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Yamana Gold advances agua rica strategy through agreement with xstrata and goldcorp - targeting integration into

(all amounts expressed in US dollars)

TORONTO, March 8 /CNW/ - YAMANA GOLD INC. (Toronto:YRI.TO

) (NYSE: AUY) (LSE: YAU) ("Yamana" or "The Company") today announced an arrangement, subject to formal documentation, with Xstrata Queensland Limited ("Xstrata") and Goldcorp Inc. ("Goldcorp") that would facilitate the ultimate integration of Agua Rica into Minera Alumbrera ("Alumbrera"). Agua Rica is a 100% Yamana owned, development stage project in the province of Catamarca, Argentina and is located approximately 35 kilometres from the currently operating Alumbrera mine. Subject to Xstrata and Goldcorp exercising their option to have Alumbrera acquire Agua Rica, and following the integration of the projects, Xstrata, Goldcorp and Yamana would own interests in the combined project of 50%, 37.5% and 12.5% respectively, consistent with their current interests in Alumbrera.

The terms of the agreement provide for Yamana to receive from Xstrata and Goldcorp a combination of payments summarized as follows:

- Initial payments totaling $110 million, payable as follows:

- $10 million payable within seven days of this announcement

- $20 million payable upon execution of formal transaction

documents ("closing")

- $20 million payable 12 months from closing

- $30 million payable 24 months from closing

- $30 million payable 36 months from closing

- Further payments totaling $200 million, which include:

- $150 million payable upon approval to proceed with construction

- $50 million payable upon achieving commercial production

In addition to the above consideration in this transaction, the Company would also receive a deferred consideration revenue stream. The deferred consideration to be received by Yamana would be based on a formula (subject to certain adjustments) as follows:

65% of payable gold produced X (spot gold price - ($450 + 10% X

(spot gold price - $1000))), up to a maximum of 2.3 million ounces

paid to Yamana

This would allow the Company to retain positive exposure to the majority of the significant gold resources at the Agua Rica project.

Given that Yamana would retain a 12.5% interest in the combined project, the Company is effectively agreeing to sell only 87.5% of Agua Rica. With its continued interest through its Alumbrera ownership, Yamana would also benefit from the significant synergies that would be realized through the combination of two projects and from the cash flows to be received through ongoing dividends over a mine life estimated at more than 25 years.

"We are pleased to come to an agreement with Xstrata and Goldcorp with respect to Agua Rica," commented Peter Marrone, Chairman and CEO. "After reviewing a number of strategic alternatives for Agua Rica, it was clear that this transaction provides the best opportunity for development of Agua Rica and the greatest value potential to all parties. We are pleased with the value we will receive for Agua Rica in addition to maintaining exposure to a significant portion of the gold at the project. We are also pleased that our interest in Alumbrera, which we will continue to own, would also increase in value once a formal decision for construction and integration occurs. The ultimate integration of the projects, Agua Rica and Alumbrera, would create considerable further value not only for us, but for all stakeholders, and would ensure the development of Agua Rica and continuation of Alumbrera. This would be positive for all parties. The well established relationships of Alumbrera and its joint venture partners with governments and other stakeholders would also facilitate the timely development of Agua Rica."

A formal decision to purchase Agua Rica would be made at the time of a construction decision. Should Xstrata and Goldcorp decide not to make a construction decision, or should the four year option period expire, Yamana would retain all payments received prior to termination and be entitled to all work product, technical studies and reports developed with respect to Agua Rica during the option period.

The formal transaction documents are expected to be signed as soon as possible, although not later than August 31, 2011. During the period prior to a formal construction decision, Alumbrera will be responsible for the management and funding of all the feasibility study and development work relating to Agua Rica.

Yamana is being advised by Bank of America Merrill Lynch as its financial advisor in connection with its sourcing and review of strategic alternatives relating to Agua Rica.

About Yamana

Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. Yamana plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, advancement of its exploration properties and by targeting other gold consolidation opportunities with a primary focus in the Americas.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Yamana Gold Inc.

	PRODUCTEUR
	CODE : YRI.TO
	ISIN : CA98462Y1007

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Yamana Gold est une société de production minière d'or basée au Canada.

Yamana Gold est productrice d'or, d'argent, de cuivre, de molybdène et de zinc au Bresil, au Chili et en Argentine, en développement de projets d'argent, de cuivre, de molybdène, d'or, de plomb et de zinc au Mexique et en Argentine, et détient divers projets d'exploration au Bresil.

Ses principaux projets en production sont ALUMBRERA et GUALCAMAYO en Argentine, MINERA FLORIDA et EL PEÑON au Chili et FAZENDA BRASILEIRO, JACOBINA, CHAPADA MINE, SÃO VICENTE, FAZENDA NOVA et SÃO FRANCISCO au Bresil, ses principaux projets en développement sont AGUA RICA en Argentine et MERCEDES au Mexique et ses principaux projets en exploration sont MILLO au Perou, FERGUSSON ISLAND en Papouasie-Nouvelle-Guinee, PICACHO au Mexique, CAIAMAR, PILAR, PAU A PIQUE, C1 SANTA LUZ et ERNESTO au Bresil et AMANCAYA et JERONIMO au Chili.

Yamana Gold est cotée au Canada, au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 7,5 milliards CA$ (6,0 milliards US$, 5,2 milliards €).

La valeur de son action a atteint son plus haut niveau récent le 06 décembre 1996 à 98,91 CA$, et son plus bas niveau récent le 22 août 2003 à 1,20 CA$.

Yamana Gold possède 948 040 000 actions en circulation.

Légende
	Production
	Mine développement
	Découverte
	Exploration
	Ancien producteur
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Yamana Gold Inc.

ADVANCES AGUA RICA STRATEGY THROUGH AGREEMENT WITH XSTRATA AND GOLDCORP - TARGETING INTEGRATION INTO

Yamana Gold Inc.