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Gold/Mining/Energy : Agnico-Eagle Mines Ltd. - AGE (U.S. AEM) -- Ignore unavailable to you. Want to Upgrade?

To: Robert J Mullenbach who wrote (365)	8/31/1999 1:05:00 PM
From: lwk	Read Replies (1) \| Respond to 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