Agnico-Eagle doubles credit lines to US$600 million

    Stock Symbols: AEM (NYSE and TSX)

    TORONTO, Sept. 4 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or
the "Company") announced today that it has executed a new non-amortizing
US$300 million revolving credit facility, maturing September 2010. Including
its pre-existing credit facility, the Company now has US$600 million of credit
lines. The pre-existing facility is also a non-amortizing US$300 million
revolving credit line, maturing January 2013. Both credit facilities are
unsecured. The new facility is being provided by a syndicate of international
banks including Scotia Capital (Lead Arranger and Administrative Agent),
Toronto-Dominion Bank (Syndication Agent), BMO Capital Markets (Co-
Documentation Agent), Commonwealth Bank of Australia (Co-Documentation Agent),
Royal Bank of Canada, Barclays Bank and National Bank of Canada.
    "We are well capitalized for our growth plan that is expected to increase
annual gold output to approximately 1.3 million ounces by 2010" said Sean
Boyd, Vice Chairman and Chief Executive Officer. "Our commercial banking
partners have provided us with a low-cost, non-dilutive source of capital,
giving us additional financial flexibility as we build our project pipeline
and increase gold reserves" added Mr. Boyd.

    Forward-Looking Statements

    The information in this press release has been prepared as at
September 4, 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 expectations regarding the growth of the Company's gold
production and its requirements for capital. 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; governmental and environmental regulation; and the
volatility of the Company's stock price. 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, 2007, as well as the
Company's other filings with the Canadian Securities Administrators and the
U.S. Securities and Exchange Commission. 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 are based on preliminary views of the Company with
respect to, among other things, gold production objectives and capital
requirements and actual results and final decisions may be materially
different from those currently anticipated.

    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
higher gold prices consistent with its policy of no forward gold sales. It has
paid a cash dividend for 26 consecutive years.

For further information:

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

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