FOR:  YAMANA GOLD INC.

TSX SYMBOL:  YRI
AMEX SYMBOL:  AUY
LSE SYMBOL:  YAU

January 22, 2004

Yamana Gold Announces New Vice President Business Development

TORONTO, ONTARIO--Yamana Gold Inc. (TSX: YRI; AMEX: AUY; LSE (AIM): YAU) is pleased to announce the appointment
of Greg McKnight as Vice President Business Development. Mr. McKnight has agreed to join the company as its
senior business development officer responsible for assessing acquisition and business combination
opportunities. Mr. McKnight has 14 years of investment banking, corporate finance and mergers and acquisitions
experience with some of the larger Canadian and international investment banks with a particular emphasis on
mining companies.

Yamana continues to review acquisition opportunities and Mr. McKnight's assistance will be invaluable in that
process.

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 expects to
produce gold at intermediate company production levels by 2006 in addition to significant copper production by
2007. Yamana also holds gold exploration properties in Argentina subject to earn-in by Peruvian gold producers
Buenaventura and Hochshild. Company management plans to build on this base by targeting other gold
consolidation opportunities in Brazil and elsewhere in Latin America.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning
of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the company, certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized by words such as "plan," "expect,"
"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 and estimates
of management at the date the statements are made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially from those projected in the
forward-looking statements. These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in interpreting drilling results and other
ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and
expenses, uncertainties relating to the availability and costs of financing needed in the future and other
factors. The Company undertakes no obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is cautioned not to place undue reliance on
forward-looking statements.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Yamana Gold Inc.
Peter Marrone
President & Chief Executive Officer
(416) 815-0220
Email: investor@yamana.com

OR

Yamana Gold Inc.
Rebecca Greco
Investor Relations-North America
(416) 945-7350
Email: investor@yamana.com

OR

Yamana Gold Inc.
Jane Jackson
Investor Relations-Europe
+44 7793145779
Email: investor@yamana.com

INDUSTRY:  PCS
SUBJECT:   PER

-0-

                                                                
Yamana Gold Inc