Yamana Gold Inc. (NYSE:AUY) is a favorite of the Masters and with shares at $13.84, its worth a look. Gold has inched its way back up to over $900 an ounce thanks to a tanking stock market.

Thanks to Yamana’s developing Chapada mine in Brazil, the company lowered this year’s production forecast after mining lower-grade ore from its Sao Francisco mine in the South American country. AUY shares keep falling despite gold’s rising price. But it’s not all bad…

FORBES.COM – On Jan. 14, the company had said it expected gold production to rise to 1.3 million GEOs in 2008, rising to 1.6 million GEOs in 2009 from mines currently in production and mines under construction.

Yamana Gold also said its gold production in the second quarter was up 9.5 percent compared with the first quarter at 260,000 gold equivalent ounces and its copper production for the same period was also up 9.5 percent compared with the last quarter at 44.8 million pounds.

Production in the second quarter was aided by increases at Chapada and El Penon.

The company confirmed Chapada’s annual production guidance of 170,000 to 175,000 ounces of gold and 155 million to 160 million pounds of copper for 2008.

Yamana Gold also said production for the balance of 2008 in part also will depend on Alumbrera and Rossi, in which the company has minority interests.

Both mines are expected to contribute a total of 22,000 GEOs per quarter while copper production for 2008 is expected to be 190 to 200 million pounds, the company said.

Here’s the list of Gold stocks to play if you’re thinking about adding a position to help your portfolio:

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