Yamana Gold is predicting its gold production exceeding 340,000 oz in 2006, increasing to more than 500,000 oz in 2007 from mines currently in production and mines under construction. For 2008, total gold production is expected to increase to almost 600,000 oz. Estimated production to 2008 from Yamana’s properties (shown pro forma assuming the completion of the acquisition of RNC Gold, which includes the acquisition of the San Andres mine in Honduras and La Libertad in Nicaragua, by March 1, 2006) is detailed below. The other mines below are all in Brazil.

Gold Production Estimates (oz)	2006E	2007E	2008E
Fazenda Brasileiro	80-85,000	80-85,000	80-85,000
Fazenda Nova	30-33,000	30-33,000	25-30,000
São Francisco	120-126,000	125-135,000	125-135,000
Chapada	15-19,000	160-176,000	190-210,000
San Andres	50-60,000	55-65,000	55-65,000
La Libertad	45-50,000	50-60,000	50-60,000
Total	340-373,000	500-554,000	525-585,000
Average projected total cash costs/oz	$260-275	$70-90	$50-70

Cash costs assume copper will be treated as a by-product credit starting in 2007 with an assumed copper price of $1.25/lb. Potential gold production from advanced projects including São Vicente, Ernesto, C1 Santa Luz or from RNC’s Cerro Quema property have not been included in the table as these projects are subject to completion of feasibility studies or favorable construction decisions. However, current internal estimates and completed scoping studies suggest that these properties could contribute in excess of an additional 225,000 oz of gold production beginning late 2007 or early 2008. Gold production at Chapada in 2006 will mainly depend on whether or not mine construction is completed in September 2006. Commercial production is assumed around first quarter 2007. Copper production at Chapada is expected to be 15 Mlb, 128 Mlb and 185 Mlb for 2006, 2007 and 2008, respectively.

Production in 2006 includes the first year of operations for São Francisco and assumes commercial production around March 2006.