Agnico-Eagle Mines Limited. Meliadine & Meadowbank. June 28 th, 2011

Transcription

1 Agnico-Eagle Mines Limited Meliadine & Meadowbank Exploration Update June 28 th, 2011

2 Forward Looking Statements The information in this document has been prepared as at June 28, Certain statements contained in this document constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions i of Canadian provincial i securities laws. When used in this document, the words anticipate, i t expect, estimate, forecast, will, planned, and similar expressions are intended to identify forward-looking statements or information. Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of future internal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; community protests; t risks ik associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company s ability to achieve the expectations set forth in the forwardlooking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information. Marc Legault, a Qualified Person and the Company s Vice-President, Project Development, reviewed the technical information disclosed herein. For a detailed breakdown of the Company s reserve and resource position see the February 16, 2011 press release on the Company s website. That press release also lists the Qualified Persons for each project. 2

3 Note To Investors Regarding the use of non-gaap financial measures This document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognized measures under United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per tonne that the Company expects to incur to mine gold at the applicable projects and do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-gaap financial measures to the most comparable GAAP measure. A reconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measures calculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to the financial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the SEC. LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank 3

4 Meadowbank - Regional Property Map Strategic position to explore the Kivalliq Region 70 km North of Baker Lake community 110 km all weather road to access mine Sea lift supply July to October Baker Lake North 75 km 4

5 Meadowbank Exploration Activities 2011 program ($11.4M): Mine site - 19,000 metres ($7.4M); Regional 13,000 metres ($4M) Exploration emphasis on reserve extensions North and South of Portage, Goose Island and Vault open pits Secondary focus on prospective lateral targets Reserve-to-Resource Conversion Drilling (10,500m): Vault Pit 3,500m, VaultSouth 3,500m, Vault East 3,500m Resource Exploration drilling (8,500m): Tern Lake 2,500m, Far West Iron Formation 2,500m, Goose South 3,500m 2011 Reserves & Resources Tonnes Au oz 000 g/t 000 Reserves Proven Probable 34, ,385 P&P 34, ,469 Resources Indicated 26, ,430 Inferred 10, km 5

6 Meadowbank Exploration Activities Recent drill results Vault South Near surface (0-60m depth) VLTS / 2.4m (15m) VLTS / 5.4m (60m) VLTS / 3.6m (12m) VLTS / 4.0m (12m) VLTS / 3.8m (23m) VLTS / 5.0m (27m) VLTS / 2.0m (41m) VLTS / 4.3m (30m) Vault, Tern, Vault South pending Goose South GS11-03 intersect 3 zones within 15m 6.4 / 3.2m 3.9 / 4.0m 4.0 / 3.0m 450 to 475m depth *All results are g/t over true width 5 km 6

7 Meadowbank Project - Exploration Potential Over 40 gold showings discovered Jim Ukalik AEM 5 year program: potential to increase the reserves by another 2.0 Moz Cannu, Portage, Goose, Goose S, PDF & Vault are open at depth Currently considering an underground exploration program Sheba Donna PDF Tern N Vault Tern S STT Cannu Portage Longroot Wally World Marge Bay Crown Cricket Vault S Ron Goose Goose S 7

8 Meadowbank - Regional Property Map Multiple land packages in surrounding area consistent with regional strategy Regional reconnaissance Evaluation of the Kivalliq region greenstones belts Grassroots property p staking Original property (at Cumberland acquisition) 38,700 ha, now 76,900ha Visit of all early stage projects in the area With Meliadine, AEM is strategically positioned to benefit from new gold discoveries in the area Baker Lake N 75 km 8

9 Agnico-Eagle Mines Limited Meliadine Exploration

10 Meliadine Location Property Outline Large 80km property with multiple gold deposits; Close to existing infrastructure Land Tenure Summary 10

11 Location - Rankin Inlet, Close to Meliadine Project Proximity to major transportation hub in Kivalliq Region to facilitate logistics 11

