Proceedings

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IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the “Act”)

— AND —

IN THE MATTER OF

YAMANA GOLD INC. and MERIDIAN GOLD INC.

ORDER
(Subsection 104(2) and Section 127)

UPON the application of Yamana Gold Inc.(“Yamana”) to the Ontario Securities Commission (the “Commission”) for an order pursuant to section 127 of the Act that trading cease in respect of any securities issued, or to be issued, under or in connection with the Shareholder Rights Plan Agreement of Meridian Gold Inc. (“Meridian”) dated April 21, 1999, as amended (the “Rights Plan”);

AND UPON the application of Yamana to the Commission for an order pursuant to clauses 104(2)(b) and (c) of the Act requesting an exemption from certain requirements of Part XX of the Act in connection with Yamana’s take-over bid (the “Offer”) for all the outstanding common shares (“Shares”) of Meridian dated July 19, 2007; as amended;

And upon Yamana representing to the Commission that:

1. upon the granting of this Order, Yamana will extend the Offer (the “Extension”) to September 11, 2007 at 8:00 PM Toronto time (“the new Expiry Date”), unless further extended or withdrawn, and Yamana will not take up and pay for any share under the Offer prior to such time;

2. notice of the Extension will be given to shareholders of Meridian by press release; and

3. Shares deposited pursuant to the offer may be withdrawn by or on behalf of a depositing shareholder (i) at any time before the new Expiry Date and, (ii) where the Shares have been taken up by Yamana following the new Expiry Date but not paid for, at any time after three business days after having been taken up;

(collectively, the “Conditions”).

AND UPON the Commission being of the opinion that to grant this order would not be prejudicial to the public interest;

IT IS ORDERED pursuant to section 127 of the Act that trading cease in respect of any securities issued, or to be issued, under or in connection with the Rights Plan as against the Offer, effective at 9:00 AM Toronto time on September 11, 2007.

AND IT IS FURTHER ORDERED pursuant to clauses 104(2)(b) and (c) of the Act that Yamana is exempted from subparagraph 4.ii of section 95 and subsections 98(4) and (5) of the Act with respect to the Extension, provided that the Conditions are satisfied.

DATED this 5 th day of September, 2007.

“James E. A. Turner”
James E. A. Turner
“Margot C. Howard”
Margot C. Howard