10 YRI El Penon Mine Dec07

ANALYST TOUR
DECEMBER 2007
YAMANA GOLD
EL PEN MINE
2
Delivering value to shareholders
Agenda
Overview:
Location
El Pen History
Community Support and Sustainability
Operations:
Mine
Plant
Exploration
Our future
Facilities Overview
4
El Pen Location and General Information
Acquired the initial exploration claims June 1993
The true discovery drill hole; (Quebrada Orito) Feb. 1994
Startup of Commercial Operations Sep. 1999
Production of the first millionth Gold ounce Feb. 2002
Purchase of the SQM in holding, Cerro Azul Oct. 2003
Purchase of the GoldFields annex, 7,800 hectares Feb.2004
Initial discovery of the Fortuna deposit Apr. 2004
Production of the two millionth Gold ounce May 2006
Fortuna Full Mining in November 2007
Discover Bonanza and Esmeralda Veins August 2007
5
El Pen Industry Accomplishments
International Standards;
ISO 14,001 certified in December 2004
Chilean National Government;
2004 Recipient of the Benjamin Teplizky Lijavetzky award which recognizes the most outstanding mining operation in terms
of Safety & Environmental Management.
ACHS; Associacin Chilean de Seguridad
2004 Safe Worker of the Year in Chile, awarded to Cristian Jofre of Geology.
2003 Premio Accion Paritaria, Top recognition for the El Pen Safety Committee.
Consejo Nacional de Seguridad;
2005 Recognition for achieving 1,000,000 m-hrs, with no Lost Time Accidents.
Recognition for the Plant Mechanics achieving 6 years with no LTAs
Canadian Institute of Engineers;
2003 Winner of the John T. Ryan Award from the Canadian Mining Industry.
2004 Runner up for the John T. Ryan Award.
6
Community Support & Sustainability
Goal:
Develop a balanced approach between private and public stakeholders to
support the development and improvement of our local and regional
infrastructure by focusing on:
1. Our employees and their needs.
2. The need to develop and improve educational opportunities within the
community and Chile.
3. Assistance for the long term community infrastructure.
7
Program Focus:
Employees:
Annual scholarships for Employees and their children.
Training programs for the spouses of employees.
Housing assistance plan for Meridian employees.
Social outlets for employees; sports teams & life skills courses.
Education Opportunities:
Apprentice program for the industrial trades.
Summer internship and theses support for the professional students.
Local scholarships to qualifying university students.
Community Infrastructure:
Tourism development; La Portada study, El Tatio support & Chile trails program.
Support for Public School #79
COANAQUEM Children's Burn center
Volunteer and self generated financial support for the Villa Esperanza.
8
V.Al Este
Martillo
Flat
C.Martillo
V.Dorada
V.Providencia
P.Campamento
Q.Colorada
Vista N.
Diablada
Angelina
Inferior
Orito Norte
Q.Orito
Playa
Orito Sur
D.Wash
El Valle
V.Sorpresa
Planta
El Pen
Depsito
de Relaves
Prpura
Magenta Norte
Magenta
Escarlata
Carmn
Carmn Sur
Bermelln
Cas.505
Cas.506
Cas.472
Cas.470
Cas.469
Angelina
Superior
Esmeralda
Bonanza
N
Mining Activities:
9
El Pen Q3 Production
Q3 07 2007 Forecast
Mill throughput 2,863 tpd 2,700 2,800 tpd
Avg. gold grade 7.4 g/t 7.5 7.8 g/t
Gold recovery 94% 94%
Gold produced 58,928 oz 230K 235Koz
Avg. silver grade 270 g/t 270 - 280 g/t
Silver recovery 92% 92%
Silver produced 2.2 M oz 8.1 8.5 M oz
$/tonne mined $52 - $55
$/tonne processed $22 - $25
$/tonne admin $8 - $9
10
El Pen 2008/09 Production Targets
2008 2009
Gold produced 230K 260K oz 240K 270K oz
Silver produced 9.0 9.5 M oz 9.3 9.8 M oz
11
Mining Overview
As of August 2005, 100% of the production is now
from underground mining.
Mining at El Pen is carried on by the mining
contractor Constructora Gardilcic.
In 2005, MML entered into a second, 5-year exploitation
mining contract.
Gardilcic provides equipment, man power and operational
results.
Mining at Fortuna is carried out by the mining
contractor Proyecta S.A..
A 5-year exploitation mining contract was signed in J une of
2006, modeled on the El Pen template.
Proyecta isa smaller, local RegionII contractor.
Meridian provides engineering, ore control, facilities
& operating direction.
El Pen Main Portal
New Fortuna Main Portal
12
Mining Improvements:
Open Pi t Mi ne
Year ore tons Total tons days tpd ore tpt total
1999 245,007 1,999,347 210 1,167 9,521
2000 - - 366 - -
2002 56,768 1,136,773 180 315 6,315
2003 207,706 2,744,000 365 569 7,518
2004 225,269 2,040,819 366 615 5,576
2005 153,017 820,973 180 850 4,561
Total Mi ne
Year ore tons Total tons days tpd ore tpt total
1999 354,525 1,999,347 210 1,688 9,521
Underground Mining Rate Increase
5,927
2,657
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2000 2001 2002 2003 2004 2005 2006 2007 YTD
Year
T
o
n
s
13
Development Priorities
El Peon Historical Data 2007
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
28,000
30,000
32,000
34,000
36,000
2000 2001 2002 2003 2004 2005 2006 2007
Year
M
e
t
e
r
Total Meters Development
14
Mining Method; Development
Infrastructure
Features
Ramp Section 4.5 x 4.3 m
Slope 15%
Access 60-80 m
15
Mining Method; Extraction Method
BENCH & FILL
Quebrada Orito
Characteristics
Sublevel 11-20 m
Average width 3 m
Minimum ore width design 1 m
Remote control loading
Backfill: Rock & Cement in intersection
16
Quality Control Measures
MAPPING
SAMPLING
GEOLOGICAL INTERPRETATION
SAMPLING INTERVAL
DEVELOPMENT MAPPING
17
Quality Control Results
Metric Dilution 2001-2007
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
2.00
2.10
2.20

