Agnico-Eagle provides exploration update on Kittila project; Inferred gold resource grows by one million ounces



    
    Stock Symbols: AEM (NYSE and TSX)

    (All dollar amounts expressed in U.S. dollars unless otherwise noted and
     all units of measurement expressed in metric unless otherwise noted)
    

    TORONTO, Sept. 4 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or
the "Company") is pleased to provide an update on its recent exploration
activities at the Kittila project in northern Finland, which have resulted in
a significant addition to the inferred resource category.
    The recent program at Kittila has added 4.9 million tonnes grading
6.4 grams per tonne, or 1.0 million ounces, in the inferred resource category.
This brings the total mineral inventory at Kittila to 3.0 million ounces of
probable reserves grading 5.1 grams per tonne from 18.2 million tonnes,
5.4 million tonnes grading 3.0 grams per tonne, or 0.5 million ounces, of
indicated resources and a further 15.7 million tonnes grading 4.34 grams per
tonne, or 2.2 million ounces, of inferred resources. Please see the attached
table detailing the Company's total reserves and resources, as well as
following statements regarding the use of the terms reserves and resources.

    
    Highlights of the exploration activity include:

    -   1.0 million ounces of inferred gold resources were added at Kittila
    -   These new gold resources confirm the depth extension of the main
        Suuri deposit to approximately 1,100 metres below surface
        (approximately 300 metres below the current reserves and resources)
    -   The grade of the new resource is 26 percent higher than the current
        gold reserve grade
    -   Additional drilling suggests that extensions of the Roura, Ketola and
        Etela zones are possible
    

    "The rapid expansion of the Kittila reserves and resources since we made
our first investment in the property in 2004 is very encouraging. From a small
amount of gold resources initially, the mineral inventory has grown
impressively and it remains wide open for further expansion at depth and along
strike" said Sean Boyd, Vice-Chairman and CEO. "As a result of this rapid
growth in reserves and resources, a scoping study is now underway to examine
the economics of increasing the planned production rate of the mine. This
study should be completed in the first quarter of 2009" added Mr. Boyd.
    The Company is hosting a mine tour to Kittila departing Toronto and
London on November 17, 2008. The charter aircraft will return visitors to
Toronto and London early on November 19. Interested analysts and institutional
investors should contact Hazel Winchester (hwinchester@agnico-eagle.com) to
reserve a position as soon as possible, as space is limited.
    Agnico-Eagle expects to provide an update on its exploration activities
at Pinos Altos, Mexico and Meadowbank, Canada within the next several months.

    Exploration Continues on the Deep Extension of the Main Zones at Kittila

    Exploration at the 100% owned Kittila mine project in northern Finland
has succeeded in identifying a larger and higher grade gold resource at depth.
The 2008 exploration program is focused on defining the current reserves and
resource and looking for extensions of the deposit at depth and along strike.
A total of six diamond drills, including an underground drill, are now
operating on the property covered by the Kittila mining lease. Two drills are
on the deep resource expansion program and four drills, including the
underground drill, are on the resource to reserve conversion program.
    At the end of July, over 29,200 metres from 79 drill holes had been
completed, including 37 resource conversion drill holes (for approximately
14,000 metres) and 21 resource exploration holes (making up almost
13,400 metres of drill core). In addition, exploration continues outside of
the Kittila mining lease area along the 15 kilometre Suurikuusikko gold trend.

    http://www.agnico-eagle.com/files/KittilaSurfacePlan_3Sept08.pdf

    Exploration on Suuri Zone Defines East Lens at Depth

    Since May 2007, when the first two deep intercepts on the main Suuri zone
at Kittila were reported, exploration has successfully extended the resource
envelope at depth and along strike. Diamond drilling has currently traced the
East lens of the Suuri zone down to a depth of 1,100 metres and extended its
overall north-south strike length at depth to approximately 1,000 metres. The
Suuri zone, representing approximately 75% of the current Kittila probable
gold reserve (60% of the resource), is made up of at least three lenses, East,
Central and West. To date, the exploration at depth has only tested the East
lens to any significant degree.
    Based on the current results of the drill program (effective as of
July 31, 2008), it is estimated that the East lens of the Suuri Zone hosts an
additional 4.9 million tonnes of inferred resource grading 6.4 g/t (or
1.0 million ounces of gold) between 800 metres and 1,100 metres depth. Total
inferred resource at Kittila now stands at 2.2 million ounces of gold from
15.7 million tonnes grading 4.2 g/t. The previous mineral resource and reserve
estimate for the Kittila deposit that was reported in February, 2008, was
limited to a depth of 800 metres.

