Yamana Gold discovers new mineralization in Quebec. Gold and silver production is expected to reach 500000 ounces per year by 2028.

Yamana Gold predicts that gold and silver production at its Canadian mines will reach 500000 ounces per year by 2028 following the discovery of "important" new mineralization areas by the Wasamac project during the Quebec development phase.

The Canadian gold and silver miner said it had discovered a new shear zone in Wasamac and continued exploration success, supporting a higher production plan of 200000 ounces per year for at least 15 years of mine life.

This figure is in sharp contrast to the approved development plan of 169000 ounces per year for 10 years for underground projects, 100km west of Yamana's 50 per cent-owned Malartic business, which is Canada's largest gold mine.

Odyssey, an underground project that extends Malartic's life by 10 years to 2039, believes that from 2029, production is likely to be higher than the currently expected average of 545000 ounces a year. Based on the results of ongoing exploration, Yamana believes that the life of the mine can be extended beyond 2039.

"Odyssey's exploration continues to yield exciting results, and we believe that over time, exploration success will enable partners (with Agnico Eagle) to take advantage of excess plant capacity to maximize underground production, higher than the current planned level," President and CEO Daniel Racine said in a statement.

He noted that the possible increase in the second mine and further production of the upper orebody entering from the slope was an additional opportunity worthy of continued investigation and evaluation.

Growth in South America At the Jacobina gold mine in Brazil, Yamana said that the second phase of the expansion is being carried out ahead of schedule and that the license is expected to be completed in early 2022. Once put into production, Jacobina will produce 230000 ounces of gold a year at low cost and high cash flow for decades, the company said.

Minera Florida,Yamana in Chile has submitted an environmental and social impact assessment of the project. According to the expected licensing schedule, the mine could start operating in 2025, producing 120000 ounces of gold a year.

The project, located in central Chile, is one of two projects that Yamana joined its portfolio after acquiring Meridian Gold in 2007. The other is the El Pe ó n silver gold deposit in the Atacama Desert of the country.

Yamana also owns Argentina's Cerro Moro gold and silver mine, which began production in 2018 and is the company's newest mine.