YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or the
“Company”) herein provides its updated mineral reserve and mineral
resource estimates as at December 31, 2021 in support of its
upcoming guidance and longer term outlook which will show
sustainable and increasing production growth. The Company will
release its guidance and longer term outlook along with its fourth
quarter and full year 2021 operational and financial results after
market close on Thursday, February 17, 2022.
HIGHLIGHTS
- Track Record of Mineral
Reserves Replacement: The Company replaced gold mineral
reserves at each of its wholly-owned operations and by 130% of
depletion highlighting the sustainability and longevity of its
mines.
- Another Year of Mineral
Reserve Growth at Jacobina: Jacobina had another year of
mineral reserve and mineral resource growth, adding 324,000 ounces
of gold mineral reserves, a 5% year-over-year increase above
depletion. Gold mineral reserves have grown by 55% or more than 1
million ounces net of depletion over the past four years to 2.94
million ounces and mineral resources have increased by 69% over the
same period. The track record of growth in mineral reserves and
mineral resources at Jacobina underpins its significant
prospectivity and geological upside, which supports the planned
phased expansion strategy that is expected to materially increase
production and cash flows, generating strong returns on
investment.
- Mineral Resource Growth
Continues at Odyssey: At Odyssey, mineral resources
continue to grow as a result of ongoing exploration drilling, with
2.35 million ounces of indicated gold mineral resources and 13.15
million ounces of inferred gold mineral resources (100% basis)
reported at year-end. At East Gouldie, drilling added 82 new pierce
points in the mineralized zones, confirming estimated grades and
widths and resulting in the first gold indicated mineral resources
for the deposit of 1.5 million ounces (100% basis). The
ongoing infill drilling program continues to increase the inventory
of indicated mineral resources to support the planned conversion of
mineral resources to mineral reserves.
- Fourth Consecutive Year of
Increasing Mineral Reserves at El Peñón: El Peñón achieved
a fourth consecutive year of adding mineral reserves in excess of
depletion, with mineral reserves growing 23% to 1.3 million gold
equivalent ounces (“GEO”)(1) over that period. Mineral reserves
added in 2021 were higher grade and increased the average gold and
silver mineral reserves grades by 3%. The significance of the
result is the continued extension of the El Peñón mine life at a
production rate of 220,000 to 230,000 GEO(1) per year, while
replacement of mineral resources provides an inventory for future
mineral reserves development.
- Mineral Reserve and Mineral
Resource Growth at Cerro Moro: Cerro Moro successfully
replaced depletion of mineral reserves on a GEO(1) basis, largely
as a result of the expansion of high grade veins at the main ore
bodies of Zoe, Martina, and Naty, which remain open at depth. The
significance of the result is that it extends the mine life of
Cerro Moro at a base production rate of 150,000 to 165,000 GEO(1)
and establishes what the Company expects to be an ongoing trend of
mineral reserve and mineral resource growth, similar to the mineral
reserve replacement cycle established at the Company’s more mature
operations.
- Company-wide Mineral
Reserves and Mineral Resources Show Significant Scale: As
at December 31, 2021, the Company reports 13.7 million ounces of
gold mineral reserves and 111 million ounces of silver mineral
reserves, relatively unchanged from the prior year. Further,
largely consistent with the prior year, the Company reports
measured and indicated mineral resources of 14.5 million ounces of
gold, 51 million ounces of silver, and 1.4 billion pounds of copper
exclusive of mineral reserves and inferred mineral resources of
15.5 million ounces of gold, 63 million ounces of silver, and 2.13
billion pounds of copper. At the Company's development projects
mineral reserves of 7.1 million ounces of gold, 57 million ounces
of silver, and 6.7 billion pounds of copper represent significant
upside potential within the existing portfolio.
5-YEAR TRACK RECORD OF MINERAL RESERVES
AND MINERAL RESOURCES GROWTH
Yamana has attempted to differentiate itself
over the last several years by replacing depletion of mineral
reserves and has been mostly successful at such differentiation.
The result of which is that when looked at over several years,
there has been a very significant increase of mineral reserves and
corresponding extension of mine lives. This differentiation is
expected to continue in the next several years and in most cases,
the discovery of new inferred mineral resources at existing mines
already represents an excellent source of future proven and
probable mineral reserves. Characterized by large land packages in
prospective geological districts, Yamana’s operations continue to
demonstrate the ability to add value through drilling which, at a
minimum, ensures sustainability of mine lives at current production
rates. This also, creates opportunities to increase production and
ultimately increase free cash flow generation. In recent years,
results have exceeded expectations with operations not only
replacing depletion but also increasing mineral reserves, mineral
resources, and the pipeline of exploration targets for future
conversion.
Figure 1: Progression of Mineral
Reserves and Mineral Resources at Operating Mines and
Wasamachttps://www.globenewswire.com/NewsRoom/AttachmentNg/48a3ce85-8189-4992-bf88-38c4365f36f0
(i) Gold Equivalent Ounces
(GEO) calculated using mineral reserves metal price assumptions of
$1,250 per ounce of gold and $18 per ounce of silver, and gold and
silver metallurgical recoveries on a site-by-site basis.
Last year is a continuation of the Company’s
track record of successful brownfield exploration strategy,
highlighted by the significant growth in mineral reserves and
mineral resources within the five existing operations over the past
five years. The acquisition, and subsequent optimization, of the
Wasamac project in 2021 further enhances this growth profile.
Over the past five years, total gold equivalent
mineral reserves and mineral resources at the five operating mines
have increased by 32%, net of the 4.6 million GEO(1) produced by
the operations over that period. This brownfield exploration
success extends the lives of the existing operations and presents
opportunities for growth within the portfolio. As a result, the
Company is able to add value through the drill bit, at a low cost
per ounce, with low risk and with minimal disturbance to the
environment.
With the addition of Wasamac, the mineral
reserves and mineral resources growth rate increases to 45% over
five years. Wasamac, a small-footprint underground project located
100 kilometres from Canadian Malartic, is already showing the
exploration potential to replicate the mineral reserves and mineral
resources replacement cycle demonstrated at the Company’s operating
mines.
