TORONTO - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ('Agnico Eagle' or the 'Company') today announced results from 59 holes, including four wedge holes and one hole extension, totaling 49,073.5 m of drilling along the Detour Mine Trend ('DMT') at the Detour Lake property.
The new holes being reported are the eighth batch of results from the 2020/2021 exploration program and the second since the October 15, 2021 filing by Kirkland Lake Gold Ltd. ('Kirkland Lake Gold') of an updated 43-101 Technical Report which incorporated ongoing drilling at the Detour Lake property up to July 26, 2021 (the 'Mid-Year 2021 Mineral Resource Estimate'). This brings the total holes released since the Mid-Year 2021 Mineral Resource Estimate to 98 holes and 10 wedge holes totaling 84,646.1 m.
The Company acquired the Detour Lake property on February 8, 2022, following the successful completion of the previously announced merger of equals transaction with Kirkland Lake Gold.
Highlights include: Drilling at future West Pit and Saddle Zone expands mineralization north and west of the Mid-Year 2021 Mineral Resource Estimate pit shell
Key West Pit Zone intercepts1 include: 30.89 g/t2 g/t over 17.4 m2, incl2 58.42 g/t over 9.0 m; 22.22 g/t over 9.5 m; 4.87 g/t over 10.0 m, incl 14.73 g/t over 3.0 m; 4.81 g/t over 13.9 m, incl 15.48 g/t over 3.8 m; 2.86 g/t over 21.0 m, incl 21.80 g/t over 2.0 m; 2.76 g/t over 24.0 m, incl 18.06 g/t over 2.3 m and 2.28 g/t over 12.0 m; 1.67 g/t over 67.0 m; 1.63 g/t over 25.5 m and 0.92 g/t over 79.0 m
Key Saddle Zone intercepts1 include: 142.66 g/t over 3.0 m; 2.98 g/t over 10.0 m, incl 12.46 g/t over 2.0 m; 2.21 g/t over 20.4 m; 19.52 g/t over 2.0 m; 1.01 g/t over 40.0 m; 0.87 g/t over 47.0 m and 0.84 g/t over 59.3 m
Drilling at future West Pit and Saddle Zone continues to confirm mineralization inside the Mid-Year 2021 Mineral Resource Estimate pit shell
Key Saddle Zone intercepts1 include: 5.41 g/t over 32.4 m, incl 38.74 g/t over 4.0 m; 22.94 g/t over 2.0 m; 3.23 g/t over 16.0 m, incl 8.84 g/t over 5.0 m; 2.73 g/t over 26.0 m, incl 7.16 g/t over 8.4 m; 1.63 g/t over 29.1 m and 1.34 g/t over 32.0 m, incl 6.52 g/t over 3.2 m
Key West Pit Zone intercepts1 include: 2.71 g/t over 27.4 m, incl 30.14 g/t over 2.1 m and 0.87 g/t over 30.7 m
Drilling at the North Pit intersects multiple mineralized structures and extends mineralization 440 metres to the west along the North Walter Lake Trend
Key North Pit Zone intercepts1 include: 2.54 g/t over 21.5 m; 2.45 g/t over 13.0 m; 20.74 g/t over 2.0 m; 8.40 g/t over 3.0 m; 4.73 g/t over 6.0 m; 2.73 g/t over 11.0 m; 2.27 g/t over 12.0 m; 2.02 g/t over 13.0 m; 1.94 g/t over 17.0 m, incl 9.12 g/t over 3.0 m; 1.91 g/t over 13.1; 1.25 g/t over 22.3 m; 1.13 g/t over 23.2 m; 1.02 g/t over 23.0 m; 1.01 g/t over 20.3 m
Tony Makuch, CEO of Agnico Eagle, commented: 'Today's drill results highlight the significant opportunity that exists to continue to grow mineral resources beyond the levels included in the Mid-Year 2021 Mineral Resource Estimate announced in September 2021. The results include a number of wide, high-grade intersections located both within and outside of the Mid-Year 2021 Mineral Resource Estimate pit shell. Also encouraging is that we continue to extend the mineralization at depth. Based on work to date, we have confirmed the existence of a broad and continuous corridor of mineralization extending over 4.0 kilometres from the Main Pit through the Saddle Zone to beyond the planned West Pit location to a depth of at least 800 m below surface with the system remaining open. Given that open-pit M&I mineral resources have already been tripled since Kirkland Lake Gold's acquisition of the Detour Lake property on January 31, 2020, with further increases expected, we are well positioned to report strong growth in mineral reserves and to identify additional value creation opportunities for the operation when we issue the 2022 technical report and life-of-mine plan for Detour Lake, expected during the second quarter of this year.'
About Agnico Eagle
The new Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Contact:
Tel: (416) 947-1212
Email: investor.relations@agnicoeagle.com
Cautionary Note Regarding Forward-Looking Information
The information in this news release has been prepared as at February 10, 2022. Certain statements contained in this news release 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 and are referred to herein as 'forward-looking statements'. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. When used in this news release, the words 'anticipate', 'could', 'estimate', 'expect', 'forecast', 'future', 'plan', 'possible', 'potential', 'will' and similar expressions are intended to identify forward-looking statements. Such statements include without limitation, statements with respect to: the planned exploration program at the Detour Lake property, including costs and expenditures; the ability to potentially expand mineral reserves and mineral resources, changes in mineral resources and the conversion of mineral resources to proven and probable mineral reserves; the ability to expand the current pit design of the mine, the new mine plan and anticipated timing of the updated technical report with respect to the Detour Lake Mine and the anticipated benefits thereon and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein as well as: that there are no significant disruptions affecting operations and that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the extent and manner to which COVID-19, and measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19, may affect the Company; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; cost of exploration and development programs; risks associated with foreign operations; risks related to obtaining the permits required to carry out planned exploration or development work; governmental and environmental regulation and the volatility of the Company's stock price. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Cautionary Note to U.S. Investors - Mineral Reserve and Mineral Resource Estimates
The mineral reserve and mineral resource information contained in this news release have been prepared in accordance with the Canadian securities administrators' (the 'CSA') National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101'). For United States reporting purposes, the SEC has adopted amendments to its disclosure rules (the 'SEC Modernization Rules') to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended (the 'Exchange Act'), which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers must begin to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ('MJDS') may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC's MJDS registration statement and annual report forms.
As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources.' In addition, the SEC has amended definitions of 'proven mineral reserves' and 'probable mineral reserves' in the SEC Modernization Rules, with definitions that are substantially similar to those used in NI 43-101.
United States investors are cautioned that while the SEC now recognizes 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources', investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that any 'measured mineral resources', 'indicated mineral resources', or 'inferred mineral resources' that the Company reports in this news release are or will be economically or legally mineable.
The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces and mineral reserves are not reported as a subset of mineral resources.
AGNICO EAGLE MINES LIMITED 
