Reserves & Resources

*Mineral reserves are not a subset of mineral resources.

Agnico-Eagle reports mineral resource and reserve estimates in accordance with the CIM Guidelines for the estimation, classification and reporting of mineral reserves and resources. The assumptions used for these estimates were $583 per ounce gold, $10.77 per ounce silver, $1.19 per pound zinc, $2.65 per pound copper, and a C$/US$ exchange rate of 1.14. Agnico-Eagle advises investors that while the terms Measured Resources, Indicated Resources, and Inferred Resources are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them.

The Qualified Person responsible for the LaRonde mineral reserve and resource estimate is François Blanchet Ing., Superintendent of Geology for the LaRonde Division. The effective date of the estimate is December 31, 2007. A cut-off that varied between C$51 and C$55 per tonne, depending on the category and area was used to determine the mineral resource while a cut-off that varied between C$61 and C$73 per tonne, depending on the mining area, was used to determine the mining reserves. The other key assumptions, parameters and methods that were used to estimate the mineral resources and reserves are not significantly different as that found in the Technical Report by Guy Gosselin, P.Geo., that was posted on SEDAR on March 23, 2005. Issues that might materially affect the LaRonde mineral resources and reserves are set out in the same Technical Report.