GoldMinerPulse Report: Agnico-Eagle Mines Limited Metal Value

Agnico-Eagle Mines Limited (AEM) NI 43-101 Metal Value Report

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 web site is at www.agnico-eagle.com.

As of the financial filings for the quarter ending 2010-Q2, the company had US$152.80M in cash (and short term equivalents). The cash provided by operations in the quarter was US$161.60M. The Q2 financials included several one time gains including a non-cash foreign currency translation gain of $17.4M and a one-time tax recovery of $21.2M. The transcript from the Q2 results conference call is available here.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2010-04-05.

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.

**Agnico-Eagle Mines Limited Metric Summary**
General Metric	Value on 2010-09-02
In Situ Metal Value per Share (MVpSh)	US$268.67
Average Ore Value per Tonne	US$151.04
Metal Value Leverage (MVL)	4.12
Market Capitalization as a Percentage of Metal Value	24.3%
Recent Closing Stock Price	C$68.64 [note 1]
Fully Diluted Share Count	185.45 M [note 2]
Percentage In Situ Proven + Probable Reserve	56%
Percentage In Situ Measured + Indicated Resource	25%
Percentage In Situ Inferred Resource	18%

**Gold Specific Metrics**
Metric	Value on 2010-09-02
Gold Reserves + Resources	35.31 M oz
Average Gold Ore Grade	3.3 g/t
Market Capitalization per oz of Gold In Situ	US$342.23 ( C$360.53 )
Gold Equivalent Ounces Estimate	39.82 M oz
Market Capitalization per oz of Gold Equivalent	US$303.46 ( C$319.68 )

Note 1: Conversion rate used: 1 Cnd$ = 0.949244 US$
Note 2: Fully diluted share count taken from Investor Fact Sheet, dated March 2010. The count is further adjusted to account for the shares issued to Complex Minerals shareholders (July 2010 closure).

Production Summary

**Agnico-Eagle Mines Limited Gold Production Summary**
Time Period	Quantity (ounces)	Production Cost per Ounce	Reference Document
2010 Q2	257,728	US$487	2010-Q2 CC
2010 Q1	188,232	US$443	2010 Q1 MD&A
2009	492,972	US$347	2009 Annual Report
2008	276,762	US$162	2008 Annual Report
2007	230,992	(US$365)	2008 Annual Report
2006	245,826	(US$690)	2008 Annual Report

From the 2010 Q1 IFS on the increase in total cost per ounce:

...increase in total cash costs is attributable to the fact that the Kittila, Lapa and Meadowbank mines are producing only gold with no credits against production costs from byproduct revenue and that the Kittila and Meadowbank mines are currently not operating at full capacity.

From the 2009 Annual Report:

...general policy is not to sell forward its future gold production, the Company has used, and may in the future use, various byproduct metal derivative strategies, such as selling future contracts or purchasing put options.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2010-09-02**
Metric / Metal	Gold	Silver	Copper	Zinc
Total Counts (reserves + resources)	35.31 M oz	165.21 M oz	136.25 K t	646.62 K t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$3.46130 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$238.23	$17.54	$5.61	$7.29
Percentage of Total Metal Value	88.67%	6.53%	2.09%	2.71%
Metal Value Percentage Proven + Probable	54%	78%	72%	77%
Metal Value Percentage Measured + Indicated	27%	11%	6%	15%
Metal Value Percentage Inferred	19%	10%	22%	7%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2010-09-02**
Project	Location	Metal Value per share (% total)	Gold	Silver	Copper	Zinc	PP%	MI%	I%
LaRonde	Quebec, Canada	$62.37 ( 23.2% )	6.62 M oz	45.22 M oz	136.25 K t	646.62 K t	74%	7%	18%
Meadowbank	Nunavut, Canada	$52.05 ( 19.4% )	7.71 M oz				47%	43%	10%
Pinos_Altos	Chihuahua, Mexico	$46.84 ( 17.4% )	5.05 M oz	119.99 M oz			77%	10%	13%
Kittila	, Finland	$40.87 ( 15.2% )	6.06 M oz				66%	24%	10%
Meliadine	Nunavut, Canada	$33.80 ( 12.6% )	5.01 M oz				0	66%	34%
Goldex	Quebec, Canada	$16.52 ( 6.1% )	2.45 M oz				67%	1%	33%
Lapa	Quebec, Canada	$8.04 ( 3.0% )	1.19 M oz				71%	21%	8%
Bousquet	Quebec, Canada	$4.78 ( 1.8% )	707.72 K oz				0	44%	56%
Kylmakangas	, Finland	$1.70 ( 0.6% )	251.76 K oz				0	0	100%
Ellison	Quebec, Canada	$1.50 ( 0.6% )	221.94 K oz				0	34%	66%
Swanson	Quebec, Canada	$0.21 ( 0.1% )	31.27 K oz				0	100%	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

Bousquet

Updates: Reserve and resource counts taken from Reserves & Resources company web page (viewed April 2010).

