YAMANA GOLD INC.
ANNUAL INFORMATION FORMFOR THE FISCAL YEAR ENDED DECEMBER 31, 2010
March 31, 2011150 York Street, Suite 1102Toronto, Ontario M5H 3S5
TABLE OF CONTENTS
INTRODUCTORY NOTES
....................................................................................................................................... 2
Cautionary Note Regarding Forward-Looking Statements ............................................................................. 2
Currency Presentation And Exchange Rate Information ................................................................................. 3
CORPORATE STRUCTURE
.................................................................................................................................... 3
GENERAL DEVELOPMENT OF THE BUSINESS
............................................................................................... 5
Overview of Business ...................................................................................................................................... 5
History ............................................................................................................................................................. 5
DESCRIPTION OF THE BUSINESS
....................................................................................................................... 7
Principal Products ........................................................................................................................................... 7
Competitive Conditions ................................................................................................................................... 7
Operations ....................................................................................................................................................... 8
Environmental ................................................................................................................................................. 8
Risks of the Business ....................................................................................................................................... 9
Technical Information ................................................................................................................................... 19
Mineral Projects ............................................................................................................................................ 22
Summary of Mineral Reserve and Mineral Resource Estimates.......................................................................... 22
Material MineralProperties .................................................................................................................................. 25
Chapada Mine
................................................................................................................................................................. 25
El Peñón Mine
................................................................................................................................................................. 36
Jacobina Mining Complex
............................................................................................................................................... 45
Gualcamayo Mine
........................................................................................................................................................... 53
Minera Florida Mine (Alhué Property)
........................................................................................................................... 65
Other Producing Mines ........................................................................................................................................ 72
Fazenda Brasileiro Mine
................................................................................................................................................. 72
Alumbrera Mine
.............................................................................................................................................................. 73
Development and Advanced Stage Exploration Projects..................................................................................... 74
Pilar
................................................................................................................................................................................ 74
Caiamar
........................................................................................................................................................................... 75
Ernesto/Pau-a-Pique
....................................................................................................................................................... 75
C-1 Santa Luz
.................................................................................................................................................................. 75
Mercedes
......................................................................................................................................................................... 76
Additional Projects .............................................................................................................................................. 77
Agua Rica Project
........................................................................................................................................................... 77
Suyai Project
................................................................................................................................................................... 78
Jeronimo (Agua de la Falda)
........................................................................................................................................... 78
Amancaya
........................................................................................................................................................................ 79
La Pepa
........................................................................................................................................................................... 79
DIVIDENDS
............................................................................................................................................................... 79
DESCRIPTION OF CAPITAL STRUCTURE
....................................................................................................... 80
MARKET FOR SECURITIES
................................................................................................................................. 80
DIRECTORS AND OFFICERS
............................................................................................................................... 81
PROMOTER
.............................................................................................................................................................. 88
LEGAL PROCEEDINGS AND REGULATORY ACTIONS
............................................................................... 88
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
.................................... 88
TRANSFER AGENTS AND REGISTRAR
............................................................................................................ 88
MATERIAL CONTRACTS
..................................................................................................................................... 89
AUDIT COMMITTEE
.............................................................................................................................................. 89
INTERESTS OF EXPERTS
..................................................................................................................................... 91
ADDITIONAL INFORMATION
............................................................................................................................. 93
SCHEDULE “A” – CHARTER OF THE AUDIT COMMITTEE
....................................................................... 94
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ITEM 1INTRODUCTORY NOTES
Cautionary Note Regarding Forward-Looking Statements
This annual information form contains or incorporates by reference “forward-looking statements” within themeaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securitieslegislation. Except for statements of historical fact relating to the Company, information contained herein constitutesforward-looking statements, including any information as to the Company’s strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”,“target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certainevents or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions andestimates of management considered reasonable at the date the statements are made, and are inherently subject to avariety of risks and uncertainties and other known and unknown factors that could cause actual events or results todiffer materially from those projected in the forward-looking statements. These factors include the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the valuesof assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver and zinc), currency exchange rates (such as the Brazilian Real and the Chilean Peso and Argentine Peso versus theUnited States Dollar), possible variations in ore grade or recovery rates, changes in the Company’s hedging program, changes in accounting policies, changes in the Company’s corporate resources, changes in project parameters as plans continue to be refined, changes in project development and production time frames, risk relatedto joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher pricesfor fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the miningindustry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes,costs and timing of the development of new deposits, success of exploration activities, permitting time lines,government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputesor claims, limitations on insurance coverage and timing and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company’s annual Management’s Discussionand Analysis filed with the securities regulatory authorities in all provinces of Canada and available at
www.sedar.com
. Although the Company has attempted to identify important factors that could cause actual actions,events or results to differ materially from those described in forward-looking statements, there may be other factorsthat cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance thatforward-looking statements will prove to be accurate, as actual results and future events could differ materially fromthose anticipated in such statements. The reader is cautioned not to place undue reliance on forward-lookingstatements. The forward-looking information contained herein is presented for the purpose of assisting investors inunderstanding the Company’s expected financial and operational performance and the Company’s plans andobjectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statements contained herein or incorporated by reference herein, except in accordance with applicablesecurities laws.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and InferredResources:
This annual information form uses the terms “Measured”, “Indicated” and “Inferred” Resources. UnitedStates investors are advised that while such terms are recognized and required by Canadian regulations, the UnitedStates Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a greatamount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed thatall or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules,estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies.
UnitedStates investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resourceswill ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that allor any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
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AIF - Yamana December 31 2010 FINAL
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