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AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
AEM April 2012 Corporate Update
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AEM April 2012 Corporate Update

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  • 1. AGNICO-EAGLE MINES LIMITEDCorporate UpdateApril 2012
  • 2. Forward Looking StatementsThe information in this document has been prepared as at April 17, 2012. Certain statements contained in this document constitute“forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forwardlooking information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”,“expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements orinformation.Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions;estimates of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of futureinternal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and othercash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain oredeposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of suchexploration, development and production or decisions with respect to such exploration, development and production; estimates ofreserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events withrespect to the Companys minesites and statements and information regarding the sufficiency of the Companys cash resources. Suchstatements and information reflect the Companys views as at the date of this document and are subject to certain risks, uncertaintiesand assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknowncould cause the actual results to be materially different from those expressed or implied by such forward looking statements andinformation. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves,mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and othercosts; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks;community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Companysstock price; and risks associated with the Companys byproduct metal derivative strategies. For a more detailed discussion of such risksand other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements containedin this document, see the Companys Annual Report on Form 20-F for the year ended December 31, 2011, as well as the Companysother filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does notintend, and does not assume any obligation, to update these forward-looking statements and information. Marc Legault, a QualifiedPerson and the Company’s Senior Vice-President, Project Development, reviewed the technical information disclosed herein. For adetailed breakdown of the Company’s reserve and resource position see the February 15, 2012 press release on the Company’swebsite. That press release also lists the Qualified Persons for each project. 2
  • 3. Notes To InvestorsNote Regarding The Use Of Non-GAAP Financial MeasuresThis document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognized measuresunder United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data presented byother gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per tonne that theCompany expects to incur to mine gold at the applicable projects and do not include production costs attributable to accretion expenseand other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable toreconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. A reconciliation of theCompanys total cash cost per ounce and minesite cost per tonne to the most comparable financial measures calculated and presentedin accordance with US GAAP for the Companys historical results of operations is set forth in the notes to the financial statementsincluded in the Companys Annual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2011, as wellas the Companys other filings with the Canadian Securities Administrators and the SECNote Regarding Production GuidanceThe gold production guidance is based on the Company’s mineral reserves but includes contingencies, assumes metal prices andforeign exchange rates that are different from those used in the reserve estimates. These factors and others mean that the goldproduction guidance presented in this disclosure does not reconcile exactly with the production models used to support these mineralreserves. 3
