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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (33710)	3/4/2009 1:51:08 PM
From: LoneClone	Read Replies (1) \| Respond to of 193686

Agnico-Eagle boosts gold reserves eight per cent to record 18.1 million ounces Wed Mar 4, 11:57 AM The Canadian Press ca.news.finance.yahoo.com By The Canadian Press TORONTO - Agnico-Eagle Mines Ltd. (TSX: AEM.TO), a Toronto-based gold producer, says it has raised its estimate of gold reserves by eight per cent to a record 18.1 million ounces after a successful exploration program last year. Agnico-Eagle said Wednesday it spent US$72 million on exploration in 2008, including $38 million on development projects. As a result, Agnico-Eagle reported: -An eight per cent increase in gold reserves to a record level of 18.1 million ounces; -A 13 per cent increase in the indicated gold resource to 3.2 million ounces; -And a 21 per cent increase in the inferred gold resource to 5.8 million ounces. 'In 2008, we moved steadily towards our goal of 20 million ounces of gold reserves from our existing projects with the addition of 1.4 million ounces of reserves and 1.4 million ounces of resources," Sean Boyd, the company's CEO, said before stock markets opened. 'With improving drill access at several of our deposits, we expect to reach 20 million to 21 million ounces of gold reserves by year end 2010. The ongoing growth in our reserves is driving our scoping studies on four internal production growth opportunities." Boyd said Agnico-Eagle, which reports in U.S. dollars, plans to spend US$54 million on exploration this year. Agnico operates the LaRonde, Bousquet mines in Quebec, the Kittila mine in Finland, the Pinos Altos, Chihuhua projects in Mexico and the Meadowbank mine in Nunavut. In early trading Wednesday on the TSX, Agnico-Eagle shares fell 40 cents to C$47.72 on a volume of 1.7 million shares.