TORONTO--(BUSINESS WIRE)--Feb. 26, 1999--Agnico-Eagle Mines
TSE:AGE ME:AGE NYSE:AEM Agnico-Eagle Mines Limited today
reported a 1998 net loss of $11.5 million, or $0.23 per share compared
to $121.6 million, or $2.83 per share in 1997. Before non-cash write
downs, the 1997 loss was $10.4 million, or $0.24 per share. Operating
cash flow before changes in non-cash working capital items was $1.9
million, or $0.04 per share in 1998 compared to a cash deficit of $1.3
million, or $0.03 per share in 1997.
''Despite the worst gold price environment in 20 years, the
Company's operations generated positive cash flow in 1998'', said Sean
Boyd, President and Chief Executive Officer. ''More importantly, going
forward the Company's growing asset base and strong financial position
will allow Agnico-Eagle to build a solid, profitable business even at
current gold prices'', added Mr. Boyd.
Agnico-Eagle reported a net loss of $1.3 million, or $0.02 per
share for the quarter ended December 31, 1998 compared to a net loss
of $7.0 million, or $0.16 per share, before non-cash write downs, in
the same period last year. Including non-cash mining property write
downs, Agnico-Eagle reported a net loss of $118.2 million in the
fourth quarter of 1997. Operating cash flow improved to $1.9 million,
or $0.03 per share in the fourth quarter compared to a deficit of $7.8
million, or $0.18 per share in the 1997 fourth quarter.
Results of Operations
The slight variation in loss (before write downs) in 1998 from
that reported in 1997 was due to a 12 percent decrease in the gold
price realized (US$296 per ounce versus US$336 per ounce) and a
decrease in gold production, offset by lower exploration expenses.
During the quarter, the improvement in 1998 results, when compared to
1997 results, before write downs, reflected improved gold headgrades,
zinc byproduct production and a substantially weaker Canadian dollar,
partly offset by a weaker gold price (US$294 per ounce versus US$308
per ounce). In addition, both prior year and prior quarter results
included a one-time mark to market loss of $4.8 million on
Agnico-Eagle's bullion position.
Cash operating costs to produce an ounce of gold were lower in
1998 at US$212 per ounce, compared to US$216 per ounce in 1997. Lower
gold production, 150,443 ounces in 1998 versus 154,515 ounces in 1997,
and lower byproduct copper production were offset by a weaker Canadian
dollar and byproduct zinc production, which began in the 1998 third
quarter. Similarly, a slight decrease in gold production in the fourth
quarter was more than offset by these same factors as cash operating
costs of US$204 per ounce were realized compared to US$234 per ounce
in the fourth quarter of 1997.
Liquidity and Financial Condition
Consolidated cash and cash equivalents increased to $116.9
million in 1998 from $92.5 million at the end of 1997. In 1998, net
proceeds of $95.5 million were received from the issuance of 9.3
million common shares while cash outflows included $67.1 million of
capital expenditures primarily for the expansion at LaRonde.
Over the next three years, $147 million is forecast to be spent
on the expansion of the LaRonde facilities to 3,600 tons per day, from
the current production rate of 2,000 tons per day. Including bullion
on hand, the Company has $152.5 million available to fund the
expansion program. In addition, cash flow from operations will begin
to increase in 2000 as the mining rate increases, resulting in higher
gold production and lower unit costs.
LaRonde Expansion and Exploration Program Update Reserve
and Resource Update
Despite using a US$300 per ounce gold price to calculate ore
reserves, which is US$50 per ounce lower than the gold price used last
year, the overall ore reserve and resource tonnage increased by 26
percent to 39.7 million tons. In addition, the Company's overall
contained gold in this ore reserve and resource increased by 10
percent to a total of 4.6 million ounces. Of this amount, 1.3 million
ounces is now in the proven and probable reserve category,
representing a 59 percent increase from a year earlier not including
the replacement of gold ounces mined in 1998.
The 1998 year end ore reserve was based on definition drilling
and level development that was confined to the area above the 11th
level where Zone 20 North contains significant quantities of
zinc/silver mineralization. In 1999 and 2000, definition and
exploration drilling will probe the various zones below the 11th level
including the higher grade gold resource of Zone 20 North and Zone 7.
