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Agnico-Eagle is a Canadian-based gold producer with mines and exploration properties in Canada, Finland, Mexico and U.S.
The Agnico-Eagle Mines Limited website is at www.agnico-eagle.com.
Information Links: Yahoo News and Quotes | Yahoo Message Board | StockCharts | Canadian Insider Trading
More Information Links: Knobias | Candlestick AEM.TO | Candlestick AEM NYSE
This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-12-06.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2012-02-03 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$400.76 |
| Average Ore Value per Tonne | US$168.63 |
| Metal Value Leverage (MVL) | 11.03 |
| Market Capitalization as a Percentage of Metal Value | 9.1% |
| Recent Closing Stock Price | C$36.1 [note 1] |
| Fully Diluted Share Count | 187.95 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 53% |
| Percentage In Situ Measured + Indicated Resource | 21% |
| Percentage In Situ Inferred Resource | 25% |
| Metric | Value on 2012-02-03 |
|---|---|
| Gold Reserves + Resources | 38.78 M oz |
| Average Gold Ore Grade | 2.7 g/t |
| Market Capitalization per oz of Gold In Situ | US$176.14 ( C$174.95 ) |
| Gold Equivalent Ounces Estimate | 43.64 M oz |
| Market Capitalization per oz of Gold Equivalent | US$156.53 ( C$155.47 ) |
Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share estimated from the September, 2011 finanical statement plus the November 22, 2011 announced completion of the Grayd takeover.
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | Silver | Copper | Zinc | ||
|---|---|---|---|---|---|---|
| Total Counts (reserves + resources) | 38.78 M oz | 174.18 M oz | 138.71 K t | 630.86 K t | ||
| Metal Prices in US$ (from 2012-02-03) | $1,725.90 / oz | $33.63 / oz | $3.89 / lb | $0.96490 / lb | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $356.13 | $31.17 | $6.33 | $7.14 | ||
| Percentage of Total Metal Value | 88.86% | 7.78% | 1.58% | 1.78% | ||
| Metal Value Percentage Proven + Probable | 51% | 73% | 72% | 76% | ||
| Metal Value Percentage Measured + Indicated | 22% | 13% | 6% | 15% | ||
| Metal Value Percentage Inferred | 27% | 14% | 22% | 9% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | Copper | Zinc | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|---|---|
| LaRonde | Quebec, Canada | $82.33 ( 20.5% ) | US$290.91 | 6.62 M oz | 45.26 M oz | 138.71 K t | 630.86 K t | 74% | 8% | 19% |
| Pinos_Altos | Chihuahua, Mexico | $69.05 ( 17.2% ) | US$135.99 | 5.01 M oz | 128.92 M oz | 67% | 16% | 17% | ||
| Kittila | , Finland | $61.85 ( 15.4% ) | US$206.12 | 6.74 M oz | 72% | 18% | 10% | |||
| Meliadine | Nunavut, Canada | $61.66 ( 15.4% ) | US$384.93 | 6.72 M oz | 39% | 22% | 39% | |||
| Meadowbank | Nunavut, Canada | $51.19 ( 12.8% ) | US$137.29 | 5.57 M oz | 63% | 25% | 13% | |||
| Goldex | Quebec, Canada | $30.08 ( 7.5% ) | US$95.18 | 3.28 M oz | 0 | 58% | 42% | |||
| Bousquet | Quebec, Canada | $16.85 ( 4.2% ) | US$142.85 | 1.83 M oz | 0 | 17% | 83% | |||
| La India | Sonora, Mexico | $11.63 ( 2.9% ) | US$47.00 | 1.27 M oz | 0 | 60% | 40% | |||
| Lapa | Quebec, Canada | $9.46 ( 2.4% ) | US$351.87 | 1.03 M oz | 66% | 23% | 12% | |||
| Kylmakangas | , Finland | $2.31 ( 0.6% ) | US$225.84 | 251.76 K oz | 0 | 0 | 100% | |||
| Ellison | Quebec, Canada | $2.04 ( 0.5% ) | US$319.90 | 222.61 K oz | 0 | 34% | 66% | |||
| West Pequop | Nevada, USA | $2.02 ( 0.5% ) | US$80.46 | 219.67 K oz | 0 | 20% | 80% | |||
| Swanson | Quebec, Canada | $0.29 ( 0.1% ) | US$107.09 | 31.27 K oz | 0 | 100% | 0 | |||
| Rattlesnake Hills | Nevada, USA | $0.00 ( 0.0% ) | 0 | 0 | 0 |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: Quebec, Canada in the Cadillac-Larder Lake mining region. View the Bousquet project on a Google Map.
