Toronto - May 14, 1998 -- Agnico-Eagle Mines Limited today announced that it has closed its previously announced offering
of 9,302,326 common shares, at a price of Cdn $10.75 per common share. The common shares
were purchased by an underwriting syndicate managed by Newcrest Capital Inc. and RBC
Dominion Securities Inc.
The net proceeds of the offering, estimated to be $95.4 million, will be used to complete the
development and expansion of the LaRonde Mine.
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. Current proven and probable reserves stand at
0.8 million contained ounces, with an additional 3.4 million ounces in the mineral resource
category at its LaRonde Division. In addition, Agnico-Eagle is currently focused on a
development and expansion program at the LaRonde Division that is expected to result in
increased gold production and expanded gold reserves.
This press release is not for dissemination in the United States.
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