Warrants

Yamana's public warrants which trade on the TSX are summarized as follows:

The YRI.wt.a warrants have an exercise price of C$2.50. On exercise the holder would receive 0.6 of a Yamana share. These warrants expire on November 20, 2008. These relate to previously existing warrants of Desert Sun Mining.

The YRI.wt.b warrants have an exercise price of C$2.00. On exercise the holder would receive 0.543 of a Yamana share. These warrants expire on May 29, 2008. These relate to previously existing A warrants of Northern Orion.

The YRI.wt.c warrants have an exercise price of C$6.00. On exercise the holder would receive 0.543 of a Yamana share. These warrants expire on February 17, 2010. These relate to previously existing B warrants of Northern Orion.