GoldMinerPulse.com -- Yamana Gold Inc.: (NI) 43-101 Metal Valuation Report

Yamana Gold Inc. (YRI)

Company Web Site: www.yamana.com
(NI) 43-101 reports from projects located in: Argentina (AR)  |  Brazil (BR)  |  Chile (CL)  |  Mexico (MX)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-04. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.
External Links: Yahoo News and Quotes  |  Yahoo Message Board (AUY)  |  StockCharts  |  StockHouse
More External Links: Estimating Yamana Gold Inc. Fair Market Valaution (updated daily with closing metal prices)

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Recent Production
2009 : Quote:
Production from continuing operations of 1,025,677 GEO including production of 44,830 GEO from commissioning mines.
2008 : Quote:
For the year-ended December 31, 2008, production totaled approximately 1,000,000 GEO (including Alumbrera) at cash costs of approximately $385 per GEO on a co-product basis plus approximately 140 million pounds of copper at Chapada at a cash cost estimated to be approximately $1.00 per pound on a co-product basis.
2007 : Production was approximately 1M oz of gold equivalent.
Source(s): 2009 production is from Management's Discussion and Analysis, Yamana Gold, for the year ended December 31, 2009.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Molybdenum
    Agua Rica AR $116.35 54% 15% 31% 10.12 M oz     167.69 M oz     7.43 M t     497.75 K t
    Chapada BR $22.36 58% 21% 21% 3.59 M oz          1.73 M t
    El Penon CL $8.48 49% 24% 27% 3.97 M oz     115.57 M oz
    Jacobina BR $6.22 37% 34% 30% 4.23 M oz
    Gualcamayo AR $5.52 62% 21% 16% 3.75 M oz
    La Pepa CL $4.93 0 82% 18% 3.35 M oz
    Esquel AR $3.85 0 89% 11% 2.55 M oz     4.08 M oz
    C1 Santa Luz BR $3.70 47% 44% 9% 2.51 M oz
    Alumbrera AR $2.55 100% 0 0 514.41 K oz          156.00 K t     5.20 K t
    Alhue/Minera Florida CL $2.55 40% 25% 36% 1.53 M oz     13.20 M oz
    Mercedes MX $1.91 56% 12% 32% 1.11 M oz     12.03 M oz
    Ernesto/Pau a Pique BR $1.61 0 76% 24% 1.09 M oz
    Pilar de Goias (Jordino) BR $1.39 0 22% 78% 946.76 K oz
    Jeronimo CL $0.84 0 29% 71% 568.38 K oz
    Fazenda Brazileiro BR $0.81 34% 29% 38% 552.20 K oz
    Amancaya CL $0.59 0 0 100% 353.05 K oz     3.26 M oz
    Pilar de Goias (Ogo) BR $0.24 0 0 100% 163.05 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold Silver Copper Molybdenum
    Metal Totals 40.91 M oz     315.84 M oz     9.32 M t     502.95 K t
    Metal Prices in US$ (from 2010-03-11) $1,108.90 per oz     $17.15 per oz     $3.36580 per lb     $16.80 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $60.18     $7.19     $91.80     $24.72
    Percentage of Total Metal Value 32.73%     3.91%     49.92%     13.44%
    PP% | MI% | I% 42% | 33% | 25%     51% | 20% | 29%     54% | 18% | 28%     55% | 6% | 39%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$183.88
    Average Ore Value per Tonne    US$
    Metal Value Leverage (MVL)    18.27
    Market Capitalization as % of Metal Value    5.5%
    Recent Stock Price    C$10.31   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    753.72 M    ( Fully diluted share count is from p. 42 of 101 of Management's Discussion and Analysis, Yamana Gold, for the year ended December 31, 2009 )
    PP% | MI% | I%    50% | 22% | 28%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade     g/t
    Market Capitalization
    per oz of Gold In Ground    $185.46   US$  |   189.97   C$
    Gold Eq Oz Estimate    124.98 M oz   ( 40.91 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $60.70   US$  |   62.17   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Unhedged Gold Production    -   p. 41 of 83 in the Third Quarter Report September 30, 2008.
Quote:
The Company has not hedged any of its gold.