1999 Proven and Probable Reserve and Resource - Shaft No. 3
Summary
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Category Zone Au Ag Cu Zn Au Tons
(oz/t) (oz/t) (percent) (percent) (oz) (millions)
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Probable 20N Gold 0.13 3.47 0.54 2.84 315,000 2.5
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Probable 20N Zinc 0.03 2.75 0.10 7.60 358,000 12.8
----------------------------------------------------------------
Probable 20S 0.22 1.59 0.50 2.75 206,000 1.0
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Probable 7 0.28 1.22 0.31 2.33 165,000 0.6
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Probable 6 0.12 1.52 0.18 3.74 7,000 0.1
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----------------------------------------------------------------
Subtotal: 0.06 2.73 0.19 6.42 1,051,000 17.0
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Resource 6 0.13 1.26 0.29 2.11 126,000 0.9
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Resource 7 0.23 1.56 0.32 1.52 595,000 2.6
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Resource 20N Gold 0.18 1.54 0.69 1.88 2,210,000 12.6
----------------------------------------------------------------
Resource 20N Zinc 0.02 1.91 0.03 9.75 83,000 3.7
----------------------------------------------------------------
Resource 20(S) 0.20 0.70 0.25 1.45 257,000 1.3
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----------------------------------------------------------------
Subtotal: 0.16 1.54 0.49 3.19 3,271,000 21.1
----------------------------------------------------------------
----------------------------------------------------------------
Total: 0.12 2.10 0.36 4.63 4,322,000 38.1
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1999 Proven and Probable Reserve and Resource - Shafts No. 1,
No. 2, No. 3 Summary
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Grand No. 1, 0.12 2.01 0.36 4.50 4,555,000 39.7
Total: No. 2,
No. 3
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The pricing basis used to calculate the above proven and probable
gold reserves and resource was US$300 per ounce gold, US$5.00 per
ounce silver, US$0.75 per pound copper, US$0.50 per zinc and a US$/C$
exchange rate of 1.50. Last year's ore reserves and resource were
calculated using US$350 per ounce gold, US$5.00 per ounce silver,
US$0.90 per pound copper, US$0.50 per pound zinc and a US$/C$ exchange
rate of 1.39. The proven and probable reserves include a 10 percent
dilution factor at ''nil'' grade, while the resource remains undiluted.
Although there was a significant increase in the overall tonnage
and contained gold ounces in the proven and probable reserve
categories, the most significant increase occurred in the resource
category. On a year over year basis, Zone 20 North Gold increased from
7.4 million tons grading 0.18 ounces of gold, 2.85 ounces of silver,
0.93 percent copper, and 1.16 percent zinc to 12.6 million tons
grading 0.18 ounces of gold, 1.91 ounces of silver, 0.69 percent
copper and 1.88 percent zinc, a 70 percent increase on a total tonnage
basis. This resource is located below the 11th level and will be the
focus of further definition and exploration drilling in 1999. The Zone
remains open for expansion at depth and to the west.
These results continue to confirm the transition from the
zinc/silver values and reserves encountered in the upper part of Zone
20 North to gold/copper at depth. Once Shaft No. 3 reaches its planned
depth of 7,350 feet, an exploration drift will be excavated to allow
for further detailed definition drilling of this higher grade gold
resource.