  • 4. Focused Business With No Change In Strategy Our business is positioned to deliver enhanced leverage to gold through:  Reserve Growth – Exploration expected to continue to increase the size of our large deposits  Production Growth – Gold production expected to increase by 24% from 2011 to 2014 from currently operating mines  Net Free Cash Flow – Construction capital requirements have declined while production and cash flows are expected to grow  Dividend Yield – AEM is one of the industry leaders in dividends per share and dividend yield 4
  • 5. Financial PositionNet Free Cash Flow Expected to Enhance Balance Sheet Strength ALL AMOUNTS ARE IN US$, unless otherwise indicated Dec. 31 2011 CASH AND CASH EQUIVALENTS (millions) $221 LONG TERM DEBT (millions) $920 AVAILABLE CREDIT FACILITIES ($US millions) $880 COMMON SHARES OUTSTANDING (Weighted average, millions) 170.3 COMMON SHARES, FULLY DILUTED (Weighted average, millions) 170.3 5
  • 6. AEM Among Industry Leaders Long Track Record of Increasing Reserves  Current proven and probable gold reserves of 18.6 million ounces  Deposits also contain 8.7 million ounces of indicated gold resources and 10.3 million ounces of inferred resource*  Increased reserves at Kittila and Meliadine  Decrease in 2011 reserves due to Goldex and Meadowbank reclassifications AEM Gold reserves* (millions of ounces) Gold reserves / per 1,000 shares 22 250 2009 2010 21 2011 200 20 150 19 18 100 17 50 16 15 - 2007 2008 2009 2010 2011 2012E NEM ABX AEM GG KGC IAG* See attached reserve and resource tables 6
  • 7. Operating Results and Forecast Expecting Increasing Gold Production From Operating Mines 2011 2012 Forecast 2013 Forecast 2014 Forecast Production Total Cash Production Total Cash Production Production (Gold koz) Cost ($/oz) (Gold koz) Cost2 ($/oz) (Gold koz) (Gold koz LaRonde 124 77 150 – 165 570 220 280 Kittila 144 739 150 – 160 650 155 170 Lapa 107 650 95 – 105 750 100 105 Pinos Altos1 204 299 200 – 210 415 210 190 Meadowbank 271 1,000 280 – 310 1,040 305 310 Total 850 609 875 – 950 720 990 1,055 2011 Total Gross Mine Profit - $946M Laronde Goldex 20% 17% Lapa 10% Meadowbank 16% Kittila 12% Pinos Altos 25%1. Pinos Altos figures include Creston Mascota 2. 2012 assumptions include Ag $30/oz, Cu $7,000/tonne, Zn $1,800/tonne, C$/US$ 1.00, US$/Euro 1.35 7
  • 8. AEM Among Industry Leaders Production Growth Per Share Continues AEM Estimated Production Production Per Share Forecasts* 1,100,000oz 14.00 2009 2010 12.00 1,050,000oz 2011 2012E 10.00 1,000,000oz 2013E 2014E 8.00 950,000oz 6.00 900,000oz 4.00 850,000oz 2.00 800,000oz - 2012E 2013E 2014E NEM ABX AEM GG IAG KGC* Source: Bank Of America Merrill Lynch equity research 8
  • 9. AEM Among Industry Leaders Cash Flow Per Share* $9 2009 2010 2011 $7 2012E $5 $3 $1 NEM ABX AEM GG IAG KGC -$1 -$3* Source: Bank Of America Merrill Lynch equity research 9
  • 10. Generating Net Free Cash Flow Room to Increase the Dividend Capital Expenditures (USD $000s) $1,200,000 Approximate Average EBITDA* $1,000,000 $800,000 Illustrative Ongoing $600,000 Re-Investment $400,000 $200,000 $0 2007A 2008A 2009A 2010A 2011A 2012E 2013 2014 Actual Estimate* Approximate average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) estimate for illustrative purposes using $1700/oz gold, $32/oz silver, $2000/t zinc, C$/US$ 1.00, 1.35USD/€ 10
  • 11. AEM Among Industry Leaders Returning Capital To Shareholders – 30 Consecutive Years of Dividends  One Of The Highest Dividends Per Share In The Industry Dividends per Share $1.60 2009 $1.40 2010 2011 2012E $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 NEM AEM ABX GG IAG KGC* Approximate average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) estimate for illustrative purposes using $1700/oz gold, $32/oz silver, $2000/t zinc, C$/US$ 1.00, 1.35USD/€ 11
  • 12. Four Cornerstone AssetsProduction, reserves, free cash flow expected to grow from existing mines LARONDE KITTILA MEXICO MELIADINE 12
  • 13. LaRondeGold Production Expected to Increase Higher gold grades expected to P&P GOLD RESERVES (million oz) 4.7 drive gold production growth and profits AVERAGE GOLD RESERVE GRADE (g/t) 4.4 Value of ore per tonne approximately 50% higher over Indicated resource (million oz) 0.4 life of mine versus 2011 at same metals prices Inferred resource (million oz) 1.3 Estimated LOM (years) 15 2012 exploration budget $1M (LaRonde & regional) See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. 13
