Stock Symbols:  AEM (NYSE)
                    AGE (TSX)

    (All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, June 16 /PRNewswire-FirstCall/ - Agnico-Eagle Mines Limited today announced the closing of the previously announced acquisition of Breakwater Resource Ltd.'s joint venture interest in the Lapa high-grade gold discovery, located seven miles east of the LaRonde Mine in northwestern Quebec. Under the terms of the arrangement, Agnico-Eagle has increased its ownership interest to 100% for consideration of $8.925 million and net smelter royalties ranging from 0.5% to 1.0%. An additional $1 million will be payable to Breakwater if Lapa's published inferred mineral resource reaches 2 million ounces of gold. Of the total potential cash consideration of $9.925 million, $2 million will be creditable against future net smelter royalties.

In the course of earning an 80% interest in the property under an option agreement with Breakwater, Agnico-Eagle outlined a deposit on Lapa in late 2002 that is currently known to host an inferred mineral resource of 3.3 million tons grading 0.25 ounces per ton of gold, containing 816,000 ounces of gold (cut to 1.5 oz./t). Including acquisition costs and exploration spending conducted by Agnico-Eagle to date, the discovery costs to the Company of this deposit is approximately $11 per ounce of gold based on the current inferred mineral resource.

Forward Looking Statements

This news 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).

About Agnico-Eagle

Agnico-Eagle is a long established Canadian gold producer with operations located in northwestern Quebec and exploration and development activities in eastern Canada and the southwestern United States. Agnico-Eagle's operating history includes over three decades of continuous gold production, primarily from underground mining operations. Agnico-Eagle's LaRonde Mine in Quebec is Canada's largest gold deposit. The Company has full exposure to higher gold prices consistent with its policy of no forward gold sales. It has paid a cash dividend for 23 consecutive years.

SOURCE Agnico-Eagle Mines Limited
    -0-              06/16/2003
    /CONTACT: Barry Landen, V.P. Corporate Affairs, Agnico-Eagle Mines
Limited, (416) 947-1212/
    (AGE. AEM)

CO: Agnico-Eagle Mines Limited
ST: Ontario
IN: MNG
SU: TNM

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