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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (33564)	2/22/2007 9:16:17 AM
From: LoneClone	Read Replies (1) \| Respond to of 78421

Agnico-Eagle Triples Annual Profit, More Than Triples Q4 Profit By The Canadian Press 21 Feb 2007 at 11:24 AM GMT-05:00 resourceinvestor.com TORONTO (CP) -- Agnico-Eagle Mines Ltd. [TSX:AEM; NYSE:AEM] is reporting a profit of $41.9 million, or 35 cents per share, in its fourth quarter, up from $11.7 million, or 13 cents per share, the year before, largely due to higher metals prices and a foreign exchange gain. Earnings for the full year 2006 were a record $161.3 million, or $1.40 per share. This is more than triple the per share earnings of 42 cents, or $37 million profit, recorded in 2005. The Toronto-based company reports its results in U.S. currency. --> The fourth quarter 2006 earnings were positively affected by a non-cash foreign exchange translation gain of $7.4 million, or $0.06 per share, and were negatively affected by a loss of $2.7 million, or $0.02 per share, on zinc forward sales. The zinc forward derivative contracts have now expired. In the fourth quarter of 2006, Agnico-Eagle realized record cash provided by operating activities of $84.5 million. This compares with $24.6 million recorded in the corresponding quarter of 2005. The increase is largely due to higher realized metals prices and increased gold and zinc production. The company also reported record gold reserves of 12.5 million ounces; cash and cash equivalents of $458.6 million, up $27.7 million from Sept. 30. Record quarterly cash provided by operating activities of $84.5 million more than covered capital expenditures during the quarter of $53.3 million. The company also said it was helped by a record 23 consecutive months without a lost-time accident underground at the mine in LaRonde, Que. The company is operating other projects in Canada, Finland and Mexico. ''The strong performance of our low cost LaRonde Mine, combined with higher metal prices, has helped Agnico-Eagle to generate record annual earnings and cash flows,'' said Sean Boyd, the company's CEO. ''We continue to add value through reserve additions and by advancing the construction of three new gold projects towards initial production next year,'' Boyd said. On Feb. 14, the company announced it had signed a deal with Cumberland Resources Ltd. [TSX:CLG; AMEX:CLG] to acquire all its outstanding shares a friendly takeover worth C$710 million. Cumberland owns the Meadowbank gold project in Nunavut. Cumberland’s Meadowbank mine has Proven & Probable Reserves of 2.89 million ounces of gold, Measured & Indicated Resources of 3.4 million and Inferred Resources of 588,000. Cumberland estimates open pit production at 330,000 ounces per year with total cash costs estimated at US$201/oz over an 8.1 year mine life. For the first four years, annual production will average 400,000 ounces at US$175/oz. Shares in Agnico-Eagle closed up C$1.77 or 3.9% at C$47.13 on a heavy volume of 2.5 million shares at the Toronto Stock Exchange on Wednesday. © The Canadian Press 2007