(All amounts expressed in U.S. dollars unless otherwise noted) Stock Symbols: AEM (NYSE) AGE (TSE)

The Facility was fully underwritten in July, 2001 by Scotia Capital and was subsequently syndicated to a number of banks including NM Rothschild & Sons Limited (Co-Arranger and Documentation Agent), National Bank of Canada, Canadian Imperial Bank of Commerce, Societe Generale and The Toronto-Dominion Bank.

The Facility is intended partly to refinance the previous credit facility of $100 million, of which $75 million was drawn, and partly for general corporate purposes. Under the terms of the Facility, which is primarily secured by a first charge on the LaRonde Mine, an initial tranche of $100 million is currently available and a second tranche of $25 million will also be made available when LaRonde's expansion to 7,000 tons of ore per day achieves completion. The Facility is fully revolving until the end of 2004 at which time the drawn portion will begin to amortize at annual rates of 25%, 32.5%, 20%, 12.5% and 10% in the years 2004 to 2008, respectively.

The Company also announced today that it has filed a Notice of Intention to Make an Issuer Bid for convertible notes due January 27, 2004. Pursuant to the bid, which commences on November 29, 2001, during the next twelve months the Corporation may purchase up to US$6,325,000 principal amount of notes, being 5% of the US$126,500,000 currently issued and outstanding principal amount of convertible notes. All purchases will be made through the facilities of the NASDAQ and convertible notes purchased pursuant to the bid will be cancelled. The directors of the Corporation have concluded that the purchase of up to US$6,325,000 principal amount of Notes is in the best interests of the Corporation and an appropriate use of the Corporation's funds due to the disparity between the market price and the inherent value of the convertible notes.

"During the past six months, we have reduced our net debt to capitalization ratio by nearly half and have secured the funds and financial flexibility to complete the 7,000 ton per day expansion at LaRonde and repay our convertible notes", said Sean Boyd, President and Chief Executive Officer.

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 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 Canada and the Southwestern United States. Agnico- Eagle's operating history includes almost three decades of gold production primarily from underground mining operations. The Company is focused on an expansion program at LaRonde that is expected to increase annual gold production and reduce cash costs to produce an ounce of gold. Current proven and probable reserves stand at 3.3 million contained ounces, with an additional 4.5 million ounces in the mineral resource category at its LaRonde Mine.

SOURCE Agnico-Eagle Mines Limited

CONTACT:          Sean Boyd, President and CEO or David Garofalo, V.P. Finance &
                  CFO, (416) 947-1212
                  (AGE. AEM)

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