TORONTO, Sept. 21 /PRNewswire/ - Agnico-Eagle Mines Limited ("Agnico- Eagle") is pleased to announce that it will purchase five million units to be issued by Aurizon Mines Limited ("Aurizon") at a price of C$0.80 per unit for total proceeds to Aurizon of C$4 million. Each unit consists of one common share and one purchase warrant, which entitles Agnico-Eagle to purchase one common share of Aurizon at a price of C$0.95, for a period of 24 months from the date of closing. This transaction, which is expected to close on October 11, 2000, is subject to due diligence and regulatory approval.

"This investment gives Agnico-Eagle a significant indirect interest in the Casa Berardi gold project, which we believe to be the best advanced stage gold project in Quebec", said Sean Boyd, President and Chief Executive Officer.

The investment of Agnico-Eagle represents 11.5% of the outstanding shares of Aurizon and, together with the exercise of the warrants, represents 15.5% on a fully diluted basis. Two representatives of Agnico-Eagle will join the board of directors of Aurizon at closing.

As part of this transaction, Aurizon has granted Agnico-Eagle a right of first refusal to match any third party offer received by Aurizon for its interest in the wholly owned Casa Berardi project, which presently hosts mineable gold reserves in the West Mine area of 1,492,500 ounces contained in 6,943,000 tonnes grading 6.7 grams of gold per tonne. In addition, the West Mine area contains undiluted mineral resources of 530,000 ounces contained in 1,792,000 tonnes grading 9.2 grams of gold per tonne. A recently completed feasibility study on the Casa Berardi project envisages annual gold production over 200,000 ounces per year at an average total cash cost of US$145 per ounce over an initial mine life of 7.5 years. Capital costs are estimated at C$121 million.

The proceeds of the Agnico-Eagle investment will be used by Aurizon to conduct a second phase 45,000 metre drill program at Casa Berardi to test the extensions of the recently discovered gold zones 113 and 118, which are open both laterally and to depth. The objective of the drill program, which will be completed over a six-month period, is to increase the confidence level of the existing gold reserves and to increase the existing gold resource base.

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 25 years of continuous gold production primarily from underground mining operations. Current proven and probable reserves stand at 3.0 million contained ounces, with an additional 3.1 million ounces in the mineral resource category at its LaRonde Mine. 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.

This report 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 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, Agnico-Eagle Mines Limited,