- Agnico Eagle provided a corporate update for Q1 2013, noting production and costs were on track with expectations. Key highlights included 236,975 ounces of gold produced at a total cash cost of $740 per ounce.
- Goldex is expected to produce ahead of schedule, with 15,000 ounces in Q4 2013. La India is also ahead of schedule, with commissioning beginning in late Q4 2013 and commercial production in Q1 2014.
- 2013 production guidance remains unchanged at 990,000 ounces of gold. The company expects to generate free cash flow in 2013 with a strong financial position and $264 million in cash and cash equivalents.
Scotiabank held its Latin American Mining Conference in June 2013. Agnico Eagle provided an overview of its operating results for the first quarter of 2013, its financial position, and growth plans. Production and costs were in line with expectations for the quarter. Agnico Eagle is on track to produce 990,000 ounces of gold in 2013. The company has a strong financial position with $264 million in cash and $1.2 billion in available credit facilities. Agnico Eagle is pursuing moderate, achievable production growth through 2023, funded by disciplined capital allocation.
Scotia building a high quality manageable gold business in challenging timesAgnico Eagle Mines
Agnico Eagle Mines is preparing to begin commercial production at its La India gold mine in Mexico in Q1 2014, ahead of schedule and on budget. La India is expected to produce approximately 90,000 ounces of gold per year at total cash costs of $500 per ounce. The project was commissioned just 22 months after Agnico Eagle acquired it in 2011 for $157.6 million. La India adds a new source of low-cost gold production in Mexico for Agnico Eagle.
The document provides an update on Agnico Eagle Mines for August 2016. It includes forward-looking statements and notes of caution regarding the use of non-GAAP measures in financial presentations. The update discusses Agnico Eagle's consistent strategy of production growth, high quality gold reserves with above peer average grades, strong balance sheet, and exploration as a value driver. It also provides highlights on recent operational and financial results and production guidance into 2019 and beyond.
The document provides an overview of Agnico Eagle Mines Limited's Denver Gold Forum presentation in September 2013. It discusses forward-looking statements and risks, notes to investors regarding non-GAAP financial measures and production guidance, and provides summaries of each of Agnico Eagle's mine sites highlighting reserves, resources, production profiles, and capital expenditure plans. The presentation focuses on Agnico Eagle's strategies to adapt to the current volatile gold market through cost reductions, production growth, and maintaining financial flexibility.
Raymond James 35th Annual Institutional Investors ConferenceAgnico Eagle Mines
Raymond James 35th Annual Institutional Investors Conference presentation by Agnico Eagle Mines President and CEO Sean Boyd:
1) Agnico Eagle reported record annual gold production in 2013 of 1.1 million ounces at a total cash cost of $672 per ounce, lower than guidance.
2) Production is forecast to grow moderately through 2016 to 1.25 million ounces annually, from assets located in mining-friendly jurisdictions.
3) Capital spending is projected to remain below $1 billion annually through 2014-2016 to fund production growth from existing operations.
The document provides an overview of Agnico Eagle Mines Ltd's corporate update for September 2013. It includes forward-looking statements and notes of caution about factors that could affect the company's projections. Highlights include Q2 2013 gold production of 224,089 ounces at total cash costs of $785 per ounce. Financial results were impacted by lower commodity prices and a maintenance shutdown at the Kittila mine. The company announced significant capital and cost reductions for 2013-2014 while maintaining production guidance. Key projects discussed include the LaRonde cooling plant expansion, drilling at Lapa and Zulapa, the Kittila autoclave restart, and development projects at La India and Goldex scheduled to begin production in late 2013.
- The document contains forward-looking statements regarding the company's strategy, plans, performance, and portfolio that are subject to various risks and uncertainties.
- In 2016, the company met production and cost guidance, improved mine plans, advanced development projects, and increased cash flow and net free cash flow.
- For 2017, the company provides production and cost guidance for its mines that is in line with 2016 levels and outlines a three-year production plan with increasing gold, silver, and copper production through 2019.
This corporate presentation provides an overview of Detour Gold Corporation as Canada's intermediate gold producer. Key highlights include:
- Detour Lake mine is a top-ranked, large scale, long-life asset with over 16 million ounces of reserves and projected mine life of over 20 years.
- Production is expected to grow from 550,000 to 600,000 ounces in 2017 to over 600,000 ounces annually by 2018 through optimization and growth projects.
- The company has an organic growth pipeline including the West Detour development project and exploration at Zone 58N and Lower Detour.
- Updated life of mine plan outlines average annual production of over 650,000 ounces at total site costs of $758/
Scotiabank held its Latin American Mining Conference in June 2013. Agnico Eagle provided an overview of its operating results for the first quarter of 2013, its financial position, and growth plans. Production and costs were in line with expectations for the quarter. Agnico Eagle is on track to produce 990,000 ounces of gold in 2013. The company has a strong financial position with $264 million in cash and $1.2 billion in available credit facilities. Agnico Eagle is pursuing moderate, achievable production growth through 2023, funded by disciplined capital allocation.
Scotia building a high quality manageable gold business in challenging timesAgnico Eagle Mines
Agnico Eagle Mines is preparing to begin commercial production at its La India gold mine in Mexico in Q1 2014, ahead of schedule and on budget. La India is expected to produce approximately 90,000 ounces of gold per year at total cash costs of $500 per ounce. The project was commissioned just 22 months after Agnico Eagle acquired it in 2011 for $157.6 million. La India adds a new source of low-cost gold production in Mexico for Agnico Eagle.
The document provides an update on Agnico Eagle Mines for August 2016. It includes forward-looking statements and notes of caution regarding the use of non-GAAP measures in financial presentations. The update discusses Agnico Eagle's consistent strategy of production growth, high quality gold reserves with above peer average grades, strong balance sheet, and exploration as a value driver. It also provides highlights on recent operational and financial results and production guidance into 2019 and beyond.
The document provides an overview of Agnico Eagle Mines Limited's Denver Gold Forum presentation in September 2013. It discusses forward-looking statements and risks, notes to investors regarding non-GAAP financial measures and production guidance, and provides summaries of each of Agnico Eagle's mine sites highlighting reserves, resources, production profiles, and capital expenditure plans. The presentation focuses on Agnico Eagle's strategies to adapt to the current volatile gold market through cost reductions, production growth, and maintaining financial flexibility.
Raymond James 35th Annual Institutional Investors ConferenceAgnico Eagle Mines
Raymond James 35th Annual Institutional Investors Conference presentation by Agnico Eagle Mines President and CEO Sean Boyd:
1) Agnico Eagle reported record annual gold production in 2013 of 1.1 million ounces at a total cash cost of $672 per ounce, lower than guidance.
2) Production is forecast to grow moderately through 2016 to 1.25 million ounces annually, from assets located in mining-friendly jurisdictions.
3) Capital spending is projected to remain below $1 billion annually through 2014-2016 to fund production growth from existing operations.
The document provides an overview of Agnico Eagle Mines Ltd's corporate update for September 2013. It includes forward-looking statements and notes of caution about factors that could affect the company's projections. Highlights include Q2 2013 gold production of 224,089 ounces at total cash costs of $785 per ounce. Financial results were impacted by lower commodity prices and a maintenance shutdown at the Kittila mine. The company announced significant capital and cost reductions for 2013-2014 while maintaining production guidance. Key projects discussed include the LaRonde cooling plant expansion, drilling at Lapa and Zulapa, the Kittila autoclave restart, and development projects at La India and Goldex scheduled to begin production in late 2013.
- The document contains forward-looking statements regarding the company's strategy, plans, performance, and portfolio that are subject to various risks and uncertainties.
- In 2016, the company met production and cost guidance, improved mine plans, advanced development projects, and increased cash flow and net free cash flow.
- For 2017, the company provides production and cost guidance for its mines that is in line with 2016 levels and outlines a three-year production plan with increasing gold, silver, and copper production through 2019.
This corporate presentation provides an overview of Detour Gold Corporation as Canada's intermediate gold producer. Key highlights include:
- Detour Lake mine is a top-ranked, large scale, long-life asset with over 16 million ounces of reserves and projected mine life of over 20 years.
- Production is expected to grow from 550,000 to 600,000 ounces in 2017 to over 600,000 ounces annually by 2018 through optimization and growth projects.
- The company has an organic growth pipeline including the West Detour development project and exploration at Zone 58N and Lower Detour.
- Updated life of mine plan outlines average annual production of over 650,000 ounces at total site costs of $758/
- The document summarizes a site visit to the Minera Florida mine in Chile.
- It includes an agenda for the visit with presentations on exploration, the plant operations, and a tour of the mine and exploration areas.
