2. Forward Looking Statements
The information in this document has been prepared as at January 18, 2013. 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 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
Company's views as at the date of this document and are subject to certain risks uncertainties and assumptions and undue reliance should
risks, assumptions,
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
g ; y p y p ; p y yp
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, 2011, 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 15, 2012 press release on the
Company’s website. Th t press release also li t th Q lifi d P
C ’ b it That l l lists the Qualified Persons f each project.
for h j t
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
costs, mined.
forward-looking non-GAAP 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, 2011, 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.
3
4. 2012 – AEM one of the best performing gold equities
Share price increased ~ 40%
Market outperformance driven by better than expected operating
results at Meadowbank
Record annual gold production in 2012
Raised quarterly dividend by 10% in December
Announced near-term growth with production decisions at Goldex and
La India
Disciplined acquisition strategy
4
5. Operating Results – Nine Months
Record production with improved costs
YTD Sep. 2012
Production Total Cash Cost Gross Operating Margin
(Gold oz) ($/oz) (US $M)
LaRonde 123,964 514 138
Kittila 130,605 564 133
Lapa 81,570 683 80
Pinos Altos1 182,345
182 345 284 236
Meadowbank 288,792 836 226
Total 807,276 602 $813
YTD Sep. 2012
Revenue By Metal YTD 2012 Forecast
Sep. 2012 (as of Oct 24. 2012)
Gold (oz) 807,276 1,025,0002
Base Metals Silver (000’s oz) 3,450 n.a.
3% Gold
89% Zinc (t) 29,915 n.a.
Silver
8%
Copper (t) 3,312
3 312 n.a.
na
Total cash costs ($/oz) 602 6602
1. Pinos Altos figures include Creston Mascota 2. Adjusted forecast 5
6. Financial Results
Strong earnings and cash flow
Nine Nine Y/Y
months months Change
2012 2011
Total cash costs ($ per ounce) $602 $553 9%
Revenues from mining operations (millions) $1,468 $1,366 7%
Net income ( illi )
(millions) $228 $32 603%
Net income per share (basic) $1.33 $0.19 600%
Cash provided by operating activities (millions)
y g $590 $535 10%
YTD 2012 Total Operating Margin - $813M
Pinos Altos
Meadowbank
29%
28%
Laronde
Kittila 17%
16%
Lapa
10% 6
7. Financial Position
Strong, liquid balance sheet
ALL AMOUNTS ARE IN US$,
unless otherwise indicated Sep. 30, 2012
CASH AND CASH EQUIVALENTS (millions) $321
LONG TERM DEBT (millions) $800
AVAILABLE CREDIT FACILITIES $1.2 Billion
$1 2 Billi
COMMON SHARES OUTSTANDING, BASIC (Q3’12 Weighted average, millions) 171
COMMON SHARES OUTSTANDING, FULLY DILUTED (Q3’12 Weighted average, millions) 172
7
8. Generating Net Free Cash Flow
Cash flow to fund dividend and growth plans
Capital Expenditures (US$ 000's)
$1,200,000
Approximate Average EBITDA*
$1,000,000
$800,000
Illustrative Ongoing
Re‐Investment
$
$600,000
,
$400,000
$200,000
$200 000
$0
2007A 2008A 2009A 2010A 2011A 2012E 2013 2014
Actual Estimate
* Approximate average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) estimate for illustrative purposes using $1700/oz gold, $32/oz silver, $2000/t zinc, C$/US$ 1.00, 1.35USD/€ 8
9. 2013 – “Building for the next leg of growth”
Current guidance calls for production of 990,000 ounces in 2013.
Transition to higher grade, deeper part of the mine continuing at Laronde.
Constructing La India and Goldex – commercial production expected by mid-2014
25% expansion study at Kittila expected to be complete in Q1’13.
Updated Meliadine feasibility study expected in early 2014.
