After depletion from production for the first six months of 2019, the mine had reserves of 2.3 million ounces, a 8.6% increase since the end of 2018, while the mineral reserve grade increased 2.6% to 2.4 grams per tonne, its second straight year of mineral reserve grade increase.

The reserve estimate is 29.6 million tonnes grading 2.4 grams per tonne and is based on a cut-off grade from 1.12 grams per tonne to 1.30g/t depending on the zone and an average long-term gold price of US$1,250/oz.

Jacobina also has measured and indicated resources of 41.9Mt grading 2.45g/t for 3.3Moz contained estimated at a cut-off grade of 1g/t based on a long-term price of $1,500/oz.

Jacobina produced 144,695oz in 2018 and is on track to produce 145,000-152,000oz this year. Yamana is planning a two-phase expansion, first to 6,500 tonnes per day to produce more than 170,000oz a year via an optimisation project and then potentially onto 7,500tpd to produce 225,000oz/y by 2023. Average throughput in 2018 was 5,580tpd.

Exploration at Jacobina continues to show strong potential potential for the operation into the future with the Canavieiras and Morro do Vento areas yielding new drill intercepts and expected to provide new resources at higher than life-of-mine (LOM) grades. These sectors are showing high-grade, wide intervals of mineralisation and are expected to contribute towards future mineral reserve and resource growth.

The João Belo Sur area is also showing long-term mineral resource growth potential and is located immediately adjacent to the João Belo mine, historically the most important producer at Jacobina.

Implementation of the first phase 1 expansion remains ahead of schedule and the pre-feasibility study ("PFS") for the Phase 2 expansion is on track for completion in the first quarter of 2020.

Exploration at Jacobina has focused on defining the location and plunge of higher-grade shoots in the mine to support a grade-based increase in production. The Canavieiras and Morro do Vento sectors have the highest-grade mineral reserves and these zones continue to grow with numerous high-grade width intervals adjacent to existing mine infrastructure.

Shares in Yamana Gold (TSX:YRI) are trading at C$4.91, valuing the company at $4.7 billion.