Figure 2: Progression of Mineral
Reserves and Mineral Resources at Canadian
Malartichttps://www.globenewswire.com/NewsRoom/AttachmentNg/9f8b0f97-562f-46a9-94c7-aa2c60ace08a
At Canadian Malartic, the Odyssey project’s
continued exploration success has grown indicated mineral resources
to 2.35 million ounces of gold and inferred mineral resources to
13.15 million ounces of gold on a 100% basis. Only 7.3 million
ounces, or approximately 47% of these mineral resources are
included in the mine plan outlined in the March 2021 technical
study, providing significant upside potential to a mine life
already expected to last until at least 2039.
Figure 3: Progression of Mineral
Reserves and Mineral Resources at
Jacobinahttps://www.globenewswire.com/NewsRoom/AttachmentNg/0e4959e6-25ad-4b9a-aa9e-fa71df168974
Jacobina has significantly grown its inventory
of mineral reserves and mineral resources to support a low-risk,
phased expansion strategy that has allowed the mine to sustainably
increase production by 54% over the last five years. The growth in
mineral reserves and mineral resources now supports further
sustainable growth to 230,000 ounces per year in Phase 2 and a
target of 270,000 ounces per year in Phase 3.
Figure 4: Progression of Mineral
Reserves and Mineral Resources at El
Peñónhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9c99ab7e-f180-40b6-b348-acae09dc5c77
(i) Gold Equivalent Ounces (GEO) calculated
using mineral reserves metal price assumptions of $1,250 per ounce
of gold and $18 per ounce of silver, and metallurgical recoveries
of 90.3% for gold and 79.9% for silver.
El Peñón, now in its 23rd year of production,
continues to replace mineral reserve depletion which was achieved
again in 2021, with further exploration successes advancing the
objective of increasing production from the significant excess
plant capacity.
The approach to replace depletion is also now
delivering positive results at Cerro Moro which, for the first time
in 2021, replaced depletion of mineral reserves, a foundation of
targets and geological knowledge continues to support further
exploration plans for the asset.
YEAR-END MINERAL RESERVES AND MINERAL
RESOURCES SUMMARY
During the year, the Company's wholly-owned
operations successfully replaced depletion. At Odyssey, delineation
drilling highlighted the strong geological and grade continuity and
underground mineral resources continued to grow in advance of
future conversion to mineral reserves. For 2021, the Company
reports 13.7 million ounces of gold mineral reserves and 111
million ounces of silver mineral reserves, relatively unchanged
from the prior year.
Mineral reserves of 7.1 million ounces of gold,
57 million ounces of silver, and 6.7 billion pounds of copper at
the Company’s development projects represents significant upside
potential within the existing portfolio. In particular, the
wholly-owned Wasamac project in Quebec, advancing towards first
production in 2026, is expected to add approximately 200,000 ounces
of gold to the Company’s production platform. The MARA project
currently at the feasibility study stage, is expected to produce an
average of 556 million pounds of copper equivalent in the first 10
years, on a 100% basis, with an initial mine life of 28 years.
Largely consistent with the prior year, the
Company reports measured and indicated mineral resources of 14.5
million ounces of gold, 51 million ounces of silver, and 1.4
billion pounds of copper exclusive of mineral reserves. Significant
increases in measured and indicated mineral resources at Canadian
Malartic, Jacobina and Minera Florida more than offset the change
in measured and indicated mineral resources at Wasamac and La Pepa.
At Wasamac mineral reserves and mineral resources were updated in
mid-2021, providing the foundation for the optimized mine plan and
feasibility study update. Yamana successfully increased conversion
of mineral resources to mineral reserves through the optimization
of the mining method and mine design following an in-depth
geotechnical analysis. As a result, mineral reserves increased by
231,000 ounces to 1.91 million ounces with an unchanged average
gold grade of 2.56 g/t. At La Pepa, pursuant to the terms of the
option agreement with Mineros Atacama SpA (“Mineros”) dated
December 14, 2018, in December 2021 Mineros acquired a 20% interest
in Minera Cavancha SpA, the legal entity that holds the La Pepa
property. The 2021 mineral resource estimate for La Pepa reflects
Yamana's current 80% interest (previously 100%). In addition, an
updated structural model was used to constrain the mineralization
in addition to updated metal price assumptions which were revised
to be in-line with Yamana's projects and mining parameters being
adjusted to reflect benchmarked costs.
The Company reports inferred mineral resources
of 15.5 million ounces of gold, 63 million ounces of silver, and
2.13 billion pounds of copper. The large base of mineral resources
provides the pipeline for future conversion to mineral reserves at
existing operations and development projects and represents further
growth opportunities at the Company’s generative exploration
projects.
Additional details relating to the Company’s
mineral reserve and mineral resource estimates as at December 31,
2021 are presented below.
Canadian Malartic including Odyssey,
Canada (50%)
At Canadian Malartic on a 50% basis, open pit
gold mineral reserves of 1.77 million ounces, reflects depletion
from 2021 production and an adjustment of approximately 48,000
ounces due to a slight increase in cut-off grade, which will be
added to the marginal stockpile, and a localized adjustment in the
lower benches of the Canadian Malartic pit. For the Barnat pit,
drill hole datasets from the former East Malartic and Sladen
underground mines were incorporated into the resource model,
increasing confidence in the Barnat grade estimation and without
significantly changing mineral reserves or mineral resources.
Underground mineral resources for the Odyssey project continue to
grow as a result of ongoing exploration drilling, with a total of
2.35 million ounces of indicated mineral resources and 13.15
million ounces of inferred mineral resources reported at year-end.
At East Gouldie, drilling added a total of 82 new pierce points in
the mineralized zones, confirming estimated grades and widths and
resulting in the first gold indicated mineral resources for the
deposit of 1.5 million ounces, on a 100% basis. The ongoing infill
drilling program continues to increase the inventory of indicated
mineral resources to support the planned conversion of mineral
resources to mineral reserves. Expansion of the mineral resource
envelope on all sides added new inferred mineral resources with a
high potential for future conversion in the mine plan, while step
out drilling extended the mineralized zone 1,260 metres beyond the
reported East Gouldie mineral resource and identified a new
subparallel zone, located 400 metres in the footwall of the East
Gouldie zone. These exploration holes are still widely spaced and
therefore not yet considered in the mineral resource statement.
