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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

Yamana Gold Reports Third Quarter 2006 Results: Significant Milestones Met With Year-to-Date Mine Operating Earnings Increase of

TORONTO, ONTARIO -- (MARKET WIRE) -- 11/07/06 -- Yamana Gold Inc. (Yamana) (TSX: YRI)(AMEX: AUY)(AIM: YAU) is pleased to announce its financial and operating results for the quarter ended September 30, 2006.

Third Quarter Highlights:

Highlights from the period of June 30, 2006 to September 30, 2006 include the following:

- Mine operating earnings of $9.5 million for the quarter and $26.2 million on a year-to-date basis - an increase of approximately 545% from comparative year quarter and 626% for the corresponding year-to-date comparative.

- Revenue of $50.3 million, an increase of 20% from the prior quarter and 368% over the prior year quarter and $109.3 million year-to-date.

- Non-GAAP earnings of $4.7 million for third quarter or $0.02 per share.

- Net loss of $12.1 million for third quarter or $0.04 per share after accounting for certain non-cash and non-recurring items.

- Cash flow before working capital of $14.6 million.

- Total gold production of 88,781 ounces for the quarter, representing an increase of 167% for the corresponding quarter of 2005.

- Completed construction of Chapada mine, the Company's largest mine, and commissioned the mill processing plant. The mine and mill commenced continuous operations in early November 2006 with concentrate production expected by mid November.

- Declared commercial production on August 1, 2006 at Sao Francisco with commercial production for August and September of Q3 of 20,789 ounces.

- Negotiated terms and conditions for $200 million revolving line of credit.

- Completed acquisition of Viceroy Exploration Ltd subsequent to quarter end.

- Continued with feasibility studies on current projects and provided the feasibility study for Sao Vicente and the expansion plan for Jacobina.

"During this quarter we realized major corporate milestones with mine operating earnings increasing more than six times over the comparative nine month period in 2006 versus 2005, cash flow that has more than doubled over the same period last year, the completion of our largest mine, Chapada, and Sao Francisco reaching commercial production," said Peter Marrone, President and Chief Executive Officer of Yamana Gold Inc. "The significant improvements in our year-over-year growth in the areas of production, revenue, earnings and growth clearly demonstrate our unwavering commitment to offering value to our shareholders."

Financial and Operating Summary:

A total of 88,781 ounces of gold were produced during the quarter of which 79,912 ounces were from operations in full commercial production at an average cash cost of $337 per ounce. Commercial production for the quarter increased by 167% relative to the comparative quarter ended September 30, 2005 both through internal growth and acquisitions. Commercial production for the quarter includes three months production from the San Andres Mine and the Jacobina Mine, both acquired during the year and two months for Sao Francisco.

A total of 246,829 ounces of gold were produced on a year to date basis which includes pre-acquisition production from the San Andres Mine and Jacobina Mine beginning January 1, 2006. Of this total, 178,897 ounces are accounted for in the Company's revenues, as pre-commercial and pre-acquisition production ounces are not reported in the Company's operating results.

The Company reported non-GAAP net earnings of $4.7 million for the quarter ended September 30, 2006 adjusted for certain non-cash or non-recurring items which have occurred in 2006 including foreign exchange gains, an unrealized loss on commodity contracts, stock based compensation and future income tax expense on foreign currency translations.

Mine operating earnings for the quarter were $9.5 million, an increase of approximately 545% from mine operating earnings of $1.5 million for the comparative quarter ended September 30, 2005. Mine operating earnings for the comparative quarter reflect earnings from the Fazenda Brasileiro and Fazenda Nova mines. Mine operating earnings on a year to date basis was $26.2 million. This compares to $3.6 million for the comparative nine month period ended September 30, 2005. Mine operating earnings for the quarter and the nine months ended September 30, 2006 include operations from the Sao Francisco mine from August 1, 2006 (date of commercial production).

Net earnings for the quarter included a foreign exchange gain in the amount of $0.5 million, investment and other business income of $1.2 million, general and administrative expenses of $5.1 million and an income tax expense of $0.9 million. Net earnings for the nine month period included a foreign exchange gain in the amount of $6.1 million, investment and other business income of $4.3 million, general and administrative expenses of $13.7 million and income tax recovery of $5.8 million.

Cash flow generated from operations was $14.6 million before reductions from changes in non-cash working capital items of $36.9 million for the quarter ended September 30, 2006 resulting in an outflow of $22.3 million after adjustments for changes in non-cash working capital items. This compares to an inflow of $6.5 million for the comparative quarter ended September 30, 2005 before a decrease in cash flow of $3.0 million for changes in non-cash working capital items.

Capital expenditures for the quarter on property, plant and equipment and mineral properties were $41.5 million, of which $17.6 million was spent on the construction net of changes in non-cash working capital items. Capital expenditures for the nine months were $162.4 million of which $111.2 million was spent of construction net of changes in non-cash working capital items.

Cash and cash equivalents at the end of the quarter were $70.7 million (December 31, 2005 - $151.6 million) before cash and cash equivalents of C$69.1 million from Viceroy (total of $132.3 in cash and cash equivalents).

The complete financial statements and management and discussion analysis for the third quarter ended September 30, 2006 follows this announcement.

A conference call and audio webcast has been scheduled for November 8, 2006 at 11:00 a.m. E.T. to discuss the third quarter results.

Viceroy Exploration Acquisition

Yamana mailed a notice of compulsory acquisition to all remaining holders of Viceroy Exploration Ltd. common shares (the "Viceroy Shares"). As a result of Yamana's offer to acquire all of the Viceroy Shares, Yamana now owns approximately 95% of the outstanding Viceroy Shares.

Since the Yamana offer was accepted by holders of more than 90% of the Viceroy Shares, Yamana is now exercising its right under the compulsory acquisition provisions of the Business Corporations Act (British Columbia) to acquire all outstanding Viceroy Shares not already owned by Yamana at the Offer price of 0.97 of a Yamana common share for each Viceroy Share. All Viceroy Shares that have not been duly submitted prior to 5:00 p.m. on January 2, 2007 will automatically be purchased by Yamana, subject to any court ordering otherwise.