    
    The overall gold reserves and resources at Kittila are presented in the
    following table.

    -------------------------------------------------------------------------
    Category and Zone                              Au     Au          Tonnes
                                                  (g/t)  (000's oz.)  (000's)
    -------------------------------------------------------------------------
    Probable Mineral Reserve
    -------------------------------------------------------------------------
    Open pit                                      5.43    727         4,169
    -------------------------------------------------------------------------
    Underground                                   5.03    2,268       14,036
    -------------------------------------------------------------------------
    Total Probable Reserve                        5.12    2,996       18,205
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Category and Zone                              Au     Au          Tonnes
                                                  (g/t)  (000's oz.)  (000's)
    -------------------------------------------------------------------------
    Indicated Mineral Resource                    3.03    527         5,416
    -------------------------------------------------------------------------
    Total Indicated Resource                      3.03    527         5,416
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Category and Zone                              Au     Au          Tonnes
                                                  (g/t)  (000's oz.)  (000's)
    -------------------------------------------------------------------------
    Inferred Mineral Resource
    -------------------------------------------------------------------------
    Kittila (0 - 800 m)                           3.39    1,181       10,832
    -------------------------------------------------------------------------
    Suuri Deep(*) (800 - 1100 m)                  6.43    1,013        4,904
    -------------------------------------------------------------------------
    Total Inferred Resource                       4.34    2,195       15,736
    -------------------------------------------------------------------------

    Tonnage amounts and contained metal amounts presented in the tables in
    this news release have been rounded to the nearest thousand. Reserves are
    not a sub-set of resources.
    (*) Suuri Deep resource is effective July 31, 2008; all other reserve and
        resource data are effective December 31, 2007.
    

    The East lens at depth is thought to be comprised of up to two
closely-spaced sub parallel mineralized horizons (5 to 30 metres apart) that
dip steeply (70-80 degrees) eastward and occasionally merge together to form a
thicker lens. For example, hole SUU8001B recently intersected two horizons
comprising the East lens at approximately 800 metres depth that returned,
respectively, 4.4 g/t gold over 3.4 metres and 5.4 g/t gold over 3.9 metres.
Similarly, hole SUU08003 also recently intersected two horizons within the
East lens at approximately 750 metres depth which returned, respectively,
2.9 g/t gold over 3.2 metres and 8.1 g/t gold over 11.6 metres. Drill hole
SUBH07003, released previously, is an example where the horizons combine to
form a thick lens grading 8.3 g/t gold over 15.1 metres.
    This new resource does not include results for the new "Central-type"
lens immediately west nor the most recent results from the deep Roura Central
zone. This new mineralization will be discussed in the sections immediately
following.

    
    -------------------------------------------------------------------------
                                     True
    Drill hole             Lens     Width        From           To      Gold
                                  (metres)    (metres)     (metres)     (g/t)
    -------------------------------------------------------------------------
    Suuri Zone
    -------------------------------------------------------------------------
    SUU07019               East      2.90      978.00       984.00      1.07
    -------------------------------------------------------------------------
    And                    East      3.90     1005.00      1013.00      4.69
    -------------------------------------------------------------------------
    SUU08001B              East      3.90      891.00       897.70      5.39
    -------------------------------------------------------------------------
    And                    East      3.40      914.00       919.80      4.36
    -------------------------------------------------------------------------
    And                  Centre     16.60      953.00       980.00      6.30
    -------------------------------------------------------------------------
    SUU08003               East      3.20      844.25       849.00      2.86
    -------------------------------------------------------------------------
    And                    East     11.60      856.00       873.00      8.08
    -------------------------------------------------------------------------
    SUU08003             Centre      3.20      891.00       895.65      4.21
    -------------------------------------------------------------------------
    Roura
    Central
    -------------------------------------------------------------------------
    ROU07010              ROURA      7.60     1011.50      1029.00      4.64
    -------------------------------------------------------------------------
    ROU08001              ROURA      47.5      1013.0      1092.85      2.16
    -------------------------------------------------------------------------
    including             ROURA      3.00     1013.00      1018.50      8.30
    -------------------------------------------------------------------------
    and                   ROURA      3.90     1026.00      1033.00      4.17
    -------------------------------------------------------------------------
    and                   ROURA      6.30     1049.00      1056.70      5.43
    -------------------------------------------------------------------------
    and                   ROURA      2.40     1089.00      1092.85     11.30
    -------------------------------------------------------------------------
    

