Yamana Gold Announces Commitments for a Two Year US$750M Term Facility

TORONTO, ONTARIO--(Marketwired - April 16, 2014) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("the Company") today announced it has received commitments for a two year US$750 million (C$827 million) senior unsecured term facility. The facility is for corporate and working capital purposes, including the Osisko Mining Corporation ("Osisko") acquisition, and is available for draw down provided that the Osisko transaction closes prior to July 31, 2014. This is in addition to the Company's revolving credit facility which was previously increased to US$1.0 billion (C$1.1 billion). The revolving credit facility also maintains a US$250 million (C$276 million) accordian option. The terms and covenants of the term facility are substantively the same as the existing revolving credit facility, which matures March 31, 2019.

"With the addition of this new facility we are able to strengthen our balance sheet and provide additional flexibility and liquidity," said Charles Main, Executive Vice President and Chief Financial Officer.

About Yamana

Yamana is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Brazil, Argentina, Chile and Mexico. Yamana plans to continue to build on this base through existing operating mine expansions, throughput increases, development of new mines, the advancement of its exploration properties and by targeting other gold consolidation opportunities with a primary focus in the Americas.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any information as to the Company's strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as "plan," "expect", "budget", "target", "project", "intend," "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.