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Yamana Gold Reports Positive Exploration Results at Its Producing Mines; New Zones and Targets Identified at All Operations With the Potential to Significantly Expand the Mineral Resource Base and Increase Mine Life; East Gouldie Results Highlight Continuity and Scale of the Zone

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Figure 1

Minera Florida Location Map Showing Main Target Areas Discussed in Text, Principle Vein Systems, and Underground Workings.
Minera Florida Location Map Showing Main Target Areas Discussed in Text, Principle Vein Systems, and Underground Workings.
Minera Florida Location Map Showing Main Target Areas Discussed in Text, Principle Vein Systems, and Underground Workings.

Figure 2

Minera Florida, Don Leopoldo Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.
Minera Florida, Don Leopoldo Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.
Minera Florida, Don Leopoldo Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.

Figure 3

Minera Florida, Fantasma Longitudinal Section (Looking Northeast) Highlighting Recent Drill Results.
Minera Florida, Fantasma Longitudinal Section (Looking Northeast) Highlighting Recent Drill Results.
Minera Florida, Fantasma Longitudinal Section (Looking Northeast) Highlighting Recent Drill Results.

Figure 4

Cerro Moro Core Mine Location Map Showing Main Near Mine Target Areas and Principle Vein Systems Along the Escondida-Zoe Trend, and Location of Cassius Target to South.
Cerro Moro Core Mine Location Map Showing Main Near Mine Target Areas and Principle Vein Systems Along the Escondida-Zoe Trend, and Location of Cassius Target to South.
Cerro Moro Core Mine Location Map Showing Main Near Mine Target Areas and Principle Vein Systems Along the Escondida-Zoe Trend, and Location of Cassius Target to South.

Figure 5

Cerro Moro, Zoe Longitudinal Section (Looking North) Highlighting Recent Drilling Results.
Cerro Moro, Zoe Longitudinal Section (Looking North) Highlighting Recent Drilling Results.
Cerro Moro, Zoe Longitudinal Section (Looking North) Highlighting Recent Drilling Results.

Figure 6

Cerro Moro, Martina Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.
Cerro Moro, Martina Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.
Cerro Moro, Martina Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.

Figure 7

Cerro Moro, Naty Longitudinal Section (Looking Northwest) Highlighting Recent Drilling Results.
Cerro Moro, Naty Longitudinal Section (Looking Northwest) Highlighting Recent Drilling Results.
Cerro Moro, Naty Longitudinal Section (Looking Northwest) Highlighting Recent Drilling Results.

Figure 8

El Peñón, Pampa Campamento Longitudinal Section (Looking East) Highlighting Recent Drilling Results.
El Peñón, Pampa Campamento Longitudinal Section (Looking East) Highlighting Recent Drilling Results.
El Peñón, Pampa Campamento Longitudinal Section (Looking East) Highlighting Recent Drilling Results.

Figure 9

El Peñón District Plan Map, North-South Mine-Scale Long Section and Local Cross Section as Context to Recent Exploration Drill Hole SDX0609, Initial Test of Deep Rhyolite Host – Quebrada Orito South Vein Projection Drill Target.
El Peñón District Plan Map, North-South Mine-Scale Long Section and Local Cross Section as Context to Recent Exploration Drill Hole SDX0609, Initial Test of Deep Rhyolite Host – Quebrada Orito South Vein Projection Drill Target.
El Peñón District Plan Map, North-South Mine-Scale Long Section and Local Cross Section as Context to Recent Exploration Drill Hole SDX0609, Initial Test of Deep Rhyolite Host – Quebrada Orito South Vein Projection Drill Target.

Figure 10

East Gouldie Longitudinal and Cross Section Demonstrating Infill Results and East Extension Exploration Drilling.
East Gouldie Longitudinal and Cross Section Demonstrating Infill Results and East Extension Exploration Drilling.
East Gouldie Longitudinal and Cross Section Demonstrating Infill Results and East Extension Exploration Drilling.

Download a PDF of detailed drill hole results for Minera Florida
Download a PDF of detailed drill hole results for Cerro Moro
Download a PDF of detailed drill hole results for El Peñón
Download a PDF of detailed drill hole results for Canadian Malartic

TORONTO, Sept. 07, 2021 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or “the Company”) today provided an exploration update for the Minera Florida, Cerro Moro, El Peñón and Canadian Malartic mines. Exploration results for the Jacobina mine were announced on July 29, 2021, and for more information, please see the press release titled ‘Yamana Gold Reports Significant Progress on Phase 2 Expansion at Jacobina and Strong Exploration Results for the Operation’, available at www.yamana.com. The exploration program at the Company’s Wasamac project has commenced, with plans for 120,000 metres of drilling for 2021 and 2022, including infill drilling of least 68,000 metres to better delineate areas expected to be developed in the first three years of production and 10,000 metres of drilling on the broader Wasamac property, along with drilling on the adjacent Francoeur projects. An update on the Company’s generative exploration program that will include initial exploration results at Wasamac will be provided before the end of the month.

The Company’s exploration program continues to generate promising new discoveries, indicating excellent potential to add new mineral reserves and mineral resources, consistent with the corporate strategy of extending mine life through depletion replacement on an annual basis. In addition, the commitment to near-mine exploration has defined significant new mineralized zones not currently in life of mine plans. Furthermore, drilling results to date support continuous production at current or higher production levels for at least the 10-year period outlined in the Company’s previously provided outlook with such production not dependent on exploration successes and, in most cases, between existing mineral inventories and exploration results to date, mine lives at all of the Company’s operations are supported for well in excess of that 10-year production outlook period.

Exploration Highlights, Minera Florida

  • Drilling in key production sectors of the mine, most notably Don Leopoldo and Fantasma, continues to expand mineralization along strike and down dip. Targets remain open in both directions, underscoring the potential for expansion of the mineral envelope in both sectors. At Don Leopoldo, positive drilling results were obtained in areas that remain open for further growth along strike and down dip.

    • Highlights include the following estimated true width intercepts: 7.56 grams per tonne (“g/t”) of gold, 22.5 g/t of silver, and 1.24% of zinc over 5.99 metres (ALH3262); 6.82 g/t of gold, 13.4 g/t of silver and 1.29% of zinc over 3.02 metres (ALH3253).

  • At Fantasma, positive drilling results were obtained from the northwestern sector of the vein, defining two parallel horizontal high-grade shoots.

    • Highlights include the following estimated true width intercepts: 9.33 g/t of gold, 15.3 g/t of silver and 1.20% of zinc over 2.08 metres (ALH3239); 11.16 g/t of gold, 22.9 g/t of silver and 1.32% of zinc over 2.65 metres (ALH 3289).

  • Exploratory drilling at Minera Florida has generated new discoveries in the core mine area, including VNC and Juan Pablo, providing increased optionality for the mining operation and demonstrating the geological potential in the central Alhue block.

  • The recent discovery of veins such as Cucaracha and Juan Pablo in new areas beyond the eastern and western limits of the central Alhue block, the historic focus of exploration and mining at Minera Florida, underscores the potential for further near-mine discoveries.

  • The robust exploration results at Minera Florida support the plan for production increases at the operation.

Exploration Highlights, Cerro Moro

  • Expanded the known core mine veins at Cerro Moro with significant drill results, most notably at Zoe and Martina, providing an excellent opportunity for mineral resource growth in the near term, highlighting the continuity and potential of several sectors near current mining operations.

  • At Zoe, positive drilling results show good continuity at depth.

    • High-grade results over the following estimated true widths include: 34.71 g/t of gold and 3,264.5 g/t of silver over 3.47 metres (MD3173); 31.34 g/t of gold and 4,004.4 g/t of silver over 2.94 metres (MD3354).

  • At Martina, drilling has defined the continuity of the main ore shoot generating new areas open to exploration.

    • Highlights include the following estimated true width intercepts: 76.63 g/t of gold and 247.9 g/t of silver over 2.41 metres (MD3228); 84.80 g/t of gold and 69.2 g/t of silver over 2.31 metres (MD3240).

  • Beyond the core mine, drilling at Naty has defined continuous shallow high-grade mineralization with further growth potential at depth.

    • Highlights include the following estimated true width intercepts: 30.68 g/t of gold and 3,824.7 g/t of silver over 10.37 metres (MD3255); 56.27 g/t of gold and 109.7 g/t of silver over 4.29 metres (MD3270); and 102.39 g/t of gold and 1,051.0 g/t of silver over 2.89 metres (MD3271), demonstrating potential for further high-grade mineralization outside of the core mine area.

  • District exploration continues to generate important exploration targets, including an emerging district to the south of Cerro Moro. Initial scout drilling at a number of major structures, including Naty NE, Cassius, Domos La Union, La Henriette, and Casper, have generated encouraging results.

Exploration Highlights, El Peñón

  • Exploration drilling continues to expand mineralization to depths below several producing sectors, most notably Paloma and Pampa Campamento, while a dedicated program targeting continuity of the main production vein systems at depth is advancing and supportive of planned production increases at El Peñón.

  • Drilling at Paloma continues to expand the mineral envelope in multiple sectors, which remain open for further growth.

