Toronto - April 8, 1997 -- Agnico-Eagle Mines Limited today announced that it has signed an underwriting agreement for the sale of 4,000,000 common shares being offered to the public in the United States at US$11.00 and in Canada at Cdn$15.27 per share.

The offering is being led by Merrill Lnych & Co., Salomon Brothers Inc and EVEREN Securities, Inc.

A final prospectus has been filed with the Ontario Securities Commission and with the Securities and Exchange Commission in the United States pursuant to the Multijurisdictional Disclosure System adopted in the United States and Canada.

Net proceeds of the offering will be used to fund capital expenditure costs relating to the expansion of the LaRonde Division and other development and exploration projects, and for general corporate purposes, including possible acquisitions.

The offering is expected to close on April 15, 1997. The Corporation has granted the underwriters an option to purchase up to 600,000 common shares to cover over-allotments, if any.

Agnico-Eagle Mines Limited is an established Canadian gold producer with operations located principally in northwestern Quebec and exploration and development activities in Quebec and Ontario. The Company's operating history includes 22 years of continuous gold production primarily from underground mining operations. Agnico-Eagle is currently working on several underground projects which are expected to result in increased gold production and expanded gold reserves.