J
a
n

0
1

A
p
r

0
1

J
u
l

0
1

O
c
t

0
1

J
a
n

0
2

A
p
r

0
2

J
u
l

0
2

O
c
t

0
2

J
a
n

0
3

A
p
r

0
3

J
u
l

0
3

O
c
t

0
3

J
a
n

0
4

A
p
r

0
4

J
u
l

0
4

O
c
t

0
4

J
a
n

0
5

A
p
r

0
5

J
u
l

0
5

O
c
t

0
5

J
a
n

0
6

A
p
r

0
6

J
u
l

0
6

O
c
t

0
6

J
a
n

0
7

A
p
r

0
7

J
u
l

0
7

O
c
t

0
7
M
e
t
e
r
s
Actual Expected
Average vein width= 2m
18
Cerro Martillo - Dorada Vein
-2007 YTD production is 55% from Cerro Martillo-Dorada Zone.
-2008 Budget production will be 60%
19
Fortuna
- Approval for full exploitation in November 2007
- 30,775 tonnes @ 10.2 gpt Au and 787 gpt Ag YTD 2007
- Beginning bench process in November 2007
- New south portal in progress according to plan.
20
Processing
21
Production
Gol d Grade and Recovery
95.4
94.2
95.4
94.4
93.5
96.6
96.5
96.4
13.0
14.7
15.7
14.7
12.1
11.1
8.0
7.6
91.5
92.0
92.5
93.0
93.5
94.0
94.5
95.0
95.5
96.0
96.5
97.0
2000 2001 2002 2003 2004 2005 2006 Frst 2007
G
o
l
d

R
e
c
o
v
e
r
y
,

%
6
8
10
12
14
16
18
G
o
l
d

f
e
e
d

G
r
a
d
e
,

g
p
t
Au Recovery
Au feed, gpt
Si l ver Feed Grade and Recovery
89
89
91
93
92
93
91
93
190
232
211
194
208
282
253
231
86
87
88
89
90
91
92
93
94
2000 2001 2002 2003 2004 2005 2006 Frst 2007
S
i
l
v
e
r