Figure 5: Change in Proven and Probable
Mineral Reserves at Canadian Malartic
https://www.globenewswire.com/NewsRoom/AttachmentNg/16ddf0ec-8f3f-43b4-9fe3-eee5d620209d
(i) Localized adjustments to resource model and
cut-off grade.
Jacobina, Brazil
Jacobina had another successful year of
exploration, adding 324,000 ounces of gold mineral reserves, a 5%
increase compared to the prior year above depletion of mining. Gold
mineral reserves have grown by 55% or more than 1 million ounces
over the past four years to 2.94 million ounces. Mineral resources
have increased by 69% over the same period. Mineral reserves
average gold grade is unchanged from the previous year at 2.18 g/t
and the Company continues to sequence lower grade stopes later in
the mine life. Importantly, the rate of growth in mineral reserves
and mineral resources exceeds annual depletion, supporting the
Company’s strategy to sustain a multi-decade mine life and
facilitating the future Phase 3 expansion to increase production up
to 270,000 ounces per year. Highlights from 2021 include the
addition of inferred mineral resources at João Belo Sul, which
represents a potential new mining sector, and the continued
expansion of the Morro do Vento, Canavieiras, and João Belo mines
at depth.
Figure 6: Change in Proven and Probable
Mineral Reserves at
Jacobinahttps://www.globenewswire.com/NewsRoom/AttachmentNg/aec60203-87da-4982-be1f-da52ed986009
Cerro Moro, Argentina
Cerro Moro successfully replaced depletion of
GEO(1) mineral reserves and mineral resources, largely as a result
of expansion of high grade veins at the main ore bodies of Zoe,
Martina, and Naty, which remain open at depth. The significance of
the result is that it establishes what the Company expects to be an
ongoing trend of year-over-year mineral reserve and mineral
resource growth, similar to the mineral reserves replacement cycle
established at the Company’s more mature operations, extending the
mine life at a production rate of 150,000 to 165,000 GEO(1) per
year. Cerro Moro is a high-grade operation with an average mineral
reserves grade of 13.6 g/t gold equivalent. New mineral reserves
added in 2021 at a higher average gold to silver ratio and higher
silver grade targets will be followed up with drilling in 2022. A
high level of geological understanding incorporated into the
resource models is resulting in excellent reconciliation and
confidence in mine plans, as reflected in improved operational
performance. Additionally, Cerro Moro has a significant inventory
of lower-grade veins that are not fully reflected in the current
mineral reserves and mineral resource statements, which could
potentially be processed with an expansion of the processing plant
or through a parallel heap leach operation. The Company has
initiated an infill drilling program to expand and define the most
promising lower-grade, heap leach targets.
Figure 7: Change in Proven and Probable
Mineral Reserves at Cerro
Morohttps://www.globenewswire.com/NewsRoom/AttachmentNg/ed77e741-d013-4551-b370-f84c1a3bf4af
(i) Gold Equivalent Ounces (GEO)
calculated using mineral reserves metal price assumptions of $1,250
per ounce of gold and $18 per ounce of silver, and metallurgical
recoveries of 93% for gold and 93% for silver.
El Peñón, Chile
Successful drilling at El Peñón resulted in the
operation achieving a fourth consecutive year of adding new mineral
reserves in excess of mining depletion, with mineral reserves
growing 23% to 1.3 million GEO(1) over that period. Drilling
continues to expand the mineral resource envelopes to depths below
several producing sectors, most notably Paloma, Pampa Campamento
and Sorpresa. New mineral reserves added in 2021 are typically
higher than average grade, resulting in the average gold and silver
mineral reserves grades increasing by 3%. The significance of the
result is the continued extension of the El Peñón mine life at a
production rate of 220,000 to 230,000 GEO(1) per year, while
replacement of mineral resources provides an inventory for future
mineral reserves development. The year-end mineral reserve and
mineral resource estimates do not include results from deep
exploratory drilling intercepts targeting extensions of the major
producing vein systems at depth and to the south of the mine.
Initial drill results show significant potential for discovery of
blind continuations of the main vein system which will be followed
up with drilling in 2022 to support planned production increases at
El Peñón.
Figure 8: Change in Proven and Probable
Mineral Reserves at El
Peñónhttps://www.globenewswire.com/NewsRoom/AttachmentNg/85090d93-37e2-4c0b-a3b0-b349bd230156
(i) Gold Equivalent Ounces (GEO)
calculated using mineral reserves metal price assumptions of $1,250
per ounce of gold and $18 per ounce of silver, and metallurgical
recoveries of 90.3% for gold and 79.9% for silver.
Minera Florida, Chile
At Minera Florida, new mineral reserves replaced
mining depletion, extending mine life. Drilling in key production
sectors of the mine, most notably Don Leopoldo and Fantasma,
continued to expand mineralization along strike and down dip.
Targets remain open in both directions, underscoring the potential
for expansion of the mineral envelope in both sectors. Exploratory
drilling at Minera Florida has generated new discoveries in the
core mine area, including VNC, providing increased optionality for
the mining operation and demonstrating the geological potential in
the central Alhué block. The recent discovery of veins such as
Cucaracha in new areas beyond the eastern and western limits of the
central Alhué block, the historic focus of exploration and mining
at Minera Florida, underscores the potential for further near-mine
discoveries. The robust exploration results and replacement of
mineral reserves and mineral resources at Minera Florida support
the plan for production increases at the operation.