9
10. Upcoming News Flow
February 13, 2013
Q4 Results
New reserve/resource estimates
Updated three-year production and cost guidance
Kittila expansion study – Q1’13
Q1’13 results – April 25
p
Annual General Meeting – April 26
10
12. La India & Tarachi Projects
Five high priority targets on AEM’s 56,000 ha property
12
13. La India
Commercial Production Expected in H2 2014
P&P GOLD RESERVES (million oz) 0.9
(45 M tonnes @ 0.7g/t)
AVERAGE GOLD RESERVE GRADE (g/t)
(g ) 0.7
Indicated gold resource (million oz) 0.4
(27 M tonnes @ 0.5g/t)
Inferred gold resource (million oz) 1.1
(103 M tonnes @ 0.3g/t)
Est. LOM (years) 8
Note: La India reserves and resource estimate is as of June 30, 2012, disclosed in AEM
September 4, 2012 press release.
Estimated annual gold p
g production of
approx. 90 koz @ average total cash
costs of approx. $500/oz
Open pit, heap leach mine, with
stripping ratio of 1:1
Estimated total construction capital
costs of $158M
Estimated after-tax internal rate of
return
ret rn – 31%*
* Assumes $1379/oz gold, $26.49/oz silver, 13.00 MXP per USD
13
14. La India – Infill Drilling Confirming Grades And Widths
North Zone
2.13 g/t Au / 46.4 m
4.17 g/t Au / 9.1 m
1.76 g/t Au / 15.2 m
2.15 g/t Au / 17.7 m
0.95 g/t Au / 30.3 m
La India Pit
Main Zone
1.05 g/t Au / 25.0 m
14
15. Tarachi Deposit - exploration potential still unfolding
Tarachi is believed to be a gold
porphyry which is located
porphyry which is located
about 10 km north of La India.
Current indicated resource of
0.4 million ounces (21.5 M
tonnes at 0.6 g/t gold).
2012 exploration
demonstrated that the
mineralized envelope is larger
and more continuous. Mineralized envelope
Initial metallurgical testing
Initial metallurgical testing 0.68 g/t Au / 29.0 m
g
planned for 2013. 0.4 g/t Au / 230.0 m 0.6 g/t Au / 107.0 m
Incl. 0.8 g/t Au / 61.0 m
0.4 g/t Au / 169.0 m
0.64 g/t Au / 52.0 m
1.77 g/t Au / 18.0 m
1 77 g/t Au / 18 0 m
0.9 g/t Au / 253.0 m
Incl. 1.5 g/t Au / 117.0 m 0.9 g/t Au / 244.0 m
15
16. Goldex – Commercial Production Expected in Q2 2014
CM & E satellite zones will be the initial focus. Significant resource remains.
P&P GOLD RESERVES (million oz) 0.3
M & E satellite zones have been (6.5 M tonnes @ 1.5 g/t)
approved for construction AVERAGE GOLD RESERVE GRADE (g/t) 1.5
following extensive review – GEZ
g Measured & Indicated gold resource (million oz) 1.7
17
remains suspended (30.4 M tonnes @ 1.8 g/t)
Inferred gold resource (million oz)
Feasibility study parameters for (31.1 M tonnes @ 1.6 g/t)
1.6
M & E zones: Est. LOM (years) 4
See Oct 14, 2012 Technical Report for detailed breakdown of reserves and resources.
Daily Throughput 5,100 tpd
Gold Grade 1.5 g/t
LOM Gold Prod’n to 2017 300,000 oz
Minesite Cost C$41 per tonne
Total Cash Costs $900 per ounce
Life f Mi
Lif of Mine 4 years
Net Free Cash Flow $70 million
16
17. Hanhimaa Project – could have similar potential to Kittila
Can earn up to 70% interest
from Dragon Mining.
360 km2 property covers the
north‐south Hanhimaa shear
zone.
Previous exploration by
Dragon outlined several gold
Dragon outlined several gold
prospects.
