Yamana Gold (TSE:YRI) Production Up 50 Percent by 2012

Yamana Gold (TSE:YRI) (NYSE:AUY) CEO Peter Marrone confirmed today that gold-equivalent production for the company will increase by close to 50 percent by the end of 2012, giving shareholders another reason to be glad the have a stake in the company, although for some reason it continues to be a laggard in price.

Gold-equivalent refers to gold and silver production.

Three new projects will be brought online during that time, all of them being funded organically and not through borrowing.

Two of the mines - C1 Santa Luz and Ernesto/Pau-a-Pique - are located in Brazil, and the third is its Mercedes gold/silver Mexican project.

Yamana reported yesterday first-quarter earnings of $79.5 million.

Yamana is the industry leader in cost per ounce with a miniscule $161 an ounce.