Figure 9: Change in Proven and Probable
Mineral Reserves at Minera
Floridahttps://www.globenewswire.com/NewsRoom/AttachmentNg/6805067a-c4a9-4320-987e-f6567e859dfc
Wasamac, Canada
Wasamac mineral reserves and mineral resources
were updated in mid-2021, providing the foundation for the
optimized mine plan and feasibility study update. Yamana
successfully increased conversion of mineral resources to mineral
reserves through the optimization of the mining method and mine
design following an in-depth geotechnical analysis. As a result,
mineral reserves increased by 231,000 ounces to 1.91 million ounces
with an unchanged average gold grade of 2.56 g/t. Mineral resource
classification was updated using revised criteria, with measured
mineral resources being reclassified as indicated mineral resources
to align with Yamana’s prerequisite that measured mineral resources
must be supported by underground development sampling with the
required quality assurance and quality control. Additionally,
mineral resources are now constrained within potentially mineable
shapes to demonstrate reasonable prospects for eventual economic
extraction and to align with the reporting standard at other Yamana
operations. Year-end mineral reserves and mineral resources do not
yet include positive drill results from the second half of 2021,
which expanded the Wildcat zone and discovered two new mineralized
zones, referred to as South Wildcat. The initial drilling results
further align with the objective to sustain 200,000 ounces per year
of production at Wasamac and achieve a strategic mine life of more
than 15 years.
Figure 10: Change in Proven and Probable
Mineral Reserves at
Wasamachttps://www.globenewswire.com/NewsRoom/AttachmentNg/e16de411-48cf-4314-a4ea-cdff665adc06
(i) Adjustments to mine design
optimization.
MINERAL RESERVE AND MINERAL RESOURCE
ESTIMATES
Mineral Reserves (Proven and
Probable)
The following table sets forth the Mineral
Reserve estimates for the Company’s mineral projects as at December
31, 2021.
Gold |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven & 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) |
Canadian Malartic, Barnat & Other Zones (50%) |
21,466 |
0.84 |
580 |
28,758 |
1.28 |
1,188 |
50,225 |
1.09 |
1,767 |
Canadian Malartic Underground (50%) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Canadian Malartic (50%) |
21,466 |
0.84 |
580 |
28,758 |
1.28 |
1,188 |
50,225 |
1.09 |
1,767 |
Jacobina |
28,910 |
2.17 |
2,015 |
13,101 |
2.19 |
923 |
42,011 |
2.18 |
2,938 |
Cerro Moro |
365 |
9.27 |
109 |
1,384 |
7.82 |
348 |
1,749 |
8.12 |
457 |
El Peñón Ore |
421 |
6.70 |
91 |
4,996 |
5.09 |
817 |
5,417 |
5.21 |
908 |
El Peñón Stockpiles |
8 |
2.64 |
1 |
607 |
1.24 |
24 |
615 |
1.26 |
25 |
El Peñón Total |
429 |
6.62 |
91 |
5,603 |
4.67 |
841 |
6,032 |
4.81 |
933 |
Minera Florida Ore |
662 |
3.08 |
65 |
2,905 |
3.49 |
326 |
3,567 |
3.42 |
392 |
Minera Florida Tailings |
— |
— |
— |
1,248 |
0.94 |
38 |
1,248 |
0.94 |
38 |
Minera Florida Total |
662 |
3.08 |
65 |
4,153 |
2.73 |
364 |
4,815 |
2.78 |
430 |
Wasamac |
|
— |
— |
23,168 |
2.56 |
1,910 |
23,168 |
2.56 |
1,910 |
Jeronimo (57%) |
6,350 |
3.91 |
798 |
2,331 |
3.79 |
284 |
8,681 |
3.88 |
1,082 |
MARA (56.25%) |
330,300 |
0.25 |
2,655 |
291,150 |
0.16 |
1,498 |
621,450 |
0.21 |
4,152 |
Total
Gold Mineral Reserves |
388,482 |
0.51 |
6,314 |
369,648 |
0.62 |
7,355 |
758,131 |
0.56 |
13,669 |
Silver |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven & 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) |
Cerro Moro |
365 |
593.5 |
6,964 |
1,384 |
342.0 |
15,215 |
1,749 |
394.5 |
22,180 |
El Peñón Ore |
421 |
225.5 |
3,055 |
4,996 |
162.1 |
26,036 |
5,417 |
167.0 |
29,091 |
El Peñón Stockpiles |
8 |
140.0 |
35 |
607 |
13.2 |
257 |
615 |
14.8 |
292 |
El Peñón Total |
429 |
224.0 |
3,090 |
5,603 |
146.0 |
26,293 |
6,032 |
151.5 |
29,383 |
Minera Florida Ore |
662 |
20.2 |
430 |
2,905 |
21.4 |
1,998 |
3,567 |
21.2 |
2,428 |
Minera Florida Tailings |
— |
— |
— |
1,248 |
14.6 |
584 |
1,248 |
14.6 |
584 |
Minera Florida Total |
662 |
20.2 |
430 |
4,153 |
19.3 |
2,582 |
4,815 |
19.5 |
3,011 |
MARA (56.25%) |
330,300 |
3.0 |
32,070 |
291,150 |
2.6 |
24,618 |
621,450 |
2.8 |
56,689 |
Total
Silver Mineral Reserves |
331,757 |
4.0 |
42,555 |
302,289 |
7.1 |
68,708 |
634,046 |
5.5 |
111,264 |
Copper |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven & Probable |
|
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
MARA (56.25%) |
330,300 |
0.57 |
4,151 |
291,150 |
0.39 |
2,503 |
621,450 |
0.49 |
6,654 |
Total
Copper Mineral Reserves |
330,300 |
0.57 |
4,151 |
291,150 |
0.39 |
2,503 |
621,450 |
0.49 |
6,654 |
Zinc |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven & Probable |
|
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
Minera Florida Ore |
662 |
1.44 |
21 |
2,905 |
0.94 |
60 |
3,567 |
1.03 |
81 |
Minera Florida Tailings |
— |
— |
— |
1,248 |
0.58 |
16 |
1,248 |
0.58 |
16 |
Minera Florida Total |
662 |
1.44 |
21 |
4,153 |
0.83 |
76 |
4,815 |
0.91 |
97 |
Total
Zinc Mineral Reserves |
662 |
1.44 |
21 |
4,153 |
0.83 |
76 |
4,815 |
0.91 |
97 |
Molybdenum |
Proven Mineral Reserves |
Probable Mineral Reserves |
Total - Proven & Probable |
|
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
MARA (56.25%) |
330,300 |
0.030 |
218 |
291,150 |
0.030 |
192 |
621,450 |
0.030 |
411 |
Total
Molybdenum Mineral Reserves |
330,300 |
0.030 |
218 |
291,150 |
0.030 |
192 |
621,450 |
0.030 |
411 |
Mineral Resources (Measured, Indicated,
and Inferred)
The following tables set forth the Mineral
Resource estimates for the Company’s mineral projects as at
December 31, 2021.
