TORONTO, July 8 /CNW/ - Agnico-Eagle Mines Limited announced today that pursuant to a private transaction completed outside of Ontario on June 28, 2002 it acquired 1,112,000 common shares and warrants of Golden Goliath Resources Ltd. for cash consideration of Cdn$0.45 per unit for an aggregate purchase price of Cdn$500,400. As a result of the transaction Agnico-Eagle owns approximately 14.66% of the issued and outstanding common shares of Golden Goliath.

Agnico-Eagle Mines Limited has acquired these securities for investment purposes. Agnico-Eagle will review its holdings of Golden Goliath from time to time and may acquire additional securities of Golden Goliath, or dispose of the securities of Golden Goliath, in the open market, or by private placement, depending on numerous factors.

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 5.2 million ounces in the mineral resource category at its LaRonde Mine.

For further information

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