Exploration and Drilling Update
A total of five drills are currently in operation underground
conducting definition and deep exploration drilling. Two drills are
located on the 7th level (Level 122) testing Zones 20 North and 20
South, one on the 8th level (Level 134) also testing Zones 20 North
and 20 South, one on the 10th level (Level 160) testing Zones 7 and 20
North at depth, and one on the 11th level (Level 170 - 5,575 feet
below surface) testing Zones 7, 20 North and 20 South at that level
elevation. Some of the most recent drilling results from each zone are
tabulated below:
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Drill Zone True Gold Silver Copper Zinc
Hole Thickness(ft) (oz/ton) (oz/ton) (percent) (percent)
----------------------------------------------------------------
3122-08 20N(Au) 9.8 0.09 1.36 0.20 LV
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20S 27.9 0.27 1.51 0.60 1.70
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3122-09 20S 27.9 0.29 1.58 0.80 1.60
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3122-11 20N(Au) 9.9 0.12 1.54 0.20 LV
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3122-13 20N(Au) 9.8 0.15 3.17 0.40 1.60
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3160-02 20N(Au) 52.5 0.11 4.47 0.50 4.4
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20N(Zn) 39.4 LV 1.41 LV 7.1
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3170-02 20N(Au) 23.0 0.10 3.47 0.3 1.50
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20N(Zn) 9.8 0.04 1.43 LV 9.8
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3170-01 7 9.5 0.14 0.62 0.20 1.7
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3170-03 7 14.8 0.53 2.02 0.70 2.5
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3160-04 7 9.8 0.14 1.64 0.43 1.59
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One of the most interesting drill results was obtained from Zone
7 on the 11th level. DDH 3170-03 (flat hole) intersected almost 15
feet of mineralization grading 0.53 ounces of gold per ton. This
intersection is the initial confirmation of higher grade gold
mineralization first encountered with much earlier exploration
drilling at a depth of 5,700 feet below surface. This earlier
exploration drilling had encountered 0.37 ounces of gold, 1.97 ounces
of silver, 0.29 percent copper and 4.81 percent zinc over a true
thickness of 19.0 feet. Drilling continues on the 11th level to
further define Zone 7 in this area.
The most significant recent drill intersection also intersected
Zone 7. Drill hole 3160-04 encountered mineralization at a depth of
8,800 feet below surface or 2,400 feet below any previous drilling
within the Zone 7 horizon. The intersection returned 0.14 ounces of
gold per ton, 1.64 ounces of silver per ton, 0.43 percent copper and
1.59 percent zinc. DDH 20-116A had previously encountered 0.25 ounces
gold, 1.43 ounces silver, 0.20 percent copper and 1.30 percent zinc
over 9.8 feet at a depth of 6,400 feet. Zone 7 was intersected as part
of a program to further test Zone 20 North at depth. DDH 3160-04 did
not reach the Zone 20 North target area due to a mechanical failure of
the drill string. Over 1,000 feet of drill rods were lost. Drilling
has since resumed and is expected to reach the Zone 20 North target
area in early March.
The results of DDH 3160-04 have the following implications:
1. This was the deepest gold intersection encountered on the
LaRonde Property to date, further reemphasizing the exploration
potential of both the property as well as the Zone 7 stratigraphic
horizon.
2. The overall mineralized zone was approximately 40 feet thick,
of stringer and massive pyrite mineralization, encountering gold
values from 0.01 ounces of gold per ton up to 0.53 ounces of gold per
ton. Copper values varied from 0.10 percent to 0.90 percent. The
typical mineralogical relationship between gold/copper found elsewhere
on the property and this Zone was maintained in this intersection.
This was the thickest occurrence of Zone 7 encountered on the property
to date.
3. At this depth, Zone 7 remains open in all directions. Previous
drilling had encountered Zone 7 at a depth of 6,400 feet, 2,400 feet
above the deepest value. This vertical distance remains untested and
open for additions to the overall resource.
4. The Zone 7 stratigraphic horizon remains a priority
exploration target. The first occurrences of Zone 7 were found on
surface at Shaft No. 2.
The focus of the 1999 drill program will be to continue the
transfer of resource to reserve as well as infill some of the untested
areas within the mineralized zones as well as at depth. A total of
107,000 feet of diamond drilling has been proposed. This footage is
part of the original 450,000-foot program proposed to test and
evaluate the Shaft No. 3 zones.
The drilling will be focused on three main target areas, Zones 20
North, 20 South and 7. With the large increase in the Zone 20 North
Gold resource and the Zone 7 deep drill hole intersection at 8,800
feet below surface, exploration drilling will continue to test these
areas. Both areas have excellent potential to further expand gold
reserves and resource.