    • Highlights include the following estimated true width intercepts: 49.50 g/t of gold and 72.5 g/t of silver over 1.70 metres (SIU0028); 20.96 g/t of gold and 72.6 g/t of silver over 1.59 metres (SIU0014).

  • At Pampa Campamento, infill drilling has confirmed the expanding mineral envelope to depth, which remains open for further exploration.

    • Highlights include the following estimated true width intercepts: 33.54 g/t of gold and 68.7 g/t of silver over 0.69 metres (UIP0046); 9.89 g/t of gold and 752.6 g/t of silver over 1.68 metres (UIP0053).

  • The Company has initiated a deep exploratory drilling program targeting extensions of the major producing vein systems at depth and to the south of the mine. Initial drill results show significant potential for discovery of blind continuations of the main vein systems.

Exploration Highlights, Canadian Malartic

  • Infill drilling at East Gouldie continues to demonstrate strong intercepts and excellent continuity within the defined mineral envelope. Step out drilling to the east also exhibits good expansion potential, providing additional support for the planned Odyssey Underground Project.

  • Exploration drilling collared on the Rand property has cut the East Gouldie structure at depth up to 1,260 metres east of the year-end 2020 mineral resource envelope with significant results in three drill holes. Drilling has also intercepted a new mineralized structure 400 metres south of East Gouldie.

  • Exploration drilling below the East Amphi deposit has generated significant new intercepts expanding the mineralized envelope with new wide intervals of mineralization.

  • Results to date strongly support the transition at Canadian Malartic to a large scale underground operation.

Minera Florida Exploration Update

At Minera Florida, exploration results continue to expand known vein systems, such as at Don Leopoldo and Fantasma, and define new mineralized zones in the core mine, such as VCN and Juan Pablo. Infill drilling in 2021 included conversion of inferred resources as well as delineation drilling of select areas to increase confidence in higher grades areas within the mine plan. The latest drill results have also advanced the understanding and mineral potential of the east block, where the mineralized system is believed to continue at depth within this down-dropped structural block, representing a significant target for new areas close to existing mine infrastructure. Overall, exploration continues to expand the mineralized envelope to the east and west, and supports the plan for further production increases. The mine has an $11 million exploration budget with 52,000 metres of drilling planned for 2021, including 29,000 metres completed to date.

The delineation drilling program at Minera Florida has focused on the Fantasma and Don Leopoldo sectors, with results expanding the mineral envelope and demonstrating potential for further growth in several directions.

Infill and delineation drilling at Don Leopoldo continues to generate positive results, confirming the presence of mineralization in the northwestern portion of this system, which indicates that the sector remains open for expansion toward its projected intersection with the Patagua vein. Drilling highlights include the following estimated true width intercepts: 7.56 g/t of gold, 22.5 g/t of silver and 1.24% of zinc over 5.99 metres (ALH3262); 6.82 g/t of gold, 13.4 g/t of silver and 1.29% of zinc over 3.02 metres (ALH3253). Step out exploratory drilling intersected the southeastern continuity of the Don Leopoldo vein, expanding the current envelope. Drilling highlights include the following estimated true width intercepts: 9.42 g/t of gold, 9.4 g/t of silver and 0.41% of zinc over 3.94 metres (ALH3114); 13.47 g/t of gold, 15.3 g/t of silver and 0.05% of zinc over 3.70 metres (ALH3124). The sector also remains open in the down plunge direction, where the deepest hole executed (ALH3145) returned the following estimated true width interval: 4.23 g/t of gold, 8.2 g/t of silver and 2.69% zinc over 2.73 metres. See Figure 2 and Table 1 for additional results.

At Fantasma, infill drilling has defined two separate, parallel mineralized zones along the northwestern section of this vein system 100 and 200 metres in length and close to mine infrastructure. Drilling highlights include the following estimated true width intercepts: 9.33 g/t of gold, 15.3 g/t of silver and 1.20% of zinc over 2.08 metres (ALH3239); 11.16 g/t of gold, 22.9 g/t of silver and 1.32% of zinc over 2.65 metres (ALH 3289). Step out exploratory drilling intersected the continuity of this system along the northwestern strike direction toward the Polvorin structure intersection. Drilling highlights include the following estimated true width intercept: 11.55 g/t of gold, 17.7 g/t of silver and 0.19% of zinc over 1.05 metres (ALH3269). See Figure 3 and Table 1 for additional results.

Recent exploration drilling within the core mine has also generated substantial results. A new discovery, the VCN sector, was defined by excellent results along a continuous 300-metre northwest strike direction. This vein may provide important flexibility to the mine operation. Drilling highlights at VCN include the following estimated true width intercepts: 13.99 g/t of gold, 4.3 g/t of silver and 0.42% of zinc over 3.11 metres (ALH3352); 36.87 g/t of gold, 22.3 g/t of silver and 7.02% of zinc over 3.52 metres (ALH 3330).

Further, structural reinterpretation and recent exploratory drilling at the nearby, previously mined, Juan Pablo sector, located east of Alhue block, has generated the following estimated true width intercepts: 5.81 g/t of gold, 4.9 g/t of silver and 0.26% of zinc over 0.91 metres (ALH3130); and 4.98 g/t of gold, 10.7 g/t of silver and 1.87% of zinc over 0.60 metres (ALH3051), showing continuity of mineralization in both the down dip and up dip directions. Significantly, exploratory drilling at Juan Pablo has revealed geological continuity of mineralized veins across the Alhue–East block structural boundary, where veining is displaced by a series of subparallel faults related to the through-going Maqui fault structure, opening up a large area for near-mine exploration. An exploratory drift is planned in this high potential block, with drilling expected to begin in late 2021 or in the first quarter of 2022.

As part of its efforts to expand beyond the east and west limits of the Alhue block and explore Minera Florida’s large land package, exploratory drilling identified a new vein system, Cucaracha, located 1.5 kilometres from the plant. The Cucaracha system is defined continuously for 300 metres along a northwest-southeast direction and over 100 metres down dip, and it remains open in all directions. Drilling highlights include the following estimated true width intercepts: 4.48 g/t of gold, 5.5 g/t of silver and 3.19% of zinc over 2.54 metres (ALH3272); 11.01 g/t of gold, 5.6 g/t of silver and 2.27% of zinc over 1.39 metres (ALH3281).

Recent exploration results at Minera Florida continue to demonstrate the significant upside potential of the Minera Florida District. New sectors such as Don Leopoldo and Fantasma highlight the opportunity to expand the mineral resource base and extend life of mine, while new discoveries in the core block such as VNC represent important contributors for new mineral resources close to mine infrastructure, providing flexibility for the mining operation. In addition, advances in understanding of the structural setting at Minera Florida have demonstrated the continuity of the Alhue vein system east of the central Alhue block at Juan Pablo, highlighting a large near-mine area that is being evaluated for its exploration potential. Furthermore, new discoveries in the West block such as Cucaracha continue to demonstrate the exploration upside adjacent to mine infrastructure. These discoveries confirm the presence of a much wider mineralized system around the historic mine area than previously understood and offer excellent potential for future growth and mine life extensions.

Figure 1: Minera Florida Location Map Showing Main Target Areas Discussed in Text, Principle Vein Systems, and Underground Workings.
https://www.globenewswire.com/NewsRoom/AttachmentNg/c80ebbf4-fe7b-405b-88ac-7d06e2431d48

Figure 2: Minera Florida, Don Leopoldo Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3369beb3-61f6-4ce3-ac19-d34fa864a549

Figure 3: Minera Florida, Fantasma Longitudinal Section (Looking Northeast) Highlighting Recent Drill Results.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b3c502c5-d90f-43b9-8b68-4769f63f2d9a

Table 1: Minera Florida New Drill Intercept Highlights, Selected For Intervals Greater Than 3.50 g/t of Gold Over Diluted Horizontal Mining Width of 1.20 Metres. Gold Equivalent Equals Au(g/t)+Ag(g/t)/133.6+Zn(%)/2.54.

