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

TORONTO, May 14 /PRNewswire-FirstCall/ - Agnico-Eagle Mines Limited today announced the closing of the previously announced acquisition of a 12.7 million common share block in Riddarhyttan Resources AB ("Riddarhyttan", RHYT on the Stockholm Stock Exchange) from its largest shareholder, Swedish private company Dunross & Co. AB. Total cash consideration of $10.8 million was paid by Agnico-Eagle. At Riddarhyttan's annual general meeting on May 13, 2004, Dunross' two representatives on Riddarhyttan's Board of Directors resigned and two representatives from Agnico-Eagle were elected.

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 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 24 consecutive years.

SOURCE Agnico-Eagle Mines Limited

CONTACT:
Barry Landen, V.P. Corporate Affairs, Agnico-Eagle Mines Limited
(416) 947-1212
(AGE. AEM)