  • 14. KittilaLarge Long-Life Gold Deposit Continues To Grow Higher grades in 2012 expected P&P GOLD RESERVES (million oz) 5.2 to result in higher gold production at lower costs AVERAGE GOLD RESERVE GRADE (g/t) 4.7 Initial 25% expansion study expected in late 2012 Indicated resource (million oz) 1.0 Good exploration results at Rimpi Inferred resource (million oz) 1.2 suggest potential for larger expansion Estimated LOM (years) 32 2012 exploration budget $16M See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. 20062007 – 2008 2012 Focus Area 2011 2009 – 2010 14
  • 15. Mexico Low Cost Producer 2012 production at Creston Mascota expected to increase due to full year P&P GOLD RESERVES (million oz) 3.1 of operation AVERAGE GOLD RESERVE GRADE (g/t) 2.3 Underground expansion underway. Expected to offset lower grades in Indicated resource (million oz) 0.8 later years La India may add to production Inferred resource (million oz) 0.9 profile in 2014 Estimated LOM (years) 18 Exploration potential at Tarachi and satellite zones 2012 exploration budget $15M See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. 15
  • 16. MeliadineGrowing Gold Reserve And Resource On 80 Kilometre Trend Permitting and road construction underway P&P GOLD RESERVES (million oz) 2.9 Examining production scenarios from AVERAGE GOLD RESERVE GRADE (g/t) 7.2 open pits and underground Updated feasibility study expected in Indicated resource (million oz) 1.7 late 2013 Drilling has expanded gold contained Inferred resource (million oz) 2.4 in reserves and resources by approximately 40% in 1.5 years 2012 exploration budget $30M Potential to accelerate underground development to test deposit at depth See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. Tiriganiaq Wolf Wesmeg Pump F Zone Discovery 16
  • 17. 17
  • 18. MeadowbankStrong Net Free Cash Flow Generator Mill consistently exceeding design throughput P&P GOLD RESERVES (million oz) 2.2 Optimized mine plan expected to be AVERAGE GOLD RESERVE GRADE (g/t) 2.8 lower risk due to:  36% fewer tonnes moved over life Indicated resource (million oz) 1.3 of mine Inferred resource (million oz) 0.5  More conservative estimates for gold grade Est. LOM (years) 6 2012 exploration budget $7M See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. 18
  • 19. LapaSteady State Operation – Good Tonnage and Cost Control 2012 production and costs expected P&P GOLD RESERVES (million oz) 0.5 to be similar to 2011 Anticipated life of mine extended AVERAGE GOLD RESERVE GRADE (g/t) 6.5 through 2015 Extending underground exploration Indicated resource (million oz) 0.3 drift to east Inferred resource (million oz) 0.1  Will provide access to drill targets that could extend mine life Est. LOM (years) 4 2012 exploration budget $3M See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. 19
  • 20. Goldex - Action PlanFocused on Monitoring, Investigation and Remediation Mine operations suspended October 2011 Grouting and remediation programs in progress Assessment program includes rock and soil monitoring Exploration program focused on potential of satellite mineralized zones Update expected in Q2 2012 20
  • 21. Exploration UpsideLarge, Growing Gold Deposits 21
  • 22. Meliadine ProjectOur Fastest Growing Gold Deposit Indicated resources – 33 koz Au Inferred resources – 197 koz Au Proven & Probable reserves – 2,781 koz Au Indicated resources – 649 koz Au Inferred resources – 1,329 koz Au Indicated resources – 343 koz Au Inferred resources – 411 koz Au Inferred resources – 133koz Au Meliadine (Total) Proven & Probable reserves – 2,877 koz Au Indicated resources – 1,658 koz Au Proven & Probable reserves – 97 koz Au Indicated resources – 254 koz Au Inferred resources – 2,438 koz Au Inferred resources – 179 koz AuSee AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. 22
  • 23. Meliadine – High Grade Underground Gold ReserveRamp Extension Expected to Begin in 2013 2012 Exploration Focus 23
  • 24. Kittila – Our Largest Gold Deposit Still open for exploration at depth and to the North 2011 exploration expanded reserves and resources in Roura and Rimpi trends $16M in exploration, 10 – 12 drills in 2012 2012 Focus Area 24
  • 25. Business Is Positioned To Deliver Moving ForwardNo Change in Strategy or Focus AEM is among industry leaders in per share production, reserves, cash flows and dividends 24% production growth anticipated through 2014 from existing mines, with minimal capex required Solid, achievable production and cost guidance Expecting growth in reserves through exploration of existing assets Business generating strong cash flows  Allocated to dividends, exploration and re-investing in our core assets 25
