The Meliadine advanced-stage gold project in Nunavut Territory, northern Canada is Agnico-Eagle’s second major project in Canada’s Low Arctic following the Meadowbank gold mine. The company acquired the Meliadine project by acquiring Comaplex Minerals in July 2010. The project has probable gold reserves of 2.6 million ounces (9 million tonnes grading 8.5 grams/tonne gold) as of December 31, 2010. Meliadine also has a large gold resource, and is located on a large property with significant exploration upside. There is significant potential for regional synergies with Meadowbank, which is just 290 kilometres to the northwest.

* Source Meliadine December 31, 2010 Reserves and Resources

Q3 2011

• $65 million budgeted in 2011 for exploration and related infrastructure: includes 95,000 metres of exploration, definition and condemnation drilling; camp construction; permitting; and  underground bulk sample
• 2011 drilling to date focused on Wesmeg and Tiriganiaq zones
• Increase in Meliadine mineral reserves and resources estimate expected later this year
• Initial feasibility study completed March 2011 using 3,000-tonne/day throughput
• New feasibility study underway investigating increased production rate, taking into account growing resource; project decision expected in 2013