About Yamana

Yamana is a Canadian gold producer with significant gold production, gold and copper gold development stage properties, exploration properties, and land positions in Brazil, Argentina and Central America. Yamana expects to produce gold at intermediate company production levels in 2006 in addition to significant copper production by 2007. Company management plans to continue to build on this base through the advancement of its exploration properties and by targeting other gold consolidation opportunities in Brazil, Argentina and elsewhere in Latin America.

For further information:

Yamana Gold Inc.                              Yamana Gold Inc.

Peter Marrone                                 Charles Main
President and Chief Executive Officer         Chief Financial Officer
+1 416 815-0220                               +1 416 815-0220

Cautionary Statements

This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of each of Yamana. Forward-looking statements include, but are not limited to, statements with respect to estimated production, synergies and financial impact of acquisitions and the development potential of Yamana's properties; the future price of gold and copper; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and un known risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Yamana to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tones mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; the businesses of Yamana and acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; not realizing on the anticipated benefits from the acquisitions or not realizing on such anticipated benefits within the expected time frame; risks related to international operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; future prices of gold and copper; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to in the current annual Management's Discussion and Analysis and current Annual Information Form of Yamana filed with the securities regulatory authorities in Canada and available at www.sedar.com, and Yamana's Form 40-F filed with the United States Securities and Exchange Commission. Although management of Yamana has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Yamana does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Cautionary GAAP Statements

The economic hedges do not meet the requirements for hedge accounting under current generally accepted accounting principles, however, Yamana has concluded that the above mentioned financial instruments provide an effective means to manage metal risk price and enable business planning with greater certainty. As accounting rules preclude Yamana from reflecting the economic substance of these transactions, market-to-market values on these financial instruments will be recognized period to period. As such, the recognition of unrealized gains and losses on the fair value of financial instruments will cause net earnings to fluctuate period to period.

Cautionary Non-GAAP Statements

The Company has included certain non-GAAP Measures including cost per ounce data, adjusted net earnings (loss) and adjusted net earnings (loss) per share to supplement its financial statements, which are presented in accordance with Canadian GAAP. Non-GAAP measures do not have any standardized meaning prescribed under Canadian GAAP, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP.

The Company has included cost per ounce information data because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flow for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with Canadian GAAP do not fully illustrate the ability of its operating mines to generate cash flow. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under Canadian GAAP. Where cost per ounce data is computed by dividing GAAP operating cost components by ounces sold, the Company has not provided formal reconciliations of these statistics. Cash costs are determined in accordance with the Gold Institute's Production Cost Standard.

The Company uses the financial measures "adjusted net income (loss)" and "adjusted earnings (loss) per share" to supplement its consolidated financial statements. The presentation of adjusted measures are not meant to be a substitute for net earnings (loss) or net earnings (loss) per share presented in accordance with GAAP, but rather should be evaluated in conjunction with such GAAP measures. Adjusted net earnings (loss) and adjusted net earnings (loss) per share are calculated as net earnings excluding (a) options expense, (b) foreign exchange loss, (c) future income tax expense and (d) unrealized gains (losses) on commodity contracts. The terms "adjusted net earnings (loss)" and "adjusted net earnings (loss) per share" do not have a standardized meaning prescribed by Canadian GAAP, and therefore the Company's definitions are unlikely to be comparable to similar measures presented by other companies. The Company's management believes that the presentation of adjusted net earnings (loss) and adjusted net earnings (loss) per share provide useful information to investors because they exclude non-cash charges and are a better indication of the Company's profitability from operations. The items excluded from the computation of adjusted net earnings (loss) and adjusted net earnings (loss) per share, which are otherwise included in the determination of net earnings (loss) and net earnings (loss) per share prepared in accordance with Canadian GAAP, are items that the Company does not consider to be meaningful in evaluating the Company's past financial performance or the future prospects and may hinder a comparison of its period to period profitability.

YAMANA GOLD INC.

For the third quarter ended September 30, 2006

Management's Discussion and Analysis of Operations and Financial Condition (all figures in US $ unless otherwise stated, in accordance with Canadian GAAP)

A cautionary note regarding non-GAAP measures and forward-looking statements follows this Management's Discussion and Analysis of Operations and Financial Condition.

Highlights

Financial

- Mine operating earnings of $9.5 million for the third quarter and $26.2
  million on a year to date basis, an increase of approximately 545% and
  626% from the comparative quarter and nine month period ended
  September 30, 2005, respectively

- Non-GAAP earnings of $4.7 million for the third quarter or $0.02 per
  share (before non-cash and non-recurring expenses occurring in 2006) and
  $19 million for the nine months or $0.07 per share. This compares to
  non-GAAP earnings of $0.4 million and a non-GAAP loss of $1.3 million for
  the comparative quarter and nine month period ended September 30, 2005,
  respectively.

- GAAP net loss of $12.1 million for the third quarter compared to net
  earnings of $3.2 million for the comparative quarter ended
  September 30, 2005. Net loss of $76.3 million for the nine months
  compared to a net loss of $4 million for the comparative nine months.

- Cash flow of $14.6 million for the quarter or $0.05 per share and
  $37.5 million on a year to date basis or $0.15 per share before changes
  in working capital. This compares to cash flow from operations before
  changes in working capital items of $6.5 million and $7.7 million
  for the comparative quarter and nine month period, respectively.

- Revenue of $50.3 million for the quarter, an increase of 20% from the
  second quarter. Revenue for the comparative quarter ended
  September 30, 2005 was $10.7 million. Year to date revenues were $109.3
  million compared to $29.4 million for the comparative nine month period
  ended September 30, 2005.

Operations

- Total gold production of 88,781 ounces (which includes one month
  pre-commercial production for Sao Francisco).

- Commercial production of 79,912 ounces (which does not include pre
  commercial production at Sao Francisco) at an average cash cost of $337
  per ounce.

