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AGNICO-EAGLE ANNOUNCES PUBLIC OFFERING OF CONVERTIBLE NOTES

 TORONTO, Jan. 5 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ-NMS: AEAGF) today announced that it has filed a preliminary prospectus in the United States and Canada under the Multijurisdictional Disclosure System relating to a proposed public offering of convertible notes due 2004. The notes are similar to deep discount convertible notes on which a portion of the interest will be payable in cash semi-annually while the remainder of the interest will accrue so long as the notes remain outstanding. The notes will be convertible into a fixed number of Agnico common shares. The net proceeds from the sale of the notes will be used to finance development and exploration projects and for other general corporate purposes.
 Merrill Lynch & Co. will lead manage and Donaldson, Lufkin & Jenrette Securities Corporation and Kemper Securities, Inc. will co-mange the offering. It is expected that the offering will close in late January 1994.
 Agnico-Eagle is an established Canadian gold producer with over 20 years of continuous gold production. The company's mining operations are located principally in northwestern Quebec, with exploration activities currently centered around its producing properties.
 A copy of the preliminary prospectus may be obtained in the United States from Merrill Lynch & Co. and in Canada from Merrill Lynch Canada Inc.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission in the United States but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective and final prospectus is filed. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or province in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or province.
 -0- 1/5/94
 /CONTACT: Paul Penna, president of Agnico-Eagle Mines Limited, 416-947-1212/
 (AEAGF)


CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU: OFR

CK -- NY055 -- 9408 01/05/94 14:40 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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