    http://www.agnico-eagle.com/files/KittilaLongSection_3Sept08.pdf

    Potential Discovery of Suuri Central Lens at Depth

    A new lens within the Suuri zone at depth, with potentially higher grade
and thickness, located 20 to 100 metres west of the East lens at depths below
600 metres is beginning to take shape based on the interpretation from recent
deep drill hole results and previous intercepts. This newly discovered lens,
which might be equivalent to the Central lens that is generally encountered
within the Suuri Zone at more shallow depths, is also sub parallel and located
west of the East lens. The best intercept is in drill hole SUU08001B that cut
6.3 g/t gold over 16.6 metres at a depth of approximately 850 metres. Although
further drilling will be required to make a reliable resource estimation of
this lens, this target warrants further exploration. Additional drilling to
test for the presence of the Central and Western lenses, largely untested by
deep drilling, is planned for the remainder of 2008.

    http://www.agnico-eagle.com/files/KittilaCrossSection_3Sept08.pdf

    Intersections Beneath Roura Zone at Depth Suggest Strike Continuity

    Recent drilling appears to have discovered the down plunge extension of
the Roura zone at depths up to almost 1000 metres versus the previously known
limit of approximately 600 metres. This zone is approximately 300 metres to
the north of the main Suuri zone at depth.
    The Roura Central zone probable reserves, representing approximately 15%
of the current Kittila deposit reserves (10% of the resource), are now defined
down to a depth of approximately 500 metres.
    Drill holes ROU07010 and ROU08001 have intersected ore-grade
mineralization possibly representing the down plunge extension of the Roura
zone, or the down plunge extension of the main Suuri zone. Hole ROU07010 cut
the Roura mineralization at a depth of almost 950 metres which returned
4.6 g/t gold over 7.6 metres. Hole ROU08001 intersected the Roura zone
approximately 150 metres north of ROU07010 and at a depth of 1000 metres,
cutting an 80 metre thick zone of alteration and sulphide mineralization. This
intercept returned four mineralized intervals grading between 4 to 11 g/t gold
over thicknesses of between 2.5 metres and 6.0 metres. Overall this deep
intercept graded 2.2 g/t over 47.5 metres true width. This type of thickening
of the mineralization and alteration zones is also observed in Roura Central
at more shallow depths where mineable reserves can reach 20 to 25 metres
thick, and suggests that this deep Roura intercept from south to north may be
indicative of potentially thicker zones of higher grade mineralization.
Currently the zone at depth is approximately 250 metres on strike and is open
to the east and at depth. Except for a small gap between the Suuri and Roura
Central zones, the strike length of the total deposits is approximately
1.5 kilometres.
    Follow-up exploration is planned in this area with the objective of
adding additional resource at Kittila by year-end. These holes demonstrate
that the gold bearing structure is still strong at depth and available for
further expansion.

    Further mineralization outlined to the South of the main Suuri zone

    Immediately south of the Suuri zone, exploration also continues to follow
up on a previous result in hole SUBH06106 (5.5 g/t gold over 4.9 metres)
thought to be a deep extension of the Ketola and Etela orebodies, or an
extension of the Suuri zone.
    The Ketola and Etela zones, which will be mined by open pit, are
relatively small at surface (they represent only 5 percent of the reserves and
resources) and have been explored by diamond drilling along the West zone
horizon to depths of approximately 250 metres to 400 metres. Experience at
Kittila coupled with the presence of gold intercepts, like those in SUH6016,
warranted a program to investigate the underground potential of these zones
along the West Zone horizon and also the Central and East zone horizons over a
strike length of 1.0 to 1.5 kilometres within the Kittila mining lease area.
    Currently on the five kilometre long Mining Lease area, with the
exception of the Suuri and Roura zones (approximately 1.5 kilometres of the
total strike length), the structure has only been tested down to a depth of
400 meters.