Hole

Vein

Drill Hole
Type

From
(m)

To
(m)

Core
Width (m)

Est.
True
Width
(m)

Gold
(g/t)

Silver
(g/t)

Zinc
(%)

Gold
Eq.
(g/t)

Gold (g/t)
Over
Diluted
Width

of 1.2 m

ALH3272

Cucaracha

Exploration

138.15

140.72

2.57

2.54

4.48

5.5

3.19

5.78

4.48

ALH3281

Cucaracha

Exploration

158.12

159.73

1.61

1.39

11.01

5.6

2.27

11.95

11.01

ALH3299

Cucaracha

Exploration

107.00

108.10

1.10

1.04

10.08

7.6

3.24

11.42

8.78

ALH3406

Cucaracha

Exploration

117.40

120.35

2.95

1.51

5.89

6.9

3.74

7.42

5.89

ALH3145

Don Leopoldo

Exploration

175.65

178.90

3.25

2.73

4.23

8.2

2.69

5.36

4.23

ALH3092

Don Leopoldo

Infill

135.25

137.98

2.73

2.41

3.92

16.0

0.04

4.08

3.92

ALH3097

Don Leopoldo

Infill

171.05

173.60

2.55

2.29

7.69

17.9

5.11

9.86

7.69

ALH3109

Don Leopoldo

Infill

132.63

134.40

1.77

1.45

5.72

17.1

0.05

5.89

5.72

ALH3114

Don Leopoldo

Infill

184.75

191.50

6.75

3.94

9.42

9.4

0.41

9.67

9.42

ALH3124

Don Leopoldo

Infill

154.35

158.74

4.39

3.70

13.47

15.3

0.05

13.62

13.47

ALH3144

Don Leopoldo

Infill

179.53

181.24

1.71

1.40

8.25

11.1

0.08

8.38

8.25

ALH3159

Don Leopoldo

Infill

154.17

155.95

1.78

1.60

12.08

10.4

0.05

12.19

12.08

ALH3222

Don Leopoldo

Infill

15.09

17.02

1.93

1.70

3.85

26.3

6.55

6.66

3.85

ALH3251

Don Leopoldo

Infill

17.76

21.25

3.49

2.79

10.02

27.5

4.98

12.22

10.02

ALH3253

Don Leopoldo

Infill

9.95

13.59

3.64

3.02

6.82

13.4

1.29

7.45

6.82

ALH3262

Don Leopoldo

Infill

73.20

86.24

13.04

5.99

7.56

22.5

1.24

8.25

7.56

ALH3267

Don Leopoldo

Infill

32.20

35.75

3.55

2.91

14.34

24.0

2.14

15.39

14.34

ALH3277

Don Leopoldo

Infill

19.00

22.85

3.85

3.27

3.94

18.4

3.95

5.66

3.94

ALH3378

Don Leopoldo

Infill

100.20

104.40

4.20

2.41

4.04

6.4

1.92

4.86

4.04

ALH3069

Fantasma

Delineation

53.42

54.48

1.06

0.91

5.61

40.0

0.61

6.20

4.30

ALH3073

Fantasma

Delineation

49.08

50.38

1.30

1.14

44.86

195.2

1.40

47.13

44.49

ALH3075

Fantasma

Delineation

62.60

64.00

1.40

1.19

20.43

112.5

0.49

21.61

20.43

ALH3205

Fantasma

Exploration

99.79

101.23

1.44

1.20

5.24

8.9

0.53

5.52

5.24

ALH3209

Fantasma

Exploration

93.32

102.25

8.93

4.60

5.62

14.1

0.69

6.02

5.62

ALH3233

Fantasma

Exploration

152.40

154.50

2.10

1.77

8.02

8.5

0.83

8.42

8.02

ALH3248

Fantasma

Exploration

101.70

103.25

1.55

1.34

9.75

6.9

1.16

10.27

9.75

ALH3269

Fantasma

Exploration

150.64

151.77

1.13

1.05

11.55

17.7

0.19

11.78

10.11

ALH3282

Fantasma

Exploration

110.60

111.65

1.05

0.94

16.57

16.9

4.69

18.57

13.26

ALH3289

Fantasma

Exploration

108.45

111.63

3.18

2.65

11.16

22.9

1.32

11.88

11.16

ALH3290

Fantasma

Exploration

129.00

130.85

1.85

1.62

8.39

6.3

1.16

8.90

8.39

ALH3123

Fantasma

Infill

180.75

182.90

2.15

1.10

9.52

8.7

0.03

9.61

8.89

ALH3155

Fantasma

Infill

114.50

115.60

1.10

0.90

18.76

52.5

0.30

19.34

14.85

ALH3193

Fantasma

Infill

82.56

85.35

2.79

2.39

3.84

14.1

1.01

4.36

3.84

ALH3200

Fantasma

Infill

94.80

96.50

1.70

1.40

3.75

10.4

0.75

4.13

3.75

ALH3203

Fantasma

Infill

67.98

70.75

2.77

2.50

13.18

86.5

1.96

14.71

13.18

ALH3232

Fantasma

Infill

68.50

70.50

2.00

1.82

11.18

17.6

2.94

12.49

11.18

ALH3239

Fantasma

Infill

119.14

121.78

2.64

2.08

9.33

15.3

1.20

9.94

9.33

ALH3244

Fantasma

Infill

93.02

95.21

2.19

1.85

4.70

31.5

1.47

5.56

4.70

ALH3256

Fantasma

Infill

79.93

81.72

1.79

1.58

5.13

11.7

1.18

5.70

5.13

ALH3260

Fantasma

Infill

133.05

134.70

1.65

1.34

8.58

16.7

1.47

9.31

8.58

ALH3127

Juan Pablo

Exploration

43.70

45.35

1.65

1.35

6.50

4.7

0.69

6.81

6.50

ALH3130

Juan Pablo

Exploration

58.50

59.47

0.97

0.90

5.81

4.9

0.26

5.96

4.41

ALH3060

Juan Pablo

Infill

77.10

78.10

1.00

0.82

9.28

8.0

2.46

10.32

6.50

ALH3210

VCN

Exploration

59.30

61.00

1.70

1.59

6.85

14.0

2.06

7.78

6.85

ALH3352

VCN

Exploration

115.05

119.21

4.16

3.11

13.99

4.3

0.42

14.20

13.99

ALH3380

VCN

Exploration

95.95

99.60

3.65

3.50

15.55

7.5

3.00

16.79

15.55

ALH3330

VCN

Infill

113.40

117.45

4.05

3.52

36.87

22.3

7.02

39.83

36.87

ALH3333

VCN

Infill

116.35

122.60

6.25

4.35

9.53

11.0

2.53

10.63

9.53

Cerro Moro Exploration Update

At Cerro Moro, the exploration program continues to generate good results in both the infill and exploration programs, with positive intercepts in areas of the core mine and from district exploration. Infill drilling included both conversion of inferred resources and significant delineation drilling in the first two quarters of the year, increasing the drill density in key areas of the mine to improve confidence in mine planning and confirming higher grade sectors. Drilling at producing sectors along the main Escondida trend indicate that the vein systems remain open for expansion. At Naty, this new discovery continues to provide significant drilling intercepts, defining a shallow mineable mineral envelope that remains open down plunge to the northeast. District exploration continues to advance the evaluation of the large Cerro Moro land package, generating new exploration targets at regional-scale structures that bear similarities to structures hosting the core mine deposits, with associated surface geochemical anomalies. The mine has a $18 million exploration budget in 2021 with 55,000 metres of drilling planned for the year and 41,000 metres drilled to date.

In addition, positive column leach tests on near-surface vein material and internal studies suggest the opportunity for a low-cost heap leach operation. Exploration has designed a $1.9 million program to delineate near-surface mineral resource opportunities that is expected to begin in the fourth quarter of 2021. Mineral resource delineation will proceed in conjunction with further metallurgical testing, engineering, and internal evaluations to advance this opportunity.

At the Cerro Moro mine, delineation and exploratory drilling programs expanded several producing vein systems hosted along the Escondida trend, most notably at the Zoe and Martina targets. Step out drilling results indicate the continuity of mineralization at these sectors, opening up significant near mine potential to support mineral resource growth potentially supporting a plant expansion. Internal studies completed in the first half of 2021 indicate that doubling of the plant throughput to 2,200 tonnes per day could be achieved with modest capital investment and would significantly reduce processing costs per tonne. The Company has now commenced a metallurgical test work program and pre-feasibility study in anticipation of ongoing exploration success. See Figure 4 for additional details.

At Zoe, infill, delineation, and exploratory drilling generated strong results, confirming continuity along strike and to depth of high-grade mineralization, extending the mineralized zone by 300 metres laterally and 200 metres down dip adjacent to current mine development. Notable results include the following estimated true width intercepts: 34.71 g/t of gold and 3,264.5 g/t of silver over 3.47 metres (MD3173); 31.34 g/t of gold and 4,004.4 g/t of silver over 2.94 metres (MD3354); and 59.76 g/t of gold and 5,386.0 g/t of silver over 2.72 metres (MD3369).

Step out exploratory drilling down dip extended the mineral envelope for an additional 200 metres where mineralization remains open to depth. Drilling highlights include the following estimated true width intercepts: 8.04 g/t of gold and 532.5 g/t of silver over 2.61 metres (MD3419); 6.91 g/t of gold and 30.7 g/t of silver over 3.25 metres (MD3318). To the west, exploratory drilling intercepted the continuity of mineralization along strike, suggesting the system also remains open in this direction. Results include the following estimated true width intercept: 8.15 g/t of gold, 161.3 g/t of silver over 1.43 metres (MD3428). See Figure 5 and Table 2 for additional results.

At Martina, infill and delineation drilling continues to define the continuity of the main horizontal ore shoot along a 300 metre east-west corridor, with the following notable estimated true width intercepts: 76.63 g/t of gold and 247.9 g/t of silver over 2.41 metres (MD3228); 27.05 g/t of gold and 238.7 g/t of silver over 2.40 metres (MD3226); and 84.80 g/t of gold with 69.2 g/t of silver over 2.31 metres (MD3240). Additionally, exploratory drilling has extended the mineralization eastward from the main zone and provided new potential areas for a step out drilling program. Recent estimated true width intercepts include: 7.25 g/t of gold and 5.7 g/t of silver over 2.19 metres (MD3373); 4.60 g/t of gold and 59.0 g/t of silver, over 1.24 metres (MD3382). See Figure 6 and Table 2 for additional results.