Average Ore Value (all estimate types): US$142.85
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $2.83 | 308.44 K oz | 5.630 g/t | 1.70 M t |
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $14.02 | 1.53 M oz | 2.320 g/t | 20.46 M t |
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: Quebec, Canada in the Cadillac-Larder Lake mining region. View project on a Google Map.
Average Ore Value (all estimate types): US$319.90
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.70 | 75.79 K oz | 5.680 g/t | 415.00 K t |
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.35 | 146.82 K oz | 5.810 g/t | 786.00 K t |
The mine began commercial production in August 2008 and continued to operate until production was suspended indefinitely on October 19, 2011, to allow for investigations into water inflow and ground stability issues and to do remediation work.
Latest NI43-101 Report: Technical Report on Restatement of the Mineral Resources at Goldex Mine, Quebec, Canada as at October 19, 2011
2011-10-19 (111 pages).
Updates:
Project Location: Quebec, Canada in the Abitibi mining region.
Average Ore Value (all estimate types): US$95.18
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $17.36 | 1.89 M oz | 1.750 g/t | 33.60 M t |
Estimate notes: Table 1.3 - October 19, 2011 resources estimate at Goldex on p. 11 of 111 in the technical report dated October, 2011.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $12.73 | 1.39 M oz | 1.670 g/t | 25.81 M t |
Production Costs: US$735 per ounce of gold for 2010-Q1.
Latest NI43-101 Report: Technical Report on the July 31, 2008 Mineral Resource and Mineral Reserve Estimate of the Kittila Mine Project, Finland
2008-12-01 (146 pages).
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: , Finland. View project on a Google Map.
Average Ore Value (all estimate types): US$206.12
Proven
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.50 | 54.81 K oz | 4.230 g/t | 403.00 K t |
Estimate notes: Reserve and resource counts taken from
Reserves & Resources company web page (viewed April 2010).;
Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $44.29 | 4.82 M oz | 4.640 g/t | 32.33 M t |
Estimate notes: See Proven note.
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $10.92 | 1.19 M oz | 2.410 g/t | 15.35 M t |
Estimate notes: See Proven note.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $6.14 | 668.74 K oz | 2.500 g/t | 8.32 M t |
Estimate notes: See Proven note.
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: , Finland.
Average Ore Value (all estimate types): US$225.84
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $2.31 | 251.76 K oz | 4.070 g/t | 1.92 M t |
Estimate notes: Reserve and resource counts taken from
Reserves & Resources company web page (viewed April 2010).
Latest NI43-101 Report: 6 December 2010 Preliminary Economic Assessment, La India Gold Project, Municipio of Sahuaripa, Sonora, Mexico Prepared for
Grayd Resource Corporation
2010-12-06 (388 pages).
Project Location: Sonora, Mexico.
Average Ore Value (all estimate types): US$47.00
Measured + Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $6.98 | 759.98 K oz | 0.883 g/t | 26.77 M t |
Estimate notes: See Table 3.2 on p. 22 of 388 in the NI43-101 dated December, 2010.
0.40 g/t Au cut-off
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $4.65 | 506.20 K oz | 0.798 g/t | 19.73 M t |
Estimate notes:
Since 1988, the LaRonde Mine, in the Abitibi region of Quebec, has been the Agnico-Eagle's flagship operation, producing approximately 4 million ounces of gold as well as valuable byproducts. In 2009, the mill processed an average of 6,975 tonnes of ore per day versus 7,210 tonnes per day in 2008, a lower rate due to two planned maintenance shutdowns. [Source: 2009 Annual Report]
Latest NI43-101 Report: 2005 LaRonde Mineral Resource & Mineral Reserve Estimate Agnico-Eagle Mines Ltd. LaRonde Division
2007-03-23 (115 pages).
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: Quebec, Canada in the Cadillac-Larder Lake mining region. View the LaRonde mine on a Google Map.