    Kittila Project Update

    The Company is pleased to report that while it faced equipment delivery
delays and a shortage of labour in the Finnish construction industry,
significant progress has been made over the summer whereby the front end of
the process plant (crusher, ore bin, grinding area and flotation) is
essentially completed. In addition, the leaching and flotation circuits are
also essentially completed. Piping remains to be completed on the autoclave
and the refinery. All the necessary materials for the completion of these
circuits have been delivered to the site.
    It is expected that the front end of the circuit will be commissioned and
operational by the end of September and producing a gold concentrate. The
concentrate will be stockpiled in the interim and then processed upon the
completion of the autoclave. It is anticipated that commissioning and curing
of the autoclave will be started at the beginning of October. The curing
process is expected to take approximately five weeks with dore being produced
in November.
    The Kittila Mine currently has 155,000 tonnes of ore grading 4.7 grams
per tonne stockpiled from the open pit. It is anticipated that an additional
70,000 tonnes will be added to the ore stockpile before year's end providing
more than enough stockpile to feed the mill for the anticipated 2008
production.
    Agnico-Eagle has decided that it will perform the mining operations at
Kittila at the beginning of Q4, compared with the previous plan utilizing
contractors. The impact will be to eliminate contractor turnover and, as a
result, improve control over performance and mining costs going forward.
    Mining in the open pit to date has produced positive results. Ore
recovery has been higher than what was projected in the feasibility study and
dilution has been lower compared to the anticipated 15 percent. As a result,
the grade based on muck sampling, may be higher than what the 2007 reserve
model projected. Due to decreased dilution and the success of selective
mining, satellite mineralization that was not previously incorporated in the
initial open pit reserve model is being stockpiled.
    A total of 3.9 kilometres of drilling has been completed in the
underground development program. The underground access will facilitate the
conversion of resource to reserves of the Roura zone as well as define the
main Suuri zone for production purposes. As with the open pit, Agnico-Eagle
will be assuming additional underground development functions from the
contractors, thereby ensuring a more stable labour force as well as
facilitating better control of the development costs.

    Appointment of New General Manager

    Agnico-Eagle is pleased to announce the promotion of Ms. Carol Plummer to
the position of General Manager, Kittila Mine. Ms. Plummer is a graduate
mining engineer with over 20 years of experience in the mining industry and
was formerly the Mine Superintendent of the LaRonde Mine and most recently the
Manager of the Lapa Mine. She will be responsible for the continued
development of the Kittila Mine, as well as the expansion study.
    Carol replaces Mr. Heino Alaniska who announced his retirement.
Mr. Alaniska has been with the Kittila Mine since its early days as an
exploration project with Riddarhyttan Resources AB. Agnico-Eagle Mines would
like to thank Heino for his contribution in developing the Suuri Zone into one
of Europe's largest gold deposits and wish him the best in his well deserved
retirement.

    About Agnico-Eagle

    Agnico-Eagle is a long established Canadian gold producer with operations
located in Quebec and exploration and development activities in Canada,
Finland, Mexico and the United States. Agnico-Eagle's LaRonde mine is Canada's
largest gold deposit in terms of reserves. The Company has full exposure to
changes in gold prices consistent with its policy of no forward gold sales. It
has paid a cash dividend for 26 consecutive years.

