Agnico-Eagle provides exploration update on 2009 activities: New gold discovery at Cubiro at Pinos Altos



    
    Stock Symbol: AEM (NYSE, TSX)

    (All amounts expressed in U.S. dollars unless otherwise noted)
    

    TORONTO, Sept. 8 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or
the "Company") is pleased to provide an update on its 2009 exploration
program. New discoveries have increased the known size of the mineralized
envelopes of several deposits and the Company expects to increase its total
gold reserves and resources at the end of this year, over and above the amount
mined during the year. The Company's $54 million 2009 exploration program is
expected to result in approximately 221 kilometres of drilling using more than
35 rigs. Close to 190 kilometres of exploration drilling have been completed
through July, which is almost 85% of the 2009 program. However, based on the
success of the program to date, it is expected that additional expenditures
will be authorized and the exploration programs expanded.

    
    Highlights of the 2009 exploration program include:

    -   At Pinos Altos:

        -  New gold/silver zone discovered at Cubiro
        -  Sinter zone's better-than-expected grade and thickness suggest
           open pit potential
        -  San Eligio zone extended laterally and at depth

    -   At Kittila:

        -  Deep drilling continued to confirm strong grades at depths below
           600 metres at Suuri and expanded the underground resource envelope
           further to the north
        -  Near-surface gold mineralization extended further north and at
           depth at Rimpi

    -  At Meadowbank:
        -  Drilling results confirmed mineralization extensions and
           underground mining potential of the Goose South zone at depth
        -  In-fill drilling also confirmed the resource at Vault and extended
           the gold mineralization further north and east
    

    "The ongoing extension of known gold zones at several deposits and the
discovery of the new gold zone at Cubiro on the Pinos Altos property continue
to demonstrate our ability to expand our reserve base through exploration,"
said Sean Boyd, Vice-Chairman and CEO. "We expect this large and growing
reserve base to be the foundation for continued expansion in gold production
beyond 2010, as we complete several expansion studies at our recently
constructed gold mines," added Mr. Boyd.

    
    Pinos Altos Exploration Update - Several Satellite Gold/Silver Deposits
    Taking Shape
    
    At the Pinos Altos project in Mexico, over 39 kilometres of drilling in a
total of 139 drill holes was completed by the end of July, focusing on three
new mineralized structures. The first drill program began in the spring on the
newly discovered Cubiro zone and several drill holes returned encouraging
results. This zone is located approximately 10 kilometres northwest of
Agnico-Eagle's main Santo Nino pit. It is also approximately two kilometres
west of the Company's new Creston Mascota project, where construction of an
open pit, heap leach mine will begin in the fourth quarter of 2009.
    The infill program at Sinter, a parallel zone approximately two
kilometres to the north of the Santo Nino pit, is demonstrating a better
average grade and thickness than anticipated and may result in the development
of a new satellite open pit similar to Creston Mascota. At San Eligio, another
parallel zone less than one kilometre north of Santo Nino, the drilling
program extended the mineralization at depth and along strike to the east and
west.
    
    http://www.agnico-eagle.com/files/PinosLocationGeology_Sep09.pdf

    New Gold Discovery at Cubiro
    
    The Cubiro mineralization is well exposed along the flanks of the
Concheno valley and is similar to the other deposits on the Pinos Altos
property. These deposits tend to be quartz-calcite breccia vein systems with
associated vein stockworks carrying gold and silver. The Cubiro mineralization
was discovered in several showings in the valley and in shallow historic
workings that have been excavated along the most easterly vein outcrops.

    http://www.agnico-eagle.com/files/CubiroPlanLongCross_Sep09.pdf

    The northwest-striking, sub-vertical Cubiro mineralization forms an
outcropping ridge, and has been followed along strike for approximately 850
metres. Agnico-Eagle began to drill at the western part of the new Cubiro zone
in May 2009. To the end of July, a portable rig had drilled 3,600 metres in 19
holes. The best results were from two holes with visible gold, CB-09-009 and
CB-09-015. CB-09-015 had two substantial intersections: 26 metres (all
intersections are estimated true width) grading 2.4 grams per tonne ("g/t")
gold and 24.8 g/t silver, and 30 metres grading 4.4 g/t gold and 25.4 g/t
silver. Hole CB-09-009 returned 16.9 metres grading 2.3 g/t gold and 17.5 g/t
silver.
    The deposit remains open in all directions. Road construction is underway
and will provide better access to the Cubiro deposit, where two rigs are
currently drilling.

    
    Cubiro drill results
    -------------------------------------------------------------------------
                   From          To     Estimated True Width   Gold    Silver
    Drill Hole   (metres)     (metres)       (metres)          (g/t)    (g/t)
    -------------------------------------------------------------------------
    CB-09-007       69.0        105.0           18.9           1.58     14.8
    -------------------------------------------------------------------------
    CB-09-009      133.4        219.3           16.9           2.30     17.5
    -------------------------------------------------------------------------
    CB-09-013       68.5        171.0           21.4           1.84     21.4
    -------------------------------------------------------------------------
    CB-09-015       49.6        100.0           26.2           2.37     24.8
    -------------------------------------------------------------------------
      including     52.9         56.0            1.5          13.94     86.1
    -------------------------------------------------------------------------
      including     93.0         96.6            1.8           8.21     33.9
    -------------------------------------------------------------------------
      and          137.5        195.0           30.0           4.42     25.4
    -------------------------------------------------------------------------
      including    185.3        189.3            2.1          30.37     81.0
    -------------------------------------------------------------------------
    CB-09-016      209.5        224.7            6.4           3.67     35.6
    -------------------------------------------------------------------------

    Open Pit Potential At Sinter
    

    The Sinter zone is associated with the Reyna de Plata gold structure,
located 1.7 kilometres north of the main Santo Nino pit. The sub-vertical
mineralization has been followed along strike for almost 900 metres over a
vertical depth of 350 metres and an estimated true width between 4 and 35
metres. The deposit remains open along strike and at depth. Agnico-Eagle's
recent infill drilling has indicated that the Sinter zone could become a
satellite, heap leach, low-grade, open pit deposit, similar to Creston
Mascota. The best intersections to date have been hole SIN-09-011, where 17.6
metres graded 3.3 g/t gold and 30.6 g/t silver, and hole SIN-09-024, where
17.8 metres graded 2.4 g/t gold and 39.7 g/t silver.

    http://www.agnico-eagle.com/files/SinterLongCross_Sep09.pdf

    With the aid of the new access road, built to allow completion of the
infill drill program, a resource estimate is expected to be completed by the
end of 2009.

