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Despite Disappointing 4Q, Yamana Gold’s Outlook Remains Strong

Mar 30, 2008 Market Outlook

Yamana Gold Inc.’s (AUY) outlook remains strong despite the gold miner’s disappointing fourth quarter results, according to Blackmont analyst Richard Gray.

In a note to clients Mr. Gray said:

While Yamana’s Q4/07 financial results were below our estimates (EPS of 6¢ versus our 17¢), it should be noted that Q4/07 was clearly a transitional quarter for Yamana.

We believe Q1/08 will be a more indicative quarter for the new Yamana and that progress over the course of the year at the core assets will be the primary catalyst for appreciation in the shares.

Catherine Gignac, analyst at Wellington West, maintained her “buy” rating and C$18 price target, noting Yamana’s aggressive growth plans to double its production output within three years to 2.2 million ounces.

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