- The management team and six pillars approach are introduced, which focus on improving operations, advancing projects, improving finances, exploration, developing a project pipeline, and rationalizing assets.
This document discusses Guyana Goldfields Inc., an operating gold mine in Guyana. It provides highlights from 2016 including production figures that met guidance, operating costs, and quarterly results. It then outlines the company's 2017 guidance forecasting 160-180k ounces of gold production. The feasibility study projections show average annual production of 220koz over a 15 year mine life from open pit and underground sources. It also details the company's phased mill expansion to increase throughput. Organic growth potential exists through further exploration on multiple near-mine and regional targets on the company's large land package in an established gold district.
Agnico Eagle Mines Limited is a gold mining company with operations in Canada, Finland, and Mexico. It is focused on building a high quality, manageable gold business in challenging times. Agnico Eagle has delivered record quarterly gold production in Q3 2013 at a low total cash cost of $591/oz. The company has improved its 2013 production and cost guidance and expects moderate, achievable production growth through 2015 as new projects come online. Agnico Eagle has adequate financial flexibility with a strong balance sheet and available credit facilities to execute its growth plans.
Alamos corp presentation june 22 2017 finalalamosgoldinc
This June 2017 corporate presentation from Alamos Gold provides an overview of the company and cautions readers about forward-looking statements. It summarizes that Alamos is forecasting 2017 gold production of 400,000-430,000 ounces from its three North American mines at an all-in sustaining cost of $940 per ounce, representing a 7% improvement from 2016. It also notes that Alamos has a strong balance sheet as a debt-free company with $156 million in cash plus an undrawn $150 million credit facility to support its portfolio of six low-cost development projects and track record of delivering shareholder value.
This document provides an overview of Alamos Gold Inc., including:
- Production guidance of 400,000-430,000 ounces of gold from three North American mines in 2017.
- AISC of $940 per ounce in 2017, a 7% improvement from 2016.
- A portfolio of 6 low-cost development projects and exploration properties that provide a platform for long-term growth.
New gold baml global metals, mining & steel conference 16 18 may 2017newgold2011
New Gold provides a corporate presentation outlining its portfolio of assets located in top-rated mining jurisdictions. The presentation cautions that statements regarding future performance are forward-looking in nature. New Gold has a diverse portfolio including operating mines and development projects with potential for 800,000 ounces of annual gold production. Key priorities for 2017 include executing on an updated plan for the Rainy River project in Ontario, Canada, advancing organic growth projects, and enhancing financial flexibility.
This document provides information about Detour Gold Corporation, a Canadian gold mining company. It discusses Detour Gold's Detour Lake Mine as a large, long-life asset with production growth potential. It provides Detour Gold's 2017 guidance of 550,000-600,000 ounces of gold production. It also outlines Detour Gold's 2017 operating plan, capital expenditures, and organic growth pipeline including the West Detour development project.
Detour Gold Corporation is a Canadian intermediate gold producer with a long-life, large scale mining operation at Detour Lake Mine in Ontario, Canada. The document provides an overview of Detour Gold's 2017 operating plan and life of mine plan through 2040. It summarizes that production is expected to be between 550,000 to 600,000 ounces in 2017, with total cash costs per ounce between $690-750 and all-in sustaining costs between $1,025-1,125. The 2017 budget includes $155 million in sustaining capital and $160-180 million total capital expenditures. The updated life of mine plan outlines mining through 2040 with average annual gold production of 656,000 ounces and a
The document provides an overview of Agnico Eagle Mines Limited's fourth quarter and full year 2013 results. Some key points:
- Record annual gold production of 1.10 million ounces, exceeding guidance of 1.06 million ounces. Total cash costs were $672 per ounce, below guidance of $690.
- Commercial production was declared at the Goldex mine and commissioning is on track at La India.
- A non-cash impairment charge of $436 million was recorded due to the lower gold price environment. The quarterly dividend was also reduced.
- Production is expected to grow moderately through 2016 according to estimates. Capital expenditures are projected to remain at manageable levels.
- Pro
49 north conference building a high quality manageable gold business in cha...Agnico Eagle Mines
David Smith, CFO of Agnico Eagle Mines Ltd., presented at the 49 North Resource Conference in San Francisco on December 5, 2013. He discussed Agnico Eagle's improved gold production guidance for 2013, reduced costs, and plans to further improve cash flow generation in 2014. Smith also highlighted Agnico Eagle's portfolio of long-life, low-cost mines in politically stable jurisdictions, moderate production growth outlook, and strong financial position providing flexibility to execute its business plan.
Agnico Eagle reported its second quarter 2013 results in July 2013. Q2 gold production was 224,089 ounces at total cash costs of $785 per ounce, in line with expectations. Financial results were impacted by lower commodity prices, a maintenance shutdown at the Kittila mine, and concentrate settlement adjustments. The company announced significant capital and cost reductions of approximately $50 million in 2013 and $200 million in 2014 while maintaining production guidance for 2013 to 2015.
Agnico Eagle Mines reported first quarter 2013 results with gold production of 236,975 ounces at a total cash cost of $740 per ounce. Cash flow from operations was $146 million. Production and costs were in line with expectations. The company's Goldex and La India projects remain ahead of schedule with initial production expected in Q4 2013 and commissioning beginning late Q4 2013 respectively. Kittila's scheduled mill maintenance was extended resulting in reduced 2013 production estimates.
The document provides an overview of Detour Gold Corporation's fourth quarter and full year 2016 operating results and 2017 guidance. It includes forward-looking statements regarding future production, costs, and financial metrics. It notes key assumptions for 2017 including a gold price of $1,200/oz, CAD/USD exchange rate of 1.30, diesel fuel price of C$0.70/L, and power cost of C$0.30/kWhr. The document also defines the company's use of non-IFRS measures like total cash costs and all-in sustaining costs to provide additional performance metrics.
- The document is a corporate presentation from May 2016 that contains cautionary statements about forward-looking information.
- It warns that statements regarding future financial performance, projects, activities, and expectations are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially.
- The presentation outlines numerous risk factors that could affect the company's projections including economic, geological, permitting, environmental, social, regulatory, political, and financial risks.
Agnico Eagle reported strong results for the second quarter of 2016, including:
- Gold production of 408,932 ounces at total cash costs of $592 per ounce
- Increased 2016 production guidance to 1.58-1.6 million ounces at lower costs
- Repaid $210 million credit facility balance and $20 million loan, reducing net debt to $742 million
- Declared a 25% increased quarterly dividend to $0.10 per share
New gold presentation march 2017 v websitenewgold2011
The corporate presentation provides an overview of New Gold Inc., including:
- New Gold has a portfolio of assets in top-rated mining jurisdictions like Canada, the USA, Australia and Mexico.
- Their key growth project is the Rainy River mine in Ontario, Canada, which is expected to have an initial 14-year mine life upon achieving commercial production in late 2017.
- New Gold's priorities for 2017 include strengthening their team at Rainy River to ensure successful execution of the project, as well as pursuing opportunities to further optimize cash flow from their operating mines.
Agnico Eagle plans to acquire Cayden Resources, an exploration company with properties in Mexico, for approximately C$205 million. The key asset being acquired is the El Barqueño property in Jalisco State, which has shown potential for multiple gold deposits along an 8km strike length based on drilling to date. Agnico Eagle expects to begin a C$10-15 million exploration program at El Barqueño in 2015 with the goal of outlining a maiden resource. The acquisition is expected to enhance Agnico Eagle's growth in Mexico and provide an opportunity to establish a new operating base.
The document summarizes a nickel exploration project in Greenland. It discusses the district-scale land position held by the company, widespread nickel-copper sulphide drill intersections made to date, and plans for continuity drilling in 2016. The style of mineralization involves pyrrhotite, pentlandite, chalcopyrite and pyrite. Geological studies found over 90% of nickel is contained in pentlandite, indicating potential for high nickel recoveries.
Fourth Quarter 2016 and Full Year Results Presentationyamanagold2016
The document provides guidance and discusses operational performance for Yamana Gold for the fourth quarter and full year 2016. Key highlights include:
- Gold production for Q4 2016 was 318,368 ounces at an AISC of $928 per ounce. Silver production was 1.6 million ounces at an AISC of $14.48 per ounce.
- For the full year, Yamana met or exceeded its guidance for gold, silver and copper production and costs. Production came in at 1.27 million ounces of gold, 7 million ounces of silver and 116 million pounds of copper.
- Yamayo provides guidance for 2017-2019 that forecasts increasing gold and silver production over that period at expected lower costs
2012A
2013E
2014E
2015E
Estimate
1) Agnico Eagle outlined its strategy for managing a quality gold business in a challenging price environment, focusing on low-cost production growth and financial flexibility.