Gold |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured & Indicated |
|
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) |
Canadian Malartic, Barnat & Other Zones (50%) |
130 |
0.72 |
3 |
2,174 |
1.31 |
92 |
2,304 |
1.28 |
95 |
Odyssey Underground (50%) |
— |
— |
— |
1,075 |
1.92 |
66 |
1,075 |
1.92 |
66 |
East Malartic Underground (50%) |
— |
— |
— |
5,539 |
2.04 |
364 |
5,539 |
2.04 |
364 |
East Gouldie Underground (50%) |
— |
— |
— |
5,974 |
3.88 |
745 |
5,974 |
3.88 |
745 |
Canadian Malartic Total
(50%) |
130 |
0.72 |
3 |
14,762 |
2.67 |
1,267 |
14,893 |
2.65 |
1,270 |
Jacobina |
30,281 |
2.40 |
2,339 |
19,372 |
2.36 |
1,468 |
49,652 |
2.38 |
3,807 |
Cerro Moro Mine |
177 |
5.26 |
30 |
760 |
3.58 |
87 |
937 |
3.89 |
117 |
Cerro Moro Heap Leach |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Cerro Moro Total |
177 |
5.26 |
30 |
760 |
3.58 |
87 |
937 |
3.89 |
117 |
El Peñón Mine |
761 |
5.28 |
129 |
5,651 |
3.20 |
581 |
6,412 |
3.45 |
710 |
El Peñón Tailings |
— |
— |
— |
— |
— |
— |
— |
— |
— |
El Peñón Stockpiles |
— |
— |
— |
1,019 |
1.13 |
37 |
1,019 |
1.13 |
37 |
El Peñón Total |
761 |
5.28 |
129 |
6,670 |
2.88 |
618 |
7,430 |
3.13 |
748 |
Minera Florida |
1,425 |
5.24 |
240 |
6,108 |
4.15 |
816 |
7,533 |
4.36 |
1,056 |
Wasamac |
— |
— |
— |
5,769 |
1.76 |
326 |
5,769 |
1.76 |
326 |
Jeronimo (57%) |
772 |
3.77 |
94 |
385 |
3.69 |
46 |
1,157 |
3.74 |
139 |
MARA (56.25%) |
95,447 |
0.26 |
786 |
121,198 |
0.12 |
459 |
216,645 |
0.18 |
1,245 |
La Pepa (80%) |
47,053 |
0.61 |
920 |
52,324 |
0.49 |
831 |
99,377 |
0.55 |
1,751 |
Monument Bay |
— |
— |
— |
36,581 |
1.52 |
1,787 |
36,581 |
1.52 |
1,787 |
Suyai |
— |
— |
— |
4,700 |
15.00 |
2,286 |
4,700 |
15.00 |
2,286 |
Total
Measured & Indicated Gold Mineral Resources |
176,046 |
0.80 |
4,541 |
268,629 |
1.16 |
9,992 |
444,675 |
1.02 |
14,532 |
Silver |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured & Indicated |
|
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) |
Cerro Moro Mine |
177 |
234.0 |
1,328 |
760 |
266.1 |
6,506 |
937 |
260.0 |
7,834 |
Cerro Moro Heap Leach |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Cerro Moro Total |
177 |
234.0 |
1,328 |
760 |
266.1 |
6,506 |
937 |
260.0 |
7,834 |
El Peñón Mine |
761 |
150.9 |
3,691 |
5,651 |
113.5 |
20,625 |
6,412 |
118.0 |
24,316 |
El Peñón Tailings |
— |
— |
— |
— |
— |
— |
— |
— |
— |
El Peñón Stockpiles |
— |
— |
— |
1,019 |
28.8 |
942 |
1,019 |
28.8 |
942 |
El Peñón Total |
761 |
150.9 |
3,691 |
6,670 |
100.6 |
21,568 |
7,430 |
105.7 |
25,259 |
Minera Florida |
1,425 |
34.0 |
1,557 |
6,108 |
21.8 |
4,287 |
7,533 |
24.1 |
5,844 |
MARA (56.25%) |
30,150 |
1.6 |
1,502 |
116,044 |
1.9 |
6,940 |
146,194 |
1.8 |
8,442 |
Suyai |
— |
— |
— |
4,700 |
23.0 |
3,523 |
4,700 |
23.0 |
3,523 |
Total
Measured & Indicated Silver Mineral Resources |
32,513 |
7.7 |
8,079 |
134,282 |
9.9 |
42,823 |
166,795 |
9.5 |
50,902 |
Copper |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured & Indicated |
|
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
MARA (56.25%) |
95,447 |
0.28 |
591 |
121,198 |
0.30 |
791 |
216,645 |
0.29 |
1,383 |
Total
Measured & Indicated Copper Mineral Resources |
95,447 |
0.28 |
591 |
121,198 |
0.30 |
791 |
216,645 |
0.29 |
1,383 |
Zinc |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured & Indicated |
|
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
Minera Florida |
1,425 |
1.9 |
60 |
6,108 |
1.38 |
185 |
7,533 |
1.48 |
245 |
Total
Measured & Indicated Zinc Mineral Resources |
1,425 |
1.9 |
60 |
6,108 |
1.38 |
185 |
7,533 |
1.48 |
245 |
Molybdenum |
Measured Mineral Resources |
Indicated Mineral Resources |
Total - Measured & Indicated |
|
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
(000's) |
(%) |
lbs (mm) |
MARA (56.25%) |
95,447 |
0.014 |
30 |
121,198 |
0.029 |
78 |
216,645 |
0.022 |
107 |
Total
Measured & Indicated Molybdenum Mineral Resources |
95,447 |
0.014 |
30 |
121,198 |
0.029 |
78 |
216,645 |
0.022 |
107 |
Gold |
Inferred Mineral Resources |
|
Tonnes |
Grade |
Contained |
|
(000's) |
(g/t) |
oz. (000's) |
Canadian Malartic, Barnat & Other Zones (50%) |
2,790 |
0.80 |
72 |
Odyssey Underground (50%) |
13,382 |
2.07 |
891 |
East Malartic Underground (50%) |
42,635 |
1.92 |
2,639 |
East Gouldie Underground (50%) |
30,825 |
3.07 |
3,046 |
Canadian Malartic (50%) |
89,632 |
2.31 |
6,647 |
Jacobina |
25,018 |
2.37 |
1,904 |
Cerro Moro Mine |
1,071 |
4.91 |
169 |
Cerro Moro Heap Leach |
416 |
4.28 |
57 |
Cerro Moro Total |
1,488 |
4.73 |
226 |
El Peñón Mine |
5,115 |
3.87 |
636 |
El Peñón Tailings |
13,767 |
0.55 |
245 |
El Peñón Stockpiles |
— |
— |
— |
El Peñón Total |
18,882 |
1.45 |
881 |
Minera Florida |
4,167 |
4.91 |
658 |
Wasamac |
3,984 |
2.01 |
258 |
Jeronimo (57%) |
1,118 |
4.49 |
161 |
MARA (56.25%) |
419,590 |
0.09 |
1,222 |
Arco Sul |
6,203 |
3.08 |
615 |
La Pepa (80%) |
20,019 |
0.46 |
293 |
Lavra Velha |
3,934 |
4.29 |
543 |