- Improved the cost structure and implemented cost controls at the
  Jacobina Mine in Q3.

- Developing a new reserve estimate and mine plan at San Andres which is
  expected in Q4.

- Declared commercial production at the Sao Francisco Mine effective
  August 1, 2006.

- Completed construction of the Chapada mine and commissioned the mill
  processing plant. The mine and mill started continuous operations in
  early November, 2006 with concentrate production expected by
  mid-November.

- Developed expansion plan for the Jacobina Mine with definitive life of
  mine plan and initiation of expenditures in November 2006.

- Completed the Sao Vicente feasibility study and made a positive
  construction decision; with start-up expected early in 2008.

- Continued with the feasibility study for C1 Santa Luz which is expected
  to be completed in the first quarter 2007 and start-up is expected in
  2008.

- Continued to expand the size of the area of mineralization at Canaveiras
  area of the Jacobina Mine by additional drilling. Results have indicated
  conglomerate reefs with significant gold values at depths from 100m to as
  deep as 600m below surface. The strike length has now been increased to a
  full 2 kilometers.

- Continued exploration at Gualcamayo in Argentina with a final feasibility
  study to be completed in 2007 and with start-up expected in the middle of
  2008.

Divestitures and Financings

- Completed the sale of the La Libertad and the 60% interest in the Cerro
  Quema advanced gold project in Panama.

- Negotiated the terms and conditions for $200 million revolving line of
  credit.

- Completed the acquisition of Viceroy Exploration Ltd. subsequent to the
  quarter end, adding the Gualcamayo project in Argentina to the Company's
  asset portfolio.

Further Developments

- Paid the first dividend of $0.01 per share on October 13, 2006 to
  shareholders of record of September 30, 2006.

Overview of Financial Results

The following chart summarizes gold production and cash costs per ounce for the quarter ended September 30, 2006 with comparatives for the quarter ended September 30, 2005:

                                 Quarter ended             Quarter ended
                            September 30, 2006        September 30, 2005
------------------------------------------------------------------------
                       Production   Cash costs   Production   Cash costs
                             (oz.)     per oz.         (oz.)     per oz.
                                   (a non-GAAP               (a non-GAAP
                                       measure)                  measure)
Brazil
 Fazenda Brasileiro         18,569   $      356       19,558  $      332
 Fazenda Nova                6,548   $      306       10,364  $      215
 Sao Francisco              20,789   $      314            -  $        -
 Jacobina                   19,321   $      317            -  $        -
------------------------------------------------------------------------
Total Brazil                65,227   $      326       29,922  $      291
------------------------------------------------------------------------
Central America
 San Andres                 14,685   $      386            -  $        -
------------------------------------------------------------------------
                            79,912   $      337       29,922  $      291
------------------------------------------------------------------------
Pre-commercial
Production
 Sao Francisco               8,869   $        -        1,033  $        -
------------------------------------------------------------------------
Total Production            88,781   $        -       30,955  $        -
------------------------------------------------------------------------
------------------------------------------------------------------------



------------------------------------------------------------------------
                                  Year to date              Year to date
                            September 30, 2006        September 30, 2005
------------------------------------------------------------------------
------------------------------------------------------------------------
                       Production   Cash costs   Production   Cash costs
                             (oz.)     per oz.         (oz.)     per oz.
                                   (a non-GAAP               (a non-GAAP
                                       measure)                  measure)
Brazil
 Fazenda Brasileiro        55,970       $  347       56,760     $    308
 Fazenda Nova              21,990       $  290       16,040     $    233
 Sao Francisco             20,789       $  314                  $      -
 Jacobina (i)              41,654       $  325                  $      -
------------------------------------------------------------------------
Total Brazil              140,403       $  327       72,800     $    291
------------------------------------------------------------------------
Central America
 San Andres (ii)           38,494       $  339            -     $      -
------------------------------------------------------------------------
                          178,897       $  329       72,800     $    291
Pre-commercial
Production
 Fazenda Nova                           $    -        7,379     $      -
 Sao Francisco             22,250       $    -        3,631     $      -
------------------------------------------------------------------------
                           22,250       $    -       11,010     $      -
------------------------------------------------------------------------
                          201,147                    83,810

 Pre-acquisition
 Production -
 Jacobina (iii)            18,974       $    -            -     $      -
 San Andres (iv)           13,987       $    -            -     $      -
 Production from
 operations sold-La
 Libertad                  12,721       $    -            -     $      -
------------------------------------------------------------------------
Total Production          246,829       $    -       83,810     $      -
------------------------------------------------------------------------

(i) Production for the period April -- September 2006.

(ii) Production for the period March -- September 2006.

(iii) Pre-acquisition production January -- March 2006.

(iv) Pre-acquisition production January -- February 2006.

A total of 88,781 ounces of gold were produced during the quarter of which 79,912 ounces were from operations in full commercial production at an average cash cost of $337 per ounce. Commercial production for the quarter increased by 167% relative to the comparative quarter ended September 30, 2005 both through internal growth and acquisitions. Commercial production for the quarter includes three months production from the San Andres Mine and the Jacobina Mine, both acquired during the year.

A total of 246,829 ounces of gold were produced on a year to date basis, which includes pre-acquisition production from the San Andres Mine and Jacobina Mine beginning January 1, 2006. Of this total, 178,897 ounces are accounted for in the Company's revenues, as pre-commercial and pre-acquisition production ounces are not reported in the Company's operating results.

The Company achieved non-GAAP net earnings of $4.7 million for the quarter ended September 30, 2006 adjusted for certain non-cash or non-recurring items which have occurred in 2006 including foreign exchange gains, an unrealized loss on commodity contracts, stock based compensation, and future income tax expense on foreign currency translations. The following table reconciles non-GAAP net earnings for the quarter to the net loss of $12.1 million per the consolidated statement of operations.