Project Location: Quebec, Canada in the Cadillac-Larder Lake mining region. View the Bousquet project on a Google Map.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.08	308.44 K oz	5.630 g/t	1.70 M t

Estimate notes: See Record gold reserves and resources NR, 02/18/2009

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.69	399.28 K oz	7.450 g/t	1.67 M t

Ellison

Updates:

Project Location: Quebec, Canada in the Cadillac-Larder Lake mining region. View project on a Google Map.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.51	75.12 K oz	5.630 g/t	415.00 K t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.99	146.82 K oz	5.810 g/t	786.00 K t

Goldex

The Goldex mine in the Abitibi region of Quebec came on-stream in 2008. Goldex is thought to be one of the lowest-cost hard rock underground operations in the gold industry, with minesite costs per tonne expected to average $22 from 2011 to 2014. In 2009 the mine operated at an average of 7,164 tonnes per day. [Source: 2009 Annual Report]

Production Costs: US$375 per ounce of gold for 2010-Q1.

Latest NI43-101 Report: TECHNICAL REPORT ON THE ESTIMATION OF MINERAL RESOURCES AND RESERVES FOR THE GOLDEX EXTENSION ZONE GOLDEX PROJECT, VAL-D OR, QU BEC, CANADA
2005-09-09 (171 pages).

Updates: Reserve and resource counts taken from Reserves & Resources company web page (viewed April 2010).

Project Location: Quebec, Canada in the Abitibi mining region. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.29	338.82 K oz	2.020 g/t	5.22 M 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	$8.72	1.29 M oz	2.060 g/t	19.52 M t

Estimate notes: See Proven note.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.09	12.66 K oz	1.790 g/t	220.00 K t

Estimate notes: See Proven note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.42	803.12 K oz	2.370 g/t	10.54 M t

Estimate notes: See Proven note.

Kittila

With the first gold poured at the Kittila mine in Finland in January 2009, production increased throughout the year as recoveries improved, and we anticipate operating at design rates throughout much of 2010. The Kittila mine is one of the largest known gold deposits in Europe and is expected to produce more than 150,000 ounces of gold, annually, from 2011 to 2014. Expansion studies are under way on this prolific deposit. [Source: 2009 Annual Report]

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: Reserve and resource estimates taken from Agnico-Eagle reports 2008 results; Record quarterly and annual gold production; Record gold reserves and resources 02/18/2009.

Project Location: , Finland. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.21	30.65 K oz	3.710 g/t	257.00 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	$26.93	3.99 M oz	4.830 g/t	25.70 M t

Estimate notes: See Proven note.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.76	1.45 M oz	2.190 g/t	20.55 M t

Estimate notes: See Proven note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.97	588.26 K oz	3.420 g/t	5.35 M t

Estimate notes: See Proven note.

Kylmakangas

Updates:

Project Location: , Finland.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.70	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).

LaRonde

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. 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]

Production Costs: US$167 per ounce of gold for 2010-Q1.

Latest NI43-101 Report: 2005 LaRonde Mineral Resource & Mineral Reserve Estimate Agnico-Eagle Mines Ltd. LaRonde Division
2007-03-23 (115 pages).

Updates: Reserve and resource counts taken from Reserves & Resources company web page (viewed April 2010).

Project Location: Quebec, Canada in the Cadillac-Larder Lake mining region. View the LaRonde mine on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.41	357.73 K oz	2.340 g/t	4.76 M t
Silver	$1.01	9.47 M oz	61.950 g/t	4.76 M t
Copper	$0.51	12.36 K t	2,600.000 g/t	4.76 M t
Lead	$0.21	18.54 K t	3,900.000 g/t	4.76 M t
Zinc	$1.77	157.39 K t	33,100.000 g/t	4.76 M 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	$30.33	4.50 M oz	4.720 g/t	29.63 M t
Silver	$2.82	26.56 M oz	27.890 g/t	29.63 M t
Copper	$3.54	85.91 K t	2,900.000 g/t	29.63 M t
Lead	$0.31	26.66 K t	900.000 g/t	29.63 M t
Zinc	$3.87	343.65 K t	11,600.000 g/t	29.63 M t

Estimate notes: Reserve and resource counts taken from Reserves & Resources company web page (viewed April 2010).