Naty is a recently discovered vein system located 25 kilometres south of the Cerro Moro mine complex and represented by shallow mineralization associated with black silica hydrothermal alteration, a key marker in high-grade veins at Cerro Moro. Exploratory and infill drilling during the last year has defined a continuous mineralized envelope extending 900 metres along a northeast-southwest direction, gently plunging northeast, where it remains open. Recent drilling results include the following estimated true width intercepts: 30.68 g/t of gold and 3,824.7 g/t of silver over 10.37 metres (MD3255); 25.91 g/t of gold and 36.9 g/t of silver over 2.98 metres (MD3256); 56.97 g/t of gold and 109.70 g/t of silver over 4.29 metres (MD3270); and 102.39 g/t of gold and 1,051.0 g/t of silver over 2.89 metres (MD3271).

Exploratory drilling has defined a second new shallow mineralized vein, possibly a secondary structure, with the following estimated true width intercepts: 5.86 g/t of gold and 43.5 g/t of silver over 3.99 metres (MD2939); 5.37 g/t of gold and 146.1 g/t of silver over 3.98 metres (MD3128). See Figure 7 and Table 2 for additional results.

Systematic exploration of the large Cerro Moro property surrounding the mine area, which exceeds 300,000 hectares, continued with combined soil and rock geochemistry programs, ground geophysics, surface geological and alteration mapping and reconnaissance drilling. Over the last year, this program has advanced several target areas located south of Cerro Moro, where several major structures and associated surface geochemical anomalies were identified, most notably Naty NE, Cassius, Domos La Union, La Henriette, and Casper. Reconnaissance drilling has identified new mineralized zones for further testing and definition drilling in multiple sectors. The most notable of these is Cassius, which is located two kilometres south of Cerro Moro and hosted by a major northwest-striking structure that parallels the productive Escondida trend. Initial drilling at Cassius encountered a zone of black silica mineralization, which returned an estimated true width intercept of 57.67 g/t of gold and 186.5 g/t of silver over 0.79 metres at 444.16 metres hole depth (MD3453). This new discovery is currently being followed up with additional drilling. See Figure 4 for location of Cassius target.

Positive exploration results along the Escondida trend, an expanding mineral envelope at Naty, and the discovery of a new structure parallel to Escondida are contributing to the goal of mine life extension, with year-on-year depletion replacement. Exploration is targeting several high priority areas with veins that have the potential to contain greater than one kilometre of strike length, representing opportunities to generate new discoveries that may be important drivers of future growth.

Figure 4: Cerro Moro Core Mine Location Map Showing Main Near Mine Target Areas and Principle Vein Systems Along the Escondida-Zoe Trend, and Location of Cassius Target to South.
https://www.globenewswire.com/NewsRoom/AttachmentNg/231b5312-c088-4830-8c0e-645fe3fb16bf

Figure 5: Cerro Moro, Zoe Longitudinal Section (Looking North) Highlighting Recent Drilling Results.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3fae7184-8ce5-4df8-b335-49ef6f65aa3b

Figure 6: Cerro Moro, Martina Longitudinal Section (Looking Northeast) Highlighting Recent Drilling Results.
https://www.globenewswire.com/NewsRoom/AttachmentNg/02d0aa5c-65a0-4b06-9796-16f75d7f540c


Figure 7: Cerro Moro, Naty Longitudinal Section (Looking Northwest) Highlighting Recent Drilling Results.
https://www.globenewswire.com/NewsRoom/AttachmentNg/90cf4ec5-0210-45f5-921d-1a91b8a02da1

Table 2: Cerro Moro New Drill Intercept Highlights, Martina, Zoe, Naty and Cassius Sectors, Selected for Intervals Greater Than 3.5 g/t of Gold Over Diluted Width of 1.8 Metres. Gold Equivalent Equals Au+Ag/83.9.

Hole

Prospect

Drill Hole
Type

From
(m)

To
(m)

Core
Width

(m)

Est.
True
Width
(m)

Gold
(g/t)

Silver
(g/t)

Gold
Eq.

(g/t)

