Agnico-Eagle Mines Limited
Meliadine & MeadowbankExploration UpdateExploration Update
June 28th, 2011
Forward Looking Statements
The information in this document has been prepared as at June 28, 2011. 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 forwardl ki i f ti d th i i f C di i i l iti l Wh d i thi d t th d “ ti i t ”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 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 andinternal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures andother cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certainore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing ofsuch exploration, 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 Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Suchstatements and information reflect the Company's views as at the date of this document and are subject to certain risks uncertaintiesstatements and information reflect the Company s 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;
it t t i k i t d ith f i ti t l d i t l l ti th l tilit f thcommunity protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of theCompany's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detaileddiscussion 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 31,2010, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and ExchangeCommission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and
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information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technicalinformation disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 16, 2011press release on the Company’s website. That press release also lists the Qualified Persons for each project.
Note To InvestorsRegarding 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 recognizedS ( S G )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 pertonne that the Company expects to incur to mine gold at the applicable projects and do not include production costs attributable toaccretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is thereforenot practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. Areconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measuresreconciliation of the Company s total cash cost per ounce and minesite cost per tonne to the most comparable financial measurescalculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to thefinancial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year endedDecember 31, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.
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LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank
3
Meadowbank - Regional Property MapStrategic position to explore the Kivalliq Region
■ 70 km North of Baker Lake community
■ 110 km all weather road to access mine
■ Sea lift supply July to Octoberpp y y
Baker Lake
North
4
75 km
Meadowbank Exploration Activities2011 program ($11.4M): Mine site - 19,000 metres ($7.4M); Regional – 13,000 metres ($4M)
■ Exploration emphasis on reserve extensions North and South of Portage, Goose Island and Vault gopen pits
■ Secondary focus on prospective lateral targets
■ Reserve-to-Resource Conversion Drilling (10,500m): Vault Pit 3,500m, VaultSouth 3,500m, Vault East 3,500m
■ Resource Exploration drilling (8,500m): Tern Lake 2,500m, Far West Iron Formation 2,500m, Goose South 3,500m
&2011 Reserves & ResourcesTonnes Au oz‘000 g/t ‘000
ReservesProven 839 3.1 85Probable 34 085 3 1 3 385
5
5 km
Probable 34,085 3.1 3,385P&P 34,924 3.1 3,469ResourcesIndicated 26,282 1.7 1,430 Inferred 10,398 2.0 671
Meadowbank Exploration ActivitiesRecent drill results
Vault SouthNear surface (0-60m depth)
VLTS11-04 4.3 / 2.4m (15m)
VLTS11-05 2.1 / 5.4m (60m)
VLTS11-06 3.3 / 3.6m (12m)
VLTS11-08 3.9 / 4.0m (12m)( )
VLTS11-25 4.4 / 3.8m (23m)
VLTS11-27 4.0 / 5.0m (27m)
VLTS11-28 7.7 / 2.0m (41m)
VLTS11 31 5 2 / 4 3 (30 )VLTS11-31 5.2 / 4.3m (30m)
Vault, Tern, Vault South pending
Goose SouthGoose SouthGS11-03 intersect 3 zones within 15m
6.4 / 3.2m 3.9 / 4.0m 4.0 / 3.0m
450 to 475m depth
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5 km*All results are g/t over true width
Meadowbank Project - Exploration Potential
■ Over 40 gold showings discovered
Jim Ukalik
■ AEM 5 year program: potential to increase the reserves by another 2 0 Moz
Ron
LongrootPDF
Donna
another 2.0 Moz
■ Cannu, Portage, Goose, Goose S, PDF & Vault are
ShebaLongroot
Wally World
Marge BayCopen at depth
■ Currently considering an underground
l ti
CrownCricket
Tern N
VaultVault S
Tern SSTTexploration program STT
CannuPortage
GooseGoose S
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Goose S
Meadowbank - Regional Property MapMultiple land packages in surrounding area consistent with regional strategy
■ Regional reconnaissance
■ Evaluation of the Kivalliq region greenstones belts
■ Grassroots property stakingp p y g
■ Original property (at Cumberland acquisition) 38,700 ha, now 76,900ha
■ Visit of all early stage projects in the■ Visit of all early stage projects in the area
■ With Meliadine, AEM is strategically positioned to benefit from new gold Baker Lake
discoveries in the area
N
8
75 km
N
Meliadine Location – Property OutlineLarge 80km property with multiple gold deposits; Close to existing infrastructure
Land Tenure Summary
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Location - Rankin Inlet, Close to Meliadine ProjectProximity to major transportation hub in Kivalliq Region to facilitate logistics
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Meliadine – Exploration History
1972 First gold occurrence reported by Rankin Nickel Syndicate at Tonic Lake
1987 Asamera Minerals investigated historical occurrence and reported 5 g/t Au1987 Asamera Minerals investigated historical occurrence and reported 5 g/t Au
1989 Asamera & Comaplex find the Discovery deposit (4.4 / 4.0m) and stake 1,000 ha via a 50/50 JV
1993 Discovery of Tiriganiaq (17.2/1.1m), F Zone, Pumpy g q ( ) p
1994 Asamera sells its interest to Cumberland
1995 WMC options the Meliadine West property
2003 Comaplex buys WMC interest to wholly own Meliadine West (Meliadine East 50/50 Joint-Venture with Cumberland)
2007 Research Capital Fund acquires Cumberland interestp q
2010 Comaplex acquired remainder of property to become sole owner
2010 July – AEM takes over Comaplex Minerals and acquires 100% in Meliadine property. Other t ff
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assets spun off.