12 Meliadine Exploration History 1972 First gold occurrence reported by Rankin Nickel Syndicate at Tonic Lake 1987 Asamera Minerals investigated historical occurrence and reported 5 g/t Au 1989 Asamera & Comaplex find the Discovery deposit (4.4 / 4.0m) and stake 1,000 ha via a 50/50 JV 1993 Discovery of Tiriganiaq (17.2/1.1m), F Zone, Pump 1994 Asamera sells its interest to Cumberland 1995 WMC options the Meliadine West property 2003 Comaplex buys WMC interest to wholly own Meliadine West (Meliadine East 50/50 Joint- Venture with Cumberland) 2007 Research Capital Fund acquires Cumberland interest 2010 Comaplex acquired remainder of property to become sole owner 2010 July AEM takes over Comaplex Minerals and acquires 100% in Meliadine property. Other assets spun off. 12

13 Meliadine The Agnico-Eagle Era (2010 ) 2010 July Comaplex Mineral Acquisition US$129 M planned Advanced Exploration Program 200,000m of ddh Upgrade Camp facilities Underground bulk sample program Road construction Permitting 2011 US$67 M budget (including US$6.7 M regional exploration) 3000 tonne per day initial feasibility study Update on Reserves and Resources estimate Exploration Ramp under evaluation 2013 Q1: Delivering feasibility study for Board approval 13

14 Acquisition July 7 th

15 Resources Estimate at the Acquisition Mineral Rights Commercial Lease 15

16 2010 Exploration Program ($14M) Tiriganiaq Deep resources extension Geotechnical drilling Mill and tailing facilities Tiriganiaq Near surface conversion Wolf Conversion & extension F ZONE Conversion & extension Wesmeg Exploration 16

17 2010 Tiriganiaq Q4 Highlights Agnico-Eagle Mines Limited 17

18 2010 F Zone, Wolf, Wesmeg Highlights 9.8 / 3.2 m 8.3 / 2.6 m 4.1 / 10.9 m 34/ m / 5.5 m 3.5 / 8.1 m 7.0 / 11.3 m 5.5 / 17.4 m 2.7 / 10.2 m 5.4 / 3.2 m 3.7 / 14.4 m 6.6 / 11.4 m 8.2 / 3.7 m 6.3 / 8.2 m 4.6 / 21.8 m 4.2 / 11.0m 6.0 / 7.9 m 3.1 / 7.4 m Wesmeg resource discovered F zone resource expanded at depth and to East Wolf resource confirmed *All results are g/t over true width 18

19 2011 February Reserve and Resources Estimate Update Initial 2.6 million ounce open pit and underground reserves declared at Triganiaq Au Tonnes Au Wolf (Moz) ('000) (g/t) Indicated Resources Inferred Resources Tiriganiaq Au Tonnes Au Pump (Moz) ('000) (g/t) Inferred Resources Au (Moz) Tonnes ('000) Au (g/t) Probable Reserves , Indicated Resources , Inferred Resources ,883, Au Tonnes Au Discovery (Moz) ('000) (g/t) Indicated Resources , Inferred Resources Au Tonnes Au Wesmeg (Moz) ('000) (g/t) Inferred Resources , Au Tonnes Au F zone (Moz) ('000) (g/t) Indicated Resources , Inferred Resources ,

20 2011 February Resources Estimate Significant Increase Category Tonnage grade oz Mt g/t Moz Probable bl Indicated Inferred Based on the 3,000tpd preliminary feasibility study +24% +53% Agnico-Eagle Mines Limited 20

21 2010 Sealift and 2011 Winter Road Hauling 21

22 New Exploration Camp Facilities Increase in capacity to 98 beds and improvements in infrastructure in preparation for planned bulk sample, feasibility study and expanded exploration activities 22

23 2011 Exploration program in progress $65 M planned in 2011 (90,000 m diamond drilling, underground bulk sample) 23

24 190 drill holes completed for 42,000 m (as of June 27 th ) 2011 Exploration currently focused on: Resource exploration at Wesmeg Shallow large diameter delinitation drilling at Tiriganiaq (in preparation for bulk sample) Condemnation drilling at Tiriganiaq (feasilbliy study) Focus shift to: Resource to reserve conversion drilling at Wesmeg Deep exploration at Tiriganiaq 24