Gold (g/t) Over
Diluted Width
of 1.8 m

MD3453

Cassius

Scout

444.16

445.20

1.04

0.79

57.67

186.5

59.89

25.18

MD3373

Martina

Exploration

206.50

209.10

2.60

2.19

7.25

5.7

7.32

7.25

MD3150A

Martina

Infill

228.00

230.75

2.75

2.13

6.23

26.0

6.54

6.23

MD3156

Martina

Infill

261.20

261.54

0.34

0.27

149.53

221.0

152.16

22.26

MD3211

Martina

Infill

249.00

249.90

0.90

0.73

26.15

62.6

26.90

10.61

MD3211

Martina

Infill

276.30

278.00

1.70

1.38

12.99

48.0

13.56

9.99

MD3217

Martina

Infill

293.00

294.40

1.40

1.17

19.94

336.8

23.95

12.95

MD3217

Martina

Infill

302.80

303.30

0.50

0.42

78.06

1861.0

100.22

18.22

MD3226

Martina

Infill

285.34

288.10

2.76

2.40

27.05

238.7

29.89

27.05

MD3228

Martina

Infill

264.20

267.20

3.00

2.41

76.63

247.9

79.58

76.63

MD3238

Martina

Infill

237.40

239.40

2.00

1.59

31.34

805.4

40.93

31.34

MD3240

Martina

Infill

255.10

258.00

2.90

2.31

84.80

69.2

85.63

84.80

MD3243

Martina

Infill

223.00

224.00

1.00

0.81

14.36

617.3

21.71

6.42

MD3247

Martina

Infill

240.35

243.15

2.80

2.29

11.13

54.9

11.78

11.13

MD3275

Martina

Infill

273.70

274.50

0.80

0.62

33.02

104.6

34.26

11.30

MD3471A

Martina

Infill

313.40

313.80

0.40

0.33

32.76

28.1

33.09

5.99

MD2939

Naty

Exploration

5.00

8.00

3.00

2.99

4.80

21.4

5.05

4.80

MD2939

Naty

Exploration

38.00

42.00

4.00

3.99

5.86

43.5

6.38

5.86

MD3128

Naty

Exploration

67.00

71.00

4.00

3.98

5.37

146.1

7.11

5.37

MD3315

Naty

Exploration

49.50

51.50

2.00

1.99

24.00

26.8

24.32

24.00

MD3251

Naty

Infill

50.50

55.30

4.80

4.78

7.35

490.7

13.20

7.35

MD3254

Naty

Infill

38.30

46.50

8.20

8.17

6.13

157.4

8.00

6.13

MD3255

Naty

Infill

35.75

46.17

10.42

10.37

30.68

3824.7

76.22

30.68

MD3256

Naty

Infill

45.20

49.50

4.30

4.28

3.93

237.1

6.75

3.93

MD3256

Naty

Infill

50.20

52.80

2.60

2.59

5.61

143.0

7.31

5.61

MD3256

Naty

Infill

55.00

56.00

1.00

1.00

13.69

36.1

14.12

7.57

MD3256

Naty

Infill

57.30

62.00

4.70

4.68

9.37

142.2

11.06

9.37

MD3256

Naty

Infill

66.00

69.00

3.00

2.98

25.91

36.9

26.35

25.91

MD3270

Naty

Infill

1.00

5.30

4.30

4.29

56.27

109.7

57.58

56.27

MD3271

Naty

Infill

3.00

5.90

2.90

2.89

102.39

1051.0

114.90

102.39

MD3277

Naty

Infill

16.87

20.50

3.63

3.62

3.59

21.4

3.84

3.59

MD3277A

Naty

Infill

51.00

54.64

3.64

3.63

7.07

248.6

10.03

7.07

MD3279

Naty

Infill

33.00

34.20

1.20

1.19

24.26

333.0

28.22

16.09

MD3279

Naty

Infill

37.60

40.00

2.40

2.39

15.81

388.0

20.43

15.81

MD3044

Naty

Scout

18.90

20.00

1.10

1.10

10.51

27.8

10.84

6.40

MD3252

Zoe

Exploration

423.65

427.10

3.45

2.44

4.53

480.1

10.25

4.53

MD3318

Zoe

Exploration

399.00

403.50

4.50

3.25

6.91

30.7

7.27

6.91

MD3419

Zoe

Exploration

380.75

384.11

3.36

2.61

8.04

532.5

14.38

8.04

MD3428

Zoe

Exploration

329.50

332.00

2.50

1.43

8.15

161.3

10.07

8.15

MD3120

Zoe

Infill

282.00

287.30

5.30

4.30

3.89

162.2

5.82

3.89

MD3123

Zoe

Infill

308.00

317.48

9.48

8.10

3.89

300.0

7.46

3.89

MD3126

Zoe

Infill

236.00

239.00

3.00

2.17

5.30

244.0

8.21

5.30

MD3126

Zoe

Infill

239.80

244.00

4.20

3.04

9.99

50.4

10.60

9.99

MD3142

Zoe

Infill

295.00

302.50

7.50

5.78

16.73

654.3

24.52

16.73

MD3162

Zoe

Infill

160.00

168.00

8.00

5.82

6.58

1016.4

18.68

6.58

MD3165

Zoe

Infill

172.00

175.80

3.80

2.73

19.41

1237.9

34.15

19.41

MD3167

Zoe

Infill

150.50

154.40

3.90

2.65

49.53

2668.5

81.30

49.53

MD3170

Zoe

Infill

127.70

131.00

3.30

2.43

8.51

893.3

19.14

8.51

MD3173

Zoe

Infill

128.00

132.75

4.75

3.47

34.71

3624.5

77.86

34.71

MD3344

Zoe

Infill

156.40

162.00

5.60

3.76

4.57

637.5

12.16

4.57

MD3351

Zoe

Infill

173.20

177.25

4.05

2.94

3.72

570.9

10.51

3.72

MD3353

Zoe

Infill

163.70

165.50

1.80

1.10

23.04

1488.7

40.77

23.04

MD3354

Zoe

Infill

173.20

177.60

4.40

2.94

31.34

4004.4

79.01

31.34

MD3357A

Zoe

Infill

160.60

163.42

2.82

2.02

5.15

438.0

10.36

5.15

MD3359A

Zoe

Infill

174.85

178.00

3.15

1.95

43.98

3437.4

84.90

43.98

MD3361

Zoe

Infill

169.70

184.47

14.77

8.13

21.39

2146.9

46.95

21.39

MD3364

Zoe

Infill

195.00

198.00

3.00

2.14

46.62

2582.8

77.37

46.62

MD3367

Zoe

Infill

221.05

224.50

3.45

2.49

16.19

1201.2

30.49

16.19

MD3369

Zoe

Infill

195.50

199.14

3.64

2.72

59.76

5386.1

123.88

59.76

El Peñón Exploration Update

At El Peñón, core mine exploration continues to define mineralization at depth on the Paloma and Pampa Campamento veins, providing excellent potential for mineral resource expansion and supporting the plan for production increases. In addition, a recently initiated exploratory drilling program has confirmed the presence of the favorable rhyolite mineral host lithology preserved at depth along the southern extension of a major mineralized structure, suggesting the continuity of the Peñón system south of the core mine area. The mine has an exploration budget of $18 million with 128,000 metres of drilling planned in 2021 and 88,000 metres completed to date.

Infill drilling at Paloma continues to expand the mineral envelope down dip, with significant drilling intercepts. Drilling highlights include the following estimated true width intercepts: 20.96 g/t of gold and 72.6 g/t of silver over 1.59 metres (SIU0014) 49.50 g/t of gold and 72.5 g/t of silver over 1.70 metres (SIU0028). Exploration drilling continues to extend mineralization to depth, highlighted by the following estimated true width intersept: 25.71 g/t of gold and 97.8 g/t of silver over 1.24 metres (UEU0028). See Tables 3A and 3B for additional drill results.

At Pampa Campamento, infill drilling has confirmed the current mineral resource over 300 metres in the down dip direction in the central part of the sector where mineralization remains open at depth. Drilling highlights include the following estimated true width intercepts: 33.54 g/t of gold and 68.7 g/t of silver over 0.69 metres (UIP0046); 9.89 g/t of gold and 752.6 g/t of silver over 1.68 metres (UIP0053). In the north sector of this vein, exploratory drilling defined a subvertical mineralized zone 100 metres wide and extending 300 metres down dip. Results include the following estimated true width intercepts: 9.90 g/t of gold and 44.8 g/t of silver over 1.02 metres (SEP0010); 9.98 g/t of gold and 15.2 g/t of silver over 0.72 metres (SEP0006). Please see Figure 8 and Tables 3A and 3B for additional drill results.

The Company recently initiated a brownfield program dedicated to the systematic exploration of large unexplored volumes of the favorable rhyolite host stratigraphy directly along strike of the major producing veins. These areas remain unexplored due to the presence of unmineralized cover rocks that are capable of concealing a large vein system (i.e. greater than two kilometres cumulative extent). As part of this program, the Company recently launched an aggressive exploratory drilling program focusing along the projected strike extension of the major vein systems at Quebrada Orito, Quebrada Colorada, and Bonanza.

At Quebrada Orito, one of the largest veins on the El Peñón property, an initial vertical exploratory drill hole, collared one kilometre along the southern projection of the Orito structure, confirmed the presence of the favourable host rhyolite unit at depth, and intersected a zone of strongly hydrothermally altered, mineralized tuff directly overlying the rhyolite hosting quartz veining. The vein interval assayed 1.26 g/t of gold and 48.6 g/t of silver over a core length of 4.00 metres, including a sub-interval which graded 8.10 g/t of gold and 135.2 g/t of silver over a core length of 0.50 metres (SDX-0609). These results confirm the continuation of the favourable rhyolite stratigraphy up to at least one kilometre south along the projection of the Quebrada Orito vein at depth. Furthermore, the presence of mineralization in this section of the property is encouraging and lends support to the underlying exploration premise. See Figure 9 for further details.

The potential at the El Peñón core mine is further underpinned by the project’s excellent track record of mineral resource discovery, continuous depletion replacement, and 22 years of continuous production. With the existence of excess plant capacity at El Peñón coupled with recent exploration results and new targets along trend of this major vein system, the Company expects to utilize that plant capacity and increase production. Furthermore, the Company believes there is excellent potential for long-term growth at El Peñón beyond the mine life suggested by the mine’s current mineral reserve inventory.

Figure 8: El Peñón, Pampa Campamento Longitudinal Section (Looking East) Highlighting Recent Drilling Results.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f9545c19-2d5e-440c-b83a-c57a28e3431f

Figure 9: El Peñón District Plan Map, North-South Mine-Scale Long Section and Local Cross Section as Context to Recent Exploration Drill Hole SDX0609, Initial Test of Deep Rhyolite Host – Quebrada Orito South Vein Projection Drill Target.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c3030ca-a40e-4c30-851c-af6c7fcf1ff6

Table 3A: El Peñón New Infill Drill Intercepts, Select for Intervals Greater Than 3.5 g/t of Gold Over Diluted Width of 1.2 Metres. Gold Equivalent Equals Au(g/t)+Ag(g/t)/86.

Hole

Vein

From
(m)

To
(m)

Core
Width
(m)

Est. True
Width (m)

Gold
(g/t)

Silver
(g/t)

Gold Eq.
(g/t)

Gold (g/t)
Over
Diluted
Width of
1.2 m

UIA0201

Aleste Main

189.21

189.64

0.43

0.25

33.10

17.2

33.30

6.90

SIQ0001

Colorada Sur

328.00

329.50

1.50

1.07

39.86

52.4

40.47

35.87

SIQ0002

Colorada Sur

307.00

307.50

0.50

0.36

12.90

634.0

20.27

3.87

SIQ0003

Colorada Sur

316.72

317.74

1.02

0.86

19.80

414.5

24.62

14.69

SIQ0008

Colorada Sur

307.48

309.00

1.52

1.16

5.53

103.9

6.73

5.48

SIQ0015

Colorada Sur

304.45

306.70

2.25

1.79

9.91

391.4

14.46

9.91

SIQ0018

Colorada Sur

447.00

448.00

1.00

0.31

29.85

1188.5

43.67

8.01

SIQ0022

Colorada Sur

364.50

365.50

1.00

0.42

12.05

772.5

21.03

4.32

UIQ0004

Colorada Sur

94.94

97.50

2.56

2.29

6.64

259.3

9.65

6.64

UIQ0005

Colorada Sur

124.60

125.90

1.30

0.89

11.00

388.9

15.52

8.21

UIQ0009

Colorada Sur

142.00

144.00

2.00

1.24

5.16

273.9

8.34

5.16

SIQ0006

Colorada Sur (+15)

376.55

377.85

1.30

0.85

6.15

212.4

8.62

4.43

UID0325

Dorada Footwall Oeste

157.60

158.00

0.40

0.20

29.30

2625.0

59.82

5.13

UID0327

Dorada Footwall Oeste

45.37

46.34

0.97

0.82

5.60

522.0

11.67

3.83

UID0327

Dorada Footwall Oeste

119.48

119.95

0.47

0.41

13.20

371.6

17.52

4.62

UID0320

Dorada Footwall Oeste Oeste (+10)

