Tuesday, January 13, 2009

Yamana Gold AUY - bet on Gold, low cost and increasing production. AUY, GDX, DXY, TLT, HUI, XAU

Yamana Gold Provides 2009 and 2010 Operating Outlook
2009 production expected to increase by approximately 40 per cent; cash costs expected to decline
"Yamana is very well positioned for 2009," said Peter Marrone, Yamana chairman and chief executive officer. "We expect to increase production to 1.3 to 1.4 million GEO at declining cash costs and most of our 2009 and 2010 production is based on mines already in production. Gualcamayo is a big driver of the production growth into 2009 and it commenced production late last year. We took time to better understand our assets and gather further information in 2008 and it positions us well beginning with 2009 both in terms of production and costs."
"We will remain focused on demonstrating growth on all measures," continued Mr. Marrone. "We will continue with cost control and containment, with our precious metals and our Americas focus. We would look at add-on acquisitions that show better returns than our current development and exploration portfolio if they also meet the other criteria of stable mining jurisdictions and good infrastructure."
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