  • 26. Appendix 26
  • 27. Operating Metrics LaRonde - Ore milled (000 tonnes) LaRonde LaRonde - Minesite costs per tonne (C$)8,000tpd $120/t7,500tpd $100/t7,000tpd $80/t6,500tpd6,000tpd $60/t5,500tpd $40/t5,000tpd $20/t4,500tpd4,000tpd $0/t Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Lapa - Ore milled (000 tonnes) Lapa Lapa - Minesite costs per tonne (C$)2,000tpd $160/t1,800tpd $140/t1,600tpd $120/t1,400tpd1,200tpd $100/t1,000tpd $80/t 800tpd $60/t 600tpd $40/t 400tpd 200tpd $20/t 0tpd $0/t Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 27
  • 28. Operating Metrics Kittila - Ore milled(000 tonnes) Kittila Kittila - Minesite costs per tonne (EUR)3,500tpd €100/t €90/t3,000tpd €80/t2,500tpd €70/t2,000tpd €60/t €50/t1,500tpd €40/t1,000tpd €30/t €20/t 500tpd €10/t 0tpd €0/t Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Pinos Altos Meadowbank6,000tpd $60/t 10,000tpd $180/t 9,000tpd $160/t5,000tpd $50/t 8,000tpd $140/t 7,000tpd4,000tpd $40/t $120/t 6,000tpd $100/t3,000tpd $30/t 5,000tpd $80/t 4,000tpd2,000tpd $20/t $60/t 3,000tpd 2,000tpd $40/t1,000tpd $10/t 1,000tpd $20/t 0tpd $0/t 0tpd $0/t Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Pinos Altos - Ore milled (000 tonnes) Meadowbank - Ore milled (000 tonnes) Pinos Altos - Minesite costs per tonne (USD$) Meadowbank - Minesite costs per tonne (C$) 28
  • 29. Gold and Silver Reserves and Resources December 31, 2011 Tonnes Gold Gold Tonnes Silver SilverGold (000’s) (g/t) (ounces) Silver (000’s) (g/t) (ounces) (000’s) (000’s)Proven 11,029 2.80 994 Proven 7,318 45.35 10,670Probable 146,057 3.78 17,757 Probable 72,693 45.06 105,319Total Total 157,086 3.71 18,750 80,011 45.09 115,989Reserves ReservesMeasured & Measured & 168,336 1.78 9,633 27,801 27.24 24,344Indicated IndicatedInferred 131,216 2.30 9,712 Inferred 34,513 19.00 21,082See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
  • 30. Copper, Zinc and Lead Reserves and Resources December 31, 2011 Tonnes Copper Copper Tonnes Zinc Zinc Tonnes Lead Lead Copper Zinc Lead (000’s) (%) (tonnes) (000’s) (%) (tonnes) (000’s) (%) (tonnes) Proven 5,331 0.28 15,025 Proven 5,331 2.04 108,626 Proven 5,331 0.23 12,391 Probable 27,901 0.27 76,160 Probable 27,901 0.77 215,522 Probable 27,901 0.05 13,441 Total Total Total 33,232 0.27 91,184 33,232 0.98 324,149 33,232 0.08 25,832 Reserves Reserves Reserves Indicated 7,225 0.12 8,629 Indicated 7,225 1.49 107,338 Indicated 7,225 0.15 11,127 Inferred 11,400 0.26 29,664 Inferred 11,400 0.44 49,745 Inferred 11,400 0.05 5,138See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.*Calculated grades 30
  • 31. Notes to Investors Regarding the Use of ResourcesCautionary Note to Investors Concerning Estimates of Measured and Indicated ResourcesThis document uses the terms "measured resources" and "indicated resources". We advise investors that while those terms are recognized and requiredby Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in thesecategories will ever be converted into reserves.Cautionary Note to Investors Concerning Estimates of Inferred ResourcesThis document also uses the term "inferred resources". We advise investors that while this term is recognized and required by Canadian regulations, theSEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic andlegal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules,estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not toassume that part or all of an inferred resource exists, or is economically or legally mineable.Scientific and Technical DataAgnico-Eagle Mines Limited is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification andreporting of resources and reserves.Cautionary Note To U.S. Investors - The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that acompany can economically and legally extract or produce. Agnico-Eagle uses certain terms in this press release, such as “measured”, “indicated”, and“inferred”, and “resources” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors areurged to consider closely the disclosure in our Form 20-F, which may be obtained from us, or from the SEC’s website at: http://sec.gov/edgar.shtml. A“final” or “bankable” feasibility study