2) The company expects production to increase moderately from 1.06 million ounces in 2013 to over 1.2 million ounces by 2015 through projects in Canada, Mexico, and Finland.
3) Agnico Eagle has adequate cash reserves and available credit to fund its capital expenditures budget and continued moderate production growth while maintaining a manageable debt level.
1) Agnico Eagle Mines Limited is a gold producer focused on delivering total shareholder return through growing gold reserves and production in mining friendly regions.
2) In the first half of 2012, Agnico Eagle had record gold production and strong earnings and cash flow that continued to strengthen its balance sheet.
3) Agnico Eagle's operations and projects include LaRonde, Lapa, Kittila, Pinos Altos, La India, Meadowbank, and Meliadine, which are expected to provide measured production growth into the future.
The document discusses Agnico Eagle's Meadowbank and Meliadine gold projects located in Nunavut, Canada. It provides an overview of Agnico Eagle's history with the Meadowbank mine, including permitting and infrastructure development, and describes the geology, challenges, and current status of the mine. It also gives a brief introduction to the Meliadine project and Agnico Eagle's plans to further explore and develop the site.
- The document summarizes a site visit to the Minera Florida mine in Chile.
- It includes an agenda for the visit with presentations on exploration, the plant operations, and a tour of the mine and exploration areas.
- The management team and six pillars approach are introduced, which focus on improving operations, advancing projects, improving finances, exploration, developing a project pipeline, and rationalizing assets.
This document discusses Guyana Goldfields Inc., an operating gold mine in Guyana. It provides highlights from 2016 including production figures that met guidance, operating costs, and quarterly results. It then outlines the company's 2017 guidance forecasting 160-180k ounces of gold production. The feasibility study projections show average annual production of 220koz over a 15 year mine life from open pit and underground sources. It also details the company's phased mill expansion to increase throughput. Organic growth potential exists through further exploration on multiple near-mine and regional targets on the company's large land package in an established gold district.
Agnico Eagle Mines Limited is a gold mining company with operations in Canada, Finland, and Mexico. It is focused on building a high quality, manageable gold business in challenging times. Agnico Eagle has delivered record quarterly gold production in Q3 2013 at a low total cash cost of $591/oz. The company has improved its 2013 production and cost guidance and expects moderate, achievable production growth through 2015 as new projects come online. Agnico Eagle has adequate financial flexibility with a strong balance sheet and available credit facilities to execute its growth plans.
Alamos corp presentation june 22 2017 finalalamosgoldinc
This June 2017 corporate presentation from Alamos Gold provides an overview of the company and cautions readers about forward-looking statements. It summarizes that Alamos is forecasting 2017 gold production of 400,000-430,000 ounces from its three North American mines at an all-in sustaining cost of $940 per ounce, representing a 7% improvement from 2016. It also notes that Alamos has a strong balance sheet as a debt-free company with $156 million in cash plus an undrawn $150 million credit facility to support its portfolio of six low-cost development projects and track record of delivering shareholder value.
This document provides an overview of Alamos Gold Inc., including:
- Production guidance of 400,000-430,000 ounces of gold from three North American mines in 2017.
- AISC of $940 per ounce in 2017, a 7% improvement from 2016.
- A portfolio of 6 low-cost development projects and exploration properties that provide a platform for long-term growth.
New gold baml global metals, mining & steel conference 16 18 may 2017newgold2011
New Gold provides a corporate presentation outlining its portfolio of assets located in top-rated mining jurisdictions. The presentation cautions that statements regarding future performance are forward-looking in nature. New Gold has a diverse portfolio including operating mines and development projects with potential for 800,000 ounces of annual gold production. Key priorities for 2017 include executing on an updated plan for the Rainy River project in Ontario, Canada, advancing organic growth projects, and enhancing financial flexibility.
This document provides information about Detour Gold Corporation, a Canadian gold mining company. It discusses Detour Gold's Detour Lake Mine as a large, long-life asset with production growth potential. It provides Detour Gold's 2017 guidance of 550,000-600,000 ounces of gold production. It also outlines Detour Gold's 2017 operating plan, capital expenditures, and organic growth pipeline including the West Detour development project.
Detour Gold Corporation is a Canadian intermediate gold producer with a long-life, large scale mining operation at Detour Lake Mine in Ontario, Canada. The document provides an overview of Detour Gold's 2017 operating plan and life of mine plan through 2040. It summarizes that production is expected to be between 550,000 to 600,000 ounces in 2017, with total cash costs per ounce between $690-750 and all-in sustaining costs between $1,025-1,125. The 2017 budget includes $155 million in sustaining capital and $160-180 million total capital expenditures. The updated life of mine plan outlines mining through 2040 with average annual gold production of 656,000 ounces and a
The document provides an overview of Agnico Eagle Mines Limited's fourth quarter and full year 2013 results. Some key points:
- Record annual gold production of 1.10 million ounces, exceeding guidance of 1.06 million ounces. Total cash costs were $672 per ounce, below guidance of $690.
- Commercial production was declared at the Goldex mine and commissioning is on track at La India.
- A non-cash impairment charge of $436 million was recorded due to the lower gold price environment. The quarterly dividend was also reduced.
- Production is expected to grow moderately through 2016 according to estimates. Capital expenditures are projected to remain at manageable levels.
- Pro
49 north conference building a high quality manageable gold business in cha...Agnico Eagle Mines
David Smith, CFO of Agnico Eagle Mines Ltd., presented at the 49 North Resource Conference in San Francisco on December 5, 2013. He discussed Agnico Eagle's improved gold production guidance for 2013, reduced costs, and plans to further improve cash flow generation in 2014. Smith also highlighted Agnico Eagle's portfolio of long-life, low-cost mines in politically stable jurisdictions, moderate production growth outlook, and strong financial position providing flexibility to execute its business plan.
Agnico Eagle reported its second quarter 2013 results in July 2013. Q2 gold production was 224,089 ounces at total cash costs of $785 per ounce, in line with expectations. Financial results were impacted by lower commodity prices, a maintenance shutdown at the Kittila mine, and concentrate settlement adjustments. The company announced significant capital and cost reductions of approximately $50 million in 2013 and $200 million in 2014 while maintaining production guidance for 2013 to 2015.
Agnico Eagle Mines reported first quarter 2013 results with gold production of 236,975 ounces at a total cash cost of $740 per ounce. Cash flow from operations was $146 million. Production and costs were in line with expectations. The company's Goldex and La India projects remain ahead of schedule with initial production expected in Q4 2013 and commissioning beginning late Q4 2013 respectively. Kittila's scheduled mill maintenance was extended resulting in reduced 2013 production estimates.
The document provides an overview of Detour Gold Corporation's fourth quarter and full year 2016 operating results and 2017 guidance. It includes forward-looking statements regarding future production, costs, and financial metrics. It notes key assumptions for 2017 including a gold price of $1,200/oz, CAD/USD exchange rate of 1.30, diesel fuel price of C$0.70/L, and power cost of C$0.30/kWhr. The document also defines the company's use of non-IFRS measures like total cash costs and all-in sustaining costs to provide additional performance metrics.
- The document is a corporate presentation from May 2016 that contains cautionary statements about forward-looking information.
- It warns that statements regarding future financial performance, projects, activities, and expectations are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially.
- The presentation outlines numerous risk factors that could affect the company's projections including economic, geological, permitting, environmental, social, regulatory, political, and financial risks.
Agnico Eagle reported strong results for the second quarter of 2016, including:
- Gold production of 408,932 ounces at total cash costs of $592 per ounce
- Increased 2016 production guidance to 1.58-1.6 million ounces at lower costs
- Repaid $210 million credit facility balance and $20 million loan, reducing net debt to $742 million
- Declared a 25% increased quarterly dividend to $0.10 per share
New gold presentation march 2017 v websitenewgold2011
The corporate presentation provides an overview of New Gold Inc., including:
- New Gold has a portfolio of assets in top-rated mining jurisdictions like Canada, the USA, Australia and Mexico.
- Their key growth project is the Rainy River mine in Ontario, Canada, which is expected to have an initial 14-year mine life upon achieving commercial production in late 2017.
- New Gold's priorities for 2017 include strengthening their team at Rainy River to ensure successful execution of the project, as well as pursuing opportunities to further optimize cash flow from their operating mines.
Agnico Eagle plans to acquire Cayden Resources, an exploration company with properties in Mexico, for approximately C$205 million. The key asset being acquired is the El Barqueño property in Jalisco State, which has shown potential for multiple gold deposits along an 8km strike length based on drilling to date. Agnico Eagle expects to begin a C$10-15 million exploration program at El Barqueño in 2015 with the goal of outlining a maiden resource. The acquisition is expected to enhance Agnico Eagle's growth in Mexico and provide an opportunity to establish a new operating base.