    
    Sinter drill results
    -------------------------------------------------------------------------
                   From          To     Estimated True Width   Gold    Silver
    Drill Hole   (metres)     (metres)       (metres)          (g/t)    (g/t)
    -------------------------------------------------------------------------
    SIN-09-006     174.0        204.0           27.5           1.14     17.4
    -------------------------------------------------------------------------
      including    182.0        186.0            3.7           4.64     61.2
    -------------------------------------------------------------------------
    SIN-09-007     228.0        261.1           24.4           1.12     16.3
    -------------------------------------------------------------------------
      including    237.9        243.0            3.8           2.80     49.4
    -------------------------------------------------------------------------
    SIN-09-010     252.0        264.0            7.8           2.08      4.2
    -------------------------------------------------------------------------
    SIN-09-011     172.5        192.0           17.6           3.32     30.6
    -------------------------------------------------------------------------
    SIN-09-013     156.1        173.0           15.0           1.52     21.1
    -------------------------------------------------------------------------
    SIN-09-016     112.5        138.6           18.4           1.10     18.5
    -------------------------------------------------------------------------
    SIN-09-022     219.3        242.8           16.1           1.62     25.9
    -------------------------------------------------------------------------
    SIN-09-024      70.0         89.0           17.8           2.42     39.7
    -------------------------------------------------------------------------
    SIN-09-026     198.5        225.4           18.2           1.71     20.5
    -------------------------------------------------------------------------
      including    209.0        215.0            4.1           4.50     47.7
    -------------------------------------------------------------------------
    SIN-09-031     180.5        216.8           28.5           1.66      7.5
    -------------------------------------------------------------------------
    SIN-09-033     154.0        193.3           35.0           1.11      9.6
    -------------------------------------------------------------------------
    

    Mineralization Extended At San Eligio

    The infill drilling program that began last year at the San Eligio zone
which is part of the main Pinos Altos mine deposit continues to reveal a
promising, steeply dipping zone of gold and silver mineralization that is open
laterally and at depth. An initial reserve was estimated in 2008 for San
Eligio, which included a combination of open pit and underground mining, with
probable reserves of 1.4 million tonnes grading 2.6 g/t gold and 115 g/t
silver, containing 118,000 ounces of gold and 5.2 million ounces of silver.
The highlights of the 2009 infill drill program are two high-grade
intersections on the east side of the current reserves. Hole PA-09-333 yielded
4.8 metres grading 24.3 g/t gold and 284.9 g/t silver above the current
reserve area. One hundred metres further east of the reserve outline, hole
PA-09-362 yielded 3.5 metres grading 4.3 g/t gold and 168 g/t silver.
    In the western portion of the deposit, drilling has also filled in gaps,
with hole PA-09-357 returning 5.5 metres grading 3.8 g/t gold and 162.0 g/t
silver.
    Deep exploration drilling outside and to the west of the current resource
envelope returned some significant intercepts. In particular, hole PA-09-354
yielded 4.0 metres grading 2.5 g/t gold and 120.0 g/t silver almost 200 metres
below the current resource envelope.
    At year end, a new reserve and resource estimate will be completed for
San Eligio and it is expected that this zone will be incorporated into the
overall mining plan and the current production expansion study at Pinos Altos.

    
    http://www.agnico-eagle.com/files/SanEligioLongCross_Sep09.pdf

    The table of drill highlights for San Eligio follows:

    San Eligio drill results
    -------------------------------------------------------------------------
                   From          To     Estimated True Width   Gold    Silver
    Drill Hole   (metres)     (metres)       (metres)          (g/t)    (g/t)
    -------------------------------------------------------------------------
    PA-09-354      448.5        460.0            4.0           2.49    120.0
    -------------------------------------------------------------------------
    PA-09-357      165.0        171.1            5.5           3.80    162.0
    -------------------------------------------------------------------------
    PA-09-361       80.9         85.0            3.0           2.73    146.3
    -------------------------------------------------------------------------
    PA-09-362       34.0         37.8            3.5           4.27    168.2
    -------------------------------------------------------------------------
    PA-09-333       78.0         83.0            4.8         24.3(*)   284.9
    -------------------------------------------------------------------------
    (*)uncut

    Kittila Exploration Update - Deep Drilling Confirms Expansion Potential

    http://www.agnico-eagle.com/files/KittilaLocation_Sep09.pdf
    
    The mineralization at the Kittila mine in northern Finland continues to
grow rapidly. Kittila has significant potential for further resource to
reserve conversion, as well as the potential to extend the known envelope of
mineralization, especially below the Suuri and Roura deposits. Consequently,
almost 40% of Agnico-Eagle's drilling program in 2009 has been focused on
Kittila and other sites in Finland. To date, 56 kilometres of the planned 86
kilometres have been drilled on the Kittila mine site using 11 rigs.

