TORONTO--(BUSINESS WIRE)--Sept. 30, 1998--Agnico-Eagle Mines Limited (TSE:AGE; ME:AGE; NYSE:AEM) announces today that arrangements have been made to enable its officers and directors to obtain personal loans to purchase shares of the company in the open market.

The loans from a Canadian chartered bank, will be guaranteed by Agnico-Eagle and will bear interest at market rates. Directors will each be permitted to purchase up to $100,000 of the company's shares and officers will be permitted to purchase between $100,000 to $300,000 of the company's shares, depending on the officer's position and seniority. Each borrower will have complete control over the time, price, amount and manner of purchases. All purchases will be made on the Toronto or Montreal stock exchanges.

``These arrangements will encourage directors and officers to increase their ownership interest in Agnico-Eagle and thereby more closely align their interests with those of the other shareholders'', said Sean Boyd, Agnico-Eagle President and Chief Executive Officer.

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. Agnico-Eagle's operating history includes 23 years of continuous gold production primarily from underground mining operations. Agnico-Eagle is currently focused on a development and expansion program at its LaRonde division that is expected to result in increased gold production and expanded gold reserves.

     Agnico-Eagle Mines Limited
     Sean Boyd, 416/947-1212