Expansion Update
Shaft No. 3 has reached a depth of 6,000 feet. Completion down to
its targeted depth of 7,350 is scheduled for the end of the 1999
fourth quarter. A total of 40,000 feet of development has been planned
for 1999. The development will be focused above the 10th level
preparing Zones 20 North and 20 South for initial production starting
in the third quarter of this year. Ground conditions within the shaft
and along the development levels remain excellent.
The zinc circuit performance continues to meet expectations. Zinc
mill recoveries averaged 70 percent at startup. By year's end, these
had improved to 74 percent. The load out facilities were completed and
the first zinc concentrates were shipped to a custom smelter in
December, 1998.
Currently, construction has started on the grinding facility. A
SAG mill with a maximum capacity of 5,000 tons per day has been
delivered on site. The mill will be commissioned at the beginning of
the 1999 third quarter.
A detailed study is currently underway with respect to increasing
the daily production rate to 5,000 tons per day. The study will
examine various mining sequences, schedules, and capital cost
estimates. The updated reserve and resource figures will be
incorporated into the study. The initial report will be tabled by mid
March. Prior to making a decision on going to a higher daily
production rate additional definition drilling is required below the
11th level of Shaft No. 3. This phase of definition drilling is
expected to be completed in May of this year.
Year 2000
The Company is fully aware of the potential disruption that may
be caused by the passage to the Year 2000 and other data-related
problems associated with it.
The primary concern has been the financial systems used by
Agnico-Eagle. The majority of the Company's critical systems have been
confirmed by the Company's vendors to be Year 2000 compliant. Over the
first quarter of 1999, these systems will be upgraded to the most
recent versions that are confirmed to be compliant.
The inventory of equipment and instrumentation used in
Agnico-Eagle's mine operations has been completed. Testing of these
systems and contacting of customers and suppliers to confirm
compliance has been completed for critical process control equipment.
Moreover, suppliers have been requested to warrant compliance of date
sensitive instrumentation as a condition attached to any purchase
order issued for such instrumentation.
Based on the Company's current assessment, Agnico-Eagle has
determined that most of its mission critical systems are already Year
2000 compliant and major systems modification is not expected.
Therefore, costs to complete this process are not expected to be
material.
During the fourth quarter of 1998, critical third party suppliers
and financial institutions were identified and contacted regarding
their preparedness for the transition to the Year 2000. Reliability of
the commitments or comfort that will be expressed will then have to be
evaluated and a contingency plan will be defined where either
criticality or insufficient comfort warrants it. This will be equally
the case for financial systems and mine operation equipment and
instrumentation.
The time frames during which the Company believes it will
complete its Year 2000 analysis and modifications and the cost
estimates to complete these modifications are based on management's
best estimates, which were made in reliance on numerous assumptions of
future events, including the continued availability of certain
resources and other factors. Any change in these assumptions may
affect projections made by the Company. There can be no guarantee that
the estimated time frames and costs will be achieved; actual results
could differ materially from those anticipated.
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. Risks and uncertainties
related to year 2000 conversion are disclosed herein. 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).
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 24 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.
