Agnico-Eagle's gold reserves and resources at record levels; gold zones extended at Pinos Altos in Mexico and Kittila in Finland



    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, Feb. 15 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or
the "Company") is pleased to provide an update on its recent exploration
activities including its updated year end 2007 gold reserves and resources.
    At December 31, 2007 Agnico-Eagle's proven and probable gold reserves hit
a record of 16.7 million ounces, an increase of 33% over the year end 2006
level. The growth in gold reserves of 4.5 million ounces (prior to considering
2007 gold production) was a result of successful definition drilling at our
development projects, which converted 1.6 million ounces to reserves, and the
acquisition of the Meadowbank project.
    Gold resources also continued to grow to record levels. The Company's
indicated mineral resource now stands at 2.8 million ounces while the inferred
mineral resource stands at 4.7 million ounces (see the following Detailed
Reserve and Resource Data table for more information). Historically,
Agnico-Eagle has had great success in converting its gold resources to
reserves.
    With its largest ever exploration program now underway, combined with
better drilling access, the Company is well positioned to achieve its gold
reserve target of 18 million to 20 million ounces within the next twelve
months. With the growth in gold reserves and resources at several of the key
development projects, it is anticipated that the upper end of this target
range may be exceeded within the next two years as promising results continue
to be encountered outside of the current gold reserve and resource envelopes.

    
    Highlights of the exploration activity include:

    -   Gold reserves increased 33% in 2007 to a record of 16.7 million
        ounces
    -   Gold resources increased to a record level, even after the conversion
        of 1.6 million ounces to reserves in 2007
    -   In the northwest quadrant of the Pinos Altos property in Mexico, the
        initial inferred resource estimate on the Creston Colorado zone is
        7.7 million tonnes, grading 1.4 grams per tonne gold, or 0.4 million
        ounces. A scoping study for a stand-alone operation is underway
    -   Deep drilling at Kittila in Finland has confirmed the depth extension
        of the main Suuri deposit to approximately 1,000 metres
        (approximately 350 metres below the current reserves and resources).
        These results have not been incorporated into the current resource
        estimates
    

    "The steady growth in gold reserves, and more importantly, gold reserves
per share continues to add value for our shareholders. With gold reserves and
resources at record levels, and with several of our large deposits open for
further expansion, we anticipate further resource to reserve conversion in
2008" said Sean Boyd, Vice-Chairman and Chief Executive Officer.
"Additionally, the recent deep exploration success at Kittila provides
optimism that this property is one of several in our portfolio that could
ultimately grow to contain over five million ounces of gold reserves" added
Mr. Boyd.
    The Company's budgeted exploration expenditure in 2008 exceeds
$65 million and is expected to result in drilling of approximately 270
kilometres utilizing 25 drill rigs. The total expenditure is the highest level
in the Company's history.
    Currently, each of Agnico-Eagle's 16.7 million gold reserve ounces are at
sites under construction, or in production, and are located in mining-friendly
regions with low political risk.

    Q4 2007 Earnings Announcement Wednesday February 20 After Market Close

    The Company's senior management will host a conference call on Thursday,
February 21, 2008 at 11:00AM (E.S.T.) to discuss financial results and provide
an update of the Company's exploration and development activities.

    Via Webcast:

    A live audio webcast of the meeting will be available on the Company's
website homepage at www.agnico-eagle.com.

    Via Telephone:

    For those preferring to listen by telephone, please dial 416 644 3415 or
Toll-free 800 732 9307. To ensure your participation, please call
approximately five minutes prior to the scheduled start of the call.

    Replay archive:

    Please dial the 416-640-1917, passcode 21259713 followed by the number
sign or Toll-free access number 877-289-8525, passcode 21259713 followed by
the number sign.
    The conference call will be replayed from Thursday, February 21, 2008 at
1:30 PM (E.S.T.) to Thursday, February 28, 2008 11:59 PM (E.S.T.).
    The webcast along with presentation slides will be archived for 180 days
on the website.

