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Exploration is the lifeblood of mining through the discovery of new ounces.  We continue to focus on being ever more efficient in our exploration efforts and targeting those ounces that can most quickly contribute to cash flow.  Our efforts in 2017 set the stage for mineral reserve and mineral resource expansion in 2018.  In 2018, our exploration budget is approximately $89 million including an unallocated $16 million to be spent based on exploration results at our mines and sites. 

2017 Exploration Highlights*

  • Chapada: added 405,000 ounces of gold and 315.0 million pounds of copper to mineral reserves before depletion, and an additional 498,000 ounces of gold and 410.0 million pounds of copper to measure and indicated mineral resources.  At Suruca Southwest, drilling added 518,000 ounces of gold and 245 million pounds of copper to the measure and indicated mineral resource category.
  • El Peñón: replaced production by adding 227,000 ounces of gold to mineral reserves.
  • Canadian Malartic: added 1.2 million ounces of gold to inferred mineral resources at East Malartic and the Odyssey deposit has inferred mineral resources estimated at 838,000 ounces of gold.
  • Cerro Moro: discovered the 1,500 metre long, high-grade Veronica vein that is expected to be added to mineral resources in 2018.  This discovery is adjacent to planned infrastructure. 
  • Jacobina: replaced production depletion and increased measured and indicated mineral resources by 1.5 million ounces of gold.
  • Minera Florida: replaced production depletion plus added 429,000 new ounces of gold to inferred mineral resources and replaced ounces converted to measured and indicated mineral resources.

$84M total exploration spend in 2017

* 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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