The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
AEM: TSX
Vice chairman and CEO: Sean Boyd
President and COO: Eberhard Scherkus
Senior Vice President, Exploration: Alain Blackburn
Agnico-Eagle is an international growth company focused on gold, with operations in Quebec and Finland, and exploration and development activities in four countries.
Agnico-Eagle's LaRonde Mine in Quebec is Canada's largest operating gold mine in terms of reserves.
The 37-year-old company is advancing the Meadowbank Gold Project in Nunavut to open-pit production to begin in the first quarter of 2010, with underground operations also being investigated.
Agnico-Eagle Mines Ltd. holds a 100 percent interest in Meadowbank, which has probable gold reserves of at least 3.6 million ounces (32.8 million metric tons at 3.5 grams per metric ton).
The Meadowbank deposits, which are located in the Kivalliq region of Nunavut about 70 kilometers, or 43 miles, north of the community of Baker Lake, near the western shore of Hudson's Bay, are open on strike and at depth.
Agnico-Eagle has the most dramatic growth profile of any senior or intermediate gold producer, with production poised to double in 2009 and double again in 2010.
It was chosen as "Nunavut Mining Company of the Year" at the 2009 Nunavut Mining Symposium.
The Company's C$54 million 2009 exploration program is expected to result in about 221 kilometers of drilling, using more than 35 rigs.
Close to 190 kilometers of exploration drilling had been completed through July, which is almost 85 percent of the 2009 program.
At Meadowbank, highlights of Agnico-Eagle's 2009 exploration program include drilling results that confirmed mineralization extensions and underground mining potential of the Goose South zone at depth and infill drilling that also confirmed the resource at Vault and extended the gold mineralization farther north and east.
Work focused on mine site exploration adjacent to the main Portage and Goose Island gold deposits, regional exploration along the Meadowbank Trend (which hosts the bulk of the current gold reserves and resources), and also along the Northwest Trend (which hosts the PDF deposit).
Results from this program will be incorporated into an expansion study currently under way.
More than 54 kilometers of drilling was completed and up to seven diamond drills had been active at Meadowbank during the 2009 season.
Cash and short-term deposits: C$173.9 million (at June 30, 2009)
Working capital: C$339.6 million (at June 30, 2009)
Market capitalization: C$9 billion (approx.)
145 King St. E., Suite 400,
Toronto, ON Canada M5C 2Y7
Tel: 416-947-1212 Fax: 416-367-4681
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