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YAMANA GOLD ANNOUNCES FIRST QUARTER 2011 RESULTS

KEY STATISTICS

    -------------------------------------------------------------------------
    For the quarter ended                                       March 31
    -------------------------------------------------------------------------
    In millions of US dollars except where noted            2011        2010
                                                      -----------------------
    Revenues                                           $   476.1   $   346.3
    Cost of sales excluding depletion, depreciation
     and amortization                                      157.1       145.1
    Depletion, depreciation and amortization                80.5        70.0
    General and administrative expenses                     27.4        25.3
    Exploration expenses                                     6.5         6.7
    Operating Earnings                                     212.7       111.5
    Equity earnings form Alumbrera                          11.7        11.6
    Adjusted earnings                                      152.2        75.9
    Adjusted earnings per share                             0.21        0.10
    Cash flow generated from operations after changes
     in working capital                                    228.9       141.4
      Per share                                             0.31        0.19
    Cash flow generated from operations before changes
     in working capital                                    282.3       163.1
      Per share                                             0.38        0.22
    Average realized gold price per ounce              $   1,387   $   1,114
    Average realized silver price per ounce            $   33.99   $   17.07
    Average realized copper price per pound            $    4.28   $    3.25
    -------------------------------------------------------------------------

PRODUCTION SUMMARY

    -------------------------------------------------------------------------
    For the quarter ended                                       March 31
    -------------------------------------------------------------------------
                                                            2011        2010
    Total gold equivalent ounces - produced              267,368     239,838
      Gold produced                                      221,489     190,663
      Silver produced (millions of ounces)                   2.3         2.7
    Total gold equivalent ounces - sold                  265,500     247,035
    Total copper produced - Chapada (millions of
     pounds)                                                38.5        29.7
    Total copper sold - Chapada (millions of pounds)        29.7        29.1
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    For the quarter ended
    March 31
    -------------------------------------------------------------------------
                                                            2011        2010
    Co-product cash costs per gold equivalent ounce    $     449   $     423
      Cash cost per pound of copper - Chapada          $    1.21   $    1.24
    By-product cash costs per gold equivalent ounce    $      14   $      86
    -------------------------------------------------------------------------

FINANCIAL AND OPERATING SUMMARY

Revenues were $476 million in the first quarter from the sale of 208,135 ounces of gold, 2.3 million ounces of silver, and 29.7 million pounds of copper compared with $346 million in the same quarter of 2010. Sales quantities for the quarter were lower than production particularly in copper resulting in an increase in inventory at the end of the quarter which will positively impact earnings in the second quarter.

Adjusted Earnings were $152 million or $0.21 per share, an increase of 110%, in the first quarter of 2011 compared with $75.9 million or $0.10 per share in the same quarter of 2010.

Net earnings for the quarter were $148 million compared with net earnings of $132 million for the first quarter of 2010, which included earnings from discontinued operations of $7.4 million. Earnings per share were $0.20 on a basic and diluted basis for the first quarter of 2011, compared with basic and diluted earnings per share of $0.18 for the same quarter in 2010.

Cash flow generated from operations before changes in working capital were $282.3 or $0.38 per share compared with $163.1 million for the first quarter of 2010, which has been restated to reflect the composition of the revised measure for cash flows under IFRS.

The increase in cash flows generated from operations was primarily due to an increase in metal prices generating higher sales revenues, lower cash costs after credits and positive pricing adjustments for copper in concentrate.

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