R
e
c
o
v
e
r
y
,

%
0
50
100
150
200
250
300
S
i
l
v
e
r

F
e
e
d

G
r
a
d
e
,

g
p
t
Ag Recovery
Ag feed, gpt
Tonnes Milled Per Day
2,776
2,562
2,289
1,928
1,884
1,960
2,020
2,412
2,800
2,000
2,134
2,042
2,000
2,000
2,352
2,556
1,700
1,900
2,100
2,300
2,500
2,700
2,900
2000 2001 2002 2003 2004 2005 2006 Frst 2007
Actual
Budget
Gol d and Si l ver Producti on (thounsands)
230
304
314
321
289
318
328
233
4,018
4,752
5,077
4,283
4,812
5,538
6,429
8,403
0
50
100
150
200
250
300
350
2000 2001 2002 2003 2004 2005 2006 Frst 2007
G
o
l
d

o
z
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
S
i
l
v
e
r

o
z
Au Producti on, oz
Ag Producti on, oz
22
El Peon Flowsheet
JAW CRUSHER
SAG MILL
PRECIPITATE
FURNACE
CCD1
CCD 2
CCD 3
ZINC
BODY FEED
BODY FEED
LEACHING
(6 TANKS, 36
HOURS)
CYANIDE
APROM FEEDER
RETORTS