Sale of Certain Non-Core Assets, June 9, 2009    -   YAMANA GOLD ENTERS INTO AGREEMENT FOR THE SALE OF CERTAIN NON-CORE ASSETS
Effective June 11th, GoldMinerPulse has removed San Andrés, São Francisco and São Vicente Mines from the Yamana resource counts.
Millo, Peru    -   Yamana Gold Exploration page
Quote from company web page, October 2008:
The Millo project, Peru, located 570 kilometers southeast of Lima, is a 70/30 joint venture with Southwestern Resources, whereby Yamana is earning a 70% interest in the project by funding all exploration costs through the completion of a pre-feasibility.

GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Yamana Gold Inc. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Molybdenum
Agua Rica	AR	$116.35	54%	15%	31%	10.12 M oz	167.69 M oz	7.43 M t	497.75 K t
Chapada	BR	$22.36	58%	21%	21%	3.59 M oz		1.73 M t
El Penon	CL	$8.48	49%	24%	27%	3.97 M oz	115.57 M oz
Jacobina	BR	$6.22	37%	34%	30%	4.23 M oz
Gualcamayo	AR	$5.52	62%	21%	16%	3.75 M oz
La Pepa	CL	$4.93	0	82%	18%	3.35 M oz
Esquel	AR	$3.85	0	89%	11%	2.55 M oz	4.08 M oz
C1 Santa Luz	BR	$3.70	47%	44%	9%	2.51 M oz
Alumbrera	AR	$2.55	100%	0	0	514.41 K oz		156.00 K t	5.20 K t
Alhue/Minera Florida	CL	$2.55	40%	25%	36%	1.53 M oz	13.20 M oz
Mercedes	MX	$1.91	56%	12%	32%	1.11 M oz	12.03 M oz
Ernesto/Pau a Pique	BR	$1.61	0	76%	24%	1.09 M oz
Pilar de Goias (Jordino)	BR	$1.39	0	22%	78%	946.76 K oz
Jeronimo	CL	$0.84	0	29%	71%	568.38 K oz
Fazenda Brazileiro	BR	$0.81	34%	29%	38%	552.20 K oz
Amancaya	CL	$0.59	0	0	100%	353.05 K oz	3.26 M oz
Pilar de Goias (Ogo)	BR	$0.24	0	0	100%	163.05 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold	Silver	Copper	Molybdenum
Metal Totals	40.91 M oz	315.84 M oz	9.32 M t	502.95 K t
Metal Prices in US$ (from 2010-03-11)	$1,108.90 per oz	$17.15 per oz	$3.36580 per lb	$16.80 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$60.18	$7.19	$91.80	$24.72
Percentage of Total Metal Value	32.73%	3.91%	49.92%	13.44%
PP% \| MI% \| I%	42% \| 33% \| 25%	51% \| 20% \| 29%	54% \| 18% \| 28%	55% \| 6% \| 39%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$183.88
Average Ore Value per Tonne	US$
Metal Value Leverage (MVL)	18.27
Market Capitalization as % of Metal Value	5.5%
Recent Stock Price	C$10.31 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	753.72 M ( Fully diluted share count is from p. 42 of 101 of Management's Discussion and Analysis, Yamana Gold, for the year ended December 31, 2009 )
PP% \| MI% \| I%	50% \| 22% \| 28%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	g/t
Market Capitalization per oz of Gold In Ground	$185.46 US$ \| 189.97 C$
Gold Eq Oz Estimate	124.98 M oz ( 40.91 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$60.70 US$ \| 62.17 C$

See terms for more about GoldMinerPulse metrics.

