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AGNICO-EAGLE SETS GOLD OUTPUT RECORD AND WRITES DOWN ASSETS IN 1991

 AGNICO-EAGLE SETS GOLD OUTPUT RECORD AND WRITES DOWN ASSETS IN 1991
 TORONTO, April 14 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ: AEAGF) produced a record 188,984 ounces of gold in the year ended Dec. 31, 1991, up from 162,443 ounces a year earlier, but took non-cash write-downs to post a net loss.
 Despite a 5 percent lower average in bullion prices in 1991 from a year earlier, Agnico-Eagle's revenue rose to $77.4 million from $71.6 million in 1990. The Toronto-based company's northwestern Quebec mines increased production in each of the past three years.
 Higher grades, particularly from the LaRonde Mine (formerly Dumagami) near Cadillac, Quebec, bolstered output. A non-cash write-down of $80 million was taken in the fourth quarter of 1991, mostly goodwill associated with the acquisition of Dumagami Mines Ltd. in 1989. A $36.9 million write-down of other assets was taken a year earlier.
 Net loss in 1991 was $81.9 million or $2.86 a share, compared with $47.7 million or $1.82 a share in 1990.
 Revenue in the fourth quarter of 1991 rose to $24.2 million, up sharply from $15.2 million a year earlier. Net loss was $80.3 million or $2.81 a share, compared with $43 million or $1.62 a share.
 Revenue from production at the LaRonde Division in the fourth quarter of 1991 rose to $14.9 million from $9.9 million a year earlier. Gold produced increased to 36,704 ounces at a cost of $253 (US$221) an ounce, compared with 22,965 ounces at $337 (US$290).
 Revenue from the Joutel Division in the fourth quarter of 1991 rose to $9.2 million from $5.3 million a year earlier. Gold output increased to 22,804 ounces at a cost of $306 (US$267) an ounce from 12,798 ounces at $412 (US$355).
 AGNICO-EAGLE MINES LIMITED
 Summarized Fourth Quarter and Annual Financial
 and Operating Data
 (Thousands of Canadian dollars)
 Periods ended Dec. 31 Quarter Year
 12/31/91 12/31/90 1991 1990
 Consolidated financial
 results:
 Income from production $24,184 $15,221 $77,372 $71,574
 Net loss for the period (80,262) (43,036) (81,904) (47,687)
 Per share (2.81) (1.62) (2.86) (1.82)
 Weighted average number of
 shares outstanding 28,613 26,598 28,599 26,232
 Gold production - ounces 59,508 35,763 188,984 162,443
 Average cost - per gold
 ounce produced - US$ $239 $314 $278 $272
 Average gold price per
 ounce received - US$ $355 $367 $360 $378
 Divisional operating and
 financial summary
 Joutel Division:
 Income from production $9,245 $5,348 $29,279 $28,489
 Cash mine operating costs 6,977 5,270 26,012 22,810
 Cash mine operating profit $2,266 $78 $3,267 $5,679
 Tons of ore milled 96,346 73,743 382,674 366,228
 Grade - ounces of gold
 per ton 0.27 0.19 0.21 0.19
 Gold production - ounces