el penon - mine tour 2009

YAMANAGOLDELPEN,CHILE

33

YAMANAGOLD

ElPenTOPICS

General Information

Mineral Resources & Mineral Reserves

Production & Costs

2009 Operational Achievements

Objectives

Safety, Health, Environment & Community

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YAMANAGOLD

ElPenSITELOCATION

ElPen isahighgradegold/silverminelocatedapproximately160kilometressoutheastfromAntofagasta aportcityin

Brazil

northernChile

ElPen begancommercialproductionin January 2000

Chile

ElPen

inJanuary2000

Operationsarecurrently100%undergroundveinminingusingthebench

Argentina andfillmethod

Processingincludessinglestagecrushingand grinding, followed by tank leachingandgrinding,followedbytankleachingfollowedbyaMerrillCrowecircuitwithonsitedore production.Tailingsarefilteredandfinaldepositionthroughapatentedd

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dryprocess

YAMANAGOLD

ElPenORGANIZATIONALCHART

RICARDOPALMACountryManager

RICARDOSOLOVERAC.

GeneralManager

LUISORTIZDEZRATEOSVALDOPONCE

ORIZOLACARLOSPINTOAHUMADA FELIPENEZ PATRICIOILLANES

CRISTIANBEZJAIME

H R

RICARDOMIRANDADIAZ

SHECManager Exploration&GeologyManager

Mining&EngineeringManager

PlantManager PEREA

Controller

HumanResourceManager

DIAZ

DevelopmentManager

TotalnumberofemployeesatElPenon:2,812

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YAMANAGOLD

ElPenMINERALRESERVESANDRESOURCES(1)

PROVENANDPROBABLEMINERALRESERVES

OreSource Unit

TotalMineralReserves

ProvenReserves ProbableReservesTotalProven&

P b blProvenReserves ProbableReserves

Probable

Ore ktonnes 710 8,221 8,931GoldGrade g/t 6.66 6.72 6.72SilverGrade g/t 347.60 231.20 240.45G ld C t t kO 152 1 777 1 928GoldContent kOz 152 1,777 1,928SilverContent kOz 7,931 61,109 69,040

MEASURED,INDICATEDANDINFERREDMINERALRESOURCES (2)

OreSource UnitTotalMeasuredandIndicatedResources

TotalInferredResources

Ore ktonnes 3,896 3,555G ld G d / 8 67 8 98

Source:2008AnnualReport

GoldGrade g/t 8.67 8.98SilverGrade g/t 238.03 263.30GoldContent kOz 1,086 1,027SilverContent kOz 29,816 30,098

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(1) PleaseseeEndNotesforadditionalmineralreserveandmineralresourcedisclosure(2) Mineralresourcesareexclusiveofmineralreserves

YAMANAGOLD

ElPenPRODUCTION&COSTS

ElPon FORECAST2009TotalMined t000 1,954PLANT

F d t 000 1 323Feed t000 1,323

gradeAu gAu/t 5.85

gradeAg gAg/t 272.04

PlantrecoveryrateAu % 91

Ag % 87

ProductionGoldProduction kOz 226

SilverProduction kOz 10,037

Gold Production k GEO Approx 405GoldProduction kGEO Approx.405

COST FORECAST2009

MINE US$/tmoved 44.10 48.20

PLANT US$/t 26.35 28.80G&A R l US$/ 11 40 12 50 Q109 Q209 Q309

CashCosts(1) US$/GEO $366 $339 $324

G&A+Royalty US$/t 11.40 12.50

TOTAL US$/t 101.00110.00

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(1) SeeEndNotes

YAMANAGOLD

ElPen2009OPERATIONALACHIEVEMENTS

AdjustedandaccommodatedforshortfallinQ1 Productionincreased28%fromQ1 Grade improved 22% from Q1 Gradeimproved22%fromQ1 Cashcostsdeclined$42or11%fromQ1 Performanceinitiativesbeingevaluated:optimizationofdilutioncontrolandchanging

equipmenttomanagethicknessvariabilityofveins

Furtherdrillingforresourceexpansion NewgradeatBonanzaandAlEste

GRADE(g/t) Q1 Q3 Q4E 2010E

Bonanza

Goldgrade(g/t) 11.07

Silvergrade(g/t) 131.97

Al Este

Goldgrade(g/t) 12.80 10.30

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Silvergrade(g/t) 466.06 348.16