182.38

183.00

0.62

0.41

11.40

443.0

16.55

4.09

UID0316

Dorada Footwall Oeste

139.40

140.98

1.58

1.27

8.70

681.0

16.62

8.70

UID0331

Dorada Footwall Oeste

127.56

128.79

1.23

1.02

7.60

831.1

17.27

6.52

UID0332

Dorada Footwall Oeste

165.35

165.90

0.55

0.32

23.50

1836.0

44.85

6.21

UID0340

Dorada Footwall Oeste

172.13

172.96

0.83

0.48

39.70

783.0

48.80

16.05

UID0343

Dorada Footwall Oeste

178.65

179.26

0.61

0.38

38.00

1605.0

56.66

12.19

UID0344

Dorada Footwall Oeste

144.25

144.90

0.65

0.40

12.50

1217.0

26.65

4.38

UID0345

Dorada Footwall Oeste

110.00

111.70

1.70

1.52

9.80

867.6

19.89

9.80

UIV0041

El Valle

271.00

275.00

4.00

3.29

4.90

105.0

6.12

4.90

UIV0042

El Valle

285.35

286.23

0.88

0.74

9.80

417.0

14.65

6.29

UIV0045

El Valle

342.00

343.60

1.60

1.23

3.55

112.5

4.86

3.55

SIL0007

Laguna

61.50

63.00

1.50

1.20

8.81

45.5

9.34

8.81

UID0312

Martillo Central Sur

206.87

207.70

0.83

0.80

15.80

717.0

24.14

10.57

UIM0052

Martillo Flat

216.50

219.00

2.50

1.84

5.52

550.2

11.92

5.52

SIU0007

Paloma

349.20

350.40

1.20

0.72

43.00

372.6

47.33

26.52

SIU0008

Paloma

319.45

320.28

0.83

0.55

28.00

31.9

28.37

12.95

SIU0008

Paloma

329.00

329.73

0.73

0.45

19.90

864.0

29.95

7.46

SIU0010

Paloma

403.00

409.00

6.00

3.77

18.21

39.2

18.67

18.21

SIU0012

Paloma

428.10

428.75

0.65

0.44

11.30

59.7

11.99

4.33

SIU0013

Paloma

495.05

496.77

1.72

1.00

40.96

118.5

42.33

34.13

SIU0014

Paloma

501.73

504.23

2.50

1.59

20.96

72.6

21.80

20.96

SIU0015

Paloma

331.25

332.30

1.05

0.71

11.01

763.7

19.89

6.52

SIU0016

Paloma

533.50

537.00

3.50

1.85

43.00

21.5

43.25

43.00

SIU0017

Paloma

500.90

502.50

1.60

0.97

11.96

85.0

12.95

9.67

SIU0017

Paloma

503.80

505.13

1.33

0.76

18.45

49.3

19.02

11.62

SIU0023

Paloma

549.80

552.22

2.42

1.48

4.65

42.7

5.15

4.65

SIU0028

Paloma

538.89

541.58

0.40

1.70

49.50

72.5

50.34

49.50

UIP0010

Pampa Campamento

241.16

244.70

3.54

1.11

11.02

43.3

11.52

10.74

UIP0012

Pampa Campamento

214.12

216.00

1.88

0.81

22.32

598.8

29.28

15.40

UIP0013

Pampa Campamento

262.50

264.88

2.38

1.15

6.28

217.6

8.81

6.12

UIP0013

Pampa Campamento

268.35

270.45

2.10

0.59

8.34

441.5

13.47

4.28

UIP0014

Pampa Campamento

235.23

237.97

2.74

1.42

4.28

80.7

5.22

4.28

UIP0015

Pampa Campamento

342.00

345.59

3.59

1.10

10.47

212.6

12.94

10.12

UIP0017

Pampa Campamento

223.09

227.55

4.46

1.63

14.89

482.1

20.50

14.89

UIP0020

Pampa Campamento

264.80

269.38

4.58

1.35

6.07

232.0

8.77

6.07

UIP0024

Pampa Campamento

340.00

342.10

2.10

0.94

14.71

213.9

17.20

12.26

UIP0027

Pampa Campamento

357.70

366.70

9.00

2.68

4.70

131.2

6.23

4.70

UIP0032

Pampa Campamento

253.30

255.00

1.70

0.79

5.94

284.4

9.24

4.02

UIP0033

Pampa Campamento

327.00

332.00

5.00

2.11

10.22

218.2

12.75

10.22

UIP0036

Pampa Campamento

229.35

231.15

1.80

1.10

12.99

27.0

13.30

12.12

UIP0044

Pampa Campamento

167.30

168.65

1.35

0.58

56.63

1911.9

78.86

29.26

UIP0046

Pampa Campamento

248.37

249.50

1.13

0.69

33.54

68.7

34.34

20.13

UIP0050

Pampa Campamento

461.40

463.90

2.50

0.69

14.86

284.3

18.17

8.79

UIP0051

Pampa Campamento

189.68

191.35

1.67

0.72

12.00

194.1

14.26

7.50

UIP0053

Pampa Campamento

233.90

238.47

4.57

1.68

9.89

752.6

18.64

9.89

SIS0001

Sorpresa

377.15

379.30

2.15

1.22

8.04

266.6

11.14

8.04

SIS0004

Sorpresa

389.30

389.90

0.60

0.44

21.61

1430.3

38.24

6.38

UIS0013

Sorpresa (+30)

255.35

256.02

0.67

0.48

15.90

285.0

19.21

6.59

Table 3B: El Peñón New Exploration Drill Intercepts, Select for Intervals Greater Than 3.5 g/t of Gold Over Diluted Width of 1.2 Metres. Gold Equivalent Equals Au(g/t)+Ag(g/t)/86.

Hole

Vein

From (m)

To
(m)

Core
Width
(m)

Est. True
Width (m)

Gold
(g/t)

Silver
(g/t)

Gold
Equivalent
(g/t)

Gold (g/t)
Over
Diluted
Width of
1.2 m

UEU0016

Abundancia

221.30

223.86

2.56

1.28

8.23

64.7

8.98

8.23

UEO0030

Angelina

116.00

188.45

72.45

0.88

5.11

27.1

5.42

3.96

SEX0011

Bermuda

224.50

226.50

2.00

1.28

9.40

55.5

10.05

9.40

SEX0016

Bermuda

324.50

325.50

1.00

0.75

5.36

9.8

5.47

4.11

SEM0007

Carmela

368.00

369.00

1.00

0.67

9.09

6.9

9.17

5.25

SEQ0003

Colorada Sur

306.00

307.00

1.00

0.77

32.60

513.0

38.57

21.46

SEQ0005

Colorada Sur

348.00

350.00

2.00

1.32

20.45

93.5

21.54

20.45

SEQ0007

Colorada Sur

300.00

302.00

2.00

1.56

8.95

307.0

12.52

8.95

SEQ0010

Colorada Sur

281.00

282.00

1.00

0.58

7.10

156.5

8.92

3.57

SEQ0020

Colorada Sur

349.00

351.00

2.00

0.74

7.63

0.7

7.64

5.09

SNX0983

Colorada Sur

421.00

428.00

7.00

2.72

15.30

7.6

15.39

15.30

SNX0983

Colorada Sur

457.50

464.50

7.00

2.92

7.14

3.8

7.19

7.14

UEQ0008

Colorada Sur

85.00

86.70

1.70

0.87

6.09

392.6

10.65

4.82

UEQ0008

Colorada Sur

114.00

115.00

1.00

0.89

11.00

466.0

16.42

9.08

SEQ0004

Colorada Sur (-10)

326.50

328.00

1.50

0.81

6.11

309.3

9.71

4.24

SED0003

Dorada Este

471.00

474.00

3.00

1.37

5.40

75.0

6.28

5.40

UED0060

Dorada Este

105.25

108.05

2.80

1.00

11.77

75.0

12.64

10.83

UED0051

Dorada FW W

116.20

117.75

1.55

1.32

8.82

681.0

16.74

8.82

UED0052

Dorada FW W

121.44

122.70

1.26

1.18

10.51

1623.6

29.39

10.51

UEV0014

El Valle

295.42

296.10

0.68

0.98

8.73

9.0

8.83

8.51

UEV0016

El Valle

319.90

321.55

1.65

1.22

7.33

211.2

9.79

7.33

UEV0017

El Valle

350.50

352.10

1.60

1.24

4.00

91.4

5.06

4.00

SEE0030

Esmeralda

158.00

160.00

2.00

1.49

5.30

304.0

8.83

5.30

SEE0027

Esmeralda Sur

256.00

257.00

1.00

0.47

9.40

13.5

9.56

3.84

SEM0002

Martillo Flat (+150)

