The Canadian Press - ONLINE EDITION

Yamana Gold to boost output this year by 16 per cent but keep lid on cash costs

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TORONTO - Yamana Gold Inc. (TSX:YRI) expects its combined gold and silver output this year will be 16 per cent above 2013's level, while its cash costs per ounce remain relatively stable.

The gold miner also anticipates that non-cash writedowns may be required for two of its smaller mine holdings and some minor properties to reflect current estimates of their value.

Yamana, which is scheduled to release its fourth-quarter results on Feb. 18, didn't provide a value for the asset impairments, but said its major properties won't be affected.

The company estimates it will produce 1.4 million gold-equivalent ounces in 2014, up from 1.2 million gold-equivalent ounces in 2013.

Last year's production included 8.4 million ounces of silver, the equivalent of about 200,000 ounces of gold.

It estimates its 2014 all-sustaining cash cost including the sale of by-product metals will be below US$850 per ounce, compared with US$814 in 2013.

Excluding the sale of by-product metals, Yamana expects its 2014 all-sustaining cash cost will be US$925 per gold-equivalent ounce, compared with US$947 in 2013.

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