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AGNICO-EAGLE MINES REPORTS THIRD-QUARTER RESULTS

 AGNICO-EAGLE MINES REPORTS THIRD-QUARTER RESULTS
 TORONTO, Nov. 14 /PRNewswire/ -- Agnico-Eagle Mines Limited


(NASDAQ: AEAGF) today reported record gold production in the third quarter of 1991, resulting in increased revenue and positive earnings despite lower gold prices.
 Income from production for the three-month period ended Sept. 30, 1991, was $20 million, an increase of $2.5 million over the three-month period ended Sept. 30, 1990. This increase in revenue was due to gold production of 49,858 ounces compared to 39,603 ounces produced during the comparative 1990 period. As a result, Agnico-Eagle recorded net income for the third quarter of $0.6 million or $0.02 per share compared to a net loss of $2.6 million or $0.09 per share for the 1990 third quarter.
 Income from production for the nine-month period ended Sept. 30, 1991, was $53.2 million, a decrease of $3.2 million over the nine-month period ended Sept. 30, 1990. Despite increased gold production, revenue declined principally due to lower gold prices. During the first nine months of 1991, the average gold price received was US$357, compared to US$381 for the corresponding 1990 period. A net loss of $1.6 million or $0.06 per share was recorded for the first nine months of 1991 compared to a net loss of $4.7 million or $0.18 per share in 1990.
 Record gold production levels are expected to continue during the fourth quarter as mining operations continue on the Joutel open pit and on the lower levels of the LaRonde Mine. During October, a monthly gold production record of 24,000 ounces was achieved. Increased gold production should result in improved operating earnings, lower unit costs and increased cash flow for the remainder of 1991.
 Agnico-Eagle Mines Limited is a Canadian gold producer which currently operates two gold mines in Quebec and is active in precious metals exploration throughout Canada.
 AGNICO-EAGLE MINES LIMITED
 Summarized Quarterly Data
 (Unaudited; thousands of Canadian dollars, except per-share amounts
 and per-ounce amounts)
 Periods ended Three Months Nine Months
 Sept. 30 1991 1990 1991 1990
 Consolidated financial
 results:
 Income from production $19,988 $17,480 $53,188 $56,353
 Net income (loss) for
 the period 572 (2,554) (1,642) (4,651)
 Net income (loss) per share 0.02 (0.09) (0.06) (0.18)
 Weighted average number of
 shares outstanding 29,330 27,054 29,358 25,796
 Gold production - ounces 49,858 39,603 129,476 126,680
 Cash operating cost -
 per gold ounce US$ $272 $273 $294 $259
 Average gold price received -
 per gold ounce US$ $350 $382 $357 $381
 Divisional operating and
 financial summary
 Joutel Division:
 Income from production $10,000 $6,166 $20,034 $22,695
 Cash mine operating costs 7,771 4,982 19,145 17,540
 Cash mine operating profit
 (loss) 2,229 1,184 889 5,155
 Tons of ore milled 133,168 77,153 286,328 292,485
 Average grade - ounces of
 gold per ton 0.21 0.21 0.19 0.19
 Gold production - ounces 24,822 14,503 49,349 51,319
 Cash operating costs -
 per gold ounce produced $313 $344 $388 $342
 Laronde mine:
 Income from production $9,988 $10,868 $33,154 $32,894
 Cash mine operating costs 7,712 7,498 24,689 20,893
 Cash mine operating profit 2,276 3,370 8,465 12,001
 Tons of ore milled 132,982 197,773 467,885 585,806
 Average grade -
 ounces of gold per ton 0.20 0.14 0.18 0.14
 Gold production - ounces 25,036 25,100 80,127 75,361
 Cash operating costs -
 per gold ounce produced $308 $299 $308 $277
 NOTE: Cash mine operating profit (loss) is calculated on an accrual basis and includes only mining and milling costs. All dollar amounts above are in Canadian funds unless stated otherwise. Average gold prices include the effects of sales of bullion produced in prior periods. The summarized quarterly data has been reclassified from data previously presented to conform to the presentation of the September 1991 data.
 -0- 11/14/91
 /CONTACT: Sean Boyd, treasurer and CFO of Agnico-Eagle Mines, 416-947-1212/
 (AEAGF) CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU: ERN CK -- NY065 -- 4449 11/14/91 12:52 EST
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Date:Nov 14, 1991
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