YAMANAGOLD

ElPenGRADEIMPROVEMENTS

Goldgrade(g/t)

Gradeexpectedtoimprovefurtherinthefourthquarter

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Grade expected to improve further in the fourth quarter

YAMANAGOLD

ElPenOBJECTIVES

Productionfor2009isexpectedtobeover400,000GEO Producesustainablyatover400,000GEOannually Expansionofmillcapacitytoprovidegreaterflexibility Undertakenaplantoimprovegradecontrolanddilution,increasecapacityand

developnewerhighergradeveins

AcceleratingdevelopmentworkonnewveinsandexplorationeffortsintheNorthBlockBlock

Expecttomineataprogressivelyhigherratewithanticipationofgradeandthroughputimprovements

Applicationofdifferentsizeofequipmenttomanagethicknessvariabilityofveinswillbetestedandaccordinglyimplemented

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YAMANAGOLD

ElPenPROCESSFLOWCHART

Processing includes a single stage of Crushing andGrinding, followed by the leaching tank, afterwardthe Merrill Crowe circuit onsite for Dore production.JAWCRUSHERAPROMFEEDER

CCD0

CYANIDE

OREBINCYANIDE

CCD1

CCD2

LIME

THICKENING

CLARIFICATIONFILTERS

SAG

PRESS

CCD3

UNCLARIFIEDSOLUTION

MILLSOLUTIONPREGNATSOLUTION

TAILINGSDUMP

DEAERATIONSOURCE

PRESSFILTERS

BARRENSOLUTION

FEED FEED

RETORTS

BELTFILTER

TAILINGS

DORE

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Goldisproducedatapproximately3,600tonnesperday PRECIPITATEFURNACE

DORE

YAMANAGOLD

ElPenNEWSECONDARYCRUSHERANDNEWBELTFILTER

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YAMANAGOLD

ElPenPOWERSUPPLY

Substation LineOHiggins Domeyco 220KV

Line66KV

65KM

ElPenSubstation20MVA66/6.6KV

PalestinaSubstationElPen30MVA220 / 66 KV220/66KV

MineSitePowerFeed

ElectricRoomSwitch Gear 6.6KV

Cat 2.5MW Cummins 7.5MW

PowerGeneration

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YAMANAGOLD

ElPenGENERATIONEQUIPMENT

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YAMANAGOLD

ElPenTAILINGSDUMP

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YAMANAGOLD

ElPenTAILINGSDUMP STAGE1,2&3

Stage 1: Loading Transport Stage 2: Dump

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Stage 3: Layer tailing

YAMANAGOLD

ElPenTAILINGSDUMP STAGE4,5&6

Stage 4: Watering Stage 5: Plough

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Stage 6: Sampling

YAMANAGOLD

ElPenSAFETY LTIFR

per200,000hours worked

1.5

2.0

0.5

1.0

-

LTIFR 1.54 0.85 0.48

2007 2008 2009

YTD 549 129 HOURS WORKED HOURS WITH NO ACCIDENTS

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YTD:549,129HOURSWORKEDHOURSWITHNOACCIDENTS

YAMANAGOLD

ElPenCOMMUNITYRELATIONS

SHEC Team = 63

Open doors program: 2009 goal = 100 visitors

Health and safety program for communities Health and safety program for communities

Partnership Seminars

Cultural Activities Support

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YAMANAGOLD

EXPLORATIONEXPLORATION

ElPen,Chile,

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YAMANAGOLD

ElPenREGIONALGEOLOGY

REGIONALGEOLOGY

Paleozoic Intrusions:Granodiorites,Diorites,Tonalites

AugustaVictoria

PeleoceneEoceneIntrusions:Rhyolitic,Dacitic,Andesitic,Dioritic,andMonzoniticPorphyries

PaleoceneBasin:Rhyolites,Dacites,Tuffs,Andesites,BasaltsandVolcanicBreccias.Domes:Rhyolitics,RhyodaciticsandDacitics