At Kilmalaki, drilling by Dragon
yielded intercepts including
11.7 metres core length at
4.48 g/t gold and 7.5 metres
/ ld d
core length at 5.88 g/t gold.
17
18. Kittila’s Rimpi Zone Extended With High-grade Step-out
Intercepts
RIE12012
8.3 g/t Au/ 35.3 m
RIE12016
3.8 g/t Au/ 5.4 m
6.4 g/t Au/ 3.0 m
4.3 g/t Au/ 7.5 m
RIE12016B
5.6 g/t Au/ 40.0 m
Incl. 10.2 g/t Au/ 9.2 m
Incl. 6.9 g/t Au/ 7.7 m
3.9 g/t Au/ 5.8 m
RIE11019B
3.9 g/t Au/ 14.3 m
18
20. Meliadine
Permitting and road construction underway
Updated feasibility study expected P&P GOLD RESERVES (million oz)
2.9
(12.5 M tonnes @ 7.2 g/t)
in early 2014
Exploration success at Wesmeg
Wesmeg, AVERAGE GOLD RESERVE GRADE (g/t) 7.2
72
Normeg improving open pit and Indicated gold resource (million oz)
1.7
underground production scenarios (12.6 M tonnes @ 4.1 g/t)
Recent exploration results at Inferred gold resource (million oz)
2.4
(12.7
(12 7 M tonnes @ 6 0 g/t)
6.0
Pump, F Zone and
P Z d
Wesmeg/Normeg expected to add 2012 exploration budget $40M
meaningful reserve and resource
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
ounces at year-end
20
22. Wesmeg & Normeg Show Significant Resource Growth
Composite Longitudinal Section
M12‐1794 M12‐1806
M12‐1794 M12‐1822
7.2 g/t Au / 7.9 m 7.3 g/t Au / 11.5 m
11.3 g/t Au / 4.3 m 6.0 g/t Au / 3.9 m
Incl. 12.1 g/t Au / 3.0 m Incl. 23.3 g/t Au / 2.9 m
5 km
2011
M12‐1800 M12‐1775
5.4 g/t Au / 6.3 m M12‐1765 10.3 g/t Au / 3.8 m M12‐1840 M12‐1843
Incl. 7.7 g/t Au / 3.6 m
Incl 7 7 g/t Au / 3 6 m 13.7 g/t Au / 2.6 m
13.7 g/t Au / 2.6 m 8.8 g/t Au / 3. m
18.8 g/t Au / 3.2 m .5 g/t Au / 3.0 m
11.5 g/t Au / 3.0 m 5.1 g/t Au / 9.3 m
5.1 g/t Au / 9.3 m
22
23. Tiriganiaq Deposit Remains Open for Expansion
Composite Longitudinal Section
M12‐1725 M12‐1759 M12‐1371B M12‐1589
M12‐1722
12.6 g/t Au / 9.7 m 8.9 g/t Au / 6.5 m 13.2 g/t Au / 6.5 m 8.1 g/t Au / 3.2 m
16.9 g/t Au / 2.7 m
Incl. 21.4 g/t Au / 5.1 m 14.0 g/t Au / 6.9 m 6.0 g/t Au / 6.8 m
M12‐1750
18.0 g/t Au / 6.1 m
27.0 g/t Au / 4.7 m
M12‐1729
M12‐1764 M12‐1791 M12‐1644 M12‐1688 20.8 g/t Au / 3.3 m
6.5 g/t Au / 6.2 m 13.8 g/t Au / 4.0 m 10.9 g/t Au / 10.0 m 14.0 g/t Au / 6.6 m
Incl. 9.3 g/t Au / 3.7 m
I l 93 / A /37 Incl. 15.9 g/t Au / 5.1 m
I l 15 9 /t A / 5 1 9.1 g/t Au / 16.0 m
9 1 / A / 16 0
23
25. LaRonde
Transition period to lower mine extended
P&P GOLD RESERVES (million oz)
Gold production to Sept 30, 2012 of (33.2 M tonnes @ 4.4 g/t)
4.7
123,964 oz at total cash costs of $514 per
AVERAGE GOLD RESERVE GRADE (g/t) 4.4
ounce
Q3’12 gold grade 2.5 g/t vs. 1.7 g/t in Q3’11 Indicated gold resource (million oz)
(7.2 M tonnes @ 1.8 g/t)
0.4
Heat, congestion and lack of flexibility Inferred gold resource (million oz)
1.3
extend production ramp-up period through (11.4 M tonnes @ 3.7 g/t)
2015; Life of mine profile remains Estimated LOM (years) 15
unchanged
2012 exploration budget $1M
Value of ore per tonne approximately 50% (LaRonde & Regional)
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
