Agnico-Eagle increases credit lines to over US$900 million

    Stock Symbols: AEM (NYSE and TSX)

    TORONTO, June 15 /CNW/ - Agnico-Eagle Mines Limited ("Agnico-Eagle" or
the "Company") announced today that it has executed a new non-amortizing
US$600 million revolving credit facility, maturing June 2012. The new facility
replaces a pre-existing US$300 million tranche of the Company's credit lines
that would have matured September 2010. Including its remaining tranche of the
pre-existing credit facilities (non-amortizing US$300 million revolving credit
line, maturing January 2013), the Company now has US$900 million of credit
lines. Both credit facilities are unsecured. The new facility is being
provided by a syndicate of international banks led by Scotia Capital (Joint
Lead Arranger and Administrative Agent) and TD Securities (Joint Lead Arranger
and Syndication Agent), Bank of Montreal (Co-Documentation Agent), CIBC World
Markets (Co-Documentation Agent), Export Development Canada (Co-Documentation
Agent), Royal Bank of Canada, Commonwealth Bank of Australia, Macquarie Bank
Limited, National Bank of Canada, Barclays Bank Plc, Bank of America Merrill
Lynch, Credit Suisse and Societe Generale (Canada Branch).
    "The new facility provides Agnico-Eagle with additional liquidity for
internal expansion opportunities, as well as financial flexibility to deal
with potential investment opportunities and other corporate priorities" said
Sean Boyd, Vice Chairman and Chief Executive Officer.
    The Company is also pleased to announce the signing of an unsecured C$95
million bonding facility with Export Development Canada. This facility matures
June 2014 and will be used to provide letters of credit for environmental
obligations or in relation to license or permit bonds relating to the
Meadowbank project.

    About Agnico-Eagle

    Agnico-Eagle is a long established Canadian gold producer with operations
located in Quebec and Finland and exploration and development activities in
Canada, Finland, Mexico and the United States. Agnico-Eagle's LaRonde Mine is
Canada's largest operating gold mine in terms of reserves. The Company has
full exposure to higher gold prices consistent with its policy of no forward
gold sales. It has paid a cash dividend for 27 consecutive years.

    Forward-Looking Statements

    The information in this press release has been prepared as at June 16,
2009. Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and forward looking information under
the provisions of Canadian provincial securities laws. When used in this
document, words such as "anticipate", "expect", "estimate," "forecast,"
"planned", "will", "likely" and similar expressions are intended to identify
forward-looking statements 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 the Company's Annual Information Form and
Annual Report on Form 20-F for the year ended December 31, 2008, as well as
the Company's other filings with the Canadian Securities Administrators and
the U.S. Securities and Exchange Commission. The 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.

For further information:

For further information: Investor Relations - (416) 947-1212

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