Gold Reserves And Resources At Record Level

TORONTO, ON - Agnico-Eagle Mines Limited reported 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 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. 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
"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
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.
The company's address is 145 King Street East, Suite 400, Toronto, ON M5C 2Y7, 416-947-1212, fax: 416-367-4681, email: [email protected].