CADILLAC, ABITIBI, QC, Aug 17, 2001 /PRNewswire/ --Stock Symbols: AEM (NYSE) AGE (TSE) All amounts are expressed in Canadian dollars Today,
Agnico-Eagle Mines Ltd. held in the Abitibi region of northwestern Quebec the
inauguration of the Penna shaft on its Laronde property and the expansion of the
mill facilities from 2,000 to 5,000 tons per day. Laronde is currently the
largest gold deposit in Canada
Speaking in front of more than 800 guests gathered from across Canada,
Agnico-Eagle President and Chief Executive Officer, Mr. Sean Boyd, paid tribute
to the determination displayed by all the employees who worked on the series of
exploration programs that led to putting this deposit into production, making
Agnico-Eagle Laronde Division, the mine with the deepest single-lift shaft in
North America (7,380 feet).
Reserves of more than 7.8 million ounces of Gold
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On January 1st 2001, the mineral resource and mineral reserves at the Laronde
mine were estimated at more than 53.5 million tons containing economic grades of
gold, silver, copper and zinc. This mineral resource of 7.8 million ounces of
gold ensures more than fifteen years of production and makes the Laronde mine
the largest gold deposit in Canada. In fact, the mine has produced, since its
opening in 1988, more than 1.7 million ounces of gold.
New tendency in mining: Exploration at depth
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For the Mine Manager, Mr. Paul-Henri Girard, all the exploration and development
activities brought forward by Agnico-Eagle show the confidence that this company
has in the mineral potential of the Abitibi. Mr. Girard also stated that the
inauguration of the new Penna shaft, named after the company's founding
president, Mr. Paul Penna, confirms the newest tendency that one can observe in
the mining sector, to explore at depth and adjacent to mines in production.
Historically, the deposits discovered in the Abitibi region were mined to a
depth that varied between 300 to 900 metres. In the last ten years, the major
deposits discovered in this region (Louvicourt, Doyon and Laronde, for example)
confirm the potential at depth of this region to access to new mineralised
zones.
A jewel for the mining industry
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The Executive Vice-president and Chief Operating officer, Mr. Ebe Scherkus chose
for his part to emphasise that the financing of this major project shows clearly
the confidence the banks and investors have in the industry when it comes to
supporting the development of economically profitable mining projects.
Mr. Scherkus also indicated the company's will to invest an additional 60
million dollars in order to increase the daily mill production rate from 5,000
to 7,000 tons per day.
With the strength of its employees and the importance of its world class
deposit, concluded Mr. Scherkus, the Laronde division of Agnico-Eagle has become
one the jewels of the Quebec and Canadian mining industry.
Agnico-Eagle is an established Canadian gold producer with operations located
principally in Northwestern Quebec and exploration and development activities in
Quebec, Ontario and Nevada. This press release contains certain "forward looking
statements" (within the meaning of the United States Private Securities
Litigation 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 (on
Form 20-F).
SOURCE Agnico-Eagle Mines Limited
CONTACT: Sean Boyd, President and CEO, Agnico-Eagle Mines Limited,
416-947-1212
(AGE. AEM)
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