The document summarizes a nickel exploration project in Greenland. It discusses the district-scale land position held by the company, widespread nickel-copper sulphide drill intersections made to date, and plans for continuity drilling in 2016. The style of mineralization involves pyrrhotite, pentlandite, chalcopyrite and pyrite. Geological studies found over 90% of nickel is contained in pentlandite, indicating potential for high nickel recoveries.
Fourth Quarter 2016 and Full Year Results Presentationyamanagold2016
The document provides guidance and discusses operational performance for Yamana Gold for the fourth quarter and full year 2016. Key highlights include:
- Gold production for Q4 2016 was 318,368 ounces at an AISC of $928 per ounce. Silver production was 1.6 million ounces at an AISC of $14.48 per ounce.
- For the full year, Yamana met or exceeded its guidance for gold, silver and copper production and costs. Production came in at 1.27 million ounces of gold, 7 million ounces of silver and 116 million pounds of copper.
- Yamayo provides guidance for 2017-2019 that forecasts increasing gold and silver production over that period at expected lower costs
2012A
2013E
2014E
2015E
Estimate
1) Agnico Eagle outlined its strategy for managing a quality gold business in a challenging price environment, focusing on low-cost production growth and financial flexibility.
2) The company expects production to increase moderately from 1.06 million ounces in 2013 to over 1.2 million ounces by 2015 through projects in Canada, Mexico, and Finland.
3) Agnico Eagle has adequate cash reserves and available credit to fund its capital expenditures budget and continued moderate production growth while maintaining a manageable debt level.
1) Agnico Eagle Mines Limited is a gold producer focused on delivering total shareholder return through growing gold reserves and production in mining friendly regions.
2) In the first half of 2012, Agnico Eagle had record gold production and strong earnings and cash flow that continued to strengthen its balance sheet.
3) Agnico Eagle's operations and projects include LaRonde, Lapa, Kittila, Pinos Altos, La India, Meadowbank, and Meliadine, which are expected to provide measured production growth into the future.
The document discusses Agnico Eagle's Meadowbank and Meliadine gold projects located in Nunavut, Canada. It provides an overview of Agnico Eagle's history with the Meadowbank mine, including permitting and infrastructure development, and describes the geology, challenges, and current status of the mine. It also gives a brief introduction to the Meliadine project and Agnico Eagle's plans to further explore and develop the site.
The document announces a joint offer by Agnico Eagle Mines Limited, Yamana Gold Inc., and Osisko Mining Corporation to acquire Osisko's outstanding common shares, valued at C$3.9 billion. Under the offer, Agnico Eagle and Yamana will become equal partners in Osisko's Canadian Malartic mine and Kirkland Lake and Hammond Reef projects. The transaction aims to create a powerful strategic partnership and solidify the companies as leaders in the mid-tier gold space. The offer of C$8.15 per share provides superior value to Osisko shareholders compared to Goldcorp's existing hostile bid.
- Agnico-Eagle Mines Limited provided a corporate update in May 2010, outlining its strategy, operating results, and strong financial position.
- The company's strategy focuses on increasing gold production, growing gold reserves through acquisitions like Comaplex Minerals Corp, being a low-cost leader, and maintaining a solid financial profile with $860 million in available liquidity.
- In Q1 2010 the company produced over 188,000 ounces of gold, exceeding Q1 2009 production, and estimates 2010 full year gold production around 1.057 million ounces at a total cash cost of $399 per ounce. Revenues increased to $237.6 million in Q1 2010.
Agnico-Eagle's flagship LaRonde mine in Canada has been operating at steady state since its final expansion in 2003. Exploration is ongoing to extend the mine life, with potential resources identified below and to the east of the current workings. Production is expected to remain steady at around 324,000 ounces per year over the mine's estimated 13 year remaining life of mine.
Agnico-Eagle Mines Limited reported strong second quarter 2012 results, with record quarterly gold production from currently operating mines of 265,350 ounces at total cash costs of $660 per ounce. Cash provided by operating activities was a record $194 million for the quarter. Production guidance for 2012 was increased to approximately 975,000 ounces of gold. The company has a portfolio of quality, long-life mines that continue to perform well and provide low-risk production growth from existing assets. Significant exploration upside and reserve growth have been demonstrated at the company's 100%-owned assets.
The document provides an overview of Agnico Eagle Mines Limited's corporate update presentation from April 9, 2014. Some key points from the presentation include: Agnico reported record annual gold production of 1.10 million ounces in 2013, beating guidance, with total cash costs of $672/oz, also below guidance. For 2014, Agnico is forecasting further production growth of 16% through 2016, funded by capital expenditures expected to be $416 million. Cash costs and all-in sustaining costs for 2014 are expected to be approximately $678/oz and $990/oz, respectively.
Agnico-Eagle Mines Limited reported its fourth quarter and full year 2011 results in February 2012. Earnings for both the quarter and full year were impacted by non-cash writedowns of the Goldex and Meadowbank mines. Revenues reached record levels in 2011 of $1.82 billion due to higher gold prices, however earnings were negative due to the writedowns. Production guidance is provided for 2012-2014, with payable gold production expected to increase each year from 875,000-950,000 ounces in 2012 to over 1 million ounces in 2014 through contributions from all mines. Capital expenditures are also forecast to remain below average EBITDA levels, allowing for expected ongoing free cash flow generation
The document provides an update on Agnico-Eagle Mines' operations for August 18, 2011. It summarizes production highlights and challenges at each of its mine sites, including steady performance but narrow stopes at LaRonde, record throughput but soil subsidence issues at Goldex, continued strong performance at Lapa, and improvements in throughput and cost reductions at Meadowbank following the start-up of its secondary crushing plant. Exploration results are also promising at depth for Goldex and Meliadine. Challenges discussed include mining conditions, water management, and high costs.
Agnico-Eagle Mines Limited reported its third quarter 2012 results in October 2012. The company achieved record quarterly gold production of 286,971 ounces at total cash costs of $556 per ounce. Cash flow from operations was also a record at $199 million for the quarter. Agnico increased its 2012 gold production guidance to approximately 1,025,000 ounces and lowered its total cash cost guidance to approximately $660 per ounce. The company's portfolio of long-life mines continued to perform well, and it expects low political risk and meaningful production growth from existing assets.
Agnico-Eagle Mines Limited provided a corporate update in September 2010. The document discusses forward-looking statements and contains disclaimers about the risks and uncertainties inherent in such statements. It provides an overview of Agnico-Eagle's operating mines, production results for the second quarter of 2010, total cash costs, and financial position as of June 30, 2010, including available liquidity of $1.187 billion and long-term debt of $735 million.
Agnico-Eagle Mines Limited provided forward-looking statements and information regarding its third quarter 2011 results. The document notes that certain statements constitute forward-looking statements that are subject to risks and uncertainties. It then provides a summary of production and financial results for the third quarter, including record gold production at Pinos Altos and record throughput at Kittila and Meadowbank. The document also notes that Goldex operations have been suspended indefinitely.
Agnico Eagle Mines reported first quarter 2013 results with gold production of 236,975 ounces at a total cash cost of $740 per ounce. Cash flow from operations was $146 million. Production and costs were in line with expectations. The company's Goldex and La India projects remain ahead of schedule with initial production expected in Q4 2013 and commissioning beginning late Q4 2013 respectively. Kittila's scheduled mill maintenance was extended resulting in reduced 2013 production estimates.
Agnico Eagle reported its second quarter 2013 results. Gold production was in line with expectations at 224,089 ounces, while total cash costs were $785 per ounce. The financial results were impacted by lower commodity prices, a maintenance shutdown at the Kittila mine, and concentrate settlement adjustments. Significant capital and cost reductions of approximately $50 million in 2013 and $200 million in 2014 were announced, while production guidance for 2013 to 2015 was maintained.
- Agnico Eagle reported record quarterly gold production of 315,828 ounces at a total cash cost of $591 per ounce in Q3 2013.
- Production and cost guidance for 2013 was increased and decreased, respectively, with production now expected to be approximately 1,060,000 ounces of gold at a total cash cost of approximately $690 per ounce.
- Key factors contributing to the strong results included record quarterly production at Meadowbank and improved costs across all operations driven by ongoing cost reduction initiatives.
Agnico Eagle provides a corporate update and discusses its second quarter 2013 results. Key points include:
- Production for Q2 was 224,089 ounces of gold at total cash costs of $785 per ounce, in line with expectations. Financial results were impacted by lower commodity prices and a maintenance shutdown at the Kittila mine.
- Significant capital and cost reductions of approximately $50 million in 2013 and $200 million in 2014 are planned, while production guidance for 2013-2015 is maintained.
