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AGNICO-EAGLE BREAKS INTO BLACK IN HALF CEMENTING EARLIER TURNAROUND

 AGNICO-EAGLE BREAKS INTO BLACK IN HALF CEMENTING EARLIER TURNAROUND
 TORONTO, Aug. 4 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ-NMS: AEAGF) reports a net profit of $2,194,000 or 8 cents a share in the six months ended June 30, 1992, up 160 percent from a restated loss of $3,699,000 or 13 cents a share a year earlier.
 Revenue from production -- which came from an average 5 percent lower gold price -- rose 5 percent to $34,913,000 in the first half, up from $33,200,000 a year earlier. Gold production increased 7 percent to 85,386 ounces from 79,618 ounces. The average cash operating cost fell 22 percent to $239 (U.S.) an ounce from $306 (U.S.) in the 1991 first half.
 Net profit in the second quarter soared 505 percent to $2,670,000 or 10 cents a share from a restated profit of $441,000 or 1 cent a share a year earlier.
 Revenue from production -- which came from an average 7 percent lower bullion price -- decreased 2 percent to $18,418,000 from $18,785,000 a year earlier. Gold production increased 2 percent to 46,164 ounces from 45,488 ounces. The average cash operating cost dropped 24 percent to $210 (U.S.) an ounce from $276 (U.S.) in the 1991 second quarter.
 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.
 The long-awaited turnaround for the Toronto-based gold producer began in the first quarter, led by the LaRonde Mine (formerly Dumagami) near Cadillac, Quebec. In the first half, LaRonde produced 23 percent more ounces of gold than a year earlier and the average grade rose 22 percent. LaRonde's cash operating cost declined 19 percent to an average $214 (U.S) an ounce.
 In the second quarter, LaRonde did even better with a 25 percent rise in both production and grade than a year earlier. LaRonde's cash operating cost fell 22 percent to an average $187 (U.S.) an ounce.
 The Joutel Division, which was to be phased out early next year, also contributed to profit. The planned phase-out was cancelled by Agnico-Eagle in mid-July after an exploration hole intersecting 0.351 ounces of gold a ton was discovered only 1,600 feet from the main shaft of the Eagle Mine.
 AGNICO-EAGLE MINES LIMITED
 Summarized Quarterly Data
 (thousands of Canadian dollars, except per
 share amounts and per ounce amounts)
 Periods ended Three months Six months
 June 30, 1992 1991 1992 1991
 (Restated note) (Restated note)
 CONSOLIDATED FINANCIAL RESULTS
 Income from
 production $ 18,418 $ 18,785 $ 34,913 $ 33,200
 Net income (loss)
 for the period 2,670 441 2,194 (3,699)
 Per share 0.10 0.01 0.08 (0.13)
 Gold production -
 ounces 46,164 45,488 85,386 79,618
 Average cost - per
 gold ounce produced
 - US$ $210 $276 $239 $306
 Average gold price-per
 gold ounce received
 - US$ $333 $359 $345 $362
 OPERATING AND FINANCIAL SUMMARY
 JOUTEL DIVISION
 Income from
 production $ 3,547 $ 6,428 $ 7,110 $ 10,034
 Cash mine operating
 costs 3,260 6,232 6,981 11,264
 Cash mine operating
 profit $ 287 $ 196 $ 129 $ (1,230)
 Tons of ore milled 57,730 89,670 105,168 153,160
 Grade - ounces of
 gold per ton 0.19 0.20 0.19 0.18
 Gold production
 - ounces 8,950 15,815 17,468 24,527
 Cash operating costs
 - per gold ounce
 produced - US$ $304 $343 $337 $399
 LARONDE MINE
 Income from
 production $ 14,871 $ 12,357 $ 27,803 $ 23,166
 Cash mine operating
 costs 8,362 8,219 17,204 16,827
 Cash mine operating
 profit $ 6,509 $ 4,138 $ 10,599 $ 6,339
 Tons of ore milled 154,772 156,544 322,733 334,903
 Grade - ounces of
 gold per ton 0.25 0.20 0.22 0.18
 Gold production
 - ounces 37,214 29,673 67,918 55,091
 Cash operating costs
 - per gold ounce
 produced (net of
 by-product revenue)
 - US$ $187 $241 $214 $265
 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- 8/4/92
 /CONTACT: Paul Penna, president, Sean Boyd, treasurer of Agnico- Eagle Mines, 416-947-1212; or Paul Goldstein of Paul Goldstein Public Relations, 416-781-9498, for Agnico-Eagle Mines/
 (AEAGF) CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU: ERN


SH -- NY040 -- 6631 08/04/92 11:52 EDT
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Date:Aug 4, 1992
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