Yamana Gold reports 83% increase in revenue to $336.9m in 2Q08

A conference call is scheduled Thursday to discuss Yamana Gold’s first half 2008 and second quarter 2008 financials, which include double digit growth in revenue.

RENO, NV - 

Despite reporting an 83% increase in revenue to $336.9m in 2Q 08, Yamana Gold Wednesday reported net earnings of $42.1 million for the period, down from $52.8 million for the second quarter of 2007.

Net earnings for the first six months of this year were $105.2 million compared with $80.2 million for the same period of 2007.

Production guidance for the second half of this year is expected to be 610,000 to 685,000 ounces of gold.

Total second-quarter 2008 production was reported at 257,498 gold equivalent ounces (GEO), a 122% increase from the second quarter of 2007. Total production for the first six months of this year was 492,718 GEO for a 108% increase over the same period of 2007.

Yamana also produced 44.8 million pounds of copper during the second quarter 2008, a 42% increase from the same quarter a year ago. Copper production for the first six months of this year was 85.7 million pounds, a 46% increase over the first half of 2007.

Adjusted earnings were reported at $102.7 million (15-cents per share) for the second quarter-2008, compared to $76.4 million (22-cents/sh) for the second-quarter 2007. For the first six months of this year adjusted earnings were reported at $237.4 million (35-cents/sh), compared to $125.3 million (35-cents/sh) for the first half of 2007.

For the second quarter, the company also recorded a negative mark-to-market adjustment of $18.3 million, comprised of a positive adjustment of $6.1 million on unsettled concentrate invoices as of June 30^th, less a negative adjustment of $24.4 million on the reversal of mark-to-market gains on invoices settled during the quarter.

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Related Links ARTILCES:  Yamana revises 2008 gold production forecasts, increases capex to $595m  OTHER PAGES:  GOLD NEWS CANADA

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