-----------------------------------------------------------------------
-----------------------------------------------------------------------
(A non-GAAP measure,
 in thousands of US
 Dollars -- See Non-GAAP
 measures following this          Quarter ended           Year to date
                          ---------------------------------------------
management's discussion    September  September   September  September
 and analysis.)             30, 2006    30,2005     30,2006    30,2005
-----------------------------------------------------------------------
Net earnings (loss) per
 consolidated statement of $ (12,085)   $ 3,246   $ (76,303)  $ (4,038)
 operations
(Gain) loss on foreign
 exchange                       (540)    (4,728)     (6,133)    (3,426)
Unrealized loss on
 commodity contracts (i)      16,716          -      37,002          -
Debt repayment expense             -          -      24,750          -
Stock based compensation         761        304      38,300      2,303
Future Income tax
 expense on foreign
 currency translation           (162)     1,548       1,386      3,841
-----------------------------------------------------------------------
Non-GAAP net earnings (loss) $ 4,690    $   370   $  19,002 $   (1,320)
-----------------------------------------------------------------------
Non-GAAP net earnings
 (loss) per share            $  0.02    $  0.00   $    0.07 $    (0.01)
-----------------------------------------------------------------------
(i) Not tax effected as existing loss carry-forwards are available to
shelter additional income.

The Company reported non-GAAP earnings per share for the quarter of $0.02 after taking into consideration certain non-cash adjustments as stated above and a net loss per share of $0.04 per the consolidated statement of operations. This compares to net earnings of $3.2 million, or $0.02 per share, per the consolidated statement of operations for the comparative quarter ended September 30, 2005.

An unrealized non-cash loss of $16.7 million was recognized during the quarter on the mark-to-market of copper derivatives. These financial instruments were structured to hedge against the risk of declining copper prices, while permitting the Company to participate in market price increases at copper prices exceeding $1.67 per pound on 2007 production and exceeding $3.25 per pound on 2008 production. Although this provides an economic hedge the accounting rules do not allow the program to be accounted for as a hedge. The Company recognizes this loss for accounting purposes based on average forward market copper prices of $3.24 per pound and $2.88 per pound for 2007 and 2008, respectively and does not recognize the corresponding revenue based on that price assumption.

Revenue in the amount of $50.3 million was recognized during the quarter from the sale of 82,602 ounces of gold from the Fazenda Nova, Fazenda Brasileiro, Sao Francisco, Jacobina and San Andres mines. Revenue recognized for the comparative quarter ended September 30, 2005 was $10.7 million from the sale of 24,946 ounces from the Fazenda Brasileiro and Fazenda Nova mines. Revenue on a year to date basis was $109.3 million from the sale of 180,702 ounces of gold. This compares to $29.4 million in revenue from the sale of 69,052 ounces of gold for the comparative nine month period.

Mine operating earnings for the quarter were $9.5 million, an increase of approximately 545% from mine operating earnings of $1.5 million for the comparative quarter ended September 30, 2005. Mine operating earnings for the comparative quarter reflect earnings from the Fazenda Brasileiro and Fazenda Nova mines. Mine operating earnings on a year to date basis was $26.2 million. This compares to $3.6 million for the comparative nine month period ended September 30, 2005. Mine operating earnings for the quarter and the nine months ended September 30, 2006 include operations from the Sao Francisco mine from August 1, 2006 (date of commercial production).

Net earnings for the quarter included a foreign exchange gain in the amount of $0.5 million, investment and other business income of $1.2 million, general and administrative expenses of $5.1 million and an income tax recovery of $0.9 million. Net earnings for the nine month period included a foreign exchange gain in the amount of $6.1 million, investment and other business income of $4.3 million, general and administrative expenses of $13.7 million and an income tax recovery of $5.8 million. General and administrative costs for the quarter and year to date were $5.1 million and $13.7 million, respectively. Increases in general and administrative expenses are reflective of growing operations and acquisitions during the year.

Cash and cash equivalents at the end of the quarter were $70.7 million (December 31, 2005-$151.6 million).

Cash flow generated from operations was $14.6 million before reductions from changes in non-cash working capital items of $36.9 million for the quarter ended September 30, 2006 and an outflow of $22.3 million after adjustments for changes in non-cash working capital items. This compares to an inflow of $6.5 million for the comparative quarter ended September 30, 2005 before a decrease in cash flow of $3 million for changes in non-cash working capital items.

Capital expenditures for the quarter on property, plant and equipment and mineral properties were $41.5 million, of which $17.6 million was spent on construction net of changes in non-cash working capital items. Capital expenditures for the nine months were $162.4 million of which $111.2 million was spent on construction net of changes in non-cash working capital items.

The table below presents selected quarterly financial and operating data:

---------------------------------------------------------------------------
                          September          June       March     December
                           30, 2006      30, 2006    31, 2006     31, 2005

---------------------------------------------------------------------------
Financial results (in
 Thousands of dollars)
 (i) (ii) (iii)
 Sales                     $ 50,299    $   41,882  $   17,074  $    16,655
 Net earnings (loss)
 for the period (vii)     $ (12,085)   $  (58,312) $   (5,907)   $     (73)
Per share financial
 results (ii)
 Basic and diluted
 (loss) per
 share (vii)                $ (0.04)   $    (0.21) $    (0.03)   $   (0.00)
Financial position (in
 thousands of dollars)
 Total assets          $  1,433,890  $  1,448,069  $  529,954  $   465,697
 Total long-term
  liabilities             $ 181,535    $  186,389  $  134,426  $   119,281

Gold sales (ounces):(iii)