Monument Bay |
41,946 |
1.32 |
1,781 |
Suyai |
900 |
9.90 |
274 |
Total
Inferred Gold Mineral Resources |
636,880 |
0.76 |
15,463 |
Silver |
Inferred Mineral Resources |
|
Tonnes |
Grade |
Contained |
|
(000's) |
(g/t) |
oz. (000's) |
Cerro Moro Mine |
1,071 |
213.4 |
7,351 |
Cerro Moro Heap Leach |
416 |
60.4 |
808 |
Cerro Moro Total |
1,488 |
170.6 |
8,159 |
El Peñón Mine |
5,115 |
125.3 |
20,604 |
El Peñón Tailings |
13,767 |
18.9 |
8,380 |
El Peñón Stockpiles |
— |
— |
— |
El Peñón Total |
18,882 |
47.7 |
28,984 |
Minera Florida |
4,167 |
23.4 |
3,138 |
MARA (56.25%) |
417,881 |
1.6 |
21,765 |
Suyai |
900 |
21.0 |
575 |
Total
Inferred Silver Mineral Resources |
443,317 |
4.4 |
62,621 |
Copper |
Inferred Mineral Resources |
|
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
MARA (56.25%) |
419,590 |
0.23 |
2,125 |
Total
Inferred Copper Mineral Resources |
419,590 |
0.23 |
2,125 |
Zinc |
Inferred Mineral Resources |
|
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
Minera Florida |
4,167 |
1.20 |
111 |
Total
Inferred Zinc Mineral Resources |
4,167 |
1.20 |
111 |
Molybdenum |
Inferred Mineral Resources |
|
Tonnes |
Grade |
Contained |
|
(000's) |
(% ) |
lbs (mm) |
MARA (56.25%) |
419,590 |
0.030 |
277 |
Total
Inferred Molybdenum Mineral Resources |
419,590 |
0.030 |
277 |
Mineral Reserve and Mineral Resource
Reporting Notes
1. Metal Price, Cut-off Grade, Metallurgical Recovery:
Mine |
Mineral Reserves |
Mineral Resources |
Canadian Malartic (50%) |
Price assumption: $1,250 gold |
Price assumption: $1,250 gold. |
|
Open pit cut-off grades range
from 0.41 to 0.42 g/t gold |
Canadian Malartic, Barnat and
other zones cut-off grades range from 0.31 to 0.42 g/t gold inside
pit, and from 1.15 to 1.20 g/t gold outside or below pit (stope
optimized) |
|
Metallurgical recoveries for gold
averaging 90.6% |
Underground cut-off grade at
Odyssey is 1.15 to 1.30 g/t gold (stope optimized) |
|
|
Underground cut-off grade at East
Malartic is 1.15 to 1.40 g/t gold (stope optimized) |
|
|
Underground cut-off grade at East Gouldie is 1.10 to 1.25 g/t gold
(stope optimized) |
Jacobina |
Price assumption: $1,250 gold |
Price assumption: $1,250 gold. Cut-off grades correspond to 75% of
the cut-off used to estimate the mineral reserves |
|
Underground reserves are reported
at variable cut-off grades by zone ranging from 0.92 g/t gold to
1.01 g/t gold |
Underground resources are
reported at variable cut-off grades by zone ranging from 0.69 g/t
gold to 0.76 g/t gold |
|
Metallurgical recovery is 96.2% |
Reported within optimized underground mining shapes with minimum
mining width of 1.5 metres and considering internal waste and
dilution |
Cerro Moro |
Price assumptions: $1,250 gold and $18.00 silver |
Price assumptions: $1,250 gold and $18.00 silver. NSR cut-off
values correspond to 75% of reserves cut-off |
|
Underground NSR cut-off at
$210.71/t and open pit NSR cut-off at $124.72/t |
Underground NSR cut-off at
$158.04/t and open pit NSR cut-off at $93.54/t |
|
Metallurgical recoveries average
93% for gold and 93% for silver |
Heap leach resource reported at
NSR cut-off value of $90.5/t (underground) and $26.0/t (open
pit) |
|
|
Constrained in optimized stopes and pit shells |
El Peñón |
Price assumptions: $1,250 gold, $18.00 silver |
Price assumptions: $1,250 gold, $18.00 silver |
|
Open Pit cut-off at $48.27/t |
Underground cut-off at $96.86/t,
which corresponds to 75% of the cut-off value used to estimate the
mineral reserves |
|
Underground cut-off at
$129.15/t |
Tailings and stockpiles reported
at cut-offs of 0.50 g/t and 0.79 g/t gold equivalent
respectively |
|
Low grade stockpiles cut-off 0.86
g/t gold equivalent |
Metallurgical recoveries for
underground ores range from 84.39% to 96.12% for gold and from
68.76% to 91.03% for silver |
|
Metallurgical recoveries for open
pit ores are 89.39% for gold and 80.70% for silver |
Metallurgical recoveries for
tailings estimated to be 60% for gold and 30% for silver |
|
Metallurgical recoveries for
underground ores range from 84.39% to 96.12% for gold and from
68.76% to 91.03% for silver |
Metallurgical recoveries for
stockpiles estimated to be 88.0% for gold and 80.8% for silver |
|
Metallurgical recoveries for low
grade stockpiles are 95.2% for gold and 83.0% for silver |
|
Minera Florida |
Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb
zinc |
Price assumptions: $1,250/oz gold, $18.00/oz silver and $1.25/lb
zinc |
|
Underground cut-off at
$92.07/t |
Underground mineral resources are
estimated at a cut-off value of $69.05/t, corresponding to 75% of
the cut-off used to estimate mineral reserves, for the Las
Pataguas, PVS, and Cucaracha zones which are constrained to
underground mining shapes. The remaining zones are reported
unconstrained at a NSR cut-off value of $92.07/t. |
|
Metallurgical recoveries of
91.99% for gold, 62.75% for silver, and 79.89% for zinc |
Metallurgical recoveries of