    Gold Reserves at Record Level

    At year end 2007, the Company's gold reserves totaled 16.7 million
ounces, an increase of 33% over 2006 levels. The largest increase came from
the acquisition of Cumberland Resources Ltd. in April 2007 and the 2.9 million
ounces of reserves at its Meadowbank project in Nunavut, at the time of the
acquisition. Agnico-Eagle's subsequent exploration at Meadowbank added a
further 0.6 million ounces of reserves converted from resources.
    In 2008, it is expected that the overall reserve figure for Agnico-Eagle
will continue to grow as the Company continues to convert its resource to
reserves and continues the exploration of its properties outside of the
current resource envelope. Agnico-Eagle's goal is to increase gold reserves,
from the existing portfolio of mines and projects, reaching 18 million to
20 million ounces by year-end 2008.
    The Company anticipates that the main contributors to the targeted
increase in gold reserves and further gold resource increases are likely to
be:

    
    -   Conversion of Agnico-Eagle's current gold resources to reserves
    -   Depth extension of the main Suuri zones at Kittila
    -   New gold zones to the north of the Kittila reserves
    -   Depth and strike extension at Meadowbank
    -   Extensions of the Santo Nino and Cerro Colorado zones at Pinos Altos
    -   New gold zones in the Creston/Mascota area to the northwest of the
        Pinos Altos gold and silver reserve

    A summary of the Company's year end 2007 and 2006 gold reserves follows:

    -------------------------------------------------------------------------
                                                         Proven & Probable
    Gold Reserve Summary                               Reserve (000's ounces)
    -------------------------------------------------------------------------
                                                          2007          2006
    -------------------------------------------------------------------------
    LaRonde                                              4,958         5,151

    Goldex                                               1,634         1,689

    Lapa                                                 1,071         1,152

    Kittila                                              2,996         2,616

    Pinos Altos                                          2,547         1,837

    Meadowbank                                           3,453             -

    Other                                                    -            17
    -------------------------------------------------------------------------
    Total                                               16,659        12,461
    -------------------------------------------------------------------------
    Tonnage amounts and contained metal amounts presented in the tables in
    this news release have been rounded to the nearest thousand. See the
    following section titled "Detailed Mineral Reserve and Resource Data" for
    the break out of each reserve and resource category, including Proven and
    Probable.
    

    The assumptions used in calculating the 2007 reserves and resources were
$583 per ounce gold, $10.77 per ounce silver, $1.19 per pound zinc, $2.65 per
pound copper, a C$/US$ exchange rate of 1.19, a US$/Euro exchange rate of
2.65, and a Mexican Peso/US$ exchange rate of 10.91. For every 10% change in
the gold price (leaving all other assumptions unchanged), there would be an
estimated 1% change in proven and probable reserves. The metals prices and
exchange rates used in the reserve and resource calculation are the trailing
three year averages for such prices or rates in each case, as mandated by the
U.S. Securities and Exchange Commission.
    The significant byproduct reserves and resources for silver, zinc and
copper, contained in the LaRonde ore body, and the silver reserves contained
at Pinos Altos, are presented in the Detailed Mineral Reserve and Resource
Data section set out below, and are not included in Agnico-Eagle's gold
reserve and resource totals. Please see this section for more detailed reserve
and resource estimates for all the Company's properties.
    Agnico-Eagle's proven and probable byproduct reserves total approximately
118 million ounces of silver, 683,000 tonnes of zinc and 105,000 tonnes of
copper.

    Creston Colorado Zone in the Creston/Mascota Area Continues to Grow, May
    Support Stand-Alone Operation

    At the 100% owned Pinos Altos project in Chihuahua state, northern
Mexico, results continue to confirm the continuity of the Creston Colorado
zone. This gold and silver-bearing zone is located in the Creston/Mascota area
in the northwest quadrant of the property, approximately seven kilometres from
the main Santo Nino deposit.
    In the fall of 2006, surface mapping, sampling and trenching identified
gold associated with at least two, shallowly-dipping, zones of brecciated
quartz vein and quartz stockwork mineralization near surface. The
mineralization is similar to that of Santo Nino, except in its orientation.
Drilling began in December 2006 and two drills are currently operating on the
Creston Colorado zone.
    The gold mineralization in this zone is now known to extend at least a
further 200 metres along strike. The current strike length is approximately
900 metres with widths ranging between 50 metres and 200 metres and
thicknesses ranging between 10 metres and 60 metres. The gold grades tend to
range between one and three grams per tonne.
    The initial inferred resource estimate on this area is 0.4 million ounces
of gold and 4.0 million ounces of silver from 7.7 million tonnes of ore
grading 1.4 grams per tonne gold and 16.2 grams per tonne silver,
respectively.
    The 2008 exploration program will include further follow up and
definition on the known mineral indications immediately to the north over a
further strike length of approximately one kilometre. The program will test
the theory that the current Creston Colorado mineralization extends all the
way to the historic El Cebollin workings.
    Additionally, the nature of the West Fault, which appears to separate the
Creston Colorado and the Mascota zones will be the focus of near term
exploration efforts.
    A scoping study is now underway which is contemplating the extraction of
the mineralization in the Creston/Mascota area as a stand-alone operation,
possibly with processing via heap leach methods. The study is expected to be
completed by the end of 2008.