Average Ore Value (all estimate types): US$290.91
Proven
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $3.37 | 367.09 K oz | 2.360 g/t | 4.84 M t |
| Silver | $1.54 | 8.58 M oz | 55.170 g/t | 4.84 M t |
| Copper | $0.57 | 12.58 K t | 2,600.000 g/t | 4.84 M t |
| Lead | $0.18 | 15.48 K t | 3,200.000 g/t | 4.84 M t |
| Zinc | $1.52 | 134.50 K t | 27,800.000 g/t | 4.84 M t |
Estimate notes: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $40.86 | 4.45 M oz | 4.630 g/t | 29.89 M t |
| Silver | $4.80 | 26.80 M oz | 27.890 g/t | 29.89 M t |
| Copper | $3.96 | 86.69 K t | 2,900.000 g/t | 29.89 M t |
| Lead | $0.32 | 26.90 K t | 900.000 g/t | 29.89 M t |
| Zinc | $3.92 | 346.75 K t | 11,600.000 g/t | 29.89 M t |
Estimate notes: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $3.87 | 421.28 K oz | 1.890 g/t | 6.93 M t |
| Silver | $0.96 | 5.34 M oz | 23.960 g/t | 6.93 M t |
| Copper | $0.38 | 8.32 K t | 1,200.000 g/t | 6.93 M t |
| Lead | $0.11 | 9.01 K t | 1,300.000 g/t | 6.93 M t |
| Zinc | $1.07 | 94.29 K t | 13,600.000 g/t | 6.93 M t |
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $12.66 | 1.38 M oz | 3.720 g/t | 11.53 M t |
| Silver | $0.81 | 4.54 M oz | 12.240 g/t | 11.53 M t |
| Copper | $1.42 | 31.12 K t | 2,700.000 g/t | 11.53 M t |
| Lead | $0.07 | 5.76 K t | 500.000 g/t | 11.53 M t |
| Zinc | $0.63 | 55.32 K t | 4,800.000 g/t | 11.53 M t |
Latest NI43-101 Report: Technical Report on the Lapa Gold Project, Cadillac Township, Quebec, Canada
2006-05-32 (185 pages).
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: Quebec, Canada. View project on a Google Map.
Average Ore Value (all estimate types): US$351.87
Proven
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $2.40 | 261.17 K oz | 7.240 g/t | 1.12 M t |
Estimate notes: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $3.81 | 415.39 K oz | 7.560 g/t | 1.71 M t |
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $2.14 | 233.32 K oz | 4.100 g/t | 1.77 M t |
Estimate notes: See Proven note.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.11 | 120.71 K oz | 8.270 g/t | 454.00 K t |
In late February 2010, Meadowbank poured its first gold. Meadowbank, Agnico's beachhead in the Canadian Arctic, is expected to produce approximately 400,000 ounces of gold, annually, from 2011 to 2014. [Source: 2009 Annual Report]
Latest NI43-101 Report: TECHNICAL REPORT ON THE MINERAL RESOURCES AND MINERAL RESERVES Dated September 30th, 2008 MEADOWBANK GOLD PROJECT NUNAVUT, CANADA
2008-12-05 (169 pages).
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: Nunavut, Canada. View Meadowbank project on a Google Map.
Average Ore Value (all estimate types): US$137.29
Proven
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.78 | 84.43 K oz | 3.130 g/t | 839.00 K t |
Estimate notes: See Record gold reserves and resources NR, 02/18/2009
Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $31.22 | 3.40 M oz | 3.180 g/t | 33.26 M t |
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $12.70 | 1.38 M oz | 1.670 g/t | 25.76 M t |
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $6.49 | 706.31 K oz | 2.150 g/t | 10.22 M t |
Agnico completed an all stock take over bid for Comaplex in July 2010. The Meliadine gold property, Comaplex's main exploration project, is located in Nunavut, Canada, in the same general area as Agnico's Meadowbank gold mine. [Source: April 1, 2010 News Release]
Latest NI43-101 Report: Technical Report on the December 31, 2010, Mineral Resource and Mineral Reserve Estimate,
Meliadine Gold Project, Nunavut, Canada
2011-02-16 (191 pages).
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: Nunavut, Canada. View the Meliadine project on a Google Map. For reference, the Meadowbank mine location is also marked on the map.
Average Ore Value (all estimate types): US$384.93
Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $23.87 | 2.60 M oz | 8.540 g/t | 9.47 M t |
Estimate notes:
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $13.55 | 1.48 M oz | 5.210 g/t | 8.81 M t |
Estimate notes:
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $24.25 | 2.64 M oz | 6.940 g/t | 11.83 M t |
Estimate notes:
cutOffNotes
Pinos Altos mine in Mexico started pouring gold from both the heap leach and milling operations at the end of 2009. Ramp-up to full production levels is expected to continue in 2010. From 2011 to 2014, Pinos Altos is expected to produce, on average, more than 200,000 ounces of gold per year. Several satellite deposits are expected to add incrementally to gold production over this time. Further drilling is under way and driving economic studies. [Source: 2009 Annual Report]
Production Costs: US$436 per ounce of gold for 2010-Q1.