- Production is expected to increase in the second half of 2013 due to the resumption of normal operations at Kittila and anticipated improvements in grades at Meadowbank and LaRonde mines.
Corporate update John Tumazos Very Independent Research March 31, 2014Agnico Eagle Mines
Agnico Eagle provided a corporate update on March 31, 2014. Key highlights included record annual gold production in 2013 of 1.1 million ounces at total cash costs of $672 per ounce. Production is forecast to grow 16% through 2016 to 1.275 million ounces. Capital spending is expected to decline to $416 million in 2014. Cash costs and all-in sustaining costs are forecast to be $678 and $990 per ounce respectively in 2014, trending lower going forward. Agnico Eagle has a strong balance sheet with $170 million in cash and $1 billion in available credit to provide financial flexibility.
- Aurico Gold reported its Q3 2013 financial results and held a conference call and webcast on November 8, 2013.
- In Q3 2013, Aurico produced 30,099 ounces of gold, achieving a fifth consecutive quarter of production growth.
- The Young-Davidson mine declared commercial underground production on October 31, 2013, and is expected to contribute significantly to future production growth.
- Aurico remains on track to achieve its 2013 guidance of producing between 190,000 to 220,000 ounces of gold.
Agnico Eagle provided a corporate update on its operations and projects. Key points include:
1) 2013 was a record year for gold production and costs were below guidance. Production is expected to grow 16% through 2016.
2) Capital spending has been reduced and is expected to remain moderate. Cash costs and all-in sustaining costs are forecast to trend lower going forward.
3) The project pipeline including expansions at existing mines and new projects are expected to provide further production growth.
80,000
- Aurico Gold provided a presentation at the TD Securities Mining Conference on January 28, 2014 regarding its two core mining assets, Young-Davidson and El Chanate.
- The presentation highlighted Aurico Gold's organic production growth, lower cost profile, strong balance sheet, and capital return to shareholders.
- In the fourth quarter of 2013, Young-Davidson produced over 33,000 ounces of gold and achieved an underground mining rate of over 2,500 tonnes per day.
The document provides an overview of Agnico Eagle's mining operations in Mexico, including Pinos Altos, Creston Mascota, and La India. Pinos Altos is the company's cornerstone operation in Mexico, producing over 234,000 ounces of gold in 2012. La India began commissioning less than two years after acquisition and is expected to produce approximately 90,000 ounces per year. The company has over 1,500 employees in Mexico and has had a successful partnership, contributing to the local economy and community. Agnico Eagle controls a large land position in Mexico that provides exploration upside potential.
The document provides forward-looking statements and production guidance for Agnico Eagle at the BMO Capital Markets 24th Global Metals and Mining Conference in February 2015. It notes key assumptions used in projections, such as metal prices and exchange rates, and risks that could impact projections. It also provides context on non-GAAP terms used, such as total cash costs per ounce and minesite costs per tonne, and reconciles them to GAAP financial reporting. Finally, it states that the gold production guidance is based on mineral reserves but includes contingencies, and does not reconcile exactly to reserve models due to factors like metal price and exchange rate assumptions.
This corporate presentation provides an overview of Detour Gold Corporation as an intermediate Canadian gold producer. Key highlights from 2016 include gold production of 394,253 ounces at an all-in sustaining cost of $960 per ounce sold and earnings from mine operations of $90 million. The presentation discusses Q3 2016 operating results and costs, preliminary 2017 guidance, the Campbell Pit plan for 2017, a focus on advancing the prospective Zone 58N, and safety performance.
Agnico Eagle reported record annual gold production in 2014 of 1.429 million ounces at total cash costs of $637 per ounce. For the fourth quarter of 2014, gold production was 387,538 ounces at total cash costs of $662 per ounce. Agnico Eagle expects gold production to increase to approximately 1.6 million ounces in 2015 at total cash costs of $610 to $630 per ounce, and all-in sustaining costs of $880 to $900 per ounce. Agnico Eagle also provided three-year production guidance for 2015 to 2017, with expected average annual gold production of approximately 1.6 million ounces.
Bank of America Merrill Lynch 2016 Global Metals, Mining & Steel ConferenceAgnico Eagle Mines
This document is from Agnico Eagle's presentation at the 2016 Bank of America Merrill Lynch Global Metals, Mining & Steel Conference in May 2016. It includes forward-looking statements regarding Agnico Eagle's estimated production metrics, costs, and project timelines that are based on certain assumptions that may prove to be incorrect. It also notes that certain non-GAAP financial measures are used such as total cash costs per ounce and all-in sustaining costs per ounce, and provides definitions for these terms. The presentation contains cautionary language regarding the risks and uncertainties inherent in forward-looking information.
- The document provides details of Primero's Q2 2013 financial results conference call and webcast scheduled for August 9, 2013.
- It includes forward-looking statements and cautions that actual results may differ due to risks and uncertainties in the business.
- Primero had solid Q2 results in line with targets, with the Young-Davidson mine ramping up underground operations as planned using highly productive mining methods.
Agnico Eagle provided a corporate update for January 2015 including the following key points:
- 2015 gold production is expected to increase 14% to approximately 1.6 million ounces compared to 2014, driven by higher production at Meadowbank, Kittila, and Mexican operations. Total cash costs per ounce are expected to decline 6% from 2014.
- The company has manageable expansion capital requirements with projects like the Kittila plant expansion and Pinos shaft completion expected to increase production capacity.
- Agnico Eagle has financial flexibility with a net debt of $1.2 billion and $700 million in undrawn credit lines to fund future growth.
Aurico Gold provides a presentation on its mining assets and growth plans. It has two core mining assets - the Young-Davidson gold mine in Canada and the El Chanate gold mine in Mexico. Both mines have seen consistent production growth quarter-over-quarter and year-over-year. Aurico also has a large undeveloped copper/gold project called Kemess Underground in Canada. The company aims to continue organic production growth while maintaining low costs and strong financial positioning.
Macquarie 2015 Global Metals, Mining % Materials Conference, New YorkAgnico Eagle Mines
This document provides an overview of Agnico Eagle's presentation at the Macquarie 2015 Global Metals, Mining & Materials Conference on June 10-11, 2015. It discusses Agnico Eagle's assets in Nunavut, Finland, Mexico, and the Abitibi Region, which are focused in four low-risk mining jurisdictions. Production is forecast to be approximately 1.6 million ounces in 2015 at a cash cost of $618 per ounce. The presentation also highlights Agnico Eagle's reserve quality, production and cost profile, opportunities to enhance future production, 2014 reserve highlights, and exploration/development pipeline.
This corporate presentation provides an overview of Detour Gold Corporation as an intermediate Canadian gold producer. Some key highlights from 2016 include producing 394,253 ounces of gold at an all-in sustaining cost of $960 per ounce sold and reducing debt levels by 28%. The presentation discusses preliminary guidance for 2017 which forecasts gold production of 540,000-590,000 ounces at an AISC of $1,050-1,150 per ounce sold. It also provides an update on exploration prospects including the prospective Zone 58N and advancing work on the West Detour project.
The document provides supplemental information for Agnico Eagle Mines in May 2021. It discusses the company's operating mines across Canada, Finland, and Mexico which are expected to produce around 850,000 ounces of gold per year in the Abitibi region. Exploration plans are outlined to extend mine life at operations like LaRonde, Goldex, and Kittila. The acquisition of TMAC Resources and its Hope Bay mine in Nunavut is also summarized, which could potentially produce 250,000-300,000 ounces annually starting in 2024.
- Agnico Eagle reported second quarter 2018 results with total payable gold production of 404,961 ounces and total cash costs per ounce of $656.
- Production guidance for 2018 was increased to 1.58 million ounces of gold from 1.53 million ounces previously.
- The Amaruq project received permit approval and preliminary construction work began, while the Meliadine project remains on schedule for first production in Q2 2019.
- LaRonde Zone 5 declared commercial production as of June 1, 2018 and the mine life at Lapa was extended until the fourth quarter of 2018.
Raymond james-39th-annual-institutional-investors-conferenceAgnico Eagle Mines
- The document provides forward-looking statements regarding Agnico Eagle's operations, projects, production estimates, costs, and cash flows.
- It notes key assumptions underlying these statements and risks that could cause actual results to differ materially.
- Non-GAAP financial measures including total cash costs, all-in sustaining costs, and minesite costs are discussed and reconciled to IFRS measures.
Agnico Eagle reported its fourth quarter and full year 2017 results. Some highlights include:
- Production guidance for 2018 of 1.75-1.8 million ounces of gold at total cash costs between $650-700 per ounce and AISC of $950-1000 per ounce.
- Continued progress on construction at the Meliadine and Amaruq projects in Nunavut, with production expected to begin in 2019.
