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YAMANA GOLD ANNOUNCES FILING OF EARLY WARNING REPORT IN CONNECTION WITH CLOSING OF EQUINOX GOLD MERGER WITH LEAGOLD

TORONTO, March 13, 2020 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) (“Yamana” or the “Company”) today announced that it has filed an early warning report under National Instrument 62-103 in connection with the closing of the previously announced merger (the “Transaction”) of Equinox Gold Corp. (“Equinox Gold”) and Leagold Mining Corporation (“Leagold”).

Upon completion of the Transaction, Yamana received an aggregate of 19,236,380 common shares of Equinox Gold (“Equinox Shares”) and warrants exercisable to acquire an aggregate of 8,345,501 Equinox Shares (“Warrants”) in exchange for its Leagold shares and warrants, representing approximately 8.92% of the issued and outstanding Equinox Shares on a non-diluted basis. If all Warrants held by Yamana were exercised, Yamana would hold approximately 12.32% of the issued and outstanding Equinox Shares on a partially-diluted basis, assuming no other convertible securities of Equinox are exercised. On a fully-diluted basis, assuming the exercise of all currently outstanding convertible securities of Equinox, Yamana would hold approximately 8.75% of the then issued and outstanding Equinox shares. Prior to the Transaction, Yamana did not hold any Equinox Shares or convertible securities of Equinox. Each Warrant entitles the holder thereof to purchase one Equinox Share at a price of C$11.18 until May 24, 2020.

While Yamana currently has no plans or intentions with respect to the Equinox Gold securities, depending on market conditions, general economic and industry conditions, trading prices of Equinox Gold’s securities, Equinox Gold’s business, financial condition and prospects and/or other relevant factors, Yamana may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Equinox Shares, Warrants or other securities of Equinox Gold.

A copy of the early warning report filed by Yamana will be available under Equinox’s profile on SEDAR at www.sedar.com or by contacting Sofia Tsakos, Senior Vice President, General Counsel and Corporate Secretary at 416-815-0220. Yamana’s head office is located at Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2200, Toronto, ON, M5J 2J3 and Equinox’s head office is located at Suite 1501 - 700 West Pender Street Vancouver, BC V6C 1G8.

About Yamana

Yamana is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chile and Argentina.  Yamana plans to continue to build on this base through expansion and optimization initiatives at existing oepating mine, development of new mines, the advancement of its exploration properties and, at times, by targeting other gold consolidation opportunities with a primary focus in the Americas.

FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
416-815-0220
1-888-809-0925
Email: investor@yamana.com 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:  This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect to the Company’s strategy, plans and objectives, including the Company’s expectations in connection with the sale or purchase of additional common shares of Equinox in the future, on the open market or in private transactions; Yamana’s plans to continue to build on its asset base through expansion and optimization initiatives at existing oepating mine, development of new mines, the advancement of its exploration properties and, at times, by targeting other gold consolidation opportunities with a primary focus in the Americas. 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 certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  These factors include market conditions as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission.  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 factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected plans and objectives and may not be appropriate for other purposes.