Yamana announces Board of Directors and management update, declares commercial production at the Sao Vicente mine in Brazil



    TORONTO, Aug. 31 /CNW/ - YAMANA GOLD INC. (TSX:YRI; NYSE:  AUY; LSE:YAU)
today announced the appointment of Alex J. Davidson to the Company's Board of
Directors. Mr. Davidson was the executive vice president of exploration and
corporate development at Barrick where he has been for over 16 years. He has
over 25 years of international mining company experience and has been
recognized for his contribution to the industry. Mr. Davidson is a recipient
of the A.O. Dufresne Award by the Canadian Institute of Mining, Metallurgy and
Petroleum in 2005 and was named Prospector of the Year by the Prospectors and
Developers Association of Canada. He has received his B.Sc. and his M.Sc. in
Economic Geology from McGill University.
    Yamana's Board of Directors is now comprised of Peter Marrone (chairman),
Patrick Mars (lead director), John Begeman, Alex Davidson, Richard Graff,
Robert Horn, Nigel Lees, Juvenal Mesquita, Carl Renzoni, Antenor Silva
(formerly president of Yamana and now retired from management as part of a
planned succession) and Dino Titaro.
    "Alex brings significant exploration and development experience to our
Board," said Peter Marrone, Yamana's chairman and chief executive officer, "We
are delighted at his appointment and his contribution to our continuing growth
efforts in the upcoming years."
    Yamana also announced the promotion of Ludovico Costa as president,
supplementing his role as chief operating officer. Mr. Costa has held the
position of chief operating officer and most senior operations officer prior
to that since early 2006. He is responsible for developing the Company's
operations plan with the full support of the entire operations team. The
Company's operations, technical services and development teams report directly
to Mr. Costa who reports directly to the chairman and chief executive officer.
Prior to joining Yamana, he was in operational and management functions for
over 17 years at Rio Tinto and Companhia Vale do Rio Doce (Vale). He has over
28 years of mining experience in South America.
    "Ludovico brings an extraordinary character and strong technical
knowledge that distinguishes him as a leader in the industry," said Peter
Marrone, "Since joining Yamana, first as vice president of operations and
later COO, Ludovico has tirelessly and consistently demonstrated strong
commitment to achieving results, a very high sense of cost consciousness and
strict adherence to health, safety and environment principles. We learned to
appreciate Ludovico's impressive way of leading people, as well as his
persistence and loyalty. There is no one better suited to lead Yamana's
operations and technical teams."
    In addition, Yamana announced the promotion of Charles B. Main as
executive vice president, finance and chief financial officer. Mr. Main has
held the role of chief financial officer at Yamana since 2003.
    "This promotion is in recognition of the continued development of the
finance team under Chuck, who has demonstrated unparalleled leadership and
dedication to Yamana," said Peter Marrone, "We have depth and scope in our
management along with our Board that positions us well for our current and
prospective operations."

    OPERATIONS UPDATE

    Yamana also announced today that is has declared commercial production at
its Sao Vicente mine effective September 1, 2009. Located in west central
Brazil, close to the Bolivian border, construction of Sao Vicente was
completed in less than two years following a construction decision which was
made at the end of 2006. Construction was completed in late 2008 with the
first gold pour in January 2009.
    Sao Vicente has been sold subject to obtaining the appropriate regulatory
consents and approvals. In the interim, Yamana will continue to manage
operations. Commercial production has been declared in concurrence with the
buyer.

    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 Central America. The
Company plans to continue to build on this base through existing operating
mine expansions and throughput increases, the advancement of its exploration
properties and by targeting other gold consolidation opportunities in the
Americas.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release
contains or incorporates by reference "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Except for statements of
historical fact relating to the Company, information contained herein
constitutes forward-looking statements, including any information as to the
Company's strategy, plans or future financial or operating performance.
Forward-looking statements are characterized by words such as "plan,"
"expect", "budget", "target", "project", "intend," "believe", "anticipate",
"estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are based on the
opinions, assumptions and estimates of management considered reasonable at the
date the statements are made, and are inherently subject to a variety of risks
and uncertainties and other known and unknown factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. These factors include the impact of general
business and economic conditions, global liquidity and credit availability on
the timing of cash flows and the values of assets and liabilities based on
projected future conditions, fluctuating metal prices (such as gold, copper,
silver and zinc), currency exchange rates (such as the Brazilian Real and the
Chilean Peso versus the United States Dollar), possible variations in ore
grade or recovery rates, changes in the Company's hedging program, changes in
accounting policies, changes in the Company's corporate resources, risk
related to non-core mine dispositions, changes in project parameters as plans
continue to be refined, changes in project development, construction,
production and commissioning time frames, risk related to joint venture
operations, the possibility of project cost overruns or unanticipated costs
and expenses, higher prices for fuel, steel, power, labour and other
consumables contributing to higher costs and general risks of the mining
industry, failure of plant, equipment or processes to operate as anticipated,
unexpected changes in mine life, final pricing for concentrate sales,
unanticipated results of future studies, seasonality and unanticipated weather
changes, costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title
disputes or claims, limitations on insurance coverage and timing and possible
outcome of pending litigation and labour disputes, as well as those risk
factors discussed or referred to in the Company's annual Management's
Discussion and Analysis and Annual Information Form for the year ended
December 31, 2008 filed with the securities regulatory authorities in all
provinces of Canada and available at www.sedar.com, and the Company's Annual
Report on Form 40-F filed with the United States Securities and Exchange
Commission. Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. The Company undertakes no obligation to
update forward-looking statements if circumstances or management's estimates,
assumptions or opinions should change, except as required by applicable law.
The reader is cautioned not to place undue reliance on forward-looking
statements. The forward-looking information contained herein is presented for
the purpose of assisting investors in understanding the Company's expected
financial and operational performance and results as at and for the periods
ended on the dates presented in the Company's plans and objectives and may not
be appropriate for other purposes.




For further information:

For further information: Jodi Peake, Vice President, Corporate
Communications & Investor Relations, (416) 815-0220, Email:
investor@yamana.com, www.yamana.com;  Letitia Wong,  Director, Investor
Relations,  (416) 815-0220,  Email: investor@yamana.com; MEDIA INQUIRIES:
Mansfield Communications Inc., Hugh Mansfield, (416) 599-0024

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