    
    http://www.agnico-eagle.com/files/KittilaPlanLongCross_Sep09.pdf

    Suuri Zone
    
    Open pit mining at the main Suuri zone is already underway and a ramp is
being constructed to allow underground mining to begin in 2010.
    A study is currently underway regarding the possibility of significantly
expanding the operations. To access the deeper ore would require sinking a
mine shaft into the Suuri and adjacent Roura zones and expanding the
processing plant. To this end, six drills are currently testing Suuri and
Roura at depth. The study is expected to be completed in the fourth quarter of
2009 and final review in the first quarter of 2010.
    Three horizons have been outlined at depth in the Suuri Zone: East,
Central and West. Most of the drilling has been in the East lens, with the
resource-to-reserve conversion drilling this year focused below the existing
reserve (i.e., at depths below 600 metres). Results have confirmed the
continuity of grades and thicknesses previously reported for this lens.
Significant results include hole SUU-09-005B, which intersected 14.7 metres
grading 7.14 g/t gold, and hole SUU-09-004, which intersected 7.6 metres
grading 8.32 g/t.
    Some intercepts have confirmed the persistence of the Suuri Zone's
Central lens, such as hole SUU-08-003C, which had a 3.4-metre intercept
grading 5.41 g/t gold. Similarly, hole SUU-08-001F returned two intervals
corresponding to the Central lens at depth, which returned 3.5 g/t gold over
6.0 metres and 8.6 g/t over almost 10 metres.
    Some of the most encouraging drill results to date, were on the northern
edge of the Suuri Zone at depth, where it plunges beneath the Roura Zone. Hole
ROU-08-005 had two intersections in the East lens and a third believed to be
in the Central lens of the Suuri Zone. This is regarded as especially
encouraging because it is outside the present resource model being considered
for the Kittila production expansion study and deep underground reserve
project.

    
    Suuri Deep Extensions drill results
    -------------------------------------------------------------------------
                                                        Estimated
                                    From          To   True Width
    Drill hole      Lens         (metres)    (metres)    (metres)  Gold (g/t)
    -------------------------------------------------------------------------
    SUU-09-004    East lens       1042.4      1058.4         7.6        8.32
    -------------------------------------------------------------------------
    SUU-09-005B   East lens        921.0       943.0        14.7        7.14
    -------------------------------------------------------------------------
    SUU-08-001F   Central lens     940.0       949.0         6.0        3.51
    -------------------------------------------------------------------------
      and         Central lens     957.0       971.0         9.5        8.57
    -------------------------------------------------------------------------
    SUU-08-003C   Central lens     910.0       915.0         3.4        5.41
    -------------------------------------------------------------------------
    SUU-08-009    East lens        850.0       856.0         3.1        3.49
    -------------------------------------------------------------------------
    SUU-09-002B   East lens        913.0       919.0         2.9        5.92
    -------------------------------------------------------------------------
    SUU-09-003D   East lens        962.0       969.0         3.5        3.85
    -------------------------------------------------------------------------
    ROU-08-003B   East lens        999.0      1007.0         3.2        3.26
    -------------------------------------------------------------------------
    ROU-08-005    East lens        857.0       864.2         3.2        3.85
    -------------------------------------------------------------------------
      and         East lens        974.0       981.0         3.2        3.80
    -------------------------------------------------------------------------
      and         Central lens    1012.4      1019.4         3.3        5.69
    -------------------------------------------------------------------------
    ROU-09-001    East lens        762.5       776.0         8.4        3.28
    -------------------------------------------------------------------------
    

    Rimpi Zone

    A secondary objective of the 2009 drilling program was to extend the
Kittila deposit northward from Rimpi (located adjacent to the Roura zone to
the north). The specific goals were to convert the inferred resources at Rimpi
to reserves, as well as to determine the extent of the mineralization. Results
to date have been encouraging, as drilling has confirmed the grades and
thicknesses in this area, generally ranging between 3 g/t to 5 g/t gold over 7
metres or more. Some of the best results were at depth, with hole RCON-08-103
intersecting 5.5 metres grading 11.0 g/t gold. Mineralization was also found
in two holes on the northern limit of drilling, RIM-09-029 and RIM-09-032. The
mineralization remains open to the north at surface and shallowly plunges
northward.
    Several zones at Kittila remain open at depth and along strike,
particularly in the Suuri Deep and Rimpi areas. Successful conversion drilling
in these areas should have a positive effect on the economics of the current
expansion study.

    
    Rimpi drill results
    -------------------------------------------------------------------------
                            From          To     Estimated True Width   Gold
    Drill Hole            (metres)     (metres)       (metres)          (g/t)
    -------------------------------------------------------------------------
    RCON-08-103             367.5        377.5            5.5           11.0
    -------------------------------------------------------------------------
    RCON-08-182              90.5         97.4            3.7            4.2
    -------------------------------------------------------------------------
    RIM-09-007              359.0        370.1            7.7            3.4
    -------------------------------------------------------------------------
    RIM-09-020              333.0        338.0            3.0            3.8
    -------------------------------------------------------------------------
    RIM-09-029              410.0        420.0            5.6            8.0
    -------------------------------------------------------------------------
    RIM-09-032              278.0        290.0            6.5            4.8
    -------------------------------------------------------------------------

    Meadowbank Exploration Update - Mineralization Continues To Be
    Encountered Below Open Pit Reserves And Resources
    

    Exploration activities at Meadowbank in 2009 were focused on mine site
exploration adjacent to the main Portage and Goose Island gold deposits,
regional exploration along the Meadowbank Trend (which hosts the bulk of the
current gold reserves and resources), and also along the Northwest Trend
(which hosts the PDF deposit). Results from this program will be incorporated
into the expansion study currently underway. To date, over 54 kilometres of
drilling have been completed and up to seven diamond drills have been active
at Meadowbank. Some of the results are still pending.

    http://www.agnico-eagle.com/files/MeadowbankGeology_Sep09.pdf

    Meadowbank Minesite

    Minesite exploration in 2009 (over 27,400 metres in 100 holes using four
diamond drills) has focused on testing for near surface extensions to the
current open pit reserves (particularly in the Goose Island area), converting
resource to potential underground reserves at Goose South and testing for
resource extensions along the Meadowbank mine trend southward.

