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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 (1182)	10/10/2000 9:14:12 AM
From: Robert J Mullenbach	Read Replies (1) \| Respond to of 1612

In early 2000 we acquired a 50% interest in Barrick Gold's Bruce Property which is located immediately east of our Sphinx Property. The property contains the favourable geology shared by all the operating mines along the Cadillac Belt. With this latest acquisition, Agnico-Eagle now controls 12 continuous miles along this favourable geological belt east of LaRonde. This is a significant land position that is largely unexplored at depth. Agnico-Eagle has five exploration and development priorities along the Cadillac Belt. They are as follows: 1. Definition drilling above the Level 220 horizon of the LaRonde Mine. An additional resource of 500,000 ounces remains to be converted into reserves. A total of 79,900 feet of definition drilling has been planned for 2000. 2. Exploration of Zones 20 North, 20 South and 7 at depth. All of these zones are open for expansion and offer the greatest probability of further reserve/resource increases on the LaRonde property. Exploration drilling will be conducted from a new underground exploration drift from Shaft #3 to the west on Level 215 (7,050 feet below surface). This drift will provide additional drill platforms from which to test the western down plunge extension of Zones 20 North and 20 South. This drift will be started in the fourth quarter of 2000. A total of 81,300 feet of exploration drilling has been planned for this year. Several other options are currently being studied to further evaluate and develop the large gold resource located below the bottom of Shaft #3. 3. Exploration to the east on the El Coco Property. The 20th level exploration drift at LaRonde will be continued to the east onto the El Coco Property in the second half of this year. This is the same drift using the same exploration approach that resulted in the Shaft #3 discoveries. 4. Compilation and surface drilling of the El Coco, Sphinx and Bruce Properties to the east of LaRonde. Agnico-Eagle is testing for potential gold mineralization by following zinc mineralization that had been previously encountered by surface drilling at a depth of 1,900 feet. Historically, zinc mineralization has been a favourable indicator of gold deposits on the LaRonde Property. 5. Evaluate other opportunities along the Cadillac Belt. In our opinion, the Cadillac Belt is a great place to look for new gold deposits. We look forward eagerly to the results of this extensive exploration program. XXXXXXXXXXXXXX Expansion The benefits of the LaRonde expansion are very close at hand, as all of the key components of the expansion program are complete or nearing completion. Of major significance, the new shaft (Shaft #3) will be fully operational in the second half of this year. This will allow us to significantly increase our mining rate, resulting in increased gold production and sharply lower unit costs. By the end of 2000, the mine and mill will be operating at a daily rate of 5,000 tons of ore per day. Gold production will be in excess of 200,000 ounces next year, increasing to over 300,000 ounces in 2002. More importantly, operating costs on a per-ounce basis will decline steadily to approximately $100 by 2002. Shaft #3 Shaft #3 was completed down to a final depth of 7,380 feet. This is the deepest single-lift shaft in the Western Hemisphere. The shaft is in the final stages of changeover, preparing it for production and the start of development of the lower mining levels. Production from the upper half of the mine will begin during the third quarter of this year. XXXXXXXXXXXXXXXXXXXXXXXXXXXX Would you want to sell now, or BUY. I vote BUY. results may vary. They are still using Gold for American Eagles. kitco.com and guess what, I just found a catch 22, they can be used for IRA accounts. What if they ever really became popular. ??????? like in Gold going up. ????????? agnico-eagle.com