    Recent Drilling Results

    The recent results include drill hole CM-07-051 which has returned a true
thickness of 42.6 metres grading 2.27 g Au/t and 21.50 g Ag/t and hole
CM-07-057 which has returned a true thickness of 9.4 metres grading 9.07 g
Au/t and 63.0 g Ag/t. These two holes are approximately 200 metres north of
the previously known northerly extent of the mineralization. The
mineralization is now known to extend from approximately section C3135400 to
section C3136300, or 900 metres.

    http://www.agnico-eagle.com/files/Creston MascotaPlanMap15Feb08.pdf

    http://www.agnico-eagle.com/files/CrestonMascottaAerialView15Feb08.pdf

    http://www.agnico-eagle.com/files/CrestonMascotaSec5980N15Feb08.pdf

    http://www.agnico-eagle.com/files/CrestonMascotaSec6300N15Feb08.pdf

    Additionally, drill hole CM-07-049 reported a true thickness of
53.8 metres grading 1.39 g/t gold and 19.91 g/t silver. Drill hole CM-07-048,
located on section C3136100N, has returned a true width of 14.52 metres
grading 1.34 g/t gold and 17.87 g/t silver. These holes appear to be near the
western edge of fault controlled, but strongly developed, mineralization as
found in CM-07-033 on section C3136000N.
    Drill hole CM-07-058 has returned a true thickness of 27.1 metres grading
1.12 g/t gold and 31.22 g/t silver. This hole was drilled vertically in the
central portion of the deposit and verified the grade continuity.
    Drill hole CM-07-054 was part of a program designed to look for a deeper
feeder zone for the known mineralization. While it intersected relatively high
grades, further investigation is required to fully define this zone.
    Drill hole CM-07-059 was a vertical infill hole which confirmed grade and
continuity.

    
    -------------------------------------------------------------------------
                                                              Gold    Silver
                                   True                       (g/t)    (g/t)
                                 Width(1)   From      To     Cut to   Cut to
    Drill Hole        Zone       (metres) (metres) (metres)   41 g    1.5 kg
    -------------------------------------------------------------------------
                    Creston
    CM-07-054       Colorado        11.2     35.5     52.0     5.07     65.5
    -------------------------------------------------------------------------
                    Creston
    CM-07-058       Colorado        27.1     30.0     66.0     1.12     31.2
    -------------------------------------------------------------------------
                    Creston
    and             Colorado        13.2     83.0    100.5     1.11     32.6
    -------------------------------------------------------------------------
                    Creston
    CM-07-048       Colorado        14.5     38.5     53.5     1.34     17.9
    -------------------------------------------------------------------------
                    Creston
    CM-07-049       Colorado        53.4     65.9    119.7     1.22     19.9
    -------------------------------------------------------------------------
                    Creston
    CM-07-051       Colorado        42.3     97.0    139.6     2.27     21.5
    -------------------------------------------------------------------------
                    Creston
    and             Colorado         3.7    135.9    139.6      4.7     14.6
    -------------------------------------------------------------------------
                    Creston
    CM-07-057(2)    Colorado         9.4    100.0    109.4      9.1     63.1
    -------------------------------------------------------------------------
                    Creston
    CM-07-059(2)    Colorado        18.4     42.0     60.4      2.5     14.0
    -------------------------------------------------------------------------

    1.  The true widths for these drill holes is preliminary and may be
        subject to change.

    2.  Assays are preliminary and although quality is assured, the complete
        quality assurance procedure is not completed as routine check assays
        have not yet been returned.
    

    A new nine kilometre road has been completed to provide better access to
this area. Currently twelve drill pads are accessible from the road. With
further success in this region, it is likely that other drill rigs will be
moved in to attempt to further extend and delineate the mineralization.
    The current gold reserves on the entire Pinos Altos property total
2.5 million ounces from 24.7 million tonnes of ore in probable reserves
grading 3.2 grams per tonne. The Pinos Altos deposit also includes
approximately 73.0 million ounces of silver in the reserve category. A table
detailing the entire resource is included at the end of the press release.
    Seven drill rigs are currently operational on the Pinos Altos property:
two drills are located on Creston Colorado, two drills located underground are
converting mineral resource to reserve and expanding the resource at depth in
the mine project area, and three others are testing the western edge and the
deep extension on Cerro Colorado. The budgeted exploration expenditure for
2008 in Mexico exceeds $7.6 million for a total of 30,500 metres of diamond
drilling.
    All the necessary land agreements with the four local ejidos have been
established. Negotiations for additional surface rights with the underlying
royalty holder are ongoing. If these negotiations are not successful,
modifications to the proposed mine plan contained in the base case feasibility
study will be implemented. Early site construction work has commenced.