    Goose Island Open Pit Deposit Possibly Extended Southward

    Near surface exploration immediately south of the Goose Island open pit
deposit may result in a further expansion of the open pit reserve in this
area. Results received to date from the 23 drill hole (4,114 metre) campaign
in 2009 suggest several potentially economic gold intersections. A cluster of
holes (G-09-77, G-09-81 and G-09-87) returned gold values of up to 5.6 g/t
over 6.8 metres from an area that is relatively close to surface and within
100 metres south of the currently planned Goose Island open pit. Upon receipt
of pending results from several holes, the available information will be
compiled in a review of the Goose Island open pit zone.

    http://www.agnico-eagle.com/files/MeadowbankLongGooseCross_Sep09.pdf

    Goose South Underground Zone potential

    Drilling in the Goose South area, located immediately south of, and
below, the Goose Island open pit reserve has been focused on converting
inferred resources into reserves for a contemplated underground mine. A total
of 24 holes (11,038 metres) were drilled, primarily concentrated at depths
between 150 and 500 metres over a 1.2 kilometre stretch. The drilling was
highly successful and appears to have defined a higher grade core, which is
roughly 500 metres long and almost 300 metres deep (down to 500 metres). The
zone is still open at depth to the north and south. Some of the better
intercepts include hole G-09-20, which included 8.3 g/t gold over 5.0 metres
at a depth of approximately 200 metres and hole G-09-11, which included 8.9
g/t gold over 3.0 metres almost 540 metres below surface. The results of this
portion of the program will be included in a review of the underground mining
potential of the Goose South zone and will be incorporated into the Meadowbank
expansion study.

    Gosling Zone extended

    The Gosling Zone lies roughly 400 metres south of the Goose Island open
pit. This year's drilling campaign followed up previous results that traced a
near-surface occurrence over a length of approximately 200 metres. Several
holes were drilled in 2009, which confirmed and extended the mineralization
horizon more than 100 metres deeper than previously known, and towards the
south. Some of the best results include 11.7 g/t over 2.8 metres in hole
G09-54, located almost at surface and 2.7 g/t over 8.9 metres in hole G09-57
at a depth of approximately 75 metres below surface. The zone is open at depth
and to the south.

    
    Meadowbank minesite drill results
    -------------------------------------------------------------------------
    Drill Hole              From          To     Estimated True Width   Gold
                          (metres)     (metres)       (metres)          (g/t)
    -------------------------------------------------------------------------
    Goose Island Open Pit
    -------------------------------------------------------------------------
      G-09-30               191.1        195.5            3.0           0.99
    -------------------------------------------------------------------------
      G-09-32                72.3         78.9            4.0           1.28
    -------------------------------------------------------------------------
      G-09-77                42.0         49.5            4.6           2.11
    -------------------------------------------------------------------------
      G-09-81                58.2         65.0            4.0           5.62
    -------------------------------------------------------------------------
      G-09-87                20.4         26.5            4.3           3.04
    -------------------------------------------------------------------------
    Goose South
    -------------------------------------------------------------------------
      G-09-11               592.5        598.6            3.0           8.87
    -------------------------------------------------------------------------
      G-09-14               493.5        505.7            7.0           3.89
    -------------------------------------------------------------------------
      G-09-17               526.8        534.0            3.0           4.35
    -------------------------------------------------------------------------
      G-09-20               453.0        462.0           5.00           8.28
    -------------------------------------------------------------------------
      G-09-21               472.3        478.0            3.0           1.55
    -------------------------------------------------------------------------
      and                   431.0        437.0            3.8           3.82
    -------------------------------------------------------------------------
      and                   461.5        467.0            3.0           4.62
    -------------------------------------------------------------------------
      G-09-23               185.0        189.9            3.2           4.47
    -------------------------------------------------------------------------
    Gosling
    -------------------------------------------------------------------------
      G-09-42               119.8        121.8            2.0           6.92
    -------------------------------------------------------------------------
      G-09-54                49.5         52.3            2.8          11.70
    -------------------------------------------------------------------------
      G-09-57                 6.0          7.5            1.5           6.02
                                                                (top of hole)
    -------------------------------------------------------------------------
      and                   174.4        176.2            1.8           2.26
    -------------------------------------------------------------------------
      and                   163.1        172.0            8.9           2.71
    -------------------------------------------------------------------------
      including             166.5        172.0            5.5           3.94
    -------------------------------------------------------------------------
      G-09-58                86.6         94.5            4.6           5.78
    -------------------------------------------------------------------------
    

    Regional Exploration

    The main target areas for regional exploration in 2009 were the
Meadowbank Trend (mainly southward from the mine site, but also northward in
the Vault deposit area) and the Northeast gold trend that crosses the property
in the vicinity of the PDF deposit. By the end of July, almost 27 km (127
drill holes) were drilled by up to four machines working during the
winter-spring access on the Meadowbank property. Since early June, exploration
has consisted of regional helicopter-supported geophysics, prospecting and
geologic mapping and diamond drilling using two rigs.

    Meadowbank Trend - Developing South of the Minesite

    Exploration along the Meadowbank Trend to the south had an objective of
testing the south extension of the trend down to a depth of 200 metres.
Several holes on sections south of the Gosling zone returned significant
results. Drill hole GS-09-832 returned 3.1 g/t gold over 5.8 metres (including
4.1 g/t gold over 3.6 metres), and hole GS-09-834 returned 6.2 g/t gold over
4.4 metres (including 18 g/t gold over 1.4 metres). The intersections occurred
at depths of 100 to 200 metres below previous holes, which had negligible
results. Coupled with the Gosling results, these results suggest the existence
of significant gold mineralization with open pit and underground potential
along the Meadowbank trend south of the minesite. This opens up exploration
potential not only southward but also northward at depth below the Goose
Island pit zone.
    Future exploration, possibly from an underground ramp at Goose South will
likely target these new sectors of gold potential.

