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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 (1259)	11/22/2000 4:10:59 PM
From: Robert J Mullenbach	Read Replies (1) \| Respond to of 1612

News, biz.yahoo.com Sudbury Contact Mines limited and Agnico-Eagle Mines Limited jointly announce exploration financing Stock Symbol: SUD (TSE) TORONTO, Nov. 22 /CNW/ - Sudbury Contact Mines Limited and Agnico-Eagle Mines Limited jointly announce that Sudbury Contact has entered into a "flow- through" private placement agreement with Agnico-Eagle pursuant to which Sudbury Contact will, subject to regulatory approval, issue 750,000 common shares to Agnico-Eagle for aggregate proceeds of $600,000. Sudbury Contact has agreed to use all such proceeds for the purpose of incurring Canadian exploration expenses in connection with its 2000 and 2001 exploration activities and to renounce to Agnico-Eagle the full amount of such expenses for income tax purposes. This transaction is expected to close on or about November 24, 2000. Agnico-Eagle reports that its shareholding in Sudbury Contact will, on completion of the private placement, increase from 10,866,330 common shares (or approximately 57.4% of the outstanding common shares) to 11,616,330 common shares (or approximately 59.0% of the outstanding common shares, after giving effect to the private placement). Mentor Exploration and Development Co., Ltd., an associated company in which Agnico-Eagle owns 49% interest, also owns an aggregate of 4,441,148 common shares of Sudbury Contact (or approximately 22.6% of the outstanding common shares, after giving effect to the private placement). Agnico-Eagle may make further acquisitions or may make dispositions of Sudbury Contact securities as it deems appropriate, whether in the open market, by privately negotiated agreement or otherwise, depending on the market conditions and other factors. Sudbury Contact is an exploration and development company with gold and diamond properties in Nevada, Northeastern Ontario and Northwestern Québec. Sudbury Contact is the principal exploration subsidiary of Agnico-Eagle Mines Limited (NYSE: AEM, TSE: AGE). The common shares of Sudbury Contact are listed on The Toronto Stock Exchange (SUD). Agnico-Eagle is an established Canadian gold producer with operations located principally in Northwestern Québec and exploration and development activities in Québec, Ontario and Nevada. Agnico-Eagle's operating history includes 25 years of continuous gold production primarily from underground mining operations. Current proven and probable reserves stand at 3.0 million contained ounces, with an additional 3.1 million ounces in the mineral resource category at its LaRonde Mine. Agnico-Eagle is currently focussed on a development and expansion program at its LaRonde Division that is expected to result in increased gold production and expanded gold reserves.