    Finland - Confirmation of the Deep Extension of the Main Zone at Kittila

    At the 100% owned Kittila mine project in northern Finland, six diamond
drills continue to operate. Four drill rigs are located on the property
covered by the Kittila mining lease, including an underground drill. These
drills are dedicated to further definition of the current reserves and
resources and are attempting to extend the resources at depth and along
strike. The remaining two drills continue to be focused on exploration outside
of the Kittila mining lease along the 15 kilometre long Suurikuusikko Trend.
    Since May 2007, when two deep intercepts on the main Suuri zone were
reported, exploration drilling to potentially extend the resource envelope at
depth has been a priority. Four additional deep drill holes were recently
completed on the main Suuri zone and a second drill has recently been added to
accelerate this exploration.
    The current resources and reserves do not include any results from the
drilling at depth. However, this recent drilling, and the currently planned
first-half 2008 drilling, is expected to enable a mid-year resource update.
This update is anticipated to extend the calculated resource to the depth of
these recent holes.
    The Suuri zone is considered to be divided into three distinct lenses,
East, Central and West. These three lenses currently host the majority of the
reserves of the Kittila mine. Holes SUU07015, 07016 and 07018 intercepted
potentially economic East lens values varying between 4.7 g/t to 6.7 g/t over
3.0 metres to 5.9 metres over a 500 metre strike length on this down plunge
extension of the Suuri zone.
    Due to the steep angle of drilling, these holes were unable to test for
extensions of the Central and West lenses. However, the Central and West
lenses make up a significant portion of reserves in the upper portions of the
Main deposit but are untested below depths of 500 metres. All three lenses
will be tested at depth by further surface drilling in 2008 and by underground
drilling in 2009 when the decline reaches its planned depth.
    This recent drilling suggests that potential economic mineralization
occurs along most of the, currently defined, 500 metre strike length of the
main Suuri zone to depths of at least 1000 metres.

    http://www.agnico-eagle.com/files/KittilaLongsection15Feb08.pdf

    
    ----------------------------------------------------------------
                                   True
                                   Width    From      To       Gold
    Drill Hole      Zone         (metres) (metres) (metres)   (g/t)
    ----------------------------------------------------------------
    SUU07015        EAST             3.0   956.65    936.2      2.7
    ----------------------------------------------------------------
    And             EAST             5.9   970.15   978.60      4.7
    ----------------------------------------------------------------
    SUU07016        EAST             3.0   1081.0   1086.4      6.7
    ----------------------------------------------------------------
    SUU07018        EAST             5.1   858.35   865.70      5.3
    ----------------------------------------------------------------
    

    At December 31, 2007, the Kittila deposit contained 3.0 million ounces of
probable gold reserves (18.2 million tonnes grading 5.1 grams per tonne). In
the indicated mineral resource category there is a further 5.4 million tonnes
grading 3.0 grams per tonne, or 0.5 million ounces. In the inferred mineral
resource category there is 10.8 million tonnes grading 3.4 grams per tonne, or
1.2 million ounces.

    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.

    
    Creston Colorado/Mascota Drill Hole Locations and Orientations(1)

    -------------------------------------------------------------------------
    HOLE-ID        NORTH      EAST       ELEV.     AZIMUTH     DIP    LENGTH
                                                    (deg)     (deg)     (m)
    -------------------------------------------------------------------------
    CM-07-054    3136156.4  760736.5    1951.1       162       -45     407.7
    -------------------------------------------------------------------------
    CM-07-058    3135897.8  760821.5    1988.2         0       -90     179.7
    -------------------------------------------------------------------------
    CM-07-048    3136082.5  760674.4    1975.6       094       -65     284.5
    -------------------------------------------------------------------------
    CM-07-049    3135988.8  760718.8    1989.4        90       -55     239.5
    -------------------------------------------------------------------------
    CM-07-051    3136303.4  760656.1    1923.2       095       -45     224.5
    -------------------------------------------------------------------------
    CM-07-057      3136300    760665    1923.0         0       -90     396.5
    -------------------------------------------------------------------------
    CM-07-059      3135961    760825      2003         0       -90     162.0
    -------------------------------------------------------------------------