Agua Rica - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: , Argentina

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $8.68    5.90 M oz     0.230 g/t     797.72 M t
   Silver $2.11    92.84 M oz     3.620 g/t     797.72 M t
   Copper $38.48    3.91 M t       4,900.000 g/t     797.72 M t
   Molybdenum $13.33    271.23 K t       340.000 g/t     797.72 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.68	5.90 M oz	0.230 g/t	797.72 M t
Silver	$2.11	92.84 M oz	3.620 g/t	797.72 M t
Copper	$38.48	3.91 M t	4,900.000 g/t	797.72 M t
Molybdenum	$13.33	271.23 K t	340.000 g/t	797.72 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $2.51    1.71 M oz     0.170 g/t     312.28 M t
   Silver $0.61    26.71 M oz     2.660 g/t     312.28 M t
   Copper $12.91    1.31 M t       4,200.000 g/t     312.28 M t
   Molybdenum $1.53    31.23 K t       100.000 g/t     312.28 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.51	1.71 M oz	0.170 g/t	312.28 M t
Silver	$0.61	26.71 M oz	2.660 g/t	312.28 M t
Copper	$12.91	1.31 M t	4,200.000 g/t	312.28 M t
Molybdenum	$1.53	31.23 K t	100.000 g/t	312.28 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $3.70    2.51 M oz     0.120 g/t     651.00 M t
   Silver $1.10    48.14 M oz     2.300 g/t     651.00 M t
   Copper $21.79    2.21 M t       3,400.000 g/t     651.00 M t
   Molybdenum $9.60    195.30 K t       300.000 g/t     651.00 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.70	2.51 M oz	0.120 g/t	651.00 M t
Silver	$1.10	48.14 M oz	2.300 g/t	651.00 M t
Copper	$21.79	2.21 M t	3,400.000 g/t	651.00 M t
Molybdenum	$9.60	195.30 K t	300.000 g/t	651.00 M t
Estimate notes: See notes for Proven + Probable.

Alhue/Minera Florida - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ON THE ALHUÉ GOLD PROJECT OF MINERA FLORIDA LIMITADA, CHILE
Date: 2008-03-24 (196 pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: , Chile

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.91    618.77 K oz     5.270 g/t     3.65 M t
   Silver $0.10    4.57 M oz     38.880 g/t     3.65 M t
   Zinc $0.17    55.51 K t       15,200.000 g/t     3.65 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.91	618.77 K oz	5.270 g/t	3.65 M t
Silver	$0.10	4.57 M oz	38.880 g/t	3.65 M t
Zinc	$0.17	55.51 K t	15,200.000 g/t	3.65 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.54    367.57 K oz     5.370 g/t     2.13 M t
   Silver $0.09    3.77 M oz     55.110 g/t     2.13 M t
   Zinc $0.10    30.87 K t       14,500.000 g/t     2.13 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.54	367.57 K oz	5.370 g/t	2.13 M t
Silver	$0.09	3.77 M oz	55.110 g/t	2.13 M t
Zinc	$0.10	30.87 K t	14,500.000 g/t	2.13 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.79    540.31 K oz     6.120 g/t     2.75 M t
   Silver $0.11    4.87 M oz     55.110 g/t     2.75 M t
   Zinc $0.13    41.46 K t       15,100.000 g/t     2.75 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.79	540.31 K oz	6.120 g/t	2.75 M t
Silver	$0.11	4.87 M oz	55.110 g/t	2.75 M t
Zinc	$0.13	41.46 K t	15,100.000 g/t	2.75 M t
Estimate notes: See notes for Proven + Probable.

Alumbrera - ^top^

(NI) 43-101 Report:

Title: AN UPDATED TECHNICAL REPORT ON THE MINERAL RESERVES OF MINERA ALUMBRERA LTD., CATAMARCA, ARGENTINA
Date: 2009-02-13 (126 pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: Catamarca, Argentina

Map View: View the Alumbrera mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.76    514.41 K oz     0.400 g/t     320.00 M t
   Copper $1.54    156.00 K t       3,900.000 g/t     320.00 M t
   Molybdenum $0.26    5.20 K t       130.000 g/t     320.00 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).
Resource quantities adjusted for ownership percentage of 12.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.76	514.41 K oz	0.400 g/t	320.00 M t
Copper	$1.54	156.00 K t	3,900.000 g/t	320.00 M t
Molybdenum	$0.26	5.20 K t	130.000 g/t	320.00 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010). Resource quantities adjusted for ownership percentage of 12.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.52	353.05 K oz	7.900 g/t	1.39 M t
Silver	$0.07	3.26 M oz	73.000 g/t	1.39 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