Meliadine – The Agnico-Eagle Era (2010– )
2010 July Comaplex Mineral Acquisition
2010-2013 US$129 M planned Advanced Exploration Program$ p p g
200,000m of ddh
Upgrade Camp facilities
Underground bulk sample programUnderground bulk sample program
Road construction
Permitting
2011 US$67 M budget (including US$6.7 M regional exploration) 3000 tonne per day initial feasibility study
Update on Reserves and Resources estimate
Exploration Ramp under evaluation
2013 Q1: Delivering feasibility study for Board approval
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2010 Exploration Program ($14M)
TiriganiaqDeep resources extension
Geotechnical drillingMill and tailing facilities
TiriganiaqNear surface conversion
F ZONEConversion & extensionWolf
Conversion & extension
WesmegExploration
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2010 F Zone, Wolf, Wesmeg Highlights
3.5 / 8.1 m
7.0 / 11.3 m
5.5 / 17.4 m
2.7 / 10.2 m
5.4 / 3.2 m
3.7 / 14.4 m9.8 / 3.2 m
8.3 / 2.6 m
4.1 / 10.9 m
3 4 / 4 1 m
6.6 / 11.4 m
8.2 / 3.7 m
6.3 / 8.2 m
3.4 / 4.1 m
5.6 / 5.5 m
4.6 / 21.8 m
4.2 / 11.0m
6.0 / 7.9 m
3.1 / 7.4 m
Wesmeg resource discovered
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F zone resource expanded at depth and to East Wolf resource confirmed *All results are g/t over true width
2011 February Reserve and Resources Estimate UpdateInitial 2 6 million ounce open pit and underground reserves declared at Triganiaq
TiriganiaqAu
(Moz)Tonnes('000)
Au(g/t)
Probable Reserves 2.60 9,467 8.54
Indicated Resources 0.81 5,407 4.66
Inferred Resources 1.91 7,883,022 7.55WolfAu
(Moz)Tonnes('000)
Au(g/t)
Initial 2.6 million ounce open pit and underground reserves declared at Triganiaq
(Moz) ( 000) (g/t)Indicated Resources 0.02 183 3.79
Inferred Resources 0.16 947 5.24
F zoneAu
(Moz)Tonnes('000)
Au(g/t)
Indicated Resources 0.33 1,895 5.39
WesmegAu
(Moz)Tonnes('000)
Au(g/t)
Inferred Resources 0.14 1,000 4.45
PumpAu
(Moz)Tonnes('000)
Au(g/t)
Inferred Resources 0.10 495 6.29
DiscoveryAu
(Moz)Tonnes('000)
Au(g/t)
Indicated Resources 0 32 1 323 7 41
,
Inferred Resources 0.18 1,010 5.62
Indicated Resources 0.32 1,323 7.41
Inferred Resources 0.14 498 8.97
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2011 February Resources Estimate Significant Increase
Category Tonnage grade ozMt g/t Moz
P b bl 9 5 8 5 2 6Probable 9.5 8.5 2.6
Indicated 8.8 5.2 1.5
Inferred 11 8 6 9 2 6
+24%
+53%
20Agnico-Eagle Mines Limited
Inferred 11.8 6.9 2.6Based on the 3,000tpd preliminary feasibility study
+53%
New Exploration Camp Facilities
Increase in capacity to 98 beds and improvements in infrastructure in preparation for planned bulk sample, feasibility study and expanded exploration activities
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2011 Exploration program in progress$65 M planned in 2011 (90,000 m diamond drilling, underground bulk sample)
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190 drill holes completed for 42,000 m (as of June 27th)
2011 Exploration currently focused on: Resource exploration at Wesmeg Shallow large diameter delinitation drilling at Tiriganiaq (in preparation for bulk sample) Condemnation drilling at Tiriganiaq (feasilbliy study) Condemnation drilling at Tiriganiaq (feasilbliy study)Focus shift to: Resource to reserve conversion drilling at Wesmeg Deep exploration at Tiriganiaq
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Recent results significantly expand Wesmeg deposit
Wesmeg Longitudinal Section
M11-10407 02 g/t Au / 10 6 m
M11-10343.46 g/t Au / 9.7 m
M11-10082.20 g/t Au / 3.06 m M11-10337.02 g/t Au / 10.6 m
incl. 9.15 g/t Au / 7.7 mM11-10044.78g/t Au / 13.5 m
M11-10213.79 g/t Au / 4.0 m
2.69 g/t Au / 13.0 m5.12 g/t Au / 5.0 m
M11-10383.08 g/t Au / 8.6 m