UpperPaleoceneandEocenePorphyries:Ignimbrites,Dacites,Andesites,Basalts.Domes:Rhyolitics,RhyodaciticsandDaciticsCretacic Lower Paleocene Basin: Andesites

ElPenFortuna

Cretacic Lower Paleocene Basin:Andesites,Volcaniclastic Breccias,Basalts,Rhyolitic andIgnimbrites,Rhyolitic Domes,Sandstones,LimestonesandConglomerates

MainFaults

SecondaryFaults

Veins

YamanaProperty

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ThirdPartyProperty

YAMANAGOLD

n

z

a

ElPen

V

e

t

a

B

o

n

a

n

PortalC Martillo

V

e

t

a

D

o

r

a

d

a

R j

RajoDiablada

RajoCMartillo

RajoOritoN

RajoAmatista

RajoDominador NRajo

PortalQda.Colorada

Relave

Campamento

Planta

O

r

i

t

o

S

u

r

orNRajoDominadorS

PortalPpal.

PortalCas.505.

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O S

YAMANAGOLDElPen

Mineralization Styles ElPenDistrict

Reserves & Resources as of Dec 31 2008

RESERVES AND RESOURCES 2008Category Tonnes Grade Contained ounces

Tonnes Gold Silver Gold Silver(mils) (g/t) (g/t) (K oz) (K oz)

Reserves&Resources asofDec.31,2008

ReservesProven and probable 8.93 6.72 240.4 1,928 69,040Mineral resources Measured and indicated 3.89 8.67 238 1,086 29,816 Inferred 3.55 8.98 263.3 1,027 30,098Total Reserves and resources 16.37 7.67 244.80 4,041 128,954ota ese es a d esou ces , ,

PRODUCTION (1999-2008)Category Tonnes Grade Contained ounces

Tonnes Gold Silver Gold Silver(mils) (g/t) (g/t) (K oz) (K oz)

Total Productin 7 80 10 75 229 16 2 681 56 349

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Total Productin 7.80 10.75 229.16 2,681 56,349

Grand total 24.17 8.67 239.75 6,722 185,303

YAMANAGOLDElPen

ElPenon continuestogrowduetosignificantexplorationMorethan100,000metersofdrillingperyear

NewhighgradenucleusdiscoveredinNEofcorearea

19962001

4 5 illi GEO

20069.0millionGEO

g g

AlEste,Bonanza,EsmeraldaandAbundancia veins

19962.4millionGEO

4.5millionGEO

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YAMANAGOLD

ElPen2009EXPLORATIONPROGRAM

2009ExplorationBudgetis$15.3M 162,000metersofRCdrilling.

100,000metersforexploration 62,000metersforInfill

Priorities are: Prioritiesare: Extensionofknownveinsand

discoveryofnewveinsinBloqueNorte

ExtensionofnewveinsinBloqueqPenon

Replacereservesandresources

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YAMANAGOLD


O

R

T

E

O

E

S

T

E

2009ExplorationProgramincludedB

O

N

A

N

Z

A

N

O

B

U

N

D

A

N

C

I

A

O resourcedefinitionandextensionin: BonanzaNorte,AlEste,Abundancia

andEsmeralda,Martillo Flats

Work to date has included limited

T

E

N

O

R

T

E

O

N

A

N

Z

A

B

A

B WorktodatehasincludedlimiteddrillingalongstrikeofBonanzaandAlEsteandMartillo Flats

Resultshaveconfirmedextensionof

A

L

E

S

T

B

O

Martillo Flats

TunnelunderwaytoaccessBonanzaNorte,AlEsteNorteandAbundanciaf d d d illiforundergrounddrilling

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YAMANAGOLD


2009ExplorationProgramincludedresourcedefinitionandextensionin: Dorada Sur,Providencia Sur,

Quebrada Colorada area

Work to date has included drilling WorktodatehasincludeddrillingalongstrikeofCerroMartillo CentralSur,PampaCampamento andSorpresa Sur

Resultshaveconfirmeddiscoveryof: CerroMartillo CentralSuralonga

strikelengthof1.6kms

Extension of Pampa Campamento ExtensionofPampaCampamento SouthextensionofSorpresa Sur

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YAMANAGOLD


Sorpresaintersected200meterssouthofknowngradeshell Openinalldirections Additionaldrillingongoingtoaddtoinferredresourcein2009

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YAMANAGOLD

UEH0002(1632)11.55Au/129.1Ag

0.57m.

