Yamana Gold Completes Bought Deal Financing

On October 5, 2005, Yamana Gold Inc. completed a bought deal financing with a syndicate of underwriters led by Canaccord Capital Corp. and including BMO Nesbitt Burns Inc., National Bank Financial Inc., Sprott Securities Inc., Wellington West Capital Markets Inc., Blackmont Capital Inc., Paradigm Capital Inc. and Raymond James Ltd., to issue and sell 26 million common shares at $5 per share, for aggregate gross proceeds of $130 million.

Yamana is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties and land positions in all major mineral areas in Brazil.

Yamana was represented by Cassels Brock & Blackwell LLP with a securities team led by Mark Bennett and included Andrea FitzGerald and Jason Trainor, and by Gil Cornblum (corporate/securities) at Dorsey & Whitney LLP, who acted as US counsel to Yamana.

The underwriters were represented by Fraser Milner Casgrain LLP with a securities team led by Michael Melanson and included James Clare and Nicole Brown.