C1 Santa Luz - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: Bahia, Brazil / Mining Region: Rio Itapicuru Greenstone Belt

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.74 1.19 M oz 1.550 g/t 23.79 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.74	1.19 M oz	1.550 g/t	23.79 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.64 1.11 M oz 1.570 g/t 22.03 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.64	1.11 M oz	1.570 g/t	22.03 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.32 217.40 K oz 1.400 g/t 4.83 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.32	217.40 K oz	1.400 g/t	4.83 M t
Estimate notes: See notes for Proven + Probable.

Chapada - ^top^

(NI) 43-101 Report:

Title: CHAPADA COPPER-GOLD PROJECT GOIAS STATE, BRAZIL
Date: 2008-03-17 (74 pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: Goias State, Brazil

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.17 2.16 M oz 0.210 g/t 319.41 M t
Copper $9.75 990.18 K t 3,100.000 g/t 319.41 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).%

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.17	2.16 M oz	0.210 g/t	319.41 M t
Copper	$9.75	990.18 K t	3,100.000 g/t	319.41 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).%

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.14 774.82 K oz 0.130 g/t 185.38 M t
Copper $3.65 370.76 K t 2,000.000 g/t 185.38 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.14	774.82 K oz	0.130 g/t	185.38 M t
Copper	$3.65	370.76 K t	2,000.000 g/t	185.38 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.97 660.64 K oz 0.110 g/t 186.80 M t
Copper $3.68 373.60 K t 2,000.000 g/t 186.80 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.97	660.64 K oz	0.110 g/t	186.80 M t
Copper	$3.68	373.60 K t	2,000.000 g/t	186.80 M t
Estimate notes: See notes for Proven + Probable.

El Penon - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ON THE EL PENON MINE,CHILE RESOURCE AUDIT PREPARED FOR YAMANA GOLD INC. NI43-101 Report
Date: 2008-02-11 (136 pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: , Chile

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.85 1.94 M oz 7.070 g/t 8.52 M t
Silver $1.31 57.59 M oz 210.330 g/t 8.52 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.85	1.94 M oz	7.070 g/t	8.52 M t
Silver	$1.31	57.59 M oz	210.330 g/t	8.52 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.47 997.58 K oz 8.480 g/t 3.66 M t
Silver $0.59 26.10 M oz 221.890 g/t 3.66 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.47	997.58 K oz	8.480 g/t	3.66 M t
Silver	$0.59	26.10 M oz	221.890 g/t	3.66 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.53 1.04 M oz 8.420 g/t 3.85 M t
Silver $0.73 31.88 M oz 257.840 g/t 3.85 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.53	1.04 M oz	8.420 g/t	3.85 M t
Silver	$0.73	31.88 M oz	257.840 g/t	3.85 M t
Estimate notes: See notes for Proven + Probable.

Ernesto/Pau a Pique - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: Mato Grosso State, Brazil / Mining Region: Guapore Gold Belt

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.05 710.52 K oz 3.110 g/t 7.11 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.05	710.52 K oz	3.110 g/t	7.11 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.18 123.92 K oz 1.930 g/t 2.00 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.18	123.92 K oz	1.930 g/t	2.00 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.38 256.61 K oz 1.790 g/t 4.46 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.38	256.61 K oz	1.790 g/t	4.46 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.33	2.27 M oz	15.000 g/t	4.70 M t
Silver	$0.08	3.48 M oz	23.000 g/t	4.70 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.42	286.46 K oz	9.900 g/t	900.00 K t
Silver	$0.01	607.65 K oz	21.000 g/t	900.00 K t
Estimate notes: See notes above.