is required to meet the requirements to designate reserves under Industry Guide 7.Estimates for all properties were calculated using historic three-year average metals prices and foreign exchange rates in accordance with the SECIndustry Guide 7. Industry Guide 7 requires the use of prices that reflect current economic conditions at the time of reserve determination, which the Staffof the SEC has interpreted to mean historic three-year average prices. The assumptions used for the mineral reserves and resources estimates reportedby the Company on February 15, 2012 were based on three-year average prices for the period ending December 31, 2011 of $1,255 per ounce gold,$23.00 per ounce silver, $0.91 per pound zinc, $3.25 per pound copper, $0.95 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of1.05, 1.37 and 12.86, respectively.The Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) requires mining companies to disclose reserves and resources using thesubcategories of “proven” reserves, “probable” reserves, “measured” resources, “indicated” resources and “inferred” resources. Mineral resources that arenot mineral reserves do not have demonstrated economic viability. 31
  • 32. Notes to Investors Regarding the Use of ResourcesA mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study.This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time ofreporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material ismined. A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study.A probable mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated byat least a preliminary feasibility study.A mineral resource is a concentration or occurrence of natural, solid, inorganic material, or natural solid fossilized organic material including base andprecious metals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction.The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geologicalevidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physicalcharacteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economicparameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliableexploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource forwhich quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriateapplication of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is basedon detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits,workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is thatpart of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling andreasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered throughappropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do nothave demonstrated economic viability.Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriatelydetailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmentalconsiderations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time ofreporting that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by aproponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of aPre-Feasibility Study.The effective date for all of the Company’s mineral resource and reserve estimates in this document is December 31, 2011. Additional information abouteach of the mineral projects that is required by NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in the Technical Reportsreferred to above, which may be found at www.sedar.com. Other important operating information can be found in the Company’s Form 20-F and its newsrelease dated February 15, 2012.The contents of this document have been prepared under the supervision of, and reviewed by, Marc Legault P.Eng., Senior Vice-President ProjectDevelopment and a “Qualified Person” for the purposes of NI 43-101. 32
  • 33. A solid financial position, low-cost structure, well-funded growth projects in regionsof low political risk, and a focused, consistent strategy put Agnico-Eagle in a strongposition to continue creating exceptional per share value.Sean Boyd Executive and Registered Office:President and 145 King Street East, Suite 400Chief Executive Officer Toronto, Ontario, Canada, M5C 2Y7Ammar Al-Joundi Tel: 416-947-1212SVP Finance and Toll-Free: 888-822-6714Chief Financial Officer Fax: 416-367-4681David SmithSVP, Strategic Planning & InvestorRelationsTrading Symbol:AEM on TSX & NYSEInvestor Relations:416-947-1212info@agnico-eagle.comagnico-eagle.com

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