25 Wesmeg Longitudinal Section Recent results significantly expand Wesmeg deposit M g/t Au / 13.5 m M g/t Au / 9.7 m M g/t Au / 3.06 m M g/tAu/106m 7.02 / 10.6 M incl g/t Au / 7.7 m 2.69 g/t Au / 13.0 m 5.12 g/t Au / 5.0 m M g/t Au / 4.0 m M g/t Au / 8.6 m M g/t Au / 5.4 m M g/t Au / 3.9 m M g/t Au / 9.0 m incl g/t Au / 2.3 m M g/t Au / 4.7 m M g/t Au / 6.5 m 3.38 g/t Au / 8.2 m M g/t Au / 6.7 m M g/t Au / 9.4 m 3.26 g/t Au / 6.6 m incl g/t Au / 2.8 m Current Wesmeg North horizon resource envelope extended in all directions (including possible underground) Wesmeg South horizon resource envelope currently being defined Wesmeg horizons extended to 2.3 kilometres length and to 200 meters 25

26 2 nd Bulk Sampling program underway 18.7 M$ Budget Large diameter drilling 250 m of lateral development Lode 1000 and 1100 Muck assaying protocol to compare with DDH grade estimation To confirm reserve and resource estimate model parameters 26

27 Tiriganiaq Bulk Sampling Program Large Diam DDH Bulk Sample 27

28 Tiriganiaq Bulk Sample - Lode 1100 Oversize surface DDH (NQ/HQ) targeting the center of drift spaced every 25m AEM New Bulk Sample proposal Comaplex 2008 Bulk Extend the drift in zone 1100 to the west for 125m 28

29 Additional drilling in the Bulk Sample Area 4.2 / 5.1m Within 3.7 / 15.1m 21.4 / 5.6m Within 14.0 / 16.6m 21.6 / 5.1m Within 7.9 / 20.1m 29

30 Bulk Sample program, Surface facilities being refurbished, 200 m of ramp rehabilitation completed Program to be completed by late September 30

31 Proposed Access Road Proposed All Weather Access Road Main Access 27.4 km Discovery Zone 4.0 km Total Road 31.4 km Budget 21 M$ Permit expected in the coming months, construction could begin this fall The road will: Increase Safety for employees on camp Reduce cost of transportation supply and people outside of the winter road period Allow year around supply and reduce need of on site storage (fuel) Accelerate mobilization of equipment for construction after the delivering of the feasibility in 2013 Reduce helicopter costs significantly ifi for 2012 and beyond with more people on site 31

32 Tiriganiaq Longitudinal Section Proposed Exploration Ramp to explore the deep extension of Tiriganiaq in addition to the bulk sample program 32

33 Exploration - 80km strike length to explore Aqpik 8.6/3.2 & 9.6/3.2 Peter Lake 5.1/ /1.3 Musket Bay Nanook Tiriganiaq Wolf Wesmeg F Zone Pump Sik Sik Aklak (grab up to 116 g/t) Noel 6.6/3.16/3 and grab up to 282 g/t Aquarius Discovery 55 Upper SnowGoose 11.3 / 3.6 Far East Tonic Prairie (grab up to 217g/t) 10 Km J-2 7.7/ /1.4 Fay 2 33

34 Meliadine Project 34

35 A solid financial position, low-cost structure, well-funded growth projects in regions of low political risk, and a focused, consistent strategy put Agnico-Eagle in a strong position to continue creating exceptional per share value. Sean Boyd Vice Chairman and Chief Executive Officer Ebe Scherkus President and Chief Operating Officer Executive and Registered Office: 145 King Street East, Suite 400 Toronto, Ontario, Canada, M5C 2Y7 Tel: Toll-Free: Fax: Ammar Al-Joundi SVP Finance and Chief Financial Officer Trading Symbol: AEM on TSX & NYSE Investor Relations: info@agnico-eagle.com agnico-eagle.com