230.00

231.00

1.00

0.84

5.30

749.0

14.01

3.76

SEU0001

Paloma

573.00

577.50

4.50

1.30

43.90

34.3

44.30

43.90

SEU0004

Paloma

465.00

466.00

1.00

0.67

9.10

78.4

10.01

5.23

SEU0006

Paloma

534.00

535.50

1.50

1.07

43.00

43.3

43.50

39.06

SEU0008

Paloma

551.00

554.00

3.00

2.03

8.37

3.5

8.41

8.37

SEU0011

Paloma

606.50

607.50

1.00

0.54

12.80

61.7

13.52

5.98

SEU0016

Paloma

596.86

598.94

2.08

1.39

4.29

130.7

5.81

4.29

SNX0977

Paloma

522.00

526.50

4.50

2.65

12.49

25.7

12.79

12.49

UEU0028

Paloma

360.63

363.88

3.25

1.24

25.71

97.8

26.85

25.71

SEP0003

Pampa Campamento

427.50

428.50

1.00

0.55

26.59

455.9

31.89

12.32

SEP0006

Pampa Campamento

494.00

496.00

2.00

0.72

9.98

15.2

10.16

6.15

SEP0008

Pampa Campamento

584.50

585.50

1.00

0.20

43.75

46.9

44.29

7.29

SEP0009

Pampa Campamento

432.00

433.00

1.00

0.55

10.70

139.4

12.32

4.99

SEP0010

Pampa Campamento

475.50

477.50

2.00

1.02

9.90

44.8

10.42

8.66

SEP0014

Pampa Campamento

504.00

506.50

2.50

1.03

4.35

29.8

4.70

3.77

UEP0017

Pampa Campamento

109.60

113.60

4.00

2.60

4.62

16.0

4.80

4.62

UEP0021

Pampa Campamento

205.64

207.18

1.54

0.42

56.00

616.3

63.17

20.53

UEP0026

Pampa Campamento

283.84

285.30

1.46

1.30

10.77

410.7

15.54

10.77

UES0013

Pampa Campamento

357.00

358.10

1.10

1.08

5.94

124.2

7.38

5.40

SEX0019

Pampa Providencia Este (-15)

277.00

278.00

1.00

0.68

10.10

213.8

12.59

5.77

SES0001

Sorpresa

371.00

372.00

1.00

0.62

7.58

38.1

8.02

4.09

SES0002

Sorpresa

388.00

390.50

2.50

1.60

8.17

421.8

13.08

8.17

SES0002

Sorpresa

403.00

405.00

2.00

0.98

24.04

1468.6

41.11

20.03

SES0002

Sorpresa

431.00

432.00

1.00

0.72

8.25

18.7

8.47

5.09

SES0003

Sorpresa

404.00

406.00

2.00

1.28

4.72

221.0

7.28

4.72

SES0016

Sorpresa

370.00

373.00

3.00

1.58

33.60

774.0

42.60

33.60

UES0010

Sorpresa

202.35

202.79

0.44

0.33

12.90

845.0

22.73

3.87

UES0004

Sorpresa (-70m)

143.00

144.00

1.00

0.45

40.00

1709.1

59.87

15.67

SES0010

Sorpresa (+50)

302.00

304.00

2.00

0.78

8.90

300.0

12.39

5.93

SET0005

Ventura

599.00

601.00

2.00

0.86

5.00

57.3

5.66

3.62

UEV0018

Vista Norte

269.00

269.45

0.45

0.38

63.20

344.0

67.20

21.07

Canadian Malartic Exploration Update

Exploration at Canadian Malartic continues to focus on definition of the Odyssey Underground Project predominantly through definition drilling of the East Gouldie deposit. Infill, expansion and exploration drilling of the East Gouldie structure have all returned excellent results to date highlighting the exceptional continuity and size of the zone. The district exploration program has discovered a deep eastern extension of the East Gouldie structure as well as a new zone located 400 metres south of East Gouldie and intercepted further promising mineralization below the known East Amphi deposit. These results support the continued growth of Canadian Malartic as it transitions from an open pit mine to a large underground operation with a decades long mine life.

The East Gouldie zone was discovered in late 2018 and the first mineral resource was published in December 2019. Exploration in 2021 at Canadian Malartic has prioritized definition drilling at East Gouldie, reducing drill spacing in the mineral resource area to 75 metre spacing. To date in 2021, 65,967 metres have been completed at East Gouldie, providing 87 new pierce points within the East Gouldie mineral inventory. Results continue to confirm that the grade, width, and overall shape of the orebody are consistent with previously reported intercepts used for mineral resource estimation.

Drilling highlights in the East Gouldie infill area include the following estimated true width intercepts: 6.2 g/t of gold over 61.7 metres including 10.9 g/t gold over 21.0 metres at 1,102 metres depth (MEX19-154WC); 6.8 g/t gold of gold over 41.4 metres at 1,069 metres depth, including 10.4 g/t gold over 20.6 metres (MEX21-208); 7.9 g/t of gold over 25.5 metres at 1,496 metres depth (MEX21-203R). These results continue to define high grade zones within the broader mineralized envelope. Step out drilling beyond the mineral resource envelope reported at year-end 2020 has extended the mineralized envelope to the east with two drill holes cutting significant mineralization. Extension drilling highlights include the following estimated true width intercepts: 11.6 g/t of gold over 4.9 metres at 1,487 metres depth (MEX 20-180W); 2.0 g/t gold over 20.5 metres at 1,588 metres depth (MEX21-202) as the best interval in a wide zone of mineralization with five discrete reported intercepts. See Table 4 for additional results.

Definition drilling also continued in the Odyssey deposit with 3,000 metres drilled from surface and 1,439 metres drilled from underground.

Table 4: Canadian Malartic, East Gouldie New Drill Intercepts, Select for Intervals Greater Than 25 gram metre metal factor.

Drill
hole

Inclusion

Zone

Drill
Hole
Type

From
(m)

To
(m)

Core
Width
(m)

Est.
True
Width
(m)

Gold Grade
(g/t) -
Uncapped

Gold Grade
(g/t)

-
20 g/t cap

Depth of
Midpoint
Below
Surface
(m)*

MEX19-154WC

HG WZ

Infill

1538.30

1561.60

23.30

21.04

11.68

10.87

-1102.48

South of HG_WZ

Infill

1565.20

1572.00

6.80

6.09

6.18

6.18

-1109.88

South of HG_WZ

Infill

1574.50

1596.00

21.50

19.11

5.92

5.56

-1116.30

MEX20-164WD

HG_WZ

Infill

1862.00

1872.10

10.10

8.52

4.93

4.93

-1687.70

MEX20-166W

South of HG_SZ

Infill

1691.00

1704.00

13.00

12.15

2.61

2.61

-1343.98

MEX20-166WA

HG_SZ

Infill

1677.00

1696.50

19.50

18.64

2.52

2.52

-1389.58

MEX20-171WD

North of HG_WZ

Infill

1774.00

1817.00

43.00

35.65

4.18

4.18

-1607.74

Incl.

Infill

1779.30

1800.90

21.60

17.91

6.32

6.32

-1603.83

HG_WZ

Infill

1826.65

1860.00

33.35

27.27

1.92

1.92

-1641.66

MEX20-172AWB

HG_SZ

Infill

1888.00

1927.80

39.80

33.06

5.35

5.00

-1637.43

Incl.

Infill

1888.00

1899.00

11.00

9.14

14.19

12.93

-1628.94

MEX20-180W

North of HG_SZ

Ext.

1622.00

1627.30

5.30

4.93

16.66

11.55

-1487.29

MEX20-182WA

HG_NZ

Infill

1608.00

1629.00

21.00

18.54

5.71

5.55

-1329.29

Incl.

Infill

1611.45

1617.65

6.20

5.47

14.24

13.68

-1326.53

North of HG_SZ

Infill

1627.60

1635.00

7.40

6.82

5.27

4.88

-1491.80

HG_SZ

Infill

1658.10

1674.70

16.60

15.29

2.46

2.46

-1518.54

MEX20-186W

HG_SZ

Infill

1462.80

1472.55

9.75

9.22

9.24

8.94

-1127.43

Incl.

Infill

1467.35

1471.80

4.45

4.21

13.77

13.12

-1128.53

MEX20-191WB

North of HG_SZ

Infill

1556.85

1563.00

6.15

5.60

6.47

6.47

-1405.01

MEX20-192WB

North of HG_WZ

Infill

1750.00

1773.00

23.00

19.31

2.28

2.28

-1593.22

MEX20-193WC

HG_SZ

Infill

1733.00

1773.00

40.00

33.24

3.66

3.38

-1556.26

Incl.

Infill

1733.00

1744.00

11.00

9.14

4.36

3.35

-1543.80

Incl.

Infill

1756.00

1761.00

5.00

4.16

8.45

8.45

-1560.98

South of HG_SZ

Infill

1782.00

1796.00

14.00

11.64

2.72

2.72

-1587.12

MEX20-193WD

HG_SZ

Infill

1754.80

1770.30

15.50

12.35

8.81

8.54

-1538.60

MEX20-195EXT

HG_NZ

Infill

1574.00

1606.00

32.00

26.82

6.06

5.84

-1236.61

Incl.

Infill

1583.00

1588.00

5.00

4.19

12.02

11.43

-1234.37

Incl.

Infill

1601.20

1604.90

3.70

3.10

8.98

8.98

-1243.05

HG_SZ

Infill

1673.00

1695.00

22.00

17.46

2.17

2.17

-1281.39

MEX20-195EXTW

HG_NZ

Infill

1536.30

1546.50

10.20

9.86

3.32

3.32

-1174.03

South of HG_SZ

Infill

1638.40

1650.85

12.45

11.85

6.20

6.20

-1232.25

Incl.

