TORONTO, April 22 /CNW-PRN/ - Agnico-Eagle Mines Limited (the ``Company'') announced today that its Board of Directors has adopted, subject to stock exchange approval, a Shareholder Rights Plan to replace the existing plan that expires on May 10, 1999. The new plan is designed to encourage the fair treatment of its shareholders in connection with any take-over offer. The new plan will provide shareholders with more time to fully consider any unsolicited take-over bid and will allow the Board of Directors to pursue other alternatives, if appropriate, to maximize shareholder value. To prevent any gap in shareholder protection, the new plan will be effective as of the close of business on May 10, 1999.

Shareholder approval of the new plan will be sought at the Company's Annual Meeting of Shareholders on June 25, 1999. The new plan, which would be in effect until the close of the 2009 shareholders' meeting provided it is ratified by the shareholders at the upcoming annual meeting and reconfirmed by shareholders at the Company's annual meeting in 2002 and 2005, was not adopted in response to any specific proposal to acquire control of the Company and the Company is not aware of any such proposal. The new plan is similar to plans approved by shareholders of other Canadian companies.

The rights issued under the new plan become exercisable only when a person, including any party related to it, acquires or announces its intention to acquire 20% or more of the Company's outstanding common shares without complying with the permitted bid provision or without approval of the Company's Board of Directors. Should such an acquisition occur, each right would entitle a holder, other than the acquiring person and persons related to it, to purchase common shares of the Company at a 50% discount to the market price.

A ``permitted bid'' is a bid made to all shareholders for all outstanding shares that is open for at least 75 days. If at the end of 75 days at least 50% of the outstanding shares, other than those owned by the offeror and certain related parties, have been tendered, the offeror may take up and pay for the shares but must extend the bid for a further 10 business days to allow other shareholders to tender. This will provide shareholders with more time to consider the bid and any other options that may be available. The Company's Board of Directors will also have more time to consider alternatives and to make recommendations to shareholders.

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. Consistently one of the industry's lowest-cost producers, Agnico's operating history includes 24 years of continuous gold production primarily from underground mining operations. Current proven and probable gold reserves stand at 1.3 million contained ounces, with an additional 3.3 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.