Brazil
 Fazenda Brasileiro          19,835        19,803      15,109       19,257
 Fazenda Nova                 6,140         6,044       9,484       15,463
 Sao Francisco               21,828             -           -            -
 Jacobina                    20,221        24,014           -            -
--------------------------------------------------------------------------
Total Brazil                 68,024        49,861      24,593       34,720
--------------------------------------------------------------------------
Central America (iv)
 San Andres                  14,578        17,319       6,327            -
--------------------------------------------------------------------------
Sales from operations held
 for sale-La Libertad (v)         -         6,508           -            -
--------------------------------------------------------------------------
                             82,602        73,688      30,920       34,720
--------------------------------------------------------------------------
Gold production (ounces)
 Commercial production
 Brazil
  Fazenda Brasileiro         18,569        19,658      17,743       17,810
  Fazenda Nova                6,548         5,893       9,549       12,740
  Sao Francisco              20,789             -           -            -
  Jacobina                   19,321        22,333           -            -
--------------------------------------------------------------------------
Total Brazil                 65,227        47,884      27,292       30,550
--------------------------------------------------------------------------
Central America (iv)
 San Andres                  14,685        17,082       6,727            -
--------------------------------------------------------------------------
                             79,912        64,966      34,019       30,550
--------------------------------------------------------------------------
Pre-operating production
 Sao Francisco                8,869        12,194       1,187        1,212
--------------------------------------------------------------------------
                             88,781        12,194       1,187        1,212
--------------------------------------------------------------------------
Pro-forma adjustments:
 Pre-acquisition production
 (ounces) :
 San Andres                       -             -      13,987            -
 Jacobina                         -             -      18,974            -
 La Libertad                      -             -       6,791            -
 Post acquisition production
 from operations sold-La
 Libertad (v)                     -         5,929           -            -
--------------------------------------------------------------------------
 Total pro-forma production       -         5,929      39,752            -
--------------------------------------------------------------------------
Total production             88,781        83,089      74,958       31,762
--------------------------------------------------------------------------

Non-GAAP measures (vii)
Per ounce data
 Cash costs per ounce
 produced
 Brazil
  Fazenda Brasileiro      $     356      $    334     $   353      $   357
  Fazenda Nova            $     306      $    392     $   216      $   177
  Sao Francisco           $     314      $      -     $     -      $     -
  Jacobina                $     317      $    331     $     -      $     -
--------------------------------------------------------------------------
 Average Brazil           $     325      $    340     $   305      $   282
--------------------------------------------------------------------------
 Central America (iv)
  San Andres              $     386      $    311         271            -
--------------------------------------------------------------------------
 Average production
  cost                    $     337      $    332     $   290      $   282
--------------------------------------------------------------------------
Average gold price
 realized
 Brazil
 Fazenda Brasileiro       $     615      $    628     $   552      $   483
 Fazenda Nova             $     610      $    633     $   567      $   487
 Sao Francisco            $     613      $      -     $     -      $     -
 Jacobina                 $     620      $    628     $     -      $     -
--------------------------------------------------------------------------
 Average Brazil           $     615      $    629     $   557      $   485
--------------------------------------------------------------------------
 Central America (iv)
  San Andres              $     615      $    626         553            -
--------------------------------------------------------------------------
 Average price
  realized                $     615      $    628     $   555      $   485
--------------------------------------------------------------------------
Operating statistics
 Gold ore grade (g/t)
 Brazil
 Fazenda Brasileiro            2.54          2.80          2.40      2.31
 Fazenda Nova                  0.63          0.60          0.89      0.87
 Sao Francisco                 0.58             -             -         -
 Jacobina                      1.72          2.03             -         -
 Central America (v)
 San Andres                    0.63          0.68          0.74         -
 Gold recovery rate
 (%)
 Brazil (iv)
 Fazenda Brasileiro            93.0          93.0          88.2      88.3
 Fazenda Nova                  70.0          65.0          80.0      90.0
 Sao Francisco (vi)               -             -             -         -
 Jacobina                      93.6          93.8             -         -
 Central America (iv)
 San Andres                    89.3          84.9          75.0         -

-------------------------------------------------------------------------
                          September          June     March 31,  December
                           30, 2005      30, 2005          2005  31, 2004
-------------------------------------------------------------------------
Financial results
 (in thousands of
 dollars) (i) (ii)
 Sales                  $    10,749      $ 10,785       $ 7,850  $ 10,305
 Net Earnings (loss)
 for the period         $     3,246      $ (7,576)      $   292  $    804
Per share financial
 results (ii)
 Basic and diluted
 earnings
 (loss) per share       $      0.02      $  (0.06)      $  0.00  $   0.01
Financial position
 (in thousands of
 dollars)
 Total assets           $   345,206     $ 289,433     $ 177,902  $177,106
 Total long-term
  liabilities           $   118,557     $ 113,586     $   8,924  $  9,572
Gold sales (ounces): (iii)
 Fazenda Brasileiro          16,137        18,131        18,549    23,982
 Fazenda Nova                 8,809         7,426             -         -
-------------------------------------------------------------------------
                             24,946        25,557        18,549    23,982
-------------------------------------------------------------------------
Gold production (ounces)
 Commercial production
 Fazenda Brasileiro          19,558        18,143        19,059    20,854
 Fazenda Nova                10,364         5,676             -         -
-------------------------------------------------------------------------
 Total Brazil                29,922        23,819        19,059    20,854
-------------------------------------------------------------------------
 Pre-operating production
 Fazenda Nova                     -         2,150         5,229     2,745
 Sao Francisco pilot plant    1,033         1,376         1,222       846
-------------------------------------------------------------------------
                              1,033         3,526         6,451     3,591
-------------------------------------------------------------------------
 Total production            30,955        27,345        25,510    24,445
-------------------------------------------------------------------------

Non-GAAP measures (vii)
Per ounce data
 Cash costs per ounce
  produced
 Fazenda Brasileiro        $    332     $     330      $    263     $ 224
 Fazenda Nova              $    215     $     265             -         -
-------------------------------------------------------------------------
Average production cost    $    291     $     314      $    263   $   224
-------------------------------------------------------------------------
Average gold price realized
 Fazenda Brasileiro        $    436     $     426      $    427     $ 434
 Fazenda Nova              $    433           427             -         -
-------------------------------------------------------------------------
Average Price realized     $    435     $     426      $    427   $   434
-------------------------------------------------------------------------
Operating statistics
 Gold ore grade (g/t)
 Fazenda Brasileiro            2.47          2.33          2.66      2.82
 Fazenda Nova                  0.86          0.90             -         -
 Gold recovery rate (%)
 Fazenda Brasileiro            89.6          89.6          90.4      92.5
 Fazenda Nova                  78.0          83.0             -         -
-------------------------------------------------------------------------

(i) Revenues consist of sales net of sales taxes. Revenue per ounce data is calculated based on gross sales.

