Yamana Reports Mine Operating Earnings of $8.6 Million

Business Wire, March 21, 2006

General and administrative expenses were $10.4 million for the year compared to $6.2 million for the comparative ten month period ended December 31, 2004 and $4.6 million for the year ended February 29, 2004. The increase in general and administrative expenses is reflective of the Company's growing infrastructure and accommodates production growth plans and acquisitions.

Investment income was $4 million for the fiscal year, compared to $0.8 million for the comparative ten month period ended December 31, 2004 and $0.5 million for the year ended February 29, 2004. Investment income for the year mainly represents interest income earned in Brazil at an average rate of 19% as the Company held higher cash balances denominated in Brazilian reais than the previous year in order to help offset the impact of the strengthening Real.

The Company recognized an income tax recovery of $4.3 and $8.2 million, respectively, for the year and fourth quarter ended December 31, 2005. The income tax recovery mainly represents the recognition of tax benefits from tax losses available in Canada.

Reserves

Summary Reserve and Resource Table(i)

---------------------------------------------------------------------
Gold                                     M&I     Reserve     Inferred
                                      Ounces      Ounces       Ounces
                                      (000s)      (000s)       (000s)
                                  -----------------------------------

Fazenda Brasileiro (underground)       378.1       187.4        107.4
Fazenda Brasileiro (open pit)           66.1        19.3          ---
                                  -----------------------------------
                                       444.2       206.7        107.4

C1-Santa Luz                           982.4       556.0        199.7

Fazenda Nova                           114.2        92.3          1.5

Sao Francisco (Main ore)             1,288.3     1,079.2        546.7
Sao Francisco (ROM ore)                363.2       283.2        332.4
                                  -----------------------------------
                                     1,651.5     1,362.4        879.1

Sao Vicente (Main ore)                 486.6       361.3         84.9
Sao Vicente (ROM ore)                  173.9       108.7         26.1
                                  -----------------------------------
                                       660.5       470.0        111.1

Ernesto                                141.8         ---         71.4

Chapada                               3045.5     2,547.5      1,226.0
                                  -----------------------------------

Total Ounces                         7,040.0     5,234.9      2,596.1
                                  -----------------------------------
                                  -----------------------------------

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Copper                                   M&I     Reserve     Inferred
                                      Pounds      Pounds       Pounds
                                  (millions)  (millions)   (millions)
                                  -----------------------------------

Chapada                              2,620.4     2,349.7      1,393.7
                                  -----------------------------------
                                  -----------------------------------
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(i) Reserve ounces are included in Measured and Indicated ("M&I")
    ounces.  Inferred ounces are in addition to M&I ounces.
     A table providing a breakdown of reserves and resources and
     additional information is attached.