Wade, I did buy AGE.TO the other day at $14.21
I think Agnico is good value here IMO. From their news Feb 19th. This company can earn money and also has a strong balance sheet and growing reserves.
We have been given an opportunity to buy it cheap here IMO with the instititions trowing out last month.
My usual disclaimer, I could be wrong WTHDIK? LOL
Andy
--------------------------------------------------------
Agnico-Eagle earns $4-million (U.S.) in improved 2002
Agnico-Eagle Mines Ltd AGE
Shares issued 83,264,169 Feb 19 2003 close $ 20.60
Wednesday February 19 2003 News Release
Mr. Sean Boyd reports
AGNICO-EAGLE'S GOLD RESERVES AND RESOURCES INCREASE SIGNIFICA ...
(All amounts are expressed in U.S. dollars unless otherwise noted.)
Agnico-Eagle Mines has posted significantly improved net earnings of $4-million, or six cents per share in 2002, compared with a net loss of $5.4-million, or nine cents per share in 2001. In the fourth quarter, net earnings were $800,000, or one cent per share, compared with a net loss of $700,000, or two cents per share in the comparable 2001 period.
Highlights for the year include:
record gold production of 260,183 ounces at the LaRonde mine in Quebec and full leverage to improved gold price led to improved earnings;
record gold reserves and resources, including record proven and probable gold reserves of four million ounces (23-per-cent increase) at LaRonde;
commissioning of LaRonde mill at 7,000 tons per day puts Agnico-Eagle in a position to achieve record gold production of 375,000 ounces (44-per-cent increase) at record low total cash costs of $125 per ounce (31-per-cent decrease) in 2003;
strongest balance sheet in company's history with nearly $280-million in available cash resources, no gold sold forward and increasing net free cash flow; and
discovery of high-grade Lapa gold resource seven miles east of LaRonde.
"Our dominant land position in northwestern Quebec, an aggressive exploration program, large-scale operations and a solid technical team at LaRonde have put us in an excellent position to add meaningful value by increasing gold production in our own backyard. In addition, with Canadian tax pools of $450-million, we are positioned to realize enhanced after-tax returns from potential new mines in the region," said Sean Boyd, president and chief executive officer |