- Exploration success at several mines, with potential to extend mine lives and add new resources.
The document provides an overview of Agnico Eagle's corporate update presentation from January 2018. It includes forward-looking statements and notes regarding non-GAAP measures. The summary highlights Agnico Eagle's growing production base, high quality long life assets, strategy of value creation, track record of meeting guidance, mineral reserves and resources, successful M&A and exploration adding value, and project pipeline expected to drive further production growth to 2 million ounces by 2020.
This document provides forward-looking statements and notes to investors regarding Agnico Eagle's corporate update presentation at the Scotiabank Mining Conference in December 2017. It outlines key assumptions and risk factors for Agnico Eagle's projections, including commodity prices, production estimates, costs estimates, currency fluctuations, and permitting/development timelines. It also notes that certain terms used in the presentation, such as total cash costs per ounce and all-in sustaining costs per ounce, are non-GAAP measures and provides reconciliations to IFRS measures.
The LaRonde mine achieved record quarterly gold production of 105,345 ounces due to higher tonnage and grades from mining areas. Production guidance for 2017 was increased to over 1.68 million ounces of gold and unit costs were reduced based on strong year-to-date operational performance across Agnico Eagle's mines. Exploration continues at LaRonde to evaluate mining below current levels and infill drilling is ongoing to define higher grade mineralization in the western portions of the deposit.
Operations continue to deliver strong performance in the second quarter of 2017, with total gold production of 427,743 ounces and total cash costs per ounce of $556. Infill and exploration drilling at multiple properties, including LaRonde and Amaruq, yielded positive results that are expected to result in mineral resource additions and conversions. The Meliadine project is progressing on schedule and budget, with underground development ahead of plan and engineering 80% complete at the end of June 2017.
BMO Capital Markets 26th Global Metals & Mining ConferenceAgnico Eagle Mines
- The document discusses Agnico Eagle's forward-looking statements and provides context for non-GAAP financial measures used. It notes key assumptions and risks that could impact projections.
- Agnico Eagle exceeded 2016 production guidance of 1.6 million ounces at total cash costs of $600 per ounce. Production was 1.66 million ounces at total cash costs of $573 per ounce.
- New four-year guidance forecasts production growth to over 2 million ounces in 2020 as the Amaruq and Meliadine projects come online. Costs are expected to decline as production increases.
Raymond James 38th Annual Institutional Investors ConferenceAgnico Eagle Mines
The document provides forward-looking statements and notes regarding Agnico Eagle's presentation at the Raymond James 38th Annual Institutional Investors Conference in March 2017. It discusses Agnico Eagle's solid production base, high quality long life assets, and proven value creating strategy. It also summarizes Agnico Eagle's 2016 operating and financial highlights, 2016 exploration and reserve highlights, and track record of meeting production guidance. Finally, it notes Agnico Eagle mined below its average reserve grade in 2016 and successfully replaced reserves and resources with grades remaining unchanged.
Agnico Eagle reported its fourth quarter and full year 2016 results. Key highlights included:
1) Continued strong operating performance in 2016 with gold production exceeding guidance and lower than expected costs.
2) The Amaruq satellite deposit at Meadowbank and the Meliadine project were approved for development with both expected to start up in Q3 2019.
3) A four-year production guidance was issued with gold production expected to increase from current levels to 2 million ounces by 2020 and unit costs expected to decline over that period.
- Agnico Eagle provides a corporate update for November 2016, outlining its consistent strategy and solid execution that drives superior per share returns.
- Production is expected to grow to approximately 2.0 million ounces of gold in 2020 from its existing asset base.
- Agnico Eagle has high quality gold reserves with an average grade more than double that of North American peers that will support production growth.
- Exploration continues to be a key value driver, with several prospects delivering results.
The document provides an overview of Agnico Eagle's Kittila mine site visit in November 2016. Some key points:
- Kittila is Agnico Eagle's largest gold mine in Europe and has estimated reserves to continue operations through 2035.
- Underground development and mining rates are being optimized to fully access the Rimpi and newly discovered Sisar zones.
- Drilling in Q3 2016 yielded the widest intercept to date in the Sisar Central Zone of 6.6 g/t gold over 12.7 metres.
- The processing plant uses pressure oxidation in an autoclave to treat the refractory gold ore, followed by milling, flotation, leaching and electrowin
The Barsele Gold Project is located in northern Sweden near existing infrastructure. Agnico Eagle has a 55% interest in the project. Previous exploration identified gold mineralization at the Central, Avan, and Skiråsen zones. In 2015-2016, Agnico Eagle conducted drilling programs to expand and define these zones, with the goal of releasing an initial inferred resource estimate by the end of 2016. Drilling to date has shown potential to extend mineralization to depth at the Avan zone.
The document discusses Agnico Eagle's third quarter 2016 results. It provides forward-looking statements regarding production guidance, projects, and costs. It notes the risks and assumptions underlying the forward-looking statements. It also discusses non-GAAP measures used to evaluate performance such as total cash costs per ounce and all-in sustaining costs per ounce.
- Agnico Eagle provides a corporate update for September 2016, outlining key points such as production growth targets, high quality gold reserves, ongoing exploration success, and a strong balance sheet.
- The company has a goal of producing over 2 million ounces of gold annually by 2020 through exploiting its existing asset base, which contains high average grade reserves over double the industry average.
- Exploration continues to deliver value by expanding reserves and resources at mines such as Kittila, Meadowbank, Meliadine, Pinos Altos, and La India.
Bank of America Merrill Lynch 2016 Global Metals, Mining EventAgnico Eagle Mines
This document provides an overview of Agnico Eagle Mines Limited's presentation at the 22nd Annual Canada Mining Event hosted by Bank of America Merrill Lynch in September 2016. It contains forward-looking statements about Agnico Eagle's production guidance, costs, projects and growth plans. It also notes the risks associated with forward-looking statements and provides details on Agnico Eagle's non-GAAP financial measures and production guidance methodology. Finally, it highlights Agnico Eagle's strategy of value creation through consistent performance, production growth, high-quality reserves, exploration success and financial strength.
Agnico Eagle held a Denver Gold Forum in September 2016 to provide information to investors. The document included forward-looking statements about production guidance, costs, and other estimates. It noted the risks that actual results may differ from expectations due to uncertainties in metal prices, costs, and other factors. It also summarized the company's strategy of production growth from its existing assets, high-quality gold reserves with above-average grades, and exploration adding new resources.
- The document is a presentation from Agnico Eagle Mines Limited given at a Scotia BBQ on August 18, 2016.
- It discusses Agnico Eagle's forward-looking statements and production guidance, provides an overview of the company's strong financial position and long history of dividend payments, and outlines its growth strategy through projects in its development pipeline.
- Agnico Eagle has successfully grown production and reserves through acquisitions and exploration over the past decade and expects its project pipeline to drive a new phase of 30-40% production growth by 2020.
This document provides an overview of Agnico Eagle Mines Limited's annual and special meeting on April 29, 2016. It includes forward-looking statements about production guidance, costs, and projects. It notes the risks associated with forward-looking statements and provides non-GAAP financial measures to assess performance. The company has a strong track record of exceeding production guidance and lowering costs. It is positioned for growth through optimizing existing operations, exploration success adding reserves, and a pipeline of development projects expected to increase production by 30-40% by 2020.
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2. FORWARD LOOKING STATEMENTS
The information in this document has been prepared as at June 5, 2013. Certain statements contained in this document constitute “forwardlooking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking 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 or information.
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 future internal rates of
return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs, and
expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates
of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and
production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and
information regarding anticipated future exploration; the anticipated timing of events with respect to the Company’s mine sites and statements
and information regarding the sufficiency of the Company’s cash resources. Such statements and information reflect the Company’s views as at
the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such
statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or
implied by such forward looking statements and information. 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 other costs; 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 Company’s stock price; and risks associated with the Company’s byproduct metal derivative strategies. For a more detailed discussion of
such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements
contained in this document, see the Company’s Annual Report on Form 20-F for the year ended December 31, 2012, as well as the Company’s
other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does not intend,
and does not assume any obligation, to update these forward-looking statements and information. Alain Blackburn, a Qualified Person and the
Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s
reserve and resource position see the February 13, 2013 press release on the Company’s website. That press release also lists the Qualified
Persons for each project.
agnicoeagle.com
2
3. NOTES TO INVESTORS
Note Regarding the Use of Non-GAAP Financial Measures
This document presents estimates of future “total cash cost per ounce” and “minesite cost per tonne” that are not recognized measures under
United States generally accepted accounting principles (“US GAAP”). This data may not be comparable to data presented by other gold
producers. These future estimates are based upon the total cash costs per ounce and minesite costs per tonne that the Company expects to
incur to mine gold at the applicable projects and do not include production costs attributable to accretion expense and other asset retirement
costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking nonGAAP financial measures to the most comparable GAAP measure. A reconciliation of the Company’s total cash cost per ounce and minesite
cost per tonne to the most comparable financial measures calculated and presented in accordance with US GAAP for the Company’s historical
results of operations is set forth in the notes to the financial statements included in the Company’s Annual Information Form and Annual Report
on Form 20-F, for the year ended December 31, 2012, as well as the Company’s other filings with the Canadian Securities Administrators and
the SEC.
