Since production began at the LaRonde mine, Agnico-Eagle has consistently replaced or expanded its gold reserves. At the LaRonde property proven and probable reserves have grown from under one million ounces of gold in 1988 to 5.3 million ounces at year-end 2005.

Likewise, continued drilling at the neighbouring Lapa and Goldex properties has proved up important new reserves over the past few years. Most significantly, LaRonde II has added more than 19 million tonnes of ore containing almost 3.7 million ounces of gold in proven and probable reserves since 2003.

The significant increase in Agnico-Eagle's reserves position in 2005 is primarily a result of the partial conversion of Suurikuusikko resources to reserves. Over the next two years, we plan to convert a large portion of the Pinos Altos resources to reserves, in addition to continued reserve conversion at Suurikuusikko, Lapa and at the LaRonde property.

With exploration continuing at all five growth projects, our goal is to increase the company's current gold reserves to 14 million or possibly 15 million ounces by 2008.