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AGNICO-EAGLE'S PROFIT SURGE DUE TO PLUNGING UNIT COSTS

 AGNICO-EAGLE'S PROFIT SURGE DUE TO PLUNGING UNIT COSTS
 TORONTO, Nov. 4 /PRNewswire/ - Agnico-Eagle Mines Limited


(NASDAQ-NMS: AEAGF) reports net profit of $5,942,000 or 21 cents a share, in the nine months ended Sept. 30, 1992, up 282 percent from a restated loss of $3,257,000 or 12 cents a share a year earlier.
 Cash flow from operations was $12,968,000 or 46 cents a share, up 362 percent from a restated cash flow of $2,808,000 or 10 cents a share a year earlier.
 Revenue from production - which came from an average 3 percent lower gold price - rose 2 percent to $54,437,000 in the nine months from $53,188,000 a year earlier. Gold production increased 2 percent to 131,988 ounces from 129,476 ounces. The average cash operating cost fell 25 per cent to $221 (U.S.) an ounce from $294 (U.S.) in the 1991 period.
 "Agnico-Eagle's buoyant results partly reflect the impact of a weaker Canadian dollar on our cash operating costs," says Paul Penna, president. "Higher ore grades have also been contributing to rising profit and cash flow - all achieved without resorting to the forward selling of bullion," he adds.
 Net profit in the third quarter surged 748 percent to $3,748,000 or 13 cents a share from a restated profit of $442,000 or 1 cent a share a year earlier.
 Cash flow from operations was $6,834,000 or 24 cents a share, up 162 percent from a restated $2,613,000 or 9 cents a share in last year's third quarter.
 Revenue from production slipped 2 percent to $19,524,000 from $19,988,000. Gold production dipped to 46,602 ounces from 49,858 ounces. The average cash operating cost fell 31 percent to $190 (U.S.) from $272 (U.S.) a year earlier.
 Restated figures are due to a change in accounting procedure, effective Jan. 1, 1992, which consolidated the results of Mentor Exploration and Development Co. and another smaller subsidiary.
 AGNICO-EAGLE MINES LIMITED
 Summarized Quarterly Data
 (thousands of Canadian dollars, except per share amounts
 and per ounce amounts)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 (Restated note) (Restated note)
 Consolidated Financial Results
 Income from
 production $ 19,524 $ 19,988 $ 54,437 $ 53,188
 Net income (loss)
 for the period 3,748 442 5,942 (3,257)
 Per share 0.13 0.01 0.21 (0.12)
 Operating cash flow (A) 6,834 2,613 12,968 2,808
 Operating cash flow
 per share 0.24 0.09 0.46 0.10
 Gold production -
 ounces 46,602 49,858 131,988 129,476
 Average cost - per
 gold ounce produced
 - US$ $190 $272 $221 $294
 Average gold price - per
 gold ounce received
 - US$ $349 $350 $346 $357
 Operating and Financial Summary
 Joutel Division
 Income from
 production $ 4,389 $ 10,000 $ 11,499 $ 20,034
 Cash mine operating
 costs 2,960 7,771 9,941 19,145
 Cash mine operating
 profit $ 1,429 $ 2,229 $ 1,558 $ 889
 Tons of ore milled 54,516 133,168 159,684 286,328
 Grade - ounces of
 gold per ton 0.19 0.21 0.19 0.19
 Gold production
 - ounces 10,493 24,822 27,961 49,349
 Cash operating costs
 - per gold ounce
 produced - US$ ? $235 $273 $298 $337
 Laronde Mine
 Income from
 production $ 15,135 $ 9,988 $ 42,938 $ 33,154
 Cash mine operating
 costs 7,646 7,712 24,850 24,689
 Cash mine operating
 profit $ 7,489 $ 2,276 $ 18,088 $ 8,465
 Tons of ore milled 141,756 132,982 464,489 467,885
 Grade - ounces of
 gold per ton 0.27 0.20 0.24 0.18
 Gold production
 - ounces 36,109 25,036 104,027 80,127
 Cash operating costs
 - per gold ounce
 produced (net of
 by-product revenue)
 - US$ $176 $269 $200 $268
 (A) Before working capital adjustments
 NOTE: All dollar amounts above are in Canadian funds unless otherwise indicated. The Canadian Institute of Chartered Accountants has issued new accounting recommendations concerning "Subsidiaries", which are effective Jan. 1, 1992. The company has retroactively applied these recommendations and as a result the comparative 1991 consolidated financial statements have been restated to reflect the consolidation of associated companies.
 -0- 11/04/92
 /For further information: Paul Penna, president; Sean Boyd, treasurer of Agnico-Eagle Mines, 416-947-1212; or Paul Goldstein of PGPR, 416-781-9498, for Agnico-Eagle Mines Limited/
 (AEAGF) CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU: ERN


AH -- NY077 -- 2698 11/04/92 17:09 EST
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