Yamana Gold Inc.
AMEX : AUY
TSX : YRI
AIM : YAU

Yamana Gold Inc.

November 07, 2006 19:51 ET

CORRECTION FROM SOURCE: Yamana Gold Reports Third Quarter 2006 Results: Significant Milestones Met With Year-to-Date Mine Operating Earnings Increase of 626% and Commissioning of Largest Mine

TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2006) - In the release issued at 6:25PM ET NOV 7, 2006 a typographical error on the cash flow statement has been corrected. Cash flow is positive 14,603 and 37,516. Revised page of cash flow statement is below.



Yamana Gold Inc. (Yamana) (TSX:YRI)(AMEX:AUY)(AIM:YAU) -

Yamana Gold Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended
(In thousands of US Dollars, unaudited)

Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2006 2005 2006 2005
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Operating Activities
Net (loss) earnings
for the period $ (12,085) $ 3,246 $ (76,303) $ (4,038)
Asset retirement
obligations realized (41) (77) (259) (201)
Non-operating
finance fee - - 5,000 -
Items not involving
cash
Depreciation,
amortization and
depletion 8,888 1,732 19,729 4,570
Stock-based
compensation
(Note 13) 761 304 38,300 2,303
Future income taxes (451) 1,978 (8,107) 3,841
Accretion of asset
retirement obligation 167 94 504 258
Other (905) (810) 363 924
Financing charge - - 19,744 -
Unrealized loss on
commodity contracts
(Note 15) 16,716 - 37,002 -
Provision for losses 1,553 - 1,543 -
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14,603 6,467 37,516 7,657
Net change in
non-cash working
capital (Note 16) (36,922) (3,024) (44,631) (2,629)
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(22,319) 3,443 (7,115) 5,028
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Financing Activities
Issue of common
shares, options and
warrants for cash 2,384 48,561 213,835 50,177
Deferred financing
charges - (1,352) (224) (3,533)
Proceeds (repayment)
of notes payable and
long-term liabilities (1,016) - (119,151) 100,000
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1,368 47,209 94,460 146,644
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Investing Activities

Expenditures on
mineral properties (16,992) (6,085) (36,365) (16,352)
Decrease (increase) in
restricted cash - 69,523 583 (30,815)
Acquisition of
property, plant and
equipment (6,905) (1,924) (14,855) (4,187)
Expenditures on
assets
under construction (17,567) (42,986) (111,201) (78,183)
Company acquisitions,
net of assets acquired 423 - 13,037 -
Other (9,622) 446 (19,444) (1,399)
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(50,663) 18,974 (168,245) (130,936)
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Increase (decrease)
in cash and cash
equivalents (71,614) 69,626 (80,900) 20,736
Cash and cash
equivalents, beginning
of period 142,347 38,164 151,633 87,054
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Cash and cash
equivalents, end of
period $ 70,733 $107,790 $ 70,733 $ 107,790
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Cash and cash equivalents
Are comprised of the
following:
Cash at bank $ 33,700 $ 16,397 $ 33,700 $ 16,397
Bank term deposits 37,033 91,393 37,033 91,393
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$ 70,733 $107,790 $ 70,733 $ 107,790
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Contact Information

  • Yamana Gold Inc.
    Peter Marrone
    President and Chief Executive Officer
    (416) 815-0220
    or
    Yamana Gold Inc.
    Charles Main
    Chief Financial Officer
    (416) 815-0220
    Website: www.yamana.com