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Author: Matt1344 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 649  
Subject: Yamana Gold Reports Second Quarter 2009 Results Date: 8/4/2009 9:59 PM
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http://finance.yahoo.com/news/Yamana-Gold-reports-second-prn...

"Yamana Gold reports second quarter 2009 results - cash flow increases 51%, operating margin increases 18%

* Press Release
* Source: Yamana Gold Inc.
* On Tuesday August 4, 2009, 4:49 pm EDT

- Record quarterly production increasing seven percent at declining and
industry low cash costs -

TORONTO, Aug. 4 /PRNewswire-FirstCall/ - YAMANA GOLD INC. (TSX:YRI -
News; NYSE:AUY - News; LSE:YAU - News) today announced its financial
and operating results for the second quarter ended June 30, 2009. All
dollar amounts are expressed in United States dollars unless otherwise
specified.

SECOND QUARTER HIGHLIGHTS

Financial and Operating Highlights

Highlights for the three- and six-month periods ended June 30, 2009
include:

- Revenues of $269.8 million and $514.0 million, respectively;
- Mine operating earnings of $94.9 million and $169.8 million,
respectively;
- Adjusted earnings of $95.8 million or $0.13 per share and
$160.1 million or $0.22 per share, respectively;
- Net earnings of $9.6 million or $0.01 per share and $95.6 million or
$0.13 per share, respectively;

-------------------------------------------------------------------------
Three months Six months
ended ended
June 30, June 30,
Thousands of Dollars 2009 2009
-------------------------------------------------------------------------
Net Earnings $ 9,639 $ 95,632
Stock based compensation 4,471 5,182
Foreign exchange loss (gain) 28,541 (50,260)
Unrealized loss (gain) on derivatives 34,117 81,840
Future income tax expense (recovery) on foreign
currency translation of inter corporate debt 31,779 35,088
-------------------------------------------------------------------------
Adjusted earnings before income tax effect 108,547 167,482
Income tax effect of adjustments (12,735) (7,413)
-------------------------------------------------------------------------
Adjusted Earnings $ 95,812 $ 160,069
-------------------------------------------------------------------------

- Cash flow from operations before changes in non-cash working capital
items of $117.9 million or $0.16 per share, representing a 51 percent
increase from the first quarter of 2009, and $196.0 million or $0.27
per share, respectively;
- Total production from all mines of 289,574 gold equivalent ounces
(GEO) and 561,056 GEO, respectively;
- By product cash costs of $213 per GEO and $318 per GEO, respectively;
- Average co-product cash costs (excluding non-core mines under sale) of
$352 per GEO and $351 per GEO, respectively. Co-product cash costs per
pound of copper of $0.91 per pound and $0.92 per pound, respectively.

Development, Exploration and Corporate Highlights

Highlights for the three-month period ended June 30, 2009 include:

- Delivered an update to Pilar's resource estimate demonstrating an
approximate 50 percent increase in both resource and grade;
- Announced sale of certain non-core mines, Sao Francisco, Sao Vicente
and San Andres, for more than $240 million;
- Completed Jacobina expansion to 6,500 tonnes per day;
- On track for 20 million tonne per day expansion at Chapada for
completion in the third quarter of 2009;
- Announced positive exploration results at Mercedes, Pilar and Minera
Florida.

Highlights subsequent to the quarter include:

- Declared commercial production at Gualcamayo effective July 1, 2009;
- Made construction decisions for the development of the C1 Santa Luz
project in Brazil, the Mercedes project in Mexico and the tailings
reprocessing project at Minera Florida, for start-up in 2012,
representing an initial annualized production increase of 290,000 GEO
in 2012 at forecast cash costs of approximately $360 per GEO;
- Increased 2009 exploration budget to $66 million;
- Acquired extensive exploration concession, Caiamar, located in Brazil.

"Our core mines achieved record quarterly production and are expected
to continue to perform in the second half of 2009. During the second
quarter, we continued to show strong operating margins and cash flow
due to our industry low cash costs," said Yamana's chairman and chief
executive officer, Peter Marrone. "Supplementing our steady state
operations at our core mines is a robust portfolio of low-cost,
advanced development projects which distinguishes Yamana as one of the
most attractive growth companies in the industry."

FINANCIAL AND OPERATING SUMMARY

[...]"


Regards, Ken (Long AUY)
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Author: PRossmango Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 636 of 649
Subject: Re: Yamana Gold Reports Second Quarter 2009 Resu Date: 8/5/2009 11:23 AM
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Any chance that this stock will ever pop up. I keep waiting and I keep getting disappointed.

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Author: Matt1344 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 637 of 649
Subject: Re: Yamana Gold Reports Second Quarter 2009 Resu Date: 8/5/2009 11:42 AM
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"Any chance that this stock will ever pop up. I keep waiting and I keep getting disappointed. "

Hi PRossmango,

Who knows! I think, and I could be wrong, it was on Financial Sense Newshour where I heard John Doody comment that Yamana keeps over promising and under delivering...

I have grown disenchanted with Marrone especially with the assets sale previously mentioned. My understanding is he has been selling Yamana and owns less than 1% of the company whereas he has a good sized holding in Aura Minerals(ARMZF.PK), the buyer of the sold off assets... I bought a small position in Aura to maybe get back some of the sold off value.

I cut my Yamana position in half. I haven't given up on them, they do have some good properties... but then I'm just a speculator and not an expert :-)

Take care, Ken (Speculating in 64 PM positions including the above mentioned.)

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