April 10, 2008 / 1:39 AM / 10 years ago

Yamana Gold first-quarter gold output tops forecast

(Amounts in U.S. dollars unless noted)

MONTREAL, April 9 (Reuters) - Yamana Gold YRI.TO said on Wednesday that its first-quarter gold production topped the company’s forecast for the period.

Yamana, which last October acquired Meridian Gold and Northern Orion Resources for $4.8 billion, said its total production for the first quarter ended March 31 was about 238,690 gold equivalent ounces, comprised of some 192,636 ounces of gold and 2,480,000 ounces of silver.

That was higher than the company’s forecast of about 220,000 gold equivalent ounces for the quarter.

For the remainder of the year, Yamana expects annual production of 970,000 to 1.06 million gold equivalent ounces for a total output of 1.2 million to 1.3 million gold equivalent ounces for the full year.

“These levels are modestly below previous guidance but are in line with overall production expectations,” the company said.

Looking longer term, Yamana had previously forecast a production range of 1.95 million to 2.5 million gold equivalent ounces in 2012.

“Based on existing resources and proposed increases at projects now being evaluated, the company has formed a strategic objective of 2.2 million gold equivalent ounces in 2012,” it said. (Reporting by Robert Melnbardis; Editing by Gary Hill)

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