Agnico-Eagle Declares Annual Dividend of 2 Cents --U.S.-- Per Share.

TORONTO--(BUSINESS WIRE)--Dec. 15, 1998--Agnico-Eagle Mines Limited (NYSE:AEM)(TSE:AGE)(ME:AGE) has declared a dividend of 2 cents (U.S.) a share, payable January 26, 1999, to shareholders of record January 15, 1999. This year's dividend of 2 cents (U.S.) a share compares with 2 cents (U.S.) a share paid a year earlier. The amount of the dividend payment reflects current conditions in the gold market and management's decision to conserve cash for longer-term development and growth of its asset base, particularly the expansion of its LaRonde Mine.

The January 26th payment will mark the 19th consecutive annual dividend by the Canadian based gold producer, which has gold operations in northwestern Quebec. Agnico-Eagle's operating history includes 24 years of continuous gold production primarily from underground mining operations. Agnico-Eagle is currently focused on the expansion and large scale exploration program at its LaRonde Mine which is expected to result in increased gold and expanded reserves.