    
    Meadowbank Trend South drill results
    -------------------------------------------------------------------------
                            From          To        Core Length         Gold
    Drill Hole            (metres)     (metres)       (metres)          (g/t)
    -------------------------------------------------------------------------
    GS-09-832               338.4        344.2            5.8           3.10
    -------------------------------------------------------------------------
    GS-09-834               222.5        226.9            4.4           6.21
    -------------------------------------------------------------------------
    Estimated true width is 75% of core length.
    

    Vault Deposit May Expand

    At Vault, over 10 kilometres of drilling was completed over 35 drill
holes, with the objective of completing the conversion of inferred resources
within and immediately adjacent to the current pit design, as well as testing
for further extensions to the mineralization.

    Results from inside current pit shell

    The resource to reserve conversion drilling was successful in confirming
continuity and grade in and immediately around the current Vault pit shell and
will likely convert inferred resources into reserves. Drill hole VLT-09-287
returned a broad interval of 1.73 g/t gold over 55 metres, including 7.3 g/t
gold over 3.0 metres. Drill hole VLT-09-288A returned two significant
intervals of 3.15 g/t gold over 11.1 metres and 1.67 g/t gold over 27.0
metres, while drill hole VLT-09-292 returned 2.59 g/t gold over 5.5 metres.

    http://www.agnico-eagle.com/files/VaultPlanCross_Sep09.pdf

    
    Vault drill results inside current pit shell
    -------------------------------------------------------------------------
                            From          To     Estimated True Width   Gold
    Drill Hole            (metres)     (metres)       (metres)          (g/t)
    -------------------------------------------------------------------------
    VLT-09-287               82.0        137.0           55.0           1.73
    -------------------------------------------------------------------------
      including              96.0         99.0            3.0           7.30
    -------------------------------------------------------------------------
      including             126.0        132.0            6.0           5.62
    -------------------------------------------------------------------------
    VLT-09-288A             112.8        123.9           11.1           3.15
    -------------------------------------------------------------------------
      and                   137.0        164.0           27.0           1.67
    -------------------------------------------------------------------------
    VLT-09-292               92.7        138.0           45.3           1.27
    -------------------------------------------------------------------------
      and                   149.5        155.0            5.5           2.59
    -------------------------------------------------------------------------
    

    Results from outside current pit shell

    Twenty-five additional drill holes were completed under the pit shell in
order to extend the resource envelope and to convert inferred resources into
indicated resources. While some results are still pending, the most
significant results to date were holes VLT-09-275, VLT-09-284A and VLT-09-295.
Hole VLT-09-275 yielded 7.9 g/t gold over 6.6 metres within an envelope of
almost 92 metres grading 1.1 g/t. Similarly, hole VLT-09-284A returned a
relatively thick 34.3 metres interval of 2.5 g/t gold including a higher grade
interval of 9.8 g/t gold over 3.6 metres. Hole VLT-09-295 yielded a similar
higher grade interval of 4.7 g/t gold over 7.5 metres, including 6.2 g/t gold
over 5.2 metres.

    
    Vault drill results outside of current pit shell
    -------------------------------------------------------------------------
                            From          To     Estimated True Width   Gold
    Drill Hole            (metres)     (metres)       (metres)          (g/t)
    -------------------------------------------------------------------------
    VLT-09-275              219.0        310.6           91.6           1.11
    -------------------------------------------------------------------------
      including             260.4        267.0            6.6           7.88
    -------------------------------------------------------------------------
    VLT-09-284A             251.7        286.0           34.4           2.52
    -------------------------------------------------------------------------
      including             268.4        272.0            3.6           9.77
    -------------------------------------------------------------------------
    VLT-09-294              213.0        224.0                          3.50
    -------------------------------------------------------------------------
      including             215.0        222.0                          4.39
    -------------------------------------------------------------------------
    VLT-09-295              122.8        130.3            7.5           4.71
    -------------------------------------------------------------------------
      including             123.8        129.0            5.2           6.16
    -------------------------------------------------------------------------
    

    Several other holes were drilled outside of the current resource envelope
for the purpose of extending the zone at depth and along strike. The deepest
hole (VLT09-303) returned 2.2 g/t gold over 6.0 metres. The most significant
was hole VLT09-308, which returned 3.1 g/t gold over 28.5 metres, including a
higher grade interval of 10.1 g/t gold over 4.5 metres, indicating that the
zone is still open at depth and to the north.

    
    Vault drill results outside the current resource envelope
    -------------------------------------------------------------------------
                            From          To     Estimated True Width   Gold
    Drill Hole            (metres)     (metres)       (metres)          (g/t)
    -------------------------------------------------------------------------
    VLT-09-303              527.0        533.0            6.0           2.15
    -------------------------------------------------------------------------
    VLT-09-308              381.5        410.0           28.5           3.12
    -------------------------------------------------------------------------
      including             405.5        410.0            4.5          10.05
    -------------------------------------------------------------------------
    

    Vault South Beginning To Take Shape

    Vault South was one of the most significant discoveries made at
Meadowbank in 2008. The new zone has a style of gold mineralization similar to
Vault, but lies about one kilometre to the southeast. Eight new drill holes
(1,724 metres) have been completed in 2009 on the Vault South target.
    Drill hole VLTS-09-306, completed 50 metres south of the discovery hole
(VLT-08-273 returned 2.6 g/t gold over 4.1 metres), intersected 1.0 g/t gold
over 13 metres, including 2.4 g/t gold over 3.0 metres. Hole VLTS-09-309,
completed to the west of the discovery hole, intersected 0.9 g/t gold over
22.0 metres, including 2.4 g/t gold over 6.3 metres. The initial results
suggest that the mineralization is weaker towards the north. Results for holes
VLTS-09-313 through VLTS-09-317 are pending. Future exploration in this area
is warranted to further define this occurrence.