higher over life of mine versus 2012
$75M
Cash Operating Margin
$60M
$45M
$30M
$15M
$0M
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
25
26. Lapa
Stable production and cost control continues
P&P GOLD RESERVES (million oz)
Gold production to Sept 30, 2012 of (2.4 M tonnes @ 6.5 g/t)
0.5
81,570 oz at total cash costs per ounce AVERAGE GOLD RESERVE GRADE (g/t) 6.5
of $683
Indicated gold resource (million oz)
0.3
Anticipated life of mine extended into (2.0 M tonnes @ 4.1 g/t)
2016 Inferred gold resource (million oz)
0.1
(0.7 M tonnes @ 4.7 g/t)
Underground exploration drifts to east
Estimated LOM (years) 4
and west will provide access to drill
targets that could extend mine life 2012 exploration budget $5M
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
$40M
Cash Operating Margin
$20M
$0M
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
26
27. Kittila
Record quarterly production at low costs
Q3’12 gold production – a record P&P GOLD RESERVES (million oz)
5.2
(34.6 M tonnes @ 4.7 g/t)
48,619 oz at total cash costs of $478
p
per ounce AVERAGE GOLD RESERVE GRADE (g/t) 4.7
Initial 25% expansion study expected Indicated gold resource (million oz)
1.0
(13.0 M tonnes @ 2.5 g/t)
in Q1’13
Inferred gold resource (million oz)
1.2
Good exploration results at Rimpi
p p (8.0 M tonnes @ 4.6 g/t)
suggest potential for ongoing phased Estimated LOM (years) 33
expansions
2012 exploration budget $17M
Transitioning fully to underground See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
operations in 2013; Expecting higher
unit costs
$55M
Cash Operating Margin
$40M
$25M
$10M
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
27
28. Mexico - Pinos Altos & Creston Mascota
Strong Q3 production at record low cash costs
Q3’12 gold production of 61,973 oz at P&P GOLD RESERVES (million oz)
(88.5 M tonnes @ 2.1 g/t)
3.1
record low total cash costs per ounce of
$212 AVERAGE GOLD RESERVE GRADE (g/t) 2.1
Indicated gold resource (million oz)
La India expected to add to production (18.6 M tonnes @ 1.3 g/t)
0.8
profile in 2014 Inferred gold resource (million oz)
0.8
(16.8 M tonnes @ 1.1 g/t )
Production delays at Creston Mascota;
Ramp-up to resume in Q2 2013 Estimated LOM (years) 18
2012 exploration budget $6M
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
$100M
Cash Operating Margin
$80M
$60M
$40M
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
28
29. Meadowbank
Record production and operating profit
Record gold production in Q3’12 of P&P GOLD RESERVES (million oz)
(24.5 M tonnes @ 2.8 g/t)
2.2
110,988 oz at total cash costs per
ounce of $734 AVERAGE GOLD RESERVE GRADE (g/t) 2.8
Indicated resource (million oz)
De-risked mine plan continuing to (17.2 M tonnes @ 2.4 g/t)
1.3
hit/exceed targets on throughput Inferred resource (million oz)
0.5
(10,902 tpd in Q3’12) and grade (3.7 (3.7 M tonnes @ 3.8 g/t)
g/t in Q3’12) Estimated LOM (years) 6
2012 exploration budget $7M
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources.