Summarized Quarterly Data Agnico-Eagle Mines Limited
---------------------------------------------------------------
(thousands of Canadian dollars,
per share and per ounce amounts
Three months Year ended
Ended December 31,
December 31,
1998 1997 1998 1997
---------------------------------------------------------------
Consolidated Financial
Data
Income and cash flow
Income from
gold
production $ 15,981 $ 9,590 $ 63,133 $ 63,382
Net loss
for period $ (1,310) $ (118,190) $(11,462) $ (121,594)
Loss per
Share $ (0.02) $ (2.75) $ (0.23) $ (2.83)
Operating
cash flow
(Note 1) $ 1,855 $ (7,756) $ 1,933 $ (1,313)
Operating
cash flow
per share $ 0.03 $ (0.18) $ 0.04 $ (0.03)
Gold
Production
- ounces 37,056 38,017 150,443 154,515
Average
gold price
- per ounce
realized
in US$ $ 294 $ 308 $ 296 $ 336
Average
Exchange
rate - US$
per Canadian
dollar $ 0.6482 $ 0.7096 $ 0.6751 $ 0.7220
Weighted
average
number of
shares
(in thousands)
- basic $ 53,182 $ 42,826 $ 50,005 $ 42,918
Operating and Financial Summary
LaRonde Division
Income from
Gold
Production $ 15,981 $ 9,590 $ 63,133 $ 63,382
Mine
Operating
costs (net
of by-
production
revenues) $ 11,826 12,721 47,882 47,013
---------------------------------------------------------------
Mining
Operating
profit
(loss) $ 4,155 $(3,131) $15,251 $16,369
---------------------------------------------------------------
Tons of ore
Milled 188,681 207,717 776,752 785,539
Grade
- ounces of
gold per ton 0.21 0.20 0.21 0.21
Gold
production
- ounces 37,056 38,017 150,443 154,515
Copper
Production
- pounds 1,526,855 1,838,322 6,151,063 8,844,441
Zinc
Production
- pounds 1,041,394 - 1,231,446 -
Onsite
Operating
costs per
ton milled $ 69 $ 62 $ 66 $ 67
---------------------------------------------------------------
Operating
costs per
gold ounces
produced
(US$):
Onsite
Operating
costs
(including
reclamation
provision) $ 227 $ 241 $ 229 $ 247
Less:
Non cash
Reclamation
Provision (3) (4) (3) (4)
Net by
-product
revenues (20) (3) (14) (27)
---------------------------------------------------------------
Cash
Operating
Costs $ 204 $ 234 $ 212 $ 216
Non cash
costs:
Reclamation
Provision 3 4 3 4
Depreciation
and
amortization 41 61 42 50
---------------------------------------------------------------
Total
Operating
Costs $ 248 $ 299 $ 257 $ 270
---------------------------------------------------------------
Note:
(1) Before non-cash working capital adjustments.
Consolidated Balance Sheets
as at December 31, Agnico-Eagle Mines Limited
---------------------------------------------------------------
(thousands of Canadian dollars)
1998 1997
---------------------------------------------------------------
ASSETS
Current
Cash and cash equivalents $ 116,933 $ 92,470
Metals awaiting settlement
and gold bullion 35,588 36,713
Income taxes recoverable 1,095 -
Prepaid expenses, supplies and other 10,055 9,429
---------------------------------------------------------------
Total current assets 163,671 138,612
---------------------------------------------------------------
Investments, loans, advances and
other assets 20,791 12,182
Future income and mining tax asset 6,226 -
Mining properties 239,790 181,382
---------------------------------------------------------------
$ 430,478 $ 332,176
---------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued
liabilities $ 10,475 $ 15,407
Dividends payable 2,546 2,147
Income and mining taxes payable 4,424 6,587
Current interest due on senior
convertible notes 2,908 2,711
---------------------------------------------------------------
Total current liabilities 20,353 26,852
---------------------------------------------------------------
Senior convertible notes 161,363 145,104
---------------------------------------------------------------
Reclamation provision 6,911 5,501
---------------------------------------------------------------
Future income and mining tax liabilities 14,866 11,542
---------------------------------------------------------------
Minority interest 5,507 7,336
---------------------------------------------------------------
Shareholders' Equity
Common shares
Authorized - unlimited
Issued - 55,112,625
(1997 - 45,663,981) 231,999 242,846
Other paid in capital 22,287 22,287
Contributed surplus 5,958 9,482
Deficit (17,632) (111,857)
Company's own shares held
by subsidiary companies (21,134) (26,917)
---------------------------------------------------------------
Total shareholders' equity 221,478 135,841
---------------------------------------------------------------
$ 430,478 $ 332,176
---------------------------------------------------------------
Consolidated Statements of Loss Agnico-Eagle Mines Limited