M11-10542.58 g/t Au / 9.0 m
incl. 8.75 g/t Au / 2.3 m
M11-1026
M11-10105.89 g/t Au / 3.9 m
M11-10148.17 g/t Au / 5.4 m
M11-10276.87 g/t Au / 4.7 m
M11 10265.72 g/t Au / 9.4 m3.26 g/t Au / 6.6 m
incl. 5.04 g/t Au / 2.8 mM11-1031
3.39 g/t Au / 6.5 m3.38 g/t Au / 8.2 m
M11-10133.1 g/t Au / 6.7 m
Current Wesmeg North horizon resource envelope extended in all directions (including possible underground) Wesmeg South horizon resource envelope currently being defined
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Wesmeg horizons extended to 2.3 kilometres length and to 200 meters
2nd Bulk Sampling program underway
18 M$ B d18.7 M$ Budget
Large diameter drilling
250 m of lateral development
Lode 1000 and 1100
Muck assaying protocol to compare with DDH grade estimation
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To confirm reserve and resource estimate model parameters
Tiriganiaq Bulk Sample - Lode 1100
Oversize surface DDH (NQ/HQ) targeting the center of drift spaced
AEM New Bulk Sample proposalcenter of drift spaced every 25m
Comaplex 2008 BulkComaplex 2008 Bulk
Extend the drift in zone 1100 to the west for 125m
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1100 to the west for 125m
Additional drilling in the Bulk Sample Area
21.6 / 5.1m
Within
7.9 / 20.1m21.4 / 5.6m4.2 / 5.1m
WithinWithin
14.0 / 16.6m3.7 / 15.1m
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Bulk Sample program, Surface facilities being refurbished, 200 m of ramp rehabilitation completedProgram to be completed by late SeptemberProgram to be completed by late September
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Proposed Access Road
Proposed All Weather Access Road
M i A 27 4 kMain Access 27.4 km
Discovery Zone 4.0 km
Total Road 31.4 km
Budget 21 M$Budget 21 M$
Permit expected in the coming months, construction could begin this fall
The road will: Increase Safety for employees on camp
Reduce cost of transportation supply and people outside of the winter road period
Allow year around supply and reduce need of on site storage (fuel)
Accelerate mobilization of equipment for construction after the delivering of the feasibility in 2013
R d h li t t i ifi tl f 2012 d
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Reduce helicopter costs significantly for 2012 and beyond with more people on site
Tiriganiaq Longitudinal SectionProposed Exploration Ramp to explore the deep extension of Tiriganiaq in addition to the bulk sample programto the bulk sample program
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Exploration - 80km strike length to explore
Aqpik 8.6/3.2 & 9.6/3.2
Peter Lake
Musket BayAklak (grab up to 116 g/t)
Noel 6 6/3 1 and grab up to 282 g/tNanook Tiriganiaq
W
Sik Sik
Peter Lake
5.1/3.7
20.4/1.3Aquarius
Noel 6.6/3.1 and grab up to 282 g/t
SnowGoose 55 UpperDiscovery
F ZonePump
Wolf Wesmeg
SnowGoose
Tonic
11.3 / 3.6Far East
Prairie (grab up to 217g/t)
J-2
7.7/4.2
70.3/1.4
Fay 2
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10 Km
A solid financial position, low-cost structure, well funded growth projects in regions of lowwell-funded growth projects in regions of low
political risk, and a focused, consistent strategy put Agnico-Eagle in a strong position to continue
creating exceptional per share value.
Executive and Registered Office:
145 King Street East Suite 400
Sean BoydVice Chairman and 145 King Street East, Suite 400
Toronto, Ontario, Canada, M5C 2Y7Tel: 416-947-1212Toll-Free: 888-822-6714 Fax: 416-367-4681
Chief Executive Officer
Ebe ScherkusPresident and
Chief Operating Officer
Ammar Al-JoundiSVP Finance and
Chief Financial Officer
Trading Symbol: AEM on TSX & NYSE
Investor Relations:
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