    Forward-Looking Statements

    The information in this press release has been prepared as at
September 3, 2008. 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 or information.
    Such statements include without limitation: the Company's estimates of
production, including estimated ore grades, metal production, mine start-up
dates, life of mine horizons, actual production estimates 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. 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: 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 applicable exchange rate be approximately consistent with
current levels or the Company's Form 20-F referred to below; prices for gold,
silver, zinc and copper 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 mineral 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 mineral recovery estimates;
uncertainty of future production, delays in equipment delivery and
installation, 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 Annual Information Form and Annual Report on Form
20-F for the year ended December 31, 2007, 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 and 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 may use 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 may also use 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 15, 2008 were based on three-year average prices for the period
ending December 31, 2007 of $583 per ounce gold, $10.77 per ounce silver,
$1.19 per pound zinc, $2.65 per pound copper and C$/US$, US$/Euro, and MXP/US$
exchange rates of 1.14, 1.29 and 10.91, 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, 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 reasonable 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 exclusive of
mineral resources.
    A Qualified Person, Dyane Duquette P.Geo., Assistant Superintendent of
Technical Services for the Goldex project, was responsible for the mineral
reserve and mineral resource estimate at the Goldex project. Descriptions of
the key assumptions, parameters and methods used to estimate the mineral
resources and reserves and of any issues which might materially affect the
latter may be found in the Technical Report on the Estimation of Mineral
Resources and Reserves for the Goldex Extension that was posted on SEDAR on
October 27, 2005. The effective date of the estimate is December 31, 2007.
    The Kittila mine project mineral resource and mineral reserve estimate
was prepared by Jyrki Korteniemi, the Superintendent of Geology for the
Kittila Project under the supervision of a Qualified Person, Marc Legault
P.Eng., the Company's Vice-President, Project Development. The effective dates
of the estimate are December 31, 2007 for the reserves and resources above 800
metres depth and July 31, 2008 for the resource below 800 metres depth. The
gold grade cut-off used to determine the mineral resources varied between 1.5
and 2.4 g/t for open pit and underground, respectively (except for the
resource estimated below 800 metres). The mineral resource estimated below
800 metres depth used a cut-off grade for gold or 3.2 g/t. A mineral reserve
cut-off based on gold grade that varied between 2.0 and 3.2 g/t was used for
open pit and underground, respectively. The other key parameters, assumptions
and methods that were used to estimate the mineral resources and reserves are
not significantly different as that found in the Technical Report on the
Suurikuusikko project (now the Kittila mine project) that was posted on SEDAR
on March 14, 2006. There are no known environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues that materially
affect the Kittila mineral resources or mineral reserves.
    The Qualified Person responsible for the Lapa mineral reserve and mineral
resource estimate is Normand Bédard P.Geo., the Superintendent of Geology for
the Lapa mine project. A cut-off that varied between 3.7 and 4.9 gram of gold
per tonne, depending on the category, was used to determine the mineral
resource while a cut-off of 4.8 gram of gold per tonne was used to determine
the mining reserves. A description of the other key assumptions, parameters
and methods used to estimate the mineral resources and reserves and any issues
which might materially affect the latter may be found in the Technical Report
on the Lapa Gold Project that was posted on SEDAR on June 8, 2006. The
effective date of the estimate is December 31, 2007.
    The Qualified Person responsible for the LaRonde mineral reserve and
resource estimate is François Blanchet Ing., Superintendent of Geology for the
LaRonde Division. The effective date of the estimate is December 31, 2007. A
cut-off that varied between C$51 and C$55 per tonne, depending on the category
and area was used to determine the mineral resource while a cut-off that
varied between C$61 and C$73 per tonne, depending on the mining area, was used
to determine the mining reserves. The other key assumptions, parameters and
methods that were used to estimate the mineral resources and reserves are not
significantly different as that found in the Technical Report by Guy Gosselin,
P.Geo., that was posted on SEDAR on March 23, 2005. Issues that might
materially affect the LaRonde mineral resources and reserves are set out in
the same Technical Report.
    The Qualified Person responsible for the Meadowbank mineral resource
estimate is Daniel Doucet Ing., Principal Engineer Geology for the Company's
Technical Services Group, Abitibi Regional Office. The effective date of the
estimate is December 31, 2007. A gold grade cut-off that varied between 0.8
and 1.1 g/t, depending on the area, was used to determine the mineral resource
while a cut-off of 1.5 g/t was used to determine the mining reserve. Except
for these differences in the resource and reserve cut-offs, the other key
assumptions, parameters and methods used to estimate the mineral resources are
essentially identical to those reported in the Technical Report disclosed by
Cumberland Resources Ltd. on SEDAR on March 31, 2005. Issues that might
materially affect the Meadowbank mineral resources and reserves are set out in
the same Technical Report.
    The Qualified Person responsible for the Pinos Altos mineral resource and
reserve estimate is Daniel Doucet, Ing., Principal Engineer Geology for the
Company's Technical Services Group, Abitibi Regional Office. The effective
date of the estimate is December 31, 2007. A cut-off that varied between $4.56
and $28.50 per tonne, was used to determine the mineral resource for open pit
and underground, respectively. A cut-off that varied between $6.08 and $18.69
per tonne was used to determine heap-leach and milled reserves, respectively
while a cut-off of $38 per tonne was used to determine the underground mining
reserve. Except for these differences in the resource and reserve cut-offs,
the other key assumptions, parameters and methods used to estimate the mineral
resources are essentially identical to those reported in the Technical Report
disclosed on SEDAR on September 24, 2007. Issues that might materially affect
the Pinos Altos mineral resources and reserves are set out in the same
Technical Report.
    The preparation of the exploration results for Kittila was supervised by
a Qualified Person, Marc Legault, P.Eng., the Company's Vice-President,
Project Development. Required information for Kittila exploration information
that is set out in Canadian Securities Administrators' National Instrument
43-101 Sections 3.2 and 3.3 can be found in the Company's Technical Report
posted on SEDAR on March 14, 2006.