    
    Vault South drill results
    -------------------------------------------------------------------------
                            From          To        Core Length         Gold
    Drill Hole            (metres)     (metres)       (metres)          (g/t)
    -------------------------------------------------------------------------
    VLTS-09-306              66.5         80.0           13.5           0.95
    -------------------------------------------------------------------------
      including              71.5         74.5            3.0           2.36
    -------------------------------------------------------------------------
    VLTS-09-309              47.0         69.0           22.0           0.89
    -------------------------------------------------------------------------
      including              53.2         59.5            6.3           2.41
    -------------------------------------------------------------------------
    

    Results are still pending from the mine site and regional exploration
programs and will be compiled into the year-end resource and reserve estimates
and the current expansion study for Meadowbank. Plans for further Meadowbank
exploration in 2009 and 2010 are also in progress.

    About Agnico-Eagle

    Agnico-Eagle is a long established Canadian gold producer with operations
located in Quebec, Finland and Mexico and exploration and development
activities in Canada, Finland, Mexico and the United States. Agnico-Eagle's
LaRonde mine is Canada's largest operating gold mine in terms of reserves. The
Company has full exposure to higher gold prices consistent with its policy of
no forward gold sales. It has declared a cash dividend for 27 consecutive
years. Agnico-Eagle's registered office is located at 145 King Street East,
Suite 400, Toronto, Ontario M5C 2Y7.

    
    Supplementary Information

    Vault Drillhole Location Table
    -------------------------------------------------------------------------
                                                                   Length of
    Drill Hole ID    N(*)         E         Z     Azimuth    Dip      hole
                                                                    (metres)
    -------------------------------------------------------------------------
    VLT-09-275      4666.2     3550.5    4890.4    266.5    -69.9      357
    -------------------------------------------------------------------------
    VLT-09-284A     4804.6     3487.7    4889.9    267.2    -71.1      303
    -------------------------------------------------------------------------
    VLT-09-287      4770.9     3267.1    5037.8    267.6    -72.1      171
    -------------------------------------------------------------------------
    VLT-09-288A     4770.8     3330.6    5030.8    269.6    -71.4      201
    -------------------------------------------------------------------------
    VLT-09-292      4896.7     3336.1    5033.5    269.0    -70.7      210
    -------------------------------------------------------------------------
    and             4896.5     3324.0    4998.6    269.0    -71.0      210
    -------------------------------------------------------------------------
    VLT-09-294      5020.8     3377.3    4934.4    264.1    -71.5      291
    -------------------------------------------------------------------------
    VLT-09-295      5195.4     3214.1    5021.2    267.7    -70.8      219
    -------------------------------------------------------------------------
    VLT-09-303      5024.3     3771.1    4645.5    269.8    -67.0      585
    -------------------------------------------------------------------------
    VLTS-09-306     4326.7     4046.0    5075.0    265.5    -69.4      135
    -------------------------------------------------------------------------
    VLT-09-308      5146.6     3563.3    4769.1    271.2    -70.7      428
    -------------------------------------------------------------------------
    VLTS-09-309     4276.7     3990.8    5087.6    268.2    -70.5      138
    -------------------------------------------------------------------------
    (*) Coordinate System is local mine grid in metres


    Detailed Mineral Reserve and Resource Data (as at December 31, 2008)
    -------------------------------------------------------------------------
                              Au     Ag    Cu    Zn    Pb       Au     Tonnes
    Category and Operation   (g/t)  (g/t)  (%)   (%)   (%)  (000s oz.) (000s)
    -------------------------------------------------------------------------
    Proven Mineral Reserve
    -------------------------------------------------------------------------
    Goldex                   1.95                                27      434
    -------------------------------------------------------------------------
    Kittila                  4.84                                31      199
    -------------------------------------------------------------------------
    Lapa                     7.53                                 6       23
    -------------------------------------------------------------------------
    LaRonde                  2.76  67.87   0.33  3.27  0.37     362    4,075
    -------------------------------------------------------------------------
    Pinos Altos              1.35  19.08                          4       97
    -------------------------------------------------------------------------
    Subtotal Proven
     Mineral Reserve         2.77                               430    4,828
    -------------------------------------------------------------------------
    Probable Mineral Reserve
    -------------------------------------------------------------------------
    Goldex                   2.05                             1,544   23,391
    -------------------------------------------------------------------------
    Kittila                  4.69                             3,193   21,171
    -------------------------------------------------------------------------
    Lapa                     8.80                             1,055    3,730
    -------------------------------------------------------------------------
    LaRonde                  4.52  31.18   0.28  1.42  0.12   4,612   31,735
    -------------------------------------------------------------------------
    Meadowbank               3.45                             3,638   32,773
    -------------------------------------------------------------------------
    Pinos Altos              2.68  74.61                      3,589   41,669
    -------------------------------------------------------------------------
    Subtotal Probable
     Mineral Reserve         3.55                            17,631  154,469
    -------------------------------------------------------------------------
    Total Proven and
     Probable Mineral
     Reserves                3.53                            18,061  159,297
    -------------------------------------------------------------------------


    ----------------------------------------------------------------
                              Au     Ag    Cu    Zn    Pb    Tonnes
    Category and Operation   (g/t)  (g/t)  (%)   (%)   (%)   (000s)
    ----------------------------------------------------------------
    Indicated Mineral
     Resource
    ----------------------------------------------------------------
    Bousquet                 5.63                             1,704
    ----------------------------------------------------------------
    Ellison                  5.68                               415
    ----------------------------------------------------------------
    Goldex                   1.79                               220
    ----------------------------------------------------------------
    Kittila                  2.99                             3,471
    ----------------------------------------------------------------
    Lapa                     4.36                               987
    ----------------------------------------------------------------
    LaRonde                  1.83  26.77   0.15  1.55  0.16   6,349
    ----------------------------------------------------------------
    Meadowbank               2.17                            21,956
    ----------------------------------------------------------------
    Pinos Altos              1.00  26.08                     12,468
    ----------------------------------------------------------------
    Total Indicated
     Resource                2.07                            47,569
    ----------------------------------------------------------------