(ii) Net (loss) earnings, basic (loss) earnings per share and diluted earnings per share for the quarters ended September 30, 2006, June 30, 2006, March 31, 2006 and December 31, 2005 include unrealized non-cash losses on commodity contracts of $16.7 million, $11.4 million, $8.9 million and $8.6 million respectively.

(iii) During commercial production.

(iv) Acquired February 2006.

(v) Includes sales of dore purchased from artisanal workers.

(vi) Complete recovery cycle information not available.

(vii) Net earnings (loss), basic (loss) earnings per share and diluted earnings per share for the quarter ended June 30, 2006 have been adjusted by $3 million to reflect additional stock-based compensation relating to options granted during that quarter that management identified had not been previously recorded in the second quarter.

(viii) A cautionary note regarding non-GAAP measures follows this Management's Discussion and Analysis.

Outlook

The Company advanced its growth program and undergone a transition period as it developed its largest mines and integrated its recent acquisitions. Factors that will impact on future results and financial position include the following:

1. The Company has updated its expectations for estimated gold production and cash costs for the balance of 2006, 2007 and 2008. These estimates include the potential impact of production from Gualcamayo, Sao Vicente and C-1 Santa Luz in 2008. Estimated total gold production and average cash costs are as follows:

------------------------------------------------------------------
Production Estimates                2006        2007         2008
------------------------------------------------------------------
Total Gold Production        385-435,000 580-640,000  810-860,000
Estimates
------------------------------------------------------------------
Average Projected Total Cash
Costs per ounce                    $ 298      $ (270)      $ (120)
Total Copper Production
Estimates (millions of pounds)
Chapada                               NA     125-135      165-175
------------------------------------------------------------------

(i) Does not include any coarse gold effect for Sao Francisco which would not become evident before 2007.

(ii) A two phase expansion is being planned at the Jacobina Mine, which would increase mill throughput initially to 6,500 tonnes per day under phase 1 of the expansion. Guidance assumes the 6,500 tonnes per day will be achieved in the second half of 2007. The annual production run rate is expected to reach up to 230,000 ounces by the end of 2008. The ability of the Company to produce at these levels will depend on continuing development work in the various ore bodies at Jacobina. Jacobina is undergoing a transition as the Company further defines and develops Canaveiras, which is a higher grade area that will define the potential of this mine. Cash costs at Jacobina are sensitive to currency changes and as such the Company plans to implement a currency hedge with a target two year fixed rate of 2.4 Real to the US dollar.

(iii) Cash costs assume copper will be treated as a by-product credit starting in 2007 at a copper price of $3.25 per pound for 2007 and $3.00 per pound for 2008 for unhedged production, $1.37 and $2.75 per pound for 2007 and 2008 hedged production, respectively. For the partial year, 2006 copper is being treated as a gold equivalent. (Gold equivalent ounces from copper for 2006 -- 52,500 to 57,500 oz.)

(iv) Expected production by the end of 2008 remains at a planned annual rate of over 1 million ounces of gold per year.

2. Commercial production was declared at Sao Francisco effective

August 1, 2006. Production for August and September was 20,789 ounces. Total production is planned to increase to 12,000 ounces monthly by year end. Mining to date has been at shallow depths in saprolitic ore. The coarse gold effect should become evident once the harder rock vein structures are reached in 2007. Cash costs are expected to decrease to $250 - $270 per ounce by year end.

3. Copper prices are at record high levels. The forward prices used in determining the hedge book mark-to-market are $3.24 per pound of copper for 2007 and $2.88 per pound for 2008, which are forward market prices for copper in those years. Financial results reflect the hedge book mark-to-market although the revenue from copper production at the same price is not included in financial results. Copper revenue will be applied as a byproduct credit of gold production costs in those years.

4. Start-up of Chapada commenced in early November 2006 with commercial production expected to be achieved in the first quarter 2007. Copper/gold concentrate production is expected in November and delivery of the concentrate will begin. Off-take agreements and logistics arrangements for delivery of concentrate are in place. Mill throughput has increased to 1,500 tonnes per day being 80% of designed capacity which is expected to increase to 100% in early 2007.

5. The following expansions and development programs are underway.

(i) The final Jacobina expansion plan is completed and the Company is now undertaking efforts to initiate the expansion. The phase one expansion is currently under way with the initial target of achieving 6,500 tonnes of ore daily commencing in 2007, with a forecast of 120,000 ounces of production for calendar 2007. It is anticipated that the phase two expansion will take production to the 220,000 -- 230,000 ounces annual rate by the end of 2008. It is anticipated that the expansion will result in significant per ounce operating cost reductions.

(ii) A construction decision has been made for Sao Vicente with planned start-up in 2008.

(iii) The Gualcamayo Environmental Impact Statement is complete and is expected to be submitted in the fourth quarter of 2006. We continued work on the feasibility study and exploration efforts. It is expected that this will lead to a construction decision in the second quarter of 2007.

(iv) The feasibility study for the C-1 Santa Luz Project is expected early 2007 with construction to start thereafter with planned start-up in late 2008.

These programs are expected to increase production towards a target of 1 million ounces annual production rate beginning in 2008.

6. A dividend of $0.01 per share was paid October 13, 2006 based on a September 30, 2006 record date. The Company has established a dividend policy providing for a dividend yield that is consistent with the yield paid by comparable companies. The dividend rate will be reviewed on a periodic basis and assessed in relation to the growth of the operating cash flows of the Company.

7. The company completed an agreement with Bayerische Hypo- und

Vereinsbank AG ("HVB") Bank and ABN-Amro Bank N.V. for a revolving line of credit in the amount of $200 million at an interest rate of LIBOR plus a margin not exceeding 150 basis points. Similarly, the commitment fee on the unused portion of the facility ranges from 37.5 to 50 basis points. The Company has no obligation to drawdown on the facility.