SNX0111(1672)2.67Au/60.3Ag

1.15m.

Testedalong1.6kilometersofstrikelength

Exploration drilling ongoing PX401(1810)2.68Au/85.0Ag

6m.(Interc)

SNX0068(1604)SNX0111

SNX0111(1626)3.3Au/86.8Ag

1.10m.

SNX0111(1517)2.9Au/214.0Ag

1.07m.

Explorationdrillingongoing Resourceestimateforendofyear

SNX0068(1772)2.79Au/194.0Ag

1.52m.

( )2.6Au/175.5Ag3.11m.

PS494E

SNX0116

SME0004

SNX0076(1647)3.43Au/231.0Ag

1.07m.

SPM0009E(1550)8.81Au/288.5Ag

2.87m.

SME0001

SME0002

PX603(1642)4.42Au/210.0Ag

2m.(Interc)

SNX0095(1633)1.07Au/2.9Ag

0.98m.

SNX0115

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YAMANAGOLD

ElPenINFILLDRILLING2009

Recategorization Areas: Inferred to M&I (Resources Estimate by end of year )Recategorization Areas:Inferred to M&I(Resources Estimate by end ofyear )

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YAMANAGOLD

ElPen2009EXPLORATIONSUMMARY

Martillo CentralSurnewdiscovery

Mertillo FlatHW1andHW2newdiscoveries

ExtensionveinsBonanzaNorte,Sorpresa andPampaCampamento

InfilldrillingBonanzaNorteandPampaCampamento

Mapping and sampling C Augusta Victoria. Features similar to El PenonMappingandsamplingC AugustaVictoria.FeaturessimilartoElPenon

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YAMANAGOLD


OBJECTIVE:500KOzAuEq M&IAND500KOzAuEq INFERRED

Strike and dip extensions of known orebodies Strikeanddip extensions ofknown orebodies Exploration ofnewveins andtargets Confirm andupgrade resources andreservesthrough infill drilling

UNDERGROUNDINFILLDRILLING 31,732m

UNDERGROUNDEXPLORATION 8,700m

UNDERGROUNDEXPLORATIONTUNEL 700m

SURFACEEXPLORATIONRCDrilling 69,500m

SURFACEINFILLDRILLINGRC 24,550m

SURFACE INFILL DRILLING DDH 2 548 mSURFACEINFILLDRILLINGDDH 2,548m

NEWDISTRICTTARGETSTOBEDRILLED:TresTontosW,C Tostado,C EstanquedeAgua,C

PampaProvidencia,C Seco,BordeNorte,PampaCaliche,ElDomo,C AugustaVictoriaandElp , , , p , , g

Soldado.

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YAMANAGOLD

ThankyouforvisitingElPen!

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YAMANAGOLD

END NOTESENDNOTES

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YAMANAGOLD EndnotesCAUTIONARYNOTETOU.S.INVESTORSCONCERNINGESTIMATESOFMEASURED,INDICATEDANDINFERREDMINERALRESOURCES:ThispresentationusesthetermsMeasured,IndicatedandInferredMineralResources. UnitedStatesinvestorsareadvisedthatwhilesuchtermsarerecognizedandrequiredbyCanadianregulations,theUnitedStatesSecuritiesandExchangeCommissiondoesnotrecognizethem. InferredMineralResourceshaveagreatamountofuncertaintyastotheirexistence,andastotheireconomicandlegalfeasibility. ItcannotbeassumedthatalloranypartofanInferredMineralResourcewilleverbeupgradedtoahighercategory. UnderCanadianrules,estimatesofInferredMineralResourcesmaynotformthebasisoffeasibilityorothereconomic studies. UnitedStatesinvestorsarecautionednottoassumethatalloranypartofMeasuredorIndicatedMineralResourceswilleverbeconvertedintoMineralReserves. UnitedStatesinvestorsarealsocautionednottoassumethatalloranypartofanInferredMineralResourceexists,oriseconomicallyorlegallymineable.