Infill

1642.20

1646.80

4.60

4.38

9.97

9.97

-1232.18

MEX21-196ZB

HG_SZ

Infill

1347.00

1352.05

5.05

4.74

11.18

10.98

-1165.86

MEX21-196ZC

HG_NZ

Infill

1300.40

1315.00

14.60

12.00

5.47

4.25

-1132.96

HG_SZ

Infill

1369.00

1382.70

13.70

11.02

3.12

3.12

-1185.69

MEX21-197Z**

North of HG_SZ

Infill

1879.55

1898.00

18.45

16.24

2.10

2.10

-1675.42

MEX21-198

HG_SZ

Infill

1775.60

1805.00

29.40

24.99

5.23

5.23

-1628.00

Incl.

Infill

1795.00

1804.00

9.00

7.65

10.08

10.08

-1635.91

MEX21-199

HG_NZ

Infill

1379.00

1393.45

14.45

14.03

4.61

4.61

-1132.61

HG_SZ

Infill

1467.25

1488.80

21.55

20.69

1.80

1.80

-1186.64

MEX21-201**

HG_WZ

Infill

1597.40

1607.00

9.60

9.37

2.67

2.67

-1279.32

MEX21-202**

North of HG_SZ

Ext.

1787.00

1807.50

20.50

20.48

2.04

2.04

-1588.43

MEX21-203R

North of HG_WZ

Infill

1696.40

1700.20

3.80

3.51

14.10

14.10

-1470.55

HG_WZ

Infill

1719.40

1746.95

27.55

25.52

7.95

7.95

-1496.07

Incl.

Infill

1728.10

1739.55

11.45

10.61

14.47

14.47

-1496.55

MEX21-205**

South of HG_NZ

Infill

1040.00

1046.70

6.70

5.33

4.78

4.63

-980.08

MEX21-208**

HG_WZ

40 m Infill

1509.00

1553.10

44.10

41.42

6.82

6.82

-1069.30

Incl.

40 m Infill

1510.00

1531.90

21.90

20.57

10.42

10.42

-1063.58

RD20-4674

East Gouldie Ext

Exp.

2230.60

2235.55

4.95

4.57

1.84

1.84

-1828.38

East Gouldie Ext

Exp.

2231.80

2233.70

1.90

1.75

3.78

3.78

-1828.16

New Zone South

Exp.

2634.55

2645.00

10.45

9.26

3.50

3.50

-2102.45

New Zone South

Exp.

2637.00

2640.00

3.00

2.66

6.05

6.05

-2101.62

RD21-4678

East Gouldie Ext

Exp.

2087.40

2093.00

5.60

4.81

6.29

6.29

-1988.66

East Gouldie Ext

Exp.

2101.70

2103.65

1.95

1.68

1.77

1.77

-1998.92

East Gouldie Ext

Exp.

2118.50

2119.80

1.30

1.12

7.02

7.02

-2012.42

East Gouldie Ext

Exp.

2142.00

2143.15

1.15

1.00

6.12

6.12

-2031.58

RD21-4680A

New Zone South

Exp.

2691.10

2697.40

6.30

5.04

1.94

1.94

-2303.22

** Drillhole not surveyed yet, drill rig still on the set-up.

Figure 10: East Gouldie Longitudinal and Cross Section Demonstrating Infill Results and East Extension Exploration Drilling.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba45924a-36bd-46b3-bbce-c90a8f721312

Three drills continued to work on the regional exploration program, with drilling concluded at East Amphi and on the eastern extension of East Gouldie from the Rand property.

East Amphi is located three kilometres northwest of the Canadian Malartic pit. To date, 7,900 metres of drilling have been completed at East Amphi and results indicate the presence of significant mineralization at depth below the historic workings. Two zones are being defined with new intercepts in the Nessie zone of 2.16 g/t of gold over an estimated true width of 17.19 metres in drill hole EA20-4187, and 14.13 g/t of gold over an estimated true width of 1.70 metres in drill hole EA21-4196. Follow up drilling of the adjacent Kraken zone, returned an intercept of 2.01 g/t of gold over an estimated true width of 29.77 metres. This interval is tentatively interpreted to consist of both the Nessie and Kraken zones where they converge along strike.

As previously reported, exploration drilling conducted earlier this year on the Rand property targeting the projected down plunge extension of the East Gouldie zone encountered significant mineralization in drill hole RD21-4680A, with an intercept located 1,150 metres from the eastern limit of the East Gouldie mineral resources reported at year-end 2020. (Please see the Yamana press release issued April 28, 2021, titled ‘Yamana Gold Reports Strong First Quarter 2021 Production Results’, available at www.yamana.com.) Follow-up drilling in this area has generated two new widely separated intercepts, reported as estimated true widths in the projected plane of East Gouldie: 1.84 g/t of gold over 4.57 metres including 3.78 g/t of gold over an estimated true width of 1.75 metres (RD 20-4674); 6.29 g/t of gold over an estimated true width of 4.81 metres (RD21-4678).

Extending hole RD20-4674 into the footwall of the East Gouldie zone resulted in the discovery of a new sub-parallel zone located 400 metres south of the East Gouldie extension reporting 3.50 g/t of gold over an estimated true width of 9.26 metres, while an extension of previously reported RD20-4680A reported 1.94 g/t of gold over an estimated true width of 5.04 metres, also in the new zone.

These new results extend the East Gouldie zone 1,260 metres beyond the reported East Gouldie mineral resource and onto the Rand Malartic property. Combined with the extension hole MEX 21-202 reported above, there is now a strong target area potential for follow up drilling up dip from the new intercepts. See Figure 10.

All intervals in the East Gouldie Extension and the new zone consist of sheared metasedimentary rocks of the Pontiac Group, with pyrite mineralization associated with sericite, carbonate, and chlorite alteration.

The 2021 budget for infill and exploration drilling on the Odyssey Underground Project is $11.9 million (50% basis) with the objective of completing 141,400 metres of drilling, largely on the East Gouldie deposit. The district exploration budget was increased from $3.2 million (50% basis) to $4.4 million (50% basis) to drill an additional four pierce points into the newly defined eastern extension of the East Gouldie zone.

Qualified Persons
Scientific and technical information contained in this press release has been reviewed and approved by Henry Marsden (P. Geo. and Senior Vice President, Exploration). Mr. Marsden is an employee of Yamana Gold Inc. and a “Qualified Person” as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Quality Assurance and Quality Control
Yamana incorporates a Quality Assurance and Quality Control (“QA/QC”) program for all of its mines and exploration projects which conforms to industry best practices.

Samples are transported in security sealed bags for preparation at Geoassay, ALS and SGS analytical laboratories. ALS and SGS are both ISO 9001:2008 and 17025 certified laboratories, while Geoassay is undergoing certification. Gold is analyzed by gold fire assay with 30 grams or 50 grams aliquot and AAS finish. Samples over 5 g/t gold (El Peñón, Minera Florida and Cerro Moro) and 10 g/t gold (Canadian Malartic) are re-analyzed by gravimetric finish methods. Silver is determined using a four acid digestion and AAS finish (ore level) and samples over 30g/t are re-analyzed by gravimetric finish methods. Five percent of all pulps are further checked by secondary certified laboratories (ALS, SGS, Bureau Veritas) using the same analytical methods.

All exploration diamond drill cores are split in half by mechanical spitting or core sawing and sampled at appropriate intervals for assay. The remaining core, coarse reject and pulps are stored on-site in a secure location.

Certified reference standards, duplicates, sterile and blanks are routinely inserted into the sample stream as a control for assay accuracy, bias, precision and contamination. The results of these checks are tracked and failures are re-analyzed. This information also includes pulp checks carried out in the secondary lab.

About Yamana
Yamana Gold Inc. 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 operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other 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

FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7931 765 223 / +44 203 727 1000

Peel Hunt LLP (Joint UK Corporate Broker)
Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900

Berenberg (Joint UK Corporate Broker)
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800

Credit Suisse (Joint UK Corporate Broker)
Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888

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 and 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 or future financial or operating performance, including exploration drilling plans, timelines and budgets for 2021 and 2022; the expectation that an update on the Company’s generative exploration program that will include initial exploration results at Wasamac will be provided before the end of the month; the potential to add new mineral reserves and mineral resources; the Company’s corporate strategy of extending mine life through depletion replacement on an annual basis; potential to significantly extend mine lives at the Company’s operations; the potential and plans for production increases, and for further high-grade mineralization outside of core mine areas and mine extensions. 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 the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met, the impact of proposed optimizations at the Company's projects, changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, silver, copper and zinc), currency exchange rates (such as the Canadian Dollar, the Brazilian Real, the Chilean Peso and the Argentine Peso versus the United States Dollar), the impact of inflation, possible variations in ore grade or recovery rates, changes in the Company’s hedging program, changes in accounting policies, changes in mineral resources and mineral reserves, risks related to asset dispositions, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks associated with infectious diseases, including COVID-19, unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, 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 timelines, government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, risks relating to joint venture operations, title disputes or claims, limitations on insurance coverage, timing and possible outcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions, 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 plans and objectives in connection with its exploration programs and results of exploration for the objectives and may not be appropriate for other purposes.

(All amounts are expressed in United States Dollars unless otherwise indicated.)