    1. Coordinate System UTM Nad27 Zone14



    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      Au      Tonnes
    Category and Zone        (g/t)   (g/t)   (%)     (%)  (000's oz.) (000's)
    -------------------------------------------------------------------------
    Indicated Mineral
     Resource
    -------------------------------------------------------------------------
    Bousquet                  5.63                              309    1,704
    -------------------------------------------------------------------------
    Ellison                   5.68                               76      415
    -------------------------------------------------------------------------
    Goldex                    2.75                               27      303
    -------------------------------------------------------------------------
    Kittila                   3.03                              527    5,416
    -------------------------------------------------------------------------
    Lapa                      4.48                              124      865
    -------------------------------------------------------------------------
    LaRonde                   2.14   25.33    0.14    1.70      388    5,643
    -------------------------------------------------------------------------
    Meadowbank                2.30                            1,078   14,582
    -------------------------------------------------------------------------
    Pinos Altos               1.36   49.88                      270    6,182
    -------------------------------------------------------------------------
    Total Indicated Resource  2.48                            2,799   35,111
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
                              Au      Ag      Cu      Zn      Au      Tonnes
    Category and Zone        (g/t)   (g/t)   (%)     (%)  (000's oz.) (000's)
    -------------------------------------------------------------------------
    Inferred Mineral
     Resource
    -------------------------------------------------------------------------
    Bousquet                  7.45                              399    1,667
    -------------------------------------------------------------------------
    Ellison                   5.81                              147      786
    -------------------------------------------------------------------------
    Goldex                    2.35                              897   11,889
    -------------------------------------------------------------------------
    Lapa                      8.96                              219      759
    -------------------------------------------------------------------------
    LaRonde                   6.26   22.65    0.47    1.07      950    4,723
    -------------------------------------------------------------------------
    Meadowbank                3.49                              385    3,434
    -------------------------------------------------------------------------
    Pinos Altos               1.44   24.08                      568   12,237
    -------------------------------------------------------------------------
    Kittila                   3.39                            1,181   10,832
    -------------------------------------------------------------------------
    Total Inferred Resource   3.19                            4,747   46,326
    -------------------------------------------------------------------------
    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.
    

    Forward-Looking Statements

    The information in this press release has been prepared as at
February 15, 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 forward looking
production guidance, including estimated ore grades, metal production, 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 and exploration. Such statements reflect the Company's views as at
the date of this press release and are subject to certain risks, uncertainties
and assumptions, and undue reliance should not be placed on such statements.
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, 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; risks related to title issues at the Pinos Altos project;
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 Company's Annual Information Form and Annual Report on Form 20-F
for the year ended December 31, 2006, 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 31st, 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 date
of the estimate is December 31, 2007. 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. 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.
    Roger Doucet, P.Geo., the Company's Exploration Manager for Mexico, who
is a Qualified Person, has prepared and reviewed the exploration results for
Pinos Altos that are disclosed in this press release. Required information for
Pinos Altos 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 disclosed on SEDAR on September 24, 2007.
    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
disclosed on SEDAR on March 14, 2006.

    Note Regarding Certain Measures Of Performance

    This press release presents measures including "total cash costs per
ounce" and "minesite cost per tonne" that are not recognized measures under US
GAAP. This data may not be comparable to data presented by other gold
producers. The Company believes that these generally accepted industry
measures are realistic indicators of operating performance and useful for year
over year comparisons. However, both of these non-GAAP measures should be
considered together with other data prepared in accordance with US GAAP, and
these measures, taken by themselves, are not necessarily indicative of
operating costs or cash flow measures prepared in accordance with US GAAP. The
Company provides a reconciliation of realized total cash costs per ounce and
minesite costs per tonne to the most comparable US GAAP measures in its annual
and interim filings with securities regulators in Canada and the United
States. The estimates presented herein are based upon the total cash costs per
ounce and minesite cost per tonne that the Company expects to incur to mine
gold during 2008 and beyond and do not include production costs attributable
to accretion expense and other asset retirement costs, which will vary over
time. It is therefore not practicable to reconcile these forward-looking
non-US GAAP financial measures to the most comparable US GAAP measure. A
reconciliation of the Company's total cash cost per ounce and minesite cost
per tonne to the most comparable financial measures calculated and presented
in accordance with US GAAP for the Company's historical results of operations
is set forth in the Company's Annual Information Form and Annual Report on
Form 20-F for the year ended December 31, 2006, filed with the Canadian
Securities Administrators and the SEC.





For further information:

For further information: David Smith, Vice-President, Investor
Relations, (416) 947-1212


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