NONGAAPMEASURES:TheCompanybelievesthatinadditiontoconventionalmeasurespreparedinaccordancewithCanadianGAAP,theCompanyandcertaininvestorsandanalystsusecertainothernonGAAPfinancialmeasurestoevaluatetheCompanysperformanceincludingitsability togeneratecashflowandprofitsfromitsoperations.TheCompanyhasincludedcertainnonGAAPmeasuresincludingcashcostpergoldequivalentounce,AdjustedEarningsorLossandAdjustedEarningsorLosspershare,orOperatingMarginandcashflowfromoperationsbeforechangesinnoncashworkingcapitalorcashflowfromoperating activities before changes in non cash working capital to supplement its financial statements which are presented in accordance with Canadian GAAP Nonoperatingactivitiesbeforechangesinnoncashworkingcapital tosupplementitsfinancialstatements,whicharepresentedinaccordancewithCanadianGAAP.NonGAAPmeasuresdonothaveanystandardizedmeaningprescribedunderCanadianGAAP,andthereforetheymaynotbecomparabletosimilarmeasuresemployedbyothercompanies.ThedataisintendedtoprovideadditionalinformationandshouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancepreparedinaccordancewithCanadianGAAP.

CoproductCashCostsPerGoldEquivalentOunce(GEO):TheCompanyhasincludedcashcostsperGEOinformationbecauseitunderstandsthatcertaininvestorsusethisinformationtodeterminetheCompanysabilitytogenerateearningsandcashflowforuseininvestingandotheractivities.TheCompanybelievesthatconventionalf p y y g g f f g p ymeasuresofperformancepreparedinaccordancewithCanadianGAAPdonotfullyillustratetheabilityofitsoperatingminestogeneratecashflow.ThemeasuresarenotnecessarilyindicativeofoperatingprofitorcashflowfromoperationsasdeterminedunderCanadianGAAP.Cashcostsare determinedinaccordancewiththeGoldInstitutesProductionCostStandardandarecalculatedonacoproductandbyproductbasis.Cashcostsonacoproductbasisarecomputedbyallocatingoperatingcashcostsseparatelytometalsbasedonanestimatedorassumedratio.AreconciliationofcoproductcashcostsperGEOisprovidedinAppendixBofthispresentation.

Three months ended September 30, 2009

I th d f U it d St tIn thousands of United States Dollars United States Dollars per pound

Cost of sales (i) $ 131,357 $ 2.99Adjustments:GEO related cash costs (excluding related TCRC's) (88,952) (2.03)Impact of equity interest in Alumbrera (12.5%) 11,474 0.27Chapada gold contained in concentrate treatment and refining costs 6,772 0.15

67

Inventory movements and adjustments (528) (0.01)Commercial selling costs (9,599) (0.22)Total co-product cash costs (ii) $ 50,524 $ 1.15

YAMANAGOLD

MineralReserves&Resources(Mineralresourcesexcludeprovenandprobablemineralreserves)

December31,2008

Mineral reserves (proven and probable)

(1)

681.C1SantaLuzmineralreserveupdatedJuly22,2009to23.8Mtgrading1.55g/tgoldcontaining1.2millionounces

YAMANAGOLD


December31,2008

Mineral reserves (proven and probable)

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YAMANAGOLD


December31,2008

Mineral resources (measured, indicated, and inferred. Mineral resources exclude proven and probable reserves)

(1)

(2)

701. UpdatedJuly22,2009,C1SantaLuzMeasuredandIndicatedresourceinclusiveofreservesof45.82Mtgrading1.56g/tgold containing2.5millionouncesandinferred

resourcesof4.83Mtgrading1.40g/tgoldcontaining217,000ounces.2. Pilar inferredmineralresourceestimateupdatedApril13,2009to12,598,000tonnesgrading3.61g/tgoldcontaining1,464,000g/tgold

YAMANAGOLD


December31,2008

Mineral resources (measured, indicated, and inferred. Mineral resources exclude proven and probable reserves)

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YAMANAGOLD


December31,2008

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YAMANAGOLD


December31,2008

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el penon - mine tour 2009

Documents

goldcontent koz

silvercontent koz

total us

plant us

silverproduction koz

productiongoldproduction

g ld c t t ko

plantf d t