Yamana Gold Recommends Rejection of Mini-Tender Offer by TRC Capital Corporation

Yamana Gold Recommends Rejection of Mini-Tender Offer by TRC Capital Corporation

TORONTO, ONTARIO, Mar 26, 2008 (MARKET WIRE via COMTEX) — YAMANA GOLD INC.
(CA:YRI)(AUY)(UK:YAU) announced that it has received a copy of an unsolicited
below market “mini-tender” offer made by TRC Capital Corporation, pursuant to
which TRC Capital has offered to purchase up to 3,000,000, or approximately 0.48
percent of the outstanding common shares of Yamana. The offer price of C$15.75
per common share represents a 1.87 percent and 1.68 percent discount,
respectively, to the C$16.05 and US$15.70 closing prices for Yamana common shares
on the Toronto Stock Exchange and the New York Stock Exchange, respectively, on
March 24, 2008, the day before the offer was made, and a 8.7 percent and 8.4
percent discount to the closing prices for Yamana common shares on the Toronto
Stock Exchange and the New York Stock Exchange on March 25, 2008 which were
C$17.50 and US$16.91, respectively.

Yamana recommends that its shareholders reject this unsolicited offer. Yamana
wishes to inform its shareholders that it is not associated with TRC Capital, the
offer or the offer documentation.

TRC Capital has made numerous unsolicited “mini-tender” offers for shares of
other companies. “Mini-tender” offers are offers to purchase a small percentage
of a company’s shares, thereby avoiding most of the filing, disclosure and
procedural requirements of Canadian and United States federal security
legislation.

Securities regulators in the United States and Canada have recommended that
shareholders exercise caution in connection with mini-tender offers and that they
consult their investment advisors regarding these types of offers. The U.S.
Securities and Exchange Commission has published investor tips regarding
mini-tender offers on its website at:
http://www.sec.gov/investor/pubs/minitend.htm. Comments from the Canadian
Securities Administrators on mini-tenders can be found under Staff Notice 61-301
at: www.osc.gov.on.ca/Regulation/Rulemaking/Current/Part6/csa_19991210_61-301.jsp

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