Tuesday, 21st March 2006 (3045 views)

Yamana Gold has reported operating earnings of $8.6 million for 2005 and $4.8 million for the year's final quarter.

The company managed average cash costs of $289 per ounce and ended the year with a cash balance of $151.6 million.

It also recently completed the purchase of RNC Gold which led to the acquisition of two more mines – San Andres in Honduras and La Libertad in Nicaragua. This increased total forecast gold production to over half a million ounces by 2007.

The company is also looking to acquire Desert Sun Mining (DSM), subject to a DSM shareholder vote. Should the deal go through Yamana will take control of the Jacobina mine, which produces 100,000 ounces of gold annually.

Other highlights for 2005 include three projects taken through the exploration stage and an increase in proven and probable reserves of 324,000 contained ounces, coupled with an increase in grade of 22 per cent in main ore.

Yamana is a Canadian gold mining outfit with significant operations in Latin America.

 

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