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Gold/Mining/Energy : Agnico-Eagle Mines Ltd. - AGE (U.S. AEM)
AEM 214.54+0.4%Jan 23 9:30 AM EST
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To: Robert J Mullenbach who wrote (365)8/31/1999 1:05:00 PM
From: lwk  Read Replies (1) of 1612
 
Agnico-Eagle, Noranda settle lawsuit

Stock Symbols: AEM (NYSE)
AGE (TSE, ME)

TORONTO, Aug. 31 /CNW/ - Agnico-Eagle Mines Limited (``Agnico-Eagle')
announced today that the Company and Noranda Inc. (``Noranda') have settled a
lawsuit commenced by Noranda in November 1987.
Noranda's claim arose from the sale by Noranda to Agnico-Eagle of its
interest in Dumagami Mines Inc. (``Dumagami') in February 1986. Dumagami's
principal asset was the LaRonde Mine. Dumagami was subsequently merged with
Agnico-Eagle. In the lawsuit, Noranda claimed a constructive trust over the
shares sold to Agnico-Eagle and C$40 million in damages for an alleged breach
of fiduciary duty. Under the terms of the settlement, Agnico-Eagle will pay
Noranda C$1.9 million (US$1.3 million), payable in two equal instalments of
C$950,000. The first instalment was paid on signing of settlement
documentation and the second instalment will be paid in one year. Noranda's
lawsuit will be dismissed without costs.
Agnico-Eagle Mines Limited is an established Canadian gold producer with
operations located principally in northwestern Quebec and exploration and
development activities in Quebec, Ontario and Nevada. Consistently one of the
industry's lowest-cost producers, Agnico's operating history includes 24 years
of continuous gold production primarily from underground mining operations.
Current proven and probable gold reserves stand at 1.5 million contained
ounces, with an additional 3.5 million ounces in the mineral resource category
at its LaRonde Mine. Agnico-Eagle is currently focused on the expansion and
large scale exploration program of its LaRonde Mine which is expected to
result in increased gold production and expanded gold reserves.
-0- 08/31/1999

For further information: Sean Boyd, President and CEO, (416) 947-1212
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