Stock Symbols: AEM (NYSE)

AGE (TSE)

TORONTO, Dec. 15 /CNW-PRN/ - Agnico-Eagle Mines Limited ("Agnico-Eagle") announced today a dividend of US$0.02 per share, representing the 20th consecutive year that Agnico-Eagle has paid a distribution to its shareholders.

The Company has declared a dividend of US$0.02 per share, payable February 25, 2000 to shareholders of record February 16, 2000. This year's dividend, representing the 20th consecutive annual dividend by Agnico-Eagle, is unchanged from that paid in 1999. The amount of the dividend payment reflects current conditions in the gold market and management's decision to conserve cash for longer-term development and growth of its asset base, particularly the expansion of the LaRonde Mine.

Under the Company's Dividend Reinvestment Plan introduced earlier this year, shareholders will have the opportunity to reinvest their dividends into shares of Agnico-Eagle. Shareholders who have not received details of the Plan should contact the Company or visit its website at www.agnico-eagle.com.

Agnico-Eagle Mines Limited is an established Canadian gold producer with operations located principally in northwestern Quebec and exploration and development activities in Quebec, Ontario and Nevada. Agnico-Eagle's operating history includes 24 years of continuous gold production primarily from underground mining operations. Current proven and probable gold reserves stand at 1.5 million contained ounces, with an additional 3.5 million ounces in the mineral resource category at its LaRonde Mine. Agnico-Eagle is currently focused on the expansion and large scale exploration program of its LaRonde Mine which is expected to result in increased gold production and expanded gold reserves.

This press release contains certain "forward-looking statements" (within the meaning of the United States Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Other risks and uncertainties are disclosed under the heading "Risk Factors" in the Company's Annual Information Form (AIF) filed with certain Canadian securities regulators (including the Ontario and Quebec Securities Commissions) and with the United States Securities and Exchange Commission (as Form 20-F).

SOURCE Agnico-Eagle Mines Limited

CONTACT: Sean Boyd, President and CEO, 416-947-1212/