Yamana Gold Inc. reported its total gold equivalent ounces (GEO) in the proven and probable mineral reserves category has increased by 2 million oz to 18.6 million oz, which represents an 11% increase over the previous year. Total measured and indicated resources were replaced and inferred GEO mineral resources increased by 39% to more than 10 million oz. The increases are net of 2011 depletion due to production of 1.1 million GEO.
New discoveries at Chapada, Gualcamayo, Fazenda Brasiliero and CI Santa Luz, and significant extensions to known deposits at Pilar, El Peñón and Mercedes added to the inferred reserve base. “The success of our 2011 exploration program is demonstrated by our significant total mineral resource growth and conversion of mineral resources to mineral reserves this year,” said Peter Marrone, chairman and CEO, Yamana Gold. “This has built on the success of our 2010 program and the growth in mineral reserves and resources from last year. The continued growth of our total resource base together with our historical conversion rates gives us confidence in the sustainability of the 1.75 million oz of production that we expect beginning in 2014.
“We are now looking at the next wave of growth projects that will take us beyond 1.75 million oz, and as Jeronimo is our next project under evaluation, it is important to note that attributable mineral reserves increased by approximately 17% this year before completion of our feasibility study or making a construction decision,” said Marrone.