Note Regarding Production Guidance
The gold production guidance is based on the Company’s mineral reserves but includes contingencies and assumes metal prices and foreign
exchange rates that are different from those used in the reserve estimates. These factors and others mean that the gold production guidance
presented in this disclosure does not reconcile exactly with the production models used to support these mineral reserves.
agnicoeagle.com
3
4. KEY OPERATING HIGHLIGHTS – Q1 2013
Production and costs on track; Goldex and La India startup ahead of schedule
• Q1 2013 gold production of 236,975 oz at a total cash
cost of $740/oz – as expected
• Quarterly cash flows from operations of $146 million ($0.80 per share)
• Goldex to produce ahead of schedule - expected to provide 15,000 oz
gold in Q4, 2013
• La India to begin commissioning in late Q4, 2013, ahead of schedule;
Commercial production expected in Q1, 2014
• Kittila mill maintenance to take longer than expected – production to
resume in late June
• 2013 Production guidance unchanged at 990,000 oz
agnicoeagle.com
4
5. OPERATING RESULTS
First quarter production and costs in line with expectations
Q1 2013
2013 Forecast
Production
(Gold oz)
Total Cash
Cost
($/oz)
Operating
Margin ($,
000’s)
Midpoint of Production
Estimate
(Gold oz)
LaRonde
39,073
$718
$33,295
177,000
Kittila
43,145
$624
$44,956
150,000
Lapa
26,868
$680
$21,788
97,000
Pinos Altos1
46,071
$300
$53,827
191,000
Meadowbank
81,818
$1,069
$36,503
360,000
Goldex
15,000
236,975
Total
Q1 2013 Revenue by Metal
$740
$190,369
990,000
Q1 2013 Total Operating Margin – $190M
Pinos Altos
28%
Base
Metals
3%
Silver
8%
Gold
89%
Kittila
24%
Meadowbank
19%
Lapa
11%
1. Pinos Altos figures include Creston Mascota.
agnicoeagle.com
LaRonde
17%
5
6. Q1 2013 FINANCIAL RESULTS
Strong operating quarter in line with expectations
All amounts are in US$,
unless otherwise indicated
Q1
2013
Q1
2012
Revenues (millions)
$420.4
$472.9
Earnings (millions)
$23.9
$78.5
Earnings per share (basic)
$0.14
$0.46
$146.1
$196.5
236,975
227,792
Silver (ounces in thousands)
1,251
1,215
Zinc (tonnes)
8,239
12,978
Copper (tonnes)
1,082
1,326
Total cash costs ($/oz)
$740
$594
Cash provided by operating activities (millions)
Payable Production
Gold (ounces)
agnicoeagle.com
6
7. FINANCIAL POSITION
Expecting to generate free cash flow in 2013
ALL AMOUNTS ARE IN US$,
Mar. 31, 2013
unless otherwise indicated
CASH AND CASH EQUIVALENTS (millions)
$264
LONG TERM DEBT (millions)
$800
AVAILABLE CREDIT FACILITIES
$1.2 Billion
COMMON SHARES OUTSTANDING, BASIC (Q1’13 Weighted average, millions)
172.3
COMMON SHARES OUTSTANDING, FULLY DILUTED (Q1’13 Weighted average, millions)
172.6
Long-Term Debt Maturities
2017
Notes Outstanding (millions)
Coupon
agnicoeagle.com
2020
2022
2024
$115
$360
$225
$100
6.13%
6.67%
5.93%
5.02%
7
8. MODERATE, ACHIEVABLE PRODUCTION GROWTH
Low political risk, mining-friendly jurisdictions
Payable Gold Production Profile (oz)
1,300,000
1,100,000
900,000
700,000
500,000
300,000
100,000
2008A
2009A
2010A
Actual
agnicoeagle.com
2011A
2012A
2013E
2014E
2015E
Estimate
8
9. DISCIPLINED CAPITAL ALLOCATION
Well positioned to fund growth plans and dividends
Capital Expenditures (US$ 000’s)
$1,200,000
$1,000,000
$800,000
Illustrative Ongoing
Re-Investment
$600,000
*
$400,000
Estimate for projects not yet
approved ~ $350M
Sustaining Capital and
Capitalized Exploration ~
$250M
$200,000
$0
2008A
2009A
2010A
Actual
2011A
2012A
2013E
2014
2015
Estimate
* 2013E Development capital includes approximately $180M on Goldex and La India
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9
11. LARONDE
Ramp up at lower mine on track
• Q1 2013 production of 39,073 oz gold
at total cash costs per ounce of $718
• Additional cooling capacity expected to
be installed in 4Q 2013
• Approximately 60% of ore in Q1 2013
sourced from deeper mine
• Value of ore per tonne approximately
50% higher over life mine versus 2012
$240M
4.2
AVERAGE GOLD RESERVE GRADE (g/t)
4.5
Indicated resource (million oz)
(5.4 M tonnes @ 1.88 g/t)
• Positive for operating flexibility
and production
P&P GOLD RESERVES (million oz)
0.3
Inferred resource (million oz)
(11.9 M tonnes @ 3.73 g/t)
1.4
Estimated LOM (years)
14
2013 exploration budget
(LaRonde & regional)
Cash Operating Margin
$2M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$160M
$80M
$0M
2010
agnicoeagle.com
2011
2012
11
12. LAPA
Continues to deliver steady operating results
• Q1 2013 production of 26,868 oz gold
at total cash costs per ounce of $680
• Optimization led to increased mill
throughput on a year over year basis
• Ongoing exploration could extend
the mine life beyond 2016
P&P GOLD RESERVES (million oz)
0.4
AVERAGE GOLD RESERVE GRADE (g/t)
6.0
Indicated resource (million oz)
(1.1 M tonnes @ 4.08 g/t)
0.2
Inferred resource (million oz)
(0.9 M tonnes @ 6.69 g/t)
Estimated LOM (years)
$120M
2013 exploration budget
Cash Operating Margin
0.2
3
$3M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$80M
$40M
$0M
2010
agnicoeagle.com
2011
2012
12
13. KITTILA
Record quarterly recoveries of 92%; Scheduled maintenance to
take longer than planned
• Q1 2013 production of 43,145 oz gold at total
cash costs per ounce of $624
• Scheduled maintenance for Q2 2013 now
extended to include complete relining of the
autoclave – production anticipated to resume
late June
• Expected to reduce 2013 production by
10,000 to 15,000 oz and increase total cash
costs for the Company by $10/oz
P&P GOLD RESERVES (million oz)
4.8
AVERAGE GOLD RESERVE GRADE (g/t)
4.5
Indicated resource (million oz)
(7.8 M tonnes @ 2.65 g/t)
0.7
Inferred resource (million oz)
(19.0 M tonnes @ 3.88 g/t)
Estimated LOM (years)
2013 exploration budget
$240M
Cash Operating Margin
2.4
26
$7M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$160M
$80M
$0M
2010
agnicoeagle.com
2011
2012
13
14. MEXICO – PINOS ALTOS & CRESTON MASCOTA
Creston Mascota leaching resumes ahead of schedule.
• Q1 2013 production of 46,071 oz gold at
total cash cost of US$300/oz*
• Leaching resumed on the Phase 2 pad at
Creston Mascota in March 2013, one month
ahead of schedule.
• Production at Creston Mascota expected
to ramp up gradually through year-end
• Shaft sinking proceeding on time and
on budget
$320M
P&P GOLD RESERVES (million oz)
2.7
AVERAGE GOLD RESERVE GRADE (g/t)
2.2
Indicated resource (million oz)
(17.9 M tonnes @ 1.52 g/t)
0.9
Inferred resource (million oz)
(24.6 M tonnes @ 1.19 g/t)
Estimated LOM (years)
2013 exploration budget
Cash Operating Margin
0.9
16
$9M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$240M
*Total cash costs per ounce of gold produced and minesite costs per tonne for the
Creston Mascota deposit at Pinos Altos are excluded in Q1 2013 due to suspension of
heap leach operations effective October 1, 2012.