8. Subsequent to the quarter end, the Company acquired Viceroy

Exploration Ltd. This will result in the issue of approximately 57.7 million common shares of Yamana including the exercise of outstanding options and warrants. Viceroy had cash of C$69.1 million as at September 30, 2006.

Mine Operations

Mine operating earnings for the quarter consisted of mine operations from the Fazenda Brasileiro, Fazenda Nova, Jacobina, San Andres and Sao Francisco (two months commercial production) mines. Mine operating earnings for the quarter were $9.5 million and $26.2 million on a year to date basis. The following is a breakdown of mine operating earnings (loss) for the quarter by mine:

-------------------------------------------------------------------------
                                      Period ended    Fiscal year to date
-------------------------------------------------------------------------
                             September   September   September  September
(In thousands of US dollars)  30, 2006    30, 2005    30, 2006   30, 2005
-------------------------------------------------------------------------
Fazenda Nova                  $   (526) $      745    $  3,489 $      994
Fazenda Brasileiro            $  3,064  $      725    $  7,714 $    2,609
Sao Francisco                 $  3,671  $        -    $  3,658 $        -
Jacobina                      $  1,064  $        -    $  3,703 $        -
San Andres                    $  2,219  $        -    $  7,589 $        -
-------------------------------------------------------------------------
                              $  9,492  $    1,470    $ 26,153 $    3,603
-------------------------------------------------------------------------
-------------------------------------------------------------------------

A total of 82,602 ounces of gold were sold during the quarter ended September 30, 2006, an increase of 231% from the comparative quarter ended September 30, 2005. This compares to total ounces sold for the comparative quarter ended September 30, 2005 of 24,946 of which 16,137 ounces were sold from the Fazenda Brasileiro Mine and 8,809 ounces were sold from the Fazenda Nova Mine.

A total of 79,912 ounces of gold were produced during the quarter. The mines that the company now owns produced year to date 211,858 ounces of gold, of which 178,897 ounces were production ounces accountable post acquisition, 18,974 pre- acquisition ounces from Jacobina and 13,987 ounces from the San Andres mines. A total of 29,922 ounces were produced during the comparative quarter ended September 30, 2005.

Average cash costs for the quarter were $337 per ounce on commercial production. This compares to average cash costs for the comparative quarter ended September 30, 2005 of $291 per ounce, representing an increase of 16%. Cost increases have occurred in commodity based operating inputs (diesel, steel, explosives) and labour costs. Additionally the Real has strengthened by 7% from an average of R$2.3424 to US$1 during the comparative quarter to R$2.1706 to US$1 during the current quarter.

Inventory as at September 30, 2006 was $34.8 million compared to $7 million as at December 31, 2005. Inventory increased during the nine months due to the acquisition of the San Andres and Jacobina mines during the year and the commencement of commercial production from the Sao Francisco Mine.

Chapada Copper-Gold Project

Commencement of the mill operations at the Chapada copper-gold mine began and production of gold and copper concentrate is expected by the middle of November. The production rate is ahead of the plan and is expected to increase to 16 million tonnes by year-end. Production from the Chapada copper-gold mine is forecast at an average of 130 million pounds payable copper and 134,000 ounces payable gold in concentrate per year for the first five years. Total life of mine production is forecast at 2 billion pounds of copper and 1.3 million ounces of gold.

Construction costs expended during the quarter ended September 30, 2006 were $33.4 million. Total project costs to September 30, 2006 are $222.9 million including the capitalization of pre- operating earnings. In the second quarter the Company repaid the financing which had been originally been put in place to support Chapada's construction costs. Consequently, no interest or deferred financing fees were charged to construction costs during the quarter.

Sao Francisco Mine

Sao Francisco declared commercial production effective August 1, 2006. Production for August and September was 20,789 ounces at an average cash cost of $314 per ounce. A total of 43,039 ounces of gold were produced year to date including pre-commercial activities including production from the pilot plant. Grades and volumes are expected to increase as the operation ramps up. Mining is currently taking place in saprolite material and mining of higher grade material and the anticipated coarse gold effect will not occur until mining extends to concentrations of quartz veins in harder rock. This is expected in 2007. Gold production in September was without the benefit of the gravity circuit since September 25(th). The mine stopped the gravity plant to facilitate the containment of fines produced during the crushing stage. It is expected that the gravity plant will be back in full production in December.

In September a total of 10,628 ounces were produced at Sao Francisco. In the fourth quarter the mine ore grade as well as the heap leach production is expected to increase. This is expected to result in fourth quarter production exceeding 35,000 ounces at a cash cost of approximately US$250-$270 per ounce.

Jacobina Mine

A total of 19,321 ounces of gold were produced from the Jacobina Mine during the quarter ended September 30, 2006 at an average cash cost of $317 per ounce. Average cash costs include the effect of a currency hedge ($62 per oz) which ends December 2006. Production for the quarter compares to 22,333 ounces of gold produced during the quarter ended June 30, 2006.

The ore grade for the quarter was 1.72 g/t and the average gold recovery rate was 93.6% . The mine has increased the level of underground development which positively impacted production in September 2006. The expansion phase is in progress. This program will increase production to an estimated 6,500 tonnes per day by the second half of 2007 and has the objective of increasing the throughput which would result in an annual production rate of 230,000 ounces by the end of 2008.

Fazenda Brasileiro Mine

A total of 18,569 ounces of gold were produced during the quarter at an average cash cost of $356 per ounce. This compares to 19,658 ounces of gold produced during the prior quarter at an average cash cost of $334 per ounce. A total of 19,558 ounces of gold were produced during the comparative quarter ended September 30, 2005 at an average cash cost of $332 per ounce. A total of 55,970 ounces were produced year to date.

The average plant recovery rate during the quarter was 93% an increase of 3% as compared to the quarter ended September 30, 2005. The recovery rate has increased as processing of carbonaceous ore ended in January 2006, as anticipated. An aggregate of 244,038 tonnes were milled during the quarter in comparison to 236,500 tonnes milled during the quarter ended June 30, 2006. The recovery rate for the comparative quarter ended September 30, 2005 was 89.6 % on 277,081 tonnes of ore milled.