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.60	385.54 K oz	1.850 g/t	6.48 M t
Silver	$0.55	5.20 M oz	24.940 g/t	6.48 M t
Copper	$0.35	8.43 K t	1,300.000 g/t	6.48 M t
Lead	$0.11	9.72 K t	1,500.000 g/t	6.48 M t
Zinc	$1.11	98.53 K t	15,200.000 g/t	6.48 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.33	1.38 M oz	3.930 g/t	10.94 M t
Silver	$0.42	3.99 M oz	11.340 g/t	10.94 M t
Copper	$1.22	29.54 K t	2,700.000 g/t	10.94 M t
Lead	$0.05	4.38 K t	400.000 g/t	10.94 M t
Zinc	$0.53	47.05 K t	4,300.000 g/t	10.94 M t

Lapa

The Lapa mine achieved commercial production on May 1, 2009. Start-up issues were primarily related to higher than expected ore dilution. Agnico experience from the nearby LaRonde mine is being applied to maximize the profitability of Lapa, their highest-grade mine. [Source: 2009 Annual Report]

Production Costs: US$489 per ounce of gold for 2010-Q1. [Source: xxxx]

Latest NI43-101 Report: Technical Report on the Lapa Gold Project, Cadillac Township, Quebec, Canada
2006-05-32 (185 pages).

Updates: Reserve and resource counts taken from Reserves & Resources company web page (viewed April 2010).

Project Location: Quebec, Canada. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.62	240.23 K oz	8.330 g/t	897.00 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	$4.07	603.17 K oz	8.090 g/t	2.32 M t

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.68	248.89 K oz	4.630 g/t	1.67 M t

Estimate notes: See Proven note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.67	99.82 K oz	7.900 g/t	393.00 K t

Meadowbank

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]

Production Costs: US$840 per ounce of gold for 2010-Q1.

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:

Project Location: Nunavut, Canada. View Meadowbank project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.59	88.16 K oz	4.570 g/t	600.00 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	$24.06	3.57 M oz	3.510 g/t	31.60 M t

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$22.33	3.31 M oz	2.430 g/t	42.37 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.06	749.83 K oz	2.540 g/t	9.18 M t

Meliadine

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: Comaplex Minerals Corp.: Meliadine Gold Project, Nunavut, Canada Technical Report
2010-02 (154 pages).

Updates: Summary grade and ore quantity totals of the 5 zones at Meliadine was taken from the 2009 Annual Report.

Project Location: Nunavut, Canada. View the Meliadine project on a Google Map. For reference, the Meadowbank mine location is also marked on the map.

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.68	100.71 K oz	10.600 g/t	295.50 K t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$21.48	3.18 M oz	7.800 g/t	12.69 M t

Estimate notes:
cutOffNotes

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$11.64	1.73 M oz	6.400 g/t	8.39 M t

Estimate notes:
cutOffNotes

Pinos_Altos

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:

Project Location: Chihuahua, Mexico in the Sierra Madre Occidental mining region. View the Pinos Altos open pit project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.29	42.72 K oz	1.510 g/t	880.00 K t
Silver	$0.08	745.51 K oz	26.350 g/t	880.00 K t

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$26.02	3.86 M oz	2.920 g/t	41.08 M t
Silver	$9.86	92.86 M oz	70.310 g/t	41.08 M t

Estimate notes: See Proven note.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.09	458.40 K oz	0.910 g/t	15.67 M t
Silver	$1.44	13.52 M oz	26.840 g/t	15.67 M t

Estimate notes: See Proven note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.69	695.38 K oz	1.380 g/t	15.67 M t
Silver	$1.37	12.86 M oz	25.530 g/t	15.67 M t

Swanson

Updates: Reserve and resource counts taken from Reserves & Resources company web page (viewed April 2010).

Project Location: Quebec, Canada.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.21	31.27 K oz	1.930 g/t	504.00 K t

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