91.99% for gold, 62.75% for silver, and 79.89% for zinc |
Wasamac |
Price assumption: $1,250/oz gold |
Price assumption: $1,250 gold. Cut-off grades correspond to 75% of
the cut-off used to estimate the mineral reserves |
|
Underground cut-off grade from
1.45 to 1.68 g/t gold (stope optimized) |
Underground cut-off grades range
from at 1.10 to 1.30 g/t gold |
|
The external dilution is
estimated to be 11%. The average mining recovery factor was set at
93.6%. |
Mineral resources are below a 32
m surface crown pillar and outside a 5 m buffer around historical
underground workings |
|
|
Constrained by potentially
mineable shapes based on a minimum mining width of 2 m considering
internal waste and dilution |
Jeronimo (57%) |
Price Assumption: $900 gold |
|
|
Cut-off grade at 2.0 g/t
gold |
Cut-off grade at 2.0 g/t
gold |
|
Metallurgical recovery for gold
is 86%. |
|
MARA: Agua Rica (56.25%) |
Mineral Reserves are estimated using a variable metallurgical
recovery |
Mineral Resources are estimated using a variable metallurgical
recovery |
|
Average metallurgical recoveries
of 86% Cu, 35% Au, 43% Ag, and 44% Mo were considered |
LOM average metallurgical
recoveries of 86% Cu, 35% Au, 43% Ag, and 44% Mo were
considered |
|
Open pit mineral reserves are reported at a variable cut-off value
averaging $8.42/t, based on metal price assumptions of $3.00/lb Cu,
$1,250/oz Au, $18/oz Ag, and $11/lb Mo. A LOM average open pit
costs of $1.72/t moved, processing and G&A cost of $6.70/t of
run of mine processed. The strip ratio of the mineral reserves is
1.7 with overall slope angles varying from 39° to 45° depending on
the geotechnical sector |
Mineral resources are constrained by an optimized pit shell based
on metal price assumptions of $4.00/lb Cu, $1,600/oz Au, $24/oz Ag,
and $11/lb Mo. Open pit Mineral Resources are reported at a
variable cut-off value which averages $8.42/t milled with overall
slope angles varying from 39° to 45° depending on the geotechnical
sector |
MARA: Alumbrera (56.25%) |
N/A |
Price assumptions: $1,300 gold, $2.83 copper |
|
|
Alumbrera deposit: Whittle pit
shell cut-off at 0.22% copper equivalent |
|
|
Bajo El Durazno deposit: 0.2 g/t
Au cut-off within pit shell |
Arco Sul |
N/A |
Price assumption: $1,250 gold |
|
|
Underground cut-off grade at
2.00g/t, which corresponds to 75% of the cut-off that would be used
for mineral reserves |
|
|
Mineral resources reported within optimized underground mining
shapes |
La Pepa (80%) |
N/A |
Price assumption: $1,650 gold |
|
|
Cut-off grade of 0.20 g/t gold for oxides and 0.26 g/t gold for
sulphides, inside optimized pit envelope |
Lavra Velha |
N/A |
Price assumptions: $1,300 gold and $3.50 copper |
|
|
Cut-off grade at 0.2 g/t gold and 0.1% copper |
Monument Bay |
N/A |
Price assumption: $1,200 gold |
|
|
Cut-off grades are 0.4 g/t gold and 0.7 g/t gold for the open pits
and 4.0 g/t gold for underground |
Suyai |
N/A |
5.0 g/t gold cut-off inside mineralized wireframe modeling |
2. All Mineral Reserves and Mineral Resources
have been estimated in accordance with the standards of the
Canadian Institute of Mining, Metallurgy and Petroleum and National
Instrument 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,
2021.
6. For the
qualified persons responsible for the Mineral Reserve and Mineral
Resource estimates at the Company’s material properties, see the
qualified persons list below.
Property |
|
Qualified Persons for Mineral Reserves |
|
Qualified Persons for Mineral Resources |
Canadian Malartic |
|
Guy
Gagnon, Eng., Canadian Malartic Corporation |
|
Pascal Lehouiller, P. Geo, Canadian Malartic Corporation |
Jacobina |
|
Eduardo de Souza Soares, MAusIMM CP (Min), Yamana Gold Inc. |
|
Luiz Carlos Damasceno dos Santos, MAusIMM CP (Geo), Yamana Gold
Inc. |
El Peñón |
|
Jimmy Avendaño Gonzalez, Registered Member of the Chilean Mining
Commission, Yamana Gold Inc. |
|
Marco Velásquez Corrales, Registered Member Chilean Mining
Commission, Yamana Gold Inc. |
Qualified Persons
Scientific and technical information contained
in this news release has been reviewed and approved by Sébastien
Bernier (P. Geo and Senior Director, Geology and Mineral
Resources). Sébastien Bernier is an employee of Yamana Gold Inc.
and a "Qualified Person" as defined by Canadian Securities
Administrators' National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
About Yamana
Yamana Gold Inc. is a Canadian-based precious
metals producer with significant gold and silver production,
development stage properties, exploration properties, and land
positions throughout the Americas, including Canada, Brazil, Chile
and Argentina. Yamana plans to continue to build on this base
through expansion and optimization initiatives at existing
operating mines, development of new mines, the advancement of its
exploration properties and, at times, by targeting other
consolidation opportunities with a primary focus in the
Americas.