(2)
DORE
LIME
FRESH WATER
GRINDING THICKENER
MILL
SOLUTIO

N
UNCLARIFIED
SOLUTION
CLARICATION
FILTERS
(3)
PREGNAT
SOLUTION
D
E
S
A
I
R
E
A
C
I
O
N
BELT FILTER
(4)
TAILING
DISPOSAL
PRESS FILTERS
PEBBLE
CRUSHER
CCD 0
ORE BIN
BARREN
SOLUTION
23
Proj ect Developed during 2007
New Belt Filter for Tailings
New Clarifier Filter
24
Proj ects Developed during 2007
Expansion of the Electrical
Control Center
Upgrade of Pumping
Capacity
25
El Pen Highlights
Increased levels of production from the mine 5,600 tonnes per day
including 2,950 tonnes per day of ore.
Expect to start tunnel to Al Este and Bonanza in January 2008.
Mill expansion progressing from original 2,000 tpd to 2,850 tpd in 2007;
Added a fourth belt filter in January 2007. Increase in silver production,
refinery expansion in progress.
Guidance for 2007
Production:
Au 230K 235K oz
Ag 8.1M 8.5M oz
Gold w/by-product net cash costs:
- ($102)*
*based on $12.68 silver price
26
Looking at the Costs
*using silver to gold ratio of average price for each quarter
Q3 06 Q4 06 Q1 07 Q2 07 Q3 07
As by-product (4) $ (9) $ (74) $ (134) $ (56) $
Per-GEO 204 330 181 184 230
Gold 204 330 181 184 230
Silver 3.83 4.52 3.76 3.63 4.21
27
Exploration
El Pen Property
7330000N
7320000N
7310000N
7300000N
7290000N
7280000N
7270000N
4
6
0
0
0
0
E
4
5
0
0
0
0
E
4
4
0
0
0
0
E
4
3
0
0
0
0
E
4
2
0
0
0
0
E
MERIDIAN INITIAL CLAIMS (AO 1992)
LEGEND
PIZARRO INITIAL CLAIMS (AO 1993)
MERIDIAN 100% (AO 1997) TERCEROS
LAND ACQUIRED FROM SQM (AO 2003)
MERIDIAN (NSR)- GOLDFIELDS (AO 2004)
PIZARRO DEAL (AO 2005)
MERIDIAN (AO 2006)
EL PEON
FORTUNA
Inicial Property: 5,189 acre
Actual Property: 204,475 acre
28
N
Year of Initial Resource Development
1993
1998
2002
2003
2004
2005
2006
Al Este
EL PEN
Fortuna
Dominador
M. Flat
C.Martillo
Dorada
Providencia
P.Campamento
Q.Colorada
Vista N.
Diablada
Angelina
Orito Norte
Q.Orito
Playa
Orito Sur
FORTUNA
Angosta
Bonanza
Esmeralda
2007
Exploration Results (1993 2007)
29
Exploration
Al Este Vein
GradeShell
Aueq [g/t] Au [g/t] Ag [g/t]
Measured 16,691 15.03 541.5 8,063 290,555 36
Indicated 398,772 13.33 394.9 170,914 5,063,556 30
Inferred 262,015 10.90 306.2 91,787 2,579,425 28
Total 677,477 12.43 364.2 270,764 7,933,536 29
Measured+Indicated 415,463 13.40 400.8 178,977 5,354,112 30
Au[Oz] Stope Shell
TopCut[97%]
Resource
3959
Tons Au[g/t] Ag[g/t]
Veta Al
Este
19 3.9 103.34
Ag[Oz] Ag/Au
Resource Estimation of the Al Este Vein (Top Cut 97%)
30
Al Este Vein Long Section
31
Bonanza Vein Long Section
32
Proposed Proposed Al Este Al Este Bonanza Portal Bonanza Portal Location Location
Proposed Proposed portal portal location location
Esmeralda Esmeralda Projection Projection
Al Este Al Este Projection Projection
Bonanza Bonanza Projection Projection
33
Proposed Proposed new new design design, Al Este , Al Este Bonanza Bonanza access access
Schematic Schematic Long Long Section Section
Bonanza Vein
Al Este Vein
Portal Tunnel Haulage level intersection
600 m.
700 m.
Preliminary infill exploration area (if required)
775 m.
330 m.
Position, End of
August 2007
Estimated: J anuary 2008
Estimated: J uly 2008
Estimated: J anuary 2009
Intersection tunnel,
level 1620
1
1
Evaluated area
Esmeralda Esmeralda Potential Potential
Resources Resources
Ton: 85.000 Ton: 85.000
Au Au: 11.8 g/T : 11.8 g/T
Ag Ag: 517 g/T : 517 g/T
Oz Oz Au Au: 32.000 : 32.000
Oz Oz Ag Ag: 1.4 M : 1.4 M
35
Drilling Statistics
Reverse Circulation: 1.271,198 m
EXPLORATI ON
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
YEAR
M
E
T
E
R
S
Infill Drilling
Exploration
Infill Drilling 19317 28566 26866 28233 51592 43478 95346 33613
Exploration 2507 16606 51451 48370 85248 73941 58561 49388 73036 68691 72186 82631 95149 63647 102776
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Diamond Drill (DDH): 286,237 m
Total Drilling:
1,557,435 m
MINEX
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
YEAR
M
E
T
E
R
S
Infill Drilling
Exploration
Infill Drilling 52338.65 29706.65 10630 6906.4 17999.55 24008.6 33016.3
Exploration 28404.49 16062.3 15394.85 17042.90 12293.80 2849.20 4159.85
2001 2002 2003 2004 2005 2006 2007
36
2008 Exploration Targets
AL ESTE SUR
FORTUNA PROJ ECT
EL PEON PROJ ECT
BLOQUE
NORTE
DISTRICT EXPLORATION
BLOQUE
EL PEN
Surface Exploration
Minex Exploration
District Exploration
37
Reserves and Resources Production
December 2006 Year End
RESERVES AND RESOURCES
Category Tonnes Grade Contained ounces
Tonnes Gold Silver Gold Silver
(mils) (g/t) (g/t) (K oz) (K oz)
Reserves
Proven and probable 8.4 7.8 283 2,109 76,396
Mineral resources
Measured and indicated 2.7 8.5 222 741 19,337
Inferred 2.3 8.2 380 595 27,700
Total Reserves and resources 13.4 8.01 287.36 3,445 123,433
PRODUCTION (1999-2005)
Category Tonnes Grade Contained ounces
Tonnes Gold Silver Gold Silver
(mils) (g/t) (g/t) (K oz) (K oz)
Total Productin 4.75 12.89 200.5 1,968 30,605
Grand total 18.15 9.29 264.63 5,413 154,038

10 YRI El Penon Mine Dec07

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