off

Ernesto/Pau a Pique

$825 Au, 1.0 g/t Underground , 0.3 g/t Au Open pit cut-off for Ernesto and PP and $950 Au, 0.7 g/t Au cut-off for Lavrinha

0.3 g/t Open pit 1.0 g/t Underground for Ernesto/PP and 0.3 g/t for Lavrinha

Fazenda Brasileiro

$950 Au, 1.00 g/t Au Underground and 0.80g/t Au Open pit cut-off

0.5 g/t cut-off Underground and 0.25g/t Au Open pit cut-off

Gualcamayo

$950 Au, 1.00 g/t Au Underground and 0.15 g/t Au Open pit cut-off

1.00 g/t Au Underground and 0.15 g/t Au Open pit cut-off

Jacobina

$950 Au; 1.17 g/t Au cut-off

0.5 g/t Au cut-off for Jacobina Mines and 1.5 g/t Au cut-off for Pindobaçu Project

Jeronimo

$900 Au, 2.0 g/t Au cut-off

2.0 g/t Au cut-off

La Pepa

N/A

$780 Au, 0.30 g/tAu cut-off

Mercedes

$950 Au, $20.00 Ag, 3.0 g/t Aueq

2.0 g/t Aueq cut-off

Minera Florida

$950 Au, $20.00 Ag, $1 lb Zn, 2.51 g/t Aueq cut-off and Florida tailings cut-off N/A

2.5 g/t Aueq cut-off

Pilar

$900 Au; 2.0 g/t Au cut-off

2.0 g/t Au cut-off

Suyai

N/A

5.0 g/t Au cut-off

Agua Rica

$1,000 g/t Au, $2.25 lb Cu, $17.00 g/t Ag, $12.00 lb Mo

0.2% Cu cut-off

2. All mineral reserves and mineral resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101, other than the estimates for the Alumbrera mine which have been calculated in accordance with the JORC Code which is accepted under NI 43-101.

3. All mineral resources are reported exclusive of mineral reserves.

4. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

5. Mineral reserves and mineral resources are reported as of December 31, 2011.

6. For the qualified persons responsible for the mineral reserve and mineral resource estimates, see the qualified persons chart in “Item 15 Interests of Experts” in the Company’s Annual Information Form on its website at www.yamana.com.



The following are qualified persons responsible for mineral reserve and mineral resource estimates as at December 31, 2011.


Property

Qualified Persons for Mineral Reserves

Qualified Persons for Mineral Resources

Alumbrera

Julio Bruna Novillo, AusIMM, Member of CIM, Xstrata Plc

Julio Bruna Novillo, AusIMM, Member of CIM, Xstrata Plc

Amancaya

Not applicable

Chester M. Moore, P.Eng., Roscoe Postle Associates Inc.

Chapada

Porfirio Cabaleiro Rodriguez, BSc Mine Eng, MAIG, Coffey Mining Pty Ltd (for all of Chapada, excluding Suruca) and Raul Contreras, MAusIMM, Registered Member of Chilean Mining Commission, Senior Consultant, Resource Estimation, Metalica Consultores S.A. (for Suruca)

Porfirio Cabaleiro Rodriguez, BSc Mine Eng, MAIG, Coffey Mining Pty Ltd (for all of Chapada, excluding Suruca) and Raul Contreras, MAusIMM, Registered Member of Chilean Mining Commission, Senior Consultant, Resource Estimation, Metalica Consultores S.A. (for Suruca)

C-1 Santa Luz

Emerson Ricardo Re, MSc, MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager R&R, Yamana Gold Inc.

Marco Antonio Alfaro Sironvalle, P.Eng., Ph.D. Eng., MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager, Reserves, Yamana Gold Inc. (for all of C1 Santa Luz excluding C1 extension) and Sergio Brandao Silva, P. Geo, Exploration Director, Brazil, Yamana Gold Inc. (for C1 extension)

El Peñón

Marco Antonio Alfaro Sironvalle, P.Eng., Ph.D. Eng., MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager, Reserves, Yamana Gold Inc.

Marcos Valencia A. P.Geo., Regional Resource Estimation Manager, Andes Exploration, Yamana Gold Inc.

Ernesto/ Pau-a -Pique

Emerson Ricardo Re, MSc, MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager R&R, Yamana Gold Inc.

Sergio Brandao Silva, P. Geo, Exploration Director, Brazil, Yamana Gold Inc.

Fazenda Brasileiro

Emerson Ricardo Re, MSc, MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager R&R, Yamana Gold Inc.

Sergio Brandao Silva, P. Geo, Exploration Director, Brazil, Yamana Gold Inc.

Gualcamayo

Emerson Ricardo Re, MSc, MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager R&R, Yamana Gold Inc. (for Gualcamayo, excluding QDD Lower) and Guillermo Bagioli, MAusIMM, Registered Member of Chilean Mining Commission, Metalica Consultores S.A. (for QDD Lower)

Marcos Valencia A. P.Geo., Regional Resource Estimation Manager, Andes Exploration, Yamana Gold Inc.

Jacobina

Emerson Ricardo Re, MSc, MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager R&R, Yamana Gold Inc.

Sergio Brandao Silva, P. Geo, Exploration Director, Brazil, Yamana Gold Inc.

Jeronimo

Guillermo Bagioli Arce, MAusIMM , Registered Member of Chilean Mining Commission, Metálica Consultores S.A.

Dominique François-Bongarçon, Ph.D, P.Eng., Agoratek International

La Pepa

Not applicable

Chester M. Moore, P.Eng., Roscoe Postle Associates Inc.

Mercedes

Marco Antonio Alfaro Sironvalle, P.Eng., Ph.D. Eng., MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager, Reserves, Yamana Gold Inc.

Greg Walker, P.Geo., Senior Manager, Resources Estimation, Yamana Gold Inc.

Minera Florida

Marco Antonio Alfaro Sironvalle, P.Eng., Ph.D. Eng., MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager, Reserves, Yamana Gold Inc.

Marcos Valencia A. P.Geo., Regional Resource Estimation Manager, Andes Exploration, Yamana Gold Inc.

Pilar

Guillermo Bagioli, MAusIMM, Registered Member of Chilean Mining Commission, Metalica Consultores S.A. (for Jordino) and Emerson Ricardo Re, MSc, MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager R&R, Yamana Gold Inc. (for Jordino Extension)

Marco Antonio Alfaro Sironvalle, P.Eng., Ph.D. Eng., MAusIMM, Registered Member of Chilean Mining Commission, Corporate Manager, Reserves, Yamana Gold Inc. (for Jordino) and Sergio Brandao Silva, P. Geo, Exploration Director, Brazil, Yamana Gold Inc. (for Jordino Down Dip, Tres Buracos, HG and Ogo Extension)

Suyai

Not applicable

Robin J. Young, P. Geo., Western Services Engineering, Inc.

Agua Rica

Enrique Munoz Gonzalez, MAusIMM, Registered Member of Chilean Mining Commission

Evandro Cintra, Ph.D., P. Geo., Senior Vice President, Technical Services, Yamana Gold Inc.
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INVESTOR FACT SHEET
Exploration Presentation
2011 Annual Report

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