---------------------------------------------------------------
(thousands of Canadian Three months ended Year ended
dollars except per December 31, December 31,
share amounts) 1998 1997 1998 1997
---------------------------------------------------------------
Income from gold
production $ 15,981 $ 9,590 $ 63,133 $ 63,382
Costs of production
(net of by-product
revenues) 12,388 13,190 49,845 47,836
---------------------------------------------------------------
3,593 (3,600) 13,288 15,546
Exploration expense 1,162 1,624 3,636 6,282
Depreciation and
amortization 2,334 3,243 9,462 10,764
General and administrative
expense 1,540 1,519 5,505 5,842
Capital taxes 405 (18) 1,835 1,430
Write down of mining
properties - 122,041 - 122,041
---------------------------------------------------------------
Operating loss (1,848) (132,009) (7,150) (130,813)
---------------------------------------------------------------
Other income (expense):
Interest and sundry
income 1,675 1,081 6,014 3,945
Loss on sale and write
down of investments (10) (704) (10) (704)
Currency translation loss
on senior convertible
notes (426) (553) (2,211) (1,064)
Interest expense
Current (66) (227) (609) (469)
Long-term (3,251) (2,988) (12,571) (11,608)
---------------------------------------------------------------
(2,078) (3,391) (9,387) (9,900)
---------------------------------------------------------------
Loss before income and
mining taxes (3,926) (135,400) (16,537) (140,713)
Provision for income and
mining tax expense
(recoveries):
Current 197 - 900 747
Future (2,813) (17,210) (5,975) (19,866)
---------------------------------------------------------------
(2,616) (17,210) (5,075) (19,119)
---------------------------------------------------------------
Net loss for the period $(1,310) $(118,190) $(11,462)$(121,594)
---------------------------------------------------------------
Loss per share $ (0.02) $ 2.75 $ (0.23) $ (2.83)
---------------------------------------------------------------
Consolidated Statements of Cash Flows
Agnico-Eagle Mines Limited
---------------------------------------------------------------
(thousands of Canadian dollars)
Three months ended Year ended
December 31, December 31,
1998 1997 1998 1997
----------------------------------------------------------------
Operating activities
Net loss for the
period $(1,310) $(118,190) $(11,462) $(121,594)
Add (deduct) items not
affecting cash from
operating activities
Write down of
mining properties - 122,041 - 122,041
Depreciation and
amortization 2,334 3,243 9,462 10,764
Future provision of
income and
mining taxes (2,813) (17,210) (5,975) (19,866)
Amortization of
deferred financing
costs, interest
and foreign exchange
loss on senior
convertible notes 2,403 1,769 8,499 6,324
Other 1,241 591 1,409 1,018
---------------------------------------------------------------
1,855 (7,756) 1,933 (1,313)
Net change in non-cash
working capital balances
related to operations (457) 12,383 3,172 11,947
---------------------------------------------------------------
Cash flows from operating
activities 1,398 4,627 5,105 10,634
---------------------------------------------------------------
Investing activities
Additions to mining
properties (20,708) (17,105) (67,119) (52,290)
Net increase in
investments and
other assets 148 (1,208) (836) (8,986)
Other - (10) (750) (7)
---------------------------------------------------------------
Cash flows used in
investing activities (20,560) (18,323) (68,705) (61,283)
---------------------------------------------------------------
Financing activities
Dividends paid (31) (6) (1,263) (5,206)
Shares issued under
employee plans 232 - 923 7,808
Share issued by
public offering - - 100,000 60,804
Share issue costs 89 - (4,511) (4,719)
Borrowings from
(repayments of)
amounts due to brokers (13) (211) (6,539) 5,208
(Purchase) resale of
the Company's own
shares held by subsidiary
companies and other 192 (2,122) (547) (7,847)
---------------------------------------------------------------
Cash flows from (used in)
financing activities 469 (2,339) 88,063 56,048
---------------------------------------------------------------
Net increase (decrease)
in cash and
cash equivalents (18,693) (16,035) 24,463 5,399
Cash and cash equivalents,
beginning of period 135,626 108,505 92,470 87,071
---------------------------------------------------------------
Cash and cash equivalents,
end of period $ 116,933 $ 92,470 $ 116,933 $92,470
---------------------------------------------------------------
Contact:
Agnico-Eagle Mines Limited
Sean Boyd, 416/947-1212
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