Yamana's Q1 net earnings up 15% to $170 million

Yamana Gold  (TSX:YRI) announced that net  earnings increased 15% to $170 million, $0.23 per share in first quarter of 2012.

Production results were 278,832 gold equivalent ounces at cash costs of $292 per GEO.

Yamana said better gold prices and its newest mine contributed to the better performance.

"Revenues of $560 million in the first quarter were 18% higher compared with $476 million in the same quarter of 2011 mainly due to higher realized prices for gold and increased sales of gold ounces contributed by the Mercedes mine, offset by lower concentrate sales and a lower realized copper price," wrote the company in its news release.

"Higher revenues also contributed to higher mine operating earnings of $280 million in the quarter, compared with $238 million in the first quarter of 2011."

Read the full news release here.