Cash Operating Margin
$100M
$80M
$60M
$40M
$20M
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
29
33. Gold and Silver Reserves and Resources
December 31, 2011
Tonnes Gold Gold Tonnes Silver Silver
Gold (000’s) (g/t) (ounces) Silver (000’s) (g/t) (ounces)
(000 s)
(000’s) (000 s)
(000’s)
Proven 11,029 2.80 994 Proven 7,318 45.35 10,670
Probable 146,057 3.78 17,757 Probable 72,693 45.06 105,319
Total Total
157,086 3.71 18,750 80,011 45.09 115,989
Reserves Reserves
Measured & Measured &
168,336
168 336 1.78
1 78 9,633
9 633 27,801
27 801 27.24
27 24 24,344
24 344
Indicated Indicated
Inferred 131,216 2.30 9,712 Inferred 34,513 19.00 21,082
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.
34. Copper, Zinc and Lead Reserves and Resources
December 31, 2011
Tonnes Copper Copper Tonnes Zinc Zinc Tonnes Lead Lead
Copper Zinc Lead
(
(000’s)
) (%) (tonnes)
( ) (
(000’s)
) (%) (
(tonnes)
) (
(000’s)
) (%) (tonnes)
( )
Proven 5,331 0.28 15,025 Proven 5,331 2.04 108,626 Proven 5,331 0.23 12,391
Probable 27,901 0.27 76,160 Probable 27,901 0.77 215,522 Probable 27,901 0.05 13,441
Total Total Total
33,232 0.27 91,184 33,232 0.98 324,149 33,232 0.08 25,832
Reserves Reserves Reserves
Indicated
I di t d 7,225
7 225 0.12
0 12 8,629
8 629 Indicated
I di t d 7,225
7 225 1.49 107,338
1 49 107 338 Indicated
I di t d 7,225
7 225 0.15 11,127
0 15 11 127
Inferred 11,400 0.26 29,664 Inferred 11,400 0.44 49,745 Inferred 11,400 0.05 5,138
See AEM Feb 15, 2012 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources
34
35. 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
regulations, them.
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
feasibility. category. 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 reported
by the Company on February 15, 2012 were based on three-year average prices for the period ending December 31, 2011 of $1,255 per ounce gold,
$23.00 per ounce silver, $0.91 per pound zinc, $3.25 per pound copper, $0.95 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of
1.05, 1.37 and 12.86, respectively.
The Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) requires mining companies to disclose reserves and resources using 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.
35
36. 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
indicated, circumstances,
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,
parameters to support production planning and evaluation of the economic viability of the deposit The estimate is based on detailed and reliable
deposit.
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 document is December 31, 2011, except for the La India project
(June 30, 2012) and the Goldex project (October 14, 2012). Additional information about each of the mineral projects that is required by NI 43-101, sections
3.2
3 2 and 3 3 and paragraphs 3 4 (a) (c) and (d) can be found in Technical Reports which may be found at www sedar com Other important operating
3.3 3.4 (a), Reports, www.sedar.com.
information can be found in the Company’s Form 20-F and its news release dated February 15, 2012.
Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein.
36
37. A solid financial position, well funded growth projects in regions of low political risk
position well-funded risk,
and a focused, consistent strategy put Agnico-Eagle in a strong position to continue
creating exceptional per share value.
Sean Boyd Executive and Registered Office:
President and
es de t a d 145 King Street East, Suite 400
5 g St eet ast, Su te 00
Chief Executive Officer Toronto, Ontario, Canada, M5C 2Y7
David Smith Tel: 416‐947‐1212
SVP Finance and Chief Financial Officer Toll‐Free: 888‐822‐6714
Fax: 416‐367‐4681
Trading Symbol:
AEM on TSX & NYSE
Investor Relations:
416‐847‐8665
info@agnico‐eagle.com
agnico-eagle.com