$160M
$80M
$0M
2010
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2011
2012
14
15. MEADOWBANK
Record quarterly mill throughput
• Q1 2013 production of 81,818 oz gold at
a total cash cost of $1,069/oz.
• Record quarterly throughput of 11,320
tpd
• Production expected to be higher in H2
2013 due to higher anticipated grades
P&P GOLD RESERVES (million oz)
2.3
AVERAGE GOLD RESERVE GRADE (g/t)
2.8
Measured & Indicated resource (million oz)
(10.3 M tonnes @ 2.49 g/t)
Inferred resource (million oz)
(3.6 M tonnes @ 3.81 g/t)
Estimated LOM (years)
$320M
2013 exploration budget
Cash Operating Margin
0.8
0.4
6
$4M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$240M
$160M
$80M
$0M
2010
agnicoeagle.com
2011
2012
15
17. LA INDIA
Commissioning expected to start by year-end 2013
• Construction proceeding well and on
budget
• Commercial production expected in 1Q
2014, one quarter ahead of schedule
• Estimated annual gold production of
approx. 90 koz @ average total cash
costs of approx. $500/oz
• Open pit, heap leach mine, with stripping
ratio of 1:1
agnicoeagle.com
PROBABLE GOLD RESERVES (million oz)
0.8
AVERAGE GOLD RESERVE GRADE (g/t)
0.7
Indicated gold resource (million oz)
(43.2 M tonnes @ 0.4 g/t)
Inferred gold resource (million oz)
(81 M tonnes @ 0.4 g/t)
Estimated LOM (years)
0.6
1.0
8
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
17
18. GOLDEX
Initial production expected in Q4 2013
• Expected 2013 production - 15,000 oz,
two quarters ahead of schedule
• Initial focus on the M & E satellite
zones – GEZ remains suspended
P&P GOLD RESERVES (million oz)
AVERAGE GOLD RESERVE GRADE (g/t)
Measured & Indicated gold resource (million oz)
(27.2 M tonnes @ 1.8 g/t)
Inferred gold resource (million oz)
(34.6 M tonnes @ 1.5 g/t)
• Technical studies are underway on
several other satellite zones with
results expected by year-end
agnicoeagle.com
0.35
1.6
1.6
1.7
Estimated LOM (years)
4
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
18
19. MELIADINE
Permitting underway; Road construction complete
P&P GOLD RESERVES (million oz)
• 2012 exploration resulted in significant
new resources, primarily at Normeg
3.0
AVERAGE GOLD RESERVE GRADE (g/t)
7.0
Indicated gold resource (million oz)
• $31 million exploration program for
2013
(17.2 M tonnes @ 3.9 g/t)
Inferred gold resource (million oz)
(14.8 M tonnes @ 6.2 g/t)
• Drilling restarted in March
• 9 rigs / 90,000 m drilling planned
2013 exploration budget
2.2
2.9
$31M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
• Portal cover will be installed this
year to allow restart of exploration
ramp
• Updated technical study expected in
2014
19
20. SOUND BUSINESS CONTINUES TO DELIVER
No change in strategy or focus
• AEM continues to be among industry leaders in per share reserves, production,
cash flows and dividends
• Meaningful near-term production growth driven by LaRonde, La India and Goldex,
with manageable, fully funded capex
• Solid, achievable production and cost guidance
• 22% production growth 2013–2015 at stable costs
• Business generating strong cash flows in regions of low political risk
• Allocated to dividends, exploration and investing in strategic assets
15-Year Indexed Price Performance
1500%
AEM-NYSE
XAU
Spot Gold
1000%
500%
0%
12/31/1997
agnicoeagle.com
5/18/2000
10/10/2002
3/01/2005
7/19/2007
12/03/2009
4/23/2012
20
22. COST EFFECTIVE EXPLORATION REFLECTS SUCCESSFUL M&A STRATEGY
Significant exploration results at acquired properties
9,000
+5644 koz
6,000
+3085 koz
+3161 koz
Mined
Proven &
Probable
Measured &
Indicated
Inferred
+1105 koz
3,000
+1097 koz
$200
$150
$100
$50
$18
La India
'12
La India
'11
Meliadine
'12
Meliadine
'10
Meadow
bank '12
$186
$173
Purchase Cost per Oz
Discovery Cost per Oz
$54
Meadow
bank '07
Pinos
Altos '12
Pinos
Altos '06
Kittila '12
Kittila '05
0
$121
$43
$27
$48
$26
$10
$0
Kittila
Pinos Altos
Meadowbank
Meliadine
La India
Note: The terms “measured resources”, “indicated resources” and “inferred resources” are not recognized under the SEC guidelines. Detailed information can be found in the February 13, 2013 press release.
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25. GOLD AND SILVER RESERVES AND RESOURCES
December 31, 2012
Gold
Tonnes
(000’s)
Gold
(g/t)
Gold
(ounces)
(000’s)
Proven
13,836
3.13
1,394
Probable
170,300
3.16
17,286
Total
Reserves
184,136
3.16
18,681
Measured &
Indicated
140,995
1.79
8,104
Inferred
199,503
1.90
12,159
Tonnes
(000’s)
Silver
(g/t)
Silver
(ounces)
(000’s)
9,390
47.30
14,281
Probable
57,536
43.93
81,256
Total
Reserves
66,926
44.40
95,537
Measured &
Indicated
23,379
31.95
24,015
Inferred
36,479
20.66
24,228
Silver
Proven
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.
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26. COPPER, ZINC AND LEAD RESERVES AND RESOURCES
December 31, 2012
Copper
Tonnes Copper Copper
Zinc
Tonnes
Zinc
Zinc
(000’s)
(%)
(tonnes)
6,323
1.06
67,211
Lead
Tonnes
Lead
(%) (tonnes)
6,323
0.30 18,744
Proven
Probable
22,462
0.24 53,835
Probable
22,462
0.68 152,973
Probable
22,462
0.05 10,304
Total
Reserves
28,786
0.25 72,580
Total
Reserves
28,786
0.76 220,184
Total
Reserves
28,786
0.06 18,042
Indicated
5,432
0.12
Indicated
5,432
1.50
81,551
Indicated
5,432
0.15
8,071
11,887
0.58
69,048
Inferred
11,887
0.05
5,375
Proven
Inferred
11,887
6,644
0.25 29,317
Inferred
Proven
(000’s)
Lead
(000’s)
6,323
(%) (tonnes)
0.12
7,738
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.
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27. NOTES TO INVESTORS REGARDING THE USE OF RESOURCES
Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources
This document uses the terms “measured resources” and “indicated resources”. We advise investors that while those terms are recognized and required by
Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves.
Cautionary Note to Investors Concerning Estimates of Inferred Resources
This document also uses the term “inferred resources”. We advise investors that while this term is recognized and required by Canadian regulations, the SEC
does not recognize it. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal
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 to assume that
part or all of an inferred resource exists, or is economically or legally mineable.
Scientific and Technical Data
Agnico-Eagle Mines Limited is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and
reporting 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 a
company 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 are
urged 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 SEC Industry
Guide 7. Industry Guide 7 requires the use of prices that reflect current economic conditions at the time of reserve determination, which the Staff of the SEC
has interpreted to mean historic three-year average prices. The assumptions used for the mineral reserves and resources estimates at the Lapa, Meadowbank
and Creston Mascota mines and the Goldex and Meliadine projects reported by the Company on February 13, 2013 are based on three-year average prices for
the period ending December 31, 2012 of $1,490 per ounce gold, $29.00 per ounce silver, $0.95 per pound zinc, $3.67 per pound copper, $1.00 per pound lead
and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.34 and 12.75, respectively. The assumptions used for the mineral reserves and resources
estimates at the LaRonde, Pinos Altos and Kittila mines and the La India and Tarachi projects reported by the Company on February 13, 2013 were based on
three-year average prices for the period ending June 30, 2012 of $1,345 per ounce gold, $25.00 per ounce silver, $0.95 per pound zinc, $3.49 per pound
copper, $0.99 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.30 and 13.00, respectively.
The Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) requires mining companies to disclose reserves and resources using the
subcategories of “proven” reserves, “probable” reserves, “measured” resources, “indicated” resources and “inferred” resources. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
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28. NOTES TO INVESTORS REGARDING THE USE OF RESOURCES
A 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 of reporting,
that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. 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 by at 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 and precious
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 geological evidence and
knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics
are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to
support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely
enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality,
densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on 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 that part of a mineral resource for which
quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological
and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not have 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 appropriately
detailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental
considerations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time of reporting
that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent 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 a Pre-Feasibility
Study.
The effective date for all of the Company’s mineral resource and reserve estimates in this press release is December 31, 2012. Additional information about
each 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 Reports
referred 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 this news
release dated February 13, 2013.
Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein.
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