Fazenda Brazileiro - ^top^

(NI) 43-101 Report:

Title: A TECHNICAL REVIEW OF THE FAZENDA BRASILEIRO GOLD MINE AND ADJACENT EXPLORATION PROPERTY IN BAHIA STATE, BRAZIL
Date: 2003-07-04 (115 pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: Bahia, Brazil / Mining Region: Rio Itapicuru Greenstone Belt

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.27 184.99 K oz 2.670 g/t 2.16 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.27	184.99 K oz	2.670 g/t	2.16 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.23 158.88 K oz 2.770 g/t 1.78 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.23	158.88 K oz	2.770 g/t	1.78 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.31 208.33 K oz 3.480 g/t 1.86 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.31	208.33 K oz	3.480 g/t	1.86 M t
Estimate notes: See notes for Proven + Probable.

Gualcamayo - ^top^

(NI) 43-101 Report:

Title: MINERAL RESOURCE UPDATE GUALCAMAYO GOLD PROJECT
Date: 2008-03-10 (130 pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: San Juan, Argentina

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.44 2.34 M oz 1.070 g/t 67.95 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.44	2.34 M oz	1.070 g/t	67.95 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.18 801.27 K oz 1.210 g/t 20.60 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.18	801.27 K oz	1.210 g/t	20.60 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.91 616.01 K oz 0.920 g/t 20.83 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.91	616.01 K oz	0.920 g/t	20.83 M t
Estimate notes: See notes for Proven + Probable.

Jacobina - ^top^

(NI) 43-101 Report:

Title: MINERAL RESOURCE AND MINERAL RESERVE UPDATE FOR THE CANAVIEIRAS, SERRA DO CÓRREGO, MORRO DO VENTO AND JOAO BELO DEPOSITS, JACOBINA MINE, BAHIA STATE, BRAZIL
Date: 2008-03 (127 pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: Bahia State, Brazil / Mining Region: Bahia Gold Belt

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.27 1.54 M oz 2.140 g/t 22.43 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.27	1.54 M oz	2.140 g/t	22.43 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.11 1.43 M oz 2.740 g/t 16.25 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.11	1.43 M oz	2.740 g/t	16.25 M t
Estimate notes: See notes for Proven + Probable.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.84 1.25 M oz 2.360 g/t 16.48 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.84	1.25 M oz	2.360 g/t	16.48 M t
Estimate notes: See notes for Proven + Probable.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.24	162.97 K oz	7.970 g/t	1.11 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010). Resource quantities adjusted for ownership percentage of 57.3%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.60	405.41 K oz	7.100 g/t	3.10 M t
Estimate notes: See Measured + Indicated notes. Resource quantities adjusted for ownership percentage of 57.3%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.03	2.74 M oz	0.570 g/t	149.43 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.90	609.26 K oz	0.500 g/t	37.90 M t
Estimate notes: See Measured + Indicated notes above.

Mercedes - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

Updates: See Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Project Location: Sonora, Mexico / Mining Region: Sierra Madre Occidental

Most Optimistic Resource Estimates (MORE):

•Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.92 623.57 K oz 5.630 g/t 3.45 M t
Silver $0.16 6.91 M oz 62.360 g/t 3.45 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.92	623.57 K oz	5.630 g/t	3.45 M t
Silver	$0.16	6.91 M oz	62.360 g/t	3.45 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010).

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.19 128.00 K oz 3.770 g/t 1.06 M t
Silver $0.04 1.69 M oz 49.800 g/t 1.06 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.19	128.00 K oz	3.770 g/t	1.06 M t
Silver	$0.04	1.69 M oz	49.800 g/t	1.06 M t
Estimate notes:

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.53 358.90 K oz 6.110 g/t 1.83 M t
Silver $0.08 3.43 M oz 58.460 g/t 1.83 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2008 pdf provided at the company's Web site (accessed April 2009).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.53	358.90 K oz	6.110 g/t	1.83 M t
Silver	$0.08	3.43 M oz	58.460 g/t	1.83 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2008 pdf provided at the company's Web site (accessed April 2009).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.31	212.78 K oz	4.950 g/t	1.78 M t
Estimate notes: Ore qantity and grade parameters adjusted based on Reserves and Resources, December 31, 2009 pdf provided at the company's Web site (viewed March 2010). Resource quantities adjusted for ownership percentage of 75.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.08	733.98 K oz	5.560 g/t	5.47 M t
Estimate notes: Resource quantities adjusted for ownership percentage of 75.0%.


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