Latest NI43-101 Report: PINOS ALTOS GOLD-SILVER PROJECT CHIHUAHUA STATE, MEXICO TECHNICAL REPORT ON THE MINERAL RESOURCES AND RESERVES AS OF DECEMBER 31ST 2008
2009-03-20 (310 pages).
Updates: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Project Location: Chihuahua, Mexico in the Sierra Madre Occidental mining region. View the Pinos Altos open pit project on a Google Map.
Average Ore Value (all estimate types): US$135.99
Proven
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.61 | 174.95 K oz | 1.900 g/t | 2.86 M t |
| Silver | $0.89 | 4.98 M oz | 54.060 g/t | 2.86 M t |
Estimate notes: Detailed Mineral Reserve and Resource Data (as at December 31, 2010)
Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $28.41 | 3.09 M oz | 2.330 g/t | 41.30 M t |
| Silver | $15.57 | 87.01 M oz | 65.530 g/t | 41.30 M t |
Estimate notes: See Proven note.
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $7.72 | 840.21 K oz | 1.020 g/t | 25.62 M t |
| Silver | $3.15 | 17.58 M oz | 21.340 g/t | 25.62 M t |
Estimate notes: See Proven note.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $8.26 | 899.13 K oz | 1.090 g/t | 25.66 M t |
| Silver | $3.46 | 19.35 M oz | 23.460 g/t | 25.66 M t |
Under the terms of the Letter Agreement, Agnico–Eagle (USA) Ltd. (Agnico-Eagle) has the option to earn up to a 70% interest in the Rattlesnake Hills project by carrying Evolving Gold through completion of a feasibility study. In order to earn a 70% interest over a seven-year period Agnico-Eagle is required to make payments to EVG totaling $12 million, to purchase $23 million in the common shares of EVG, and to expend a minimum of $41 million on exploration/development work on the project. [Source: Evolving Gold news release, May 9, 2011]
Latest NI43-101 Report:
( pages).
Project Location: Nevada, USA.
Updates: Reserve and resource counts taken from Reserves & Resources company web page (viewed April 2010).
Project Location: Quebec, Canada.
Average Ore Value (all estimate types): US$107.09
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.29 | 31.27 K oz | 1.930 g/t | 504.00 K t |
The West Pequop Gold Exploration Project (West Pequop) is an advanced stage Carlin-Type gold exploration property located in eastern Nevada, with established resources. AuEx Ventures, Inc. (AuEx) has been conducting exploration at West Pequop since 2004 and its venture participant Agnico Eagle Mines Ltd. (Agnico) has been conducting drilling for the benefit of the Joint Venture since 2006. West Pequop is located within the newly emerging Pequop Gold District in eastern Elko County, Nevada, which includes AuEx interests in the Long Canyon gold deposit, on an adjoining property east of West Pequop.
Exploration potential exists to increase the confidence of the classification by targeted in-fill drilling; and there is potential to expand the resources and define additional mineralized zones at West Pequop. [Source: July 2010 Technial Report prepared for AuEx Ventures]
Agnico completed the 51% earn-in in June 2008, and elected to increase its participating interest by 19% to total 70% interest, by continuing to fund all exploration costs thorough a feasibility study within a five-year period. [Source: July 2010 Technial Report prepared for AuEx Ventures, p. 28 of 131]
The West Pequop property was a Joint Venture with AuEx (acquired by Fronteer Gold who in turn were acquired with by Newmont) which is now believe to be a JV with Newmont.
Caution: Agnico-Eagle does not list the West Pequop resource at its website, perhaps since the resource counts are currently is still too early. Whether or not Agnico-Eagle completes a feasibilitly study within a five-year period is t.b.d.
Latest NI43-101 Report: NI 43-101 Technical Report on Resources
West Pequop Gold Exploration Project
Nevada, USA
2010-07-15 (131 pages).
Project Location: Nevada, USA in the West mining region.
Average Ore Value (all estimate types): US$80.46
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.41 | 45.01 K oz | 1.630 g/t | 1.23 M t |
Estimate notes: See Table 1: Total In-situ Mineral Resources for West Pequop at 0.3 g/t Au cutoff grade (SRK 2010). on p. 7 of 131 in the NI43-101 dated July 2010.
Resource quantities adjusted for ownership percentage of 70.0%.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.60 | 174.66 K oz | 1.410 g/t | 5.50 M t |
Estimate notes:
Resource quantities adjusted for ownership percentage of 70.0%.
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