The average ore grade for the period decreased by 9% during the quarter from an average of 2.8 g/t during the quarter ended June 30, 2006 to an average of 2.54 g/t for the quarter ended September 30, 2006. The grade for the month of August and September 2006 was 2.1 and 2.9 g/t, respectively. The average ore grade for the comparative quarter ended September 30, 2005 was 2.47 g/t.

Fazenda Nova Mine

A total of 6,548 ounces of gold were produced during the quarter as compared to 10,364 ounces during the comparative quarter ended September 30, 2005. A total of 21,990 ounces of gold were produced on a year to date basis compared to 23,419 ounces of gold, including pre-commercial activities, produced during the comparative nine month period.

Cash costs for the quarter were $306 per ounce. Cash costs decreased by 22% from $392 per ounce for the second quarter. The decrease in cash costs is attributed to the deferral of stripping costs that will benefit future periods. Cash costs for the comparative quarter ended September 30, 2005 were $215 per ounce. Operating costs for the third quarter however includes a non-cash write-down of heap leach inventory and increased depreciation and depletion charges which has resulted in lower mine operating earnings compared to the second quarter.

The average ore grade for the quarter from the Fazenda Nova Mine was 0.63 g/t compared to 0.60 g/t during the second quarter resulting in lower average cash costs for the current period. The ore body orientation and direction is different from that originally predicted by the block model. The Company has determined that this change may provide for continuity in the ore body from the Vital Pit to the Lavrinha Pit. This is now being evaluated by the Company. The average recovery rate for the quarter from the Fazenda Nova Mine was 70%. This compares to a recovery rate of 65% for the prior quarter and 78% for the comparative quarter ended September 30, 2005.

San Andres Mine

A total of 14,685 ounces of gold were produced from the San Andres Mine during the quarter ended September 30, 2006 at an average cash cost of $386 per ounce. This compares to 17,082 ounces of gold produced during the quarter ended June 30, 2006 at an average cash cost of $311 per ounce. The decrease in production and the increase in cash cost is attributed to the decrease in recovery rates and ore grade for the quarter.

The ore grade for the quarter was 0.63 g/t as compared to 0.68g/t in the quarter ended June 30, 2006. The ore grade for the quarter was down as the mine has decreased its cut-off grade due to the higher gold price. It is anticipated that the lowering of the cut-off grade will have a positive impact on the total reserve tonnage and resources along with recent positive exploration results. The ore grade in September increased to 0.65 g/t resulting in unit costs of $352 for the month. Mining has been taking place in mineralization outside of defined reserves. As such, amounts mined have not decreased proven and probable reserves.

The period now completed is the traditional wet or rainy season which would be expected to adversely and seasonally affect production. The production level for the month of October increased to approximately 5,300 ounces which is 8% more than the monthly average of the third quarter and 8% more than in our mine plan for the month.

A new mining act is before the Honduran Congress, but not yet adopted. The Company is working co-operatively with the government on the development of the new law.

Liquidity and Capital Resources

Cash and cash equivalents as at September 30, 2006 were $70.7 million compared to $151.6 million as at December 31, 2005.

Working capital as at September 30, 2006 was $47.4 million compared to $105.6 million as at June 30, 2006.

Cash flow generated from operations for the quarter was $14.6 million before a decrease of $36.9 million for non-cash working capital items compared to inflows of $6.5 million before a decrease of $3 million for non-cash working capital items for the comparative quarter ended September 30, 2005. Cash flow from operations for the quarter consists of operating results from the Fazenda Brasileiro, Fazenda Nova, San Andres, Jacobina mines and two months of commercial operations from the Sao Francisco Mine. Cash flow from operations on a year to date basis was $37.5 million before a decrease of $44.6 million for non-cash working capital items. This compares to cash flow from operations of $7.7 million for the comparative nine month period ended September 30, 2005 before a decrease in non-cash working capital items of $2.6 million.

Cash used in investing activities was $50.7 million and $168.2 million for the quarter and year to date ended September 30, 2006, respectively. An aggregate of $41.5million was spent during the quarter on capital items. These are summarized below (net of changes in non-cash working capital items):

(In thousands of US dollars)                                Three months
------------------------------------------------------------------------
------------------------------------------------------------------------
Construction of new mines                                        $17,600
Mineral properties                                                17,000
Property, plant and equipment                                      6,900
------------------------------------------------------------------------
Total                                                           $ 41,500

------------------------------------------------------------------------
------------------------------------------------------------------------

Cash flow from financing activities was $1.4 million for the quarter which compares to an inflow of $47.2 million for the comparative period ended September 30, 2005. Cash flow from financing activities on a year to date basis was $94.5 million which compares to $146.6 million for the comparative nine month period ended September 30, 2005. Cash flow from financing activities consists of funds received on the issue of common shares, exercise of stock options and warrants and borrowing activities.

Equity

Shareholders' equity as at September 30, 2006 was $1,162.2 million compared to $315 million as at the fiscal year ended December 31, 2005.

The Company had 293.7 million common shares outstanding as at September 30, 2006, compared to 191.3 million common shares as at December 31, 2005. During the year the Company has issued 5.8 million common shares in connection with the acquisition of RNC Gold Inc, 63.9 million common shares in connection with the acquisition of DSM, 17.4 million common shares from a public offering, and an additional 15.3 million common shares in respect to the exercise of stock options, warrants and compensation.

The Company had a total of 16.9 million (December 31, 2005 -- 5.3 million) share purchase warrants outstanding as at September 30, 2006, at a weighted average exercise price of C$8.65 (December 31, 2005 -- C$4.43) per share and a weighted average life of 2.89 years (December 31, 2005 - 3.87 years).

A total of 12.7 million (December 31, 2005 -- 7.95 million) stock options were outstanding as at September 30, 2006. Stock options outstanding as at September 30, 2006 had a weighted average exercise price of C$7.60 per share (December 31,

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