    
    Detailed Mineral Reserve and Resource Data - December 31, 2007

    -------------------------------------------------------------------------
                             Au      Ag      Cu    Zn    Au           Tonnes
    Category and Zone       (g/t)   (g/t)   (%)   (%)   (000's oz.)   (000's)
    -------------------------------------------------------------------------
    Proven Mineral Reserve
    -------------------------------------------------------------------------
    Goldex                  2.23                             18          250
    -------------------------------------------------------------------------
    Lapa                   10.65                              1          2.8
    -------------------------------------------------------------------------
    LaRonde                 2.77    73.80   0.33  3.81      416        4,672
    -------------------------------------------------------------------------
    Subtotal Proven
     Mineral Reserve        2.75                            435        4,924
    -------------------------------------------------------------------------
    Probable Mineral Reserve
    -------------------------------------------------------------------------
    Goldex                  2.20                          1,616       22,849
    -------------------------------------------------------------------------
    Kittila                 5.12                          2,996       18,205
    -------------------------------------------------------------------------
    Lapa                    8.86                          1,070        3,756
    -------------------------------------------------------------------------
    LaRonde                 4.67    34.61   0.30  1.67    4,542       30,225
    -------------------------------------------------------------------------
    Meadowbank              3.67                          3,453       29,261
    -------------------------------------------------------------------------
    Pinos Altos             3.21    92.21                 2,547       24,657
    -------------------------------------------------------------------------
    Subtotal Probable
     Mineral Reserve        3.91                         16,224      128,952
    -------------------------------------------------------------------------
    Total Proven and
     Probable Mineral
     Reserves               3.87                         16,659      133,877
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                          Au      Ag      Cu    Zn    Tonnes
    Category and Zone                    (g/t)   (g/t)   (%)   (%)    (000's)
    -------------------------------------------------------------------------
    Indicated Mineral Resource
    -------------------------------------------------------------------------
    Bousquet                             5.63                          1,704
    -------------------------------------------------------------------------
    Ellison                              5.68                            415
    -------------------------------------------------------------------------
    Goldex                               2.75                            304
    -------------------------------------------------------------------------
    Kittila                              3.03                          5,416
    -------------------------------------------------------------------------
    Lapa                                 4.48                            865
    -------------------------------------------------------------------------
    LaRonde                              2.14    25.33   0.14  1.70    5,643
    -------------------------------------------------------------------------
    Meadowbank                           2.30                         14,582
    -------------------------------------------------------------------------
    Pinos Altos                          1.36    49.88                 6,182
    -------------------------------------------------------------------------
    Total Indicated Resource             2.48                         35,111
    -------------------------------------------------------------------------
    Tonnage amounts and contained metal amounts presented in the tables in
    this news release have been rounded to the nearest thousand. Reserves are
    not a sub-set of resources.


    -------------------------------------------------------------------------
                                         Au       Ag      Cu    Zn    Tonnes
    Category and Zone                   (g/t)    (g/t)   (%)   (%)    (000's)
    -------------------------------------------------------------------------
    Inferred Mineral Resource
    -------------------------------------------------------------------------
    Bousquet                             7.45                          1,667
    -------------------------------------------------------------------------
    Ellison                              5.81                            786
    -------------------------------------------------------------------------
    Goldex                               2.35                         11,889
    -------------------------------------------------------------------------
    Kittila                              4.34                         15,736
    -------------------------------------------------------------------------
    Lapa                                 8.96                            759
    -------------------------------------------------------------------------
    LaRonde                              6.26    22.65   0.47  1.07    4,723
    -------------------------------------------------------------------------
    Meadowbank                           3.49                          3,434
    -------------------------------------------------------------------------
    Pinos Altos                          1.44    24.08                12,237
    -------------------------------------------------------------------------
    Total Inferred Resource              3.50                         51,231
    -------------------------------------------------------------------------
    





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