    ----------------------------------------------------------------
                              Au     Ag    Cu    Zn    Pb    Tonnes
    Category and Operation   (g/t)  (g/t)  (%)   (%)   (%)   (000s)
    ----------------------------------------------------------------
    Inferred Mineral
     Resource
    ----------------------------------------------------------------
    Bousquet                 7.45                             1,667
    ----------------------------------------------------------------
    Ellison                  5.81                               786
    ----------------------------------------------------------------
    Goldex                   2.42                            11,949
    ----------------------------------------------------------------
    Kittila                  4.42                            17,550
    ----------------------------------------------------------------
    Lapa                     7.97                               761
    ----------------------------------------------------------------
    LaRonde                  5.91  18.91   0.44  0.77  0.08   4,937
    ----------------------------------------------------------------
    Meadowbank               2.78                             4,953
    ----------------------------------------------------------------
    Pinos Altos              1.65  39.95                      4,000
    ----------------------------------------------------------------
    Total Inferred Resource  3.84                            46,603
    ----------------------------------------------------------------
    

    Forward-Looking Statements

    The information in this press release has been prepared as at September
8, 2009. Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward looking information"
under the provisions of Canadian provincial securities laws. When used in this
document, words such as "anticipate", "expect", "estimate," "forecast,"
"planned", "will", "likely" and similar expressions are intended to identify
forward-looking statements and are referred to herein as "forward-looking
statements".
    Such statements include without limitation: the Company's forward-looking
production guidance, including estimated ore grades, metal production, life of
mine horizons, the estimated timing of scoping studies, internal rates of
return, and projected exploration and capital expenditures, including costs
and other estimates upon which such projections are based; the Company's goal
to increase its mineral reserves and resources; and other statements and
information regarding anticipated trends with respect to the Company's
operations, exploration and the funding thereof. Such statements reflect the
Company's views as at the date of this press release and are subject to
certain risks, uncertainties and assumptions. Forward-looking statements are
necessarily based upon a number of factors and assumptions that, while
considered reasonable by Agnico-Eagle as of the date of such statements, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. The factors and assumptions of Agnico-Eagle
contained in this news release, which may prove to be incorrect, include, but
are not limited to, the assumptions set forth herein and in management's
discussion and analysis and the Company's Annual Report on Form 20-F for the
year ended December 31, 2008 ("Form 20-F") as well as: that there are no
significant disruptions affecting operations, whether due to labour
disruptions, supply disruptions, damage to equipment, natural occurrences,
political changes, title issues or otherwise; that permitting, development and
expansion at each of Agnico-Eagle's development projects proceeds on a basis
consistent with current expectations, and that Agnico-Eagle does not change
its development plans relating to such projects; that the exchange rate
between the Canadian dollar, European Union euro, Mexican peso and the United
States dollar will be approximately consistent with current levels or as set
out in this news release; that prices for gold, silver, zinc, copper and lead
will be consistent with Agnico-Eagle's expectations; that prices for key
mining and construction supplies, including labour costs, remain consistent
with Agnico-Eagle's current expectations; that production meets expectations;
that Agnico-Eagle's current estimates of mineral reserves, mineral resources,
mineral grades and metal recovery are accurate; that there are no material
delays in the timing for completion of ongoing development projects; and that
there are no material variations in the current tax and regulatory
environment. Many factors, known and unknown, could cause the actual results
to be materially different from those expressed or implied by such
forward-looking statements. Such risks include, but are not limited to: the
volatility of prices of gold and other metals; uncertainty of mineral
reserves, mineral resources, mineral grades and metal recovery estimates;
uncertainty of future production, capital expenditures, and other costs;
currency fluctuations; financing of additional capital requirements; cost of
exploration and development programs; mining risks; risks associated with
foreign operations; governmental and environmental regulation; the volatility
of the Company's stock price; and risks associated with the Company's
byproduct metal derivative strategies. For a more detailed discussion of such
risks and other factors, see the Company's Form 20-F for the year ended
December 31, 2008, as well as the Company's other filings with the Canadian
Securities Administrators and the U.S. Securities and Exchange Commission (the
"SEC"). The Company does not intend, and does not assume any obligation, to
update these forward-looking statements and information, except as required by
law. Accordingly, readers are advised not to place undue reliance on
forward-looking statements. Certain of the foregoing statements, primarily
related to projects, are based on preliminary views of the Company with
respect to, among other things, grade, tonnage, processing, mining methods,
capital costs, total cash costs, minesite costs, and location of surface
infrastructure. Actual results and final decisions may be materially different
from those current anticipated.

    
    Notes To Investors Regarding The Use Of Resources

    Cautionary Note To Investors Concerning Estimates Of Measured And
    Indicated Resources
    

    This press release uses the terms "measured resources" and "indicated
resources". We advise investors that while those terms are recognized and
required by Canadian regulations, the SEC does not recognize them. Investors
are cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves.

    Cautionary Note To Investors Concerning Estimates Of Inferred Resources

    This press release also uses the term "inferred resources". We advise
investors that while this term is recognized and required by Canadian
regulations, the SEC does not recognize it. "Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form the basis
of feasibility or pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that part or all of an inferred resource exists, or is
economically or legally mineable.

    Scientific And Technical Data

    Agnico-Eagle Mines Limited is reporting mineral resource and reserve
estimates in accordance with the CIM guidelines for the estimation,
classification and reporting of resources and reserves.