FOR FURTHER INFORMATION PLEASE
CONTACT:Investor RelationsCall: 416-815-0220Call:
1-888-809-0925Email: investor@yamana.com
FTI Consulting (UK Public Relations)Sara Powell
/ Ben Brewerton +44 203 727 1000Email:
Yamana.gold@fticonsulting.com
Credit Suisse (Joint UK Corporate Broker)Ben
Lawrence / David NangleTelephone: +44 (0) 20 7888 8888
Joh. Berenberg Gossler & Co. KG (Joint UK
Corporate Broker)Matthew Armitt / Jennifer Wyllie / Detlir
EleziTelephone: +44 (0) 20 3207 7800
Peel Hunt LLP (Joint UK Corporate Broker)Ross
Allister / David McKeown / Alexander AllenTelephone: +44 (0) 20
7418 8900
END NOTES
(1) GEO calculations are based on an
average market gold to silver price ratio for the relevant period.
Guidance GEO assumes gold ounces plus the equivalent of silver
ounces using a ratio of 72.00.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS: This news release contains or incorporates by reference
“forward-looking statements” and “forward-looking information”
under applicable Canadian securities legislation and within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking information includes, but is not
limited to information with respect to the Company’s strategy,
plans or future financial or operating performance, results of
feasibility studies, repayment of debt or updates regarding mineral
reserves and mineral resources. Forward-looking statements are
characterized by words such as “plan", “expect”, “budget”,
“target”, “project”, “intend”, “believe”, “anticipate”, “estimate”
and other similar words, or statements that certain events or
conditions “may” or “will” occur. Forward-looking statements are
based on the opinions, assumptions and estimates of management
considered reasonable at the date the statements are made, and are
inherently subject to a variety of risks and uncertainties and
other known and unknown factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include the Company’s
expectations in connection with the production and exploration,
development and expansion plans at the Company's projects discussed
herein being met, the impact of proposed optimizations at the
Company's projects, changes in national and local government
legislation, taxation, controls or regulations and/or change in the
administration of laws, policies and practices, and the impact of
general business and economic conditions, global liquidity and
credit availability on the timing of cash flows and the values of
assets and liabilities based on projected future conditions,
fluctuating metal prices (such as gold, silver, copper and zinc),
currency exchange rates (such as the Canadian Dollar, the Brazilian
Real, the Chilean Peso and the Argentine Peso versus the United
States Dollar), the impact of inflation, possible variations in ore
grade or recovery rates, changes in the Company’s hedging program,
changes in accounting policies, changes in mineral resources and
mineral reserves, risks related to asset dispositions, risks
related to metal purchase agreements, risks related to
acquisitions, changes in project parameters as plans continue to be
refined, changes in project development, construction, production
and commissioning time frames, risks associated with infectious
diseases, including COVID-19, unanticipated costs and expenses,
higher prices for fuel, steel, power, labour and other consumables
contributing to higher costs and general risks of the mining
industry, failure of plant, equipment or processes to operate as
anticipated, unexpected changes in mine life, final pricing for
concentrate sales, unanticipated results of future studies,
seasonality and unanticipated weather changes, costs and timing of
the development of new deposits, success of exploration activities,
permitting timelines, government regulation and the risk of
government expropriation or nationalization of mining operations,
risks related to relying on local advisors and consultants in
foreign jurisdictions, environmental risks, unanticipated
reclamation expenses, risks relating to joint venture operations,
title disputes or claims, limitations on insurance coverage, timing
and possible outcome of pending and outstanding litigation and
labour disputes, risks related to enforcing legal rights in foreign
jurisdictions, as well as those risk factors discussed or referred
to herein and in the Company's Annual Information Form filed with
the securities regulatory authorities in all provinces of Canada
and available at www.sedar.com, and the Company’s Annual Report on
Form 40-F filed with the United States Securities and Exchange
Commission. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
The Company undertakes no obligation to update forward-looking
statements if circumstances or management’s estimates, assumptions
or opinions should change, except as required by applicable law.
The reader is cautioned not to place undue reliance on
forward-looking statements. The forward-looking information
contained herein is presented for the purpose of assisting
investors in understanding the Company’s expected financial and
operational performance and results as at and for the periods ended
on the dates presented in the Company’s plans and objectives and
may not be appropriate for other purposes.
CAUTIONARY NOTE TO UNITED STATES INVESTORS
CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL
RESOURCESThis news release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ in certain material respects from the disclosure
requirements promulgated by the Securities and Exchange Commission
(the “SEC”). For example, the terms “mineral reserve”, “proven
mineral reserve”, “probable mineral reserve”, “mineral resource”,
“measured mineral resource”, “indicated mineral resource” and
“inferred mineral resource” are Canadian mining terms as defined in
accordance with Canadian National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”) and the Canadian
Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended. These definitions differ
from the definitions in the disclosure requirements promulgated by
the SEC.
Accordingly, information contained in this news
release may not be comparable to similar information made public by
U.S. companies reporting pursuant to SEC disclosure
requirements.
GEO PRODUCTION AND SALES
Production and sales of silver are treated as a
gold equivalent in determining a combined precious metal production
or sales unit, commonly referred to as gold equivalent ounces
("GEO"). Specifically, guidance GEO produced are calculated by
converting silver production to its gold equivalent using relative
gold/silver metal prices at an assumed ratio and adding the
converted silver production expressed in gold ounces to the ounces
of gold production. Actual GEO production and sales calculations
are based on an average realized gold to silver price ratio for the
relevant period.
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