    Cautionary Note To U.S. Investors - The SEC permits U.S. mining
companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce. We
use certain terms in this press release, such as "measured", "indicated", and
"inferred", and "resources" that the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC. U.S.
Investors are urged to consider closely the disclosure in our Form 20-F, which
may be obtained from us, or from the SEC's website at:
http://sec.gov/edgar.shtml. A "final" or "bankable" feasibility study is
required to meet the requirements to designate reserves under Industry Guide
7. Estimates were calculated using historic three-year average metals prices
and foreign exchange rates in accordance with the SEC Industry Guide 7.
Industry Guide 7 requires the use of prices that reflect current economic
conditions at the time of reserve determination which Staff of the SEC has
interpreted to mean historic three-year average prices. The assumptions used
for the mineral reserves and resources estimate reported by the Company on
February 18th, 2009 were based on three-year average prices for the period
ending December 31, 2008 of $725 per ounce gold, $13.32 per ounce silver,
$1.27 per pound zinc, $3.15 per pound copper, $0.90 per pound lead and C$/US$,
US$/Euro and MXP/US$ exchange rates of 1.09, 1.37 and 11.00, respectively.
    The Canadian Securities Administrators' National Instrument 43-101 ("NI
43-101") requires mining companies to disclose reserves and resources using
the subcategories of "proven" reserves, "probable" reserves, "measured"
resources, "indicated" resources and "inferred" resources. Mineral resources
that are not mineral reserves do not have demonstrated economic viability.
    A mineral reserve is the economically mineable part of a measured or
indicated resource demonstrated by at least a preliminary feasibility study.
This study must include adequate information on mining, processing,
metallurgical, economic and other relevant factors that demonstrate, at the
time of reporting, that economic extraction can be justified. A mineral
reserve includes diluting materials and allows for losses that may occur when
the material is mined. A proven mineral reserve is the economically mineable
part of a measured resource for which quantity, grade or quality, densities,
shape and physical characteristics are so well established that they can be
estimated with confidence sufficient to allow the appropriate application of
technical and economic parameters, to support production planning and
evaluation of the economic viability of the deposit. A probable mineral
reserve is the economically mineable part of an indicated mineral resource for
which quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence sufficient to
allow the appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the deposit.
    A mineral resource is a concentration or occurrence of natural, solid,
inorganic or fossilized organic material in or on the Earth's crust in such
form and quantity and of such a grade or quality that it has reasonable
prospects for economic extraction. The location, quantity, grade, geological
characteristics and continuity of a mineral resource are known, estimated or
interpreted from specific geological evidence and knowledge. A measured
mineral resource is that part of a mineral resource for which quantity, grade
or quality, densities, shape and physical characteristics can be estimated
with a level of confidence sufficient to allow the appropriate application of
technical and economic parameters, to support mine planning and evaluation of
the economic viability of the deposit. The estimate is based on detailed and
reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough to confirm both
geological and grade continuity. An indicated mineral resource is that part of
a mineral resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic
parameters, to support mine planning and evaluation of the economic viability
of the deposit. The estimate is based on detailed and reliable exploration and
testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced
closely enough for geological and grade continuity to be reasonably assumed.
An inferred mineral resource is that part of a mineral resource for which
quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited information
and sampling gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes. Mineral resources which
are not mineral reserves do not have demonstrated economic viability.

    Investors are cautioned not to assume that part or all of an inferred
resource exists, or is economically or legally mineable.

    A feasibility study is a comprehensive study of a mineral deposit in
which all geological, engineering, legal, operating, economic, social,
environmental and other relevant factors are considered in sufficient detail
that it could reasonably serve as the basis for a final decision by a
financial institution to finance the development of the deposit for mineral
production.
    The mineral reserves presented in this disclosure are separate from and
not a portion of the mineral resources.

    
    -------------------------------------------------------------------------
                             Qualified Person
                             responsible for the
                             current Mineral Resource   Date of most recent
                             and Reserve Estimate       SEDAR Technical
    Property/Project         and relationship           Report (NI 43-101)
    name and location        to Agnico-Eagle            disclosure
    -------------------------------------------------------------------------
    LaRonde, Bousquet &      François Blanchet Ing.,    March 23, 2005
    Ellison, Quebec,         LaRonde Division
    Canada                   Superintendent of geology
    -------------------------------------------------------------------------
    Kittila, Finland         Marc Legault P.Eng.,       December 11, 2008
                             VP Project Development
    -------------------------------------------------------------------------
    Pinos Altos, Chihuahua,  Dyane Duquette, P.Geo.,    March 25, 2009
    Mexico                   Principal geologist,
                             Abitibi Technical
                             Services Group
    -------------------------------------------------------------------------
    Meadowbank, Nunavut,     Dyane Duquette, P.Geo.,    December 15, 2008
    Canada                   Principal geologist,
                             Abitibi Technical
                             Services Group
    -------------------------------------------------------------------------
    Goldex, Quebec, Canada   Richard Genest, Ing.,      October 27, 2005
                             Goldex Division
                             Superintendent of geology
    -------------------------------------------------------------------------
    Lapa, Quebec, Canada     Normand Bédard, P.Geo.,    June 8, 2006.
                             Lapa Division
                             Superintendent of geology
    -------------------------------------------------------------------------
    

    The effective date for all of the Company's mineral resource and reserve
estimates in this press release is December 31st, 2008. No independent
verification of the data has been published. Additional information about each
of the mineral projects that is required by NI 43-101, sections 3.2 and 3.3
and paragraphs 3.4 (a), (c) and (d) can be found in the Technical Reports
referred to above, which may be found at www.sedar.com. Other important
operating information can be found in the Company's press release dated
December 11, 2008.
    The contents of this press release have been prepared under the
supervision of, and reviewed by, Marc Legault P.Eng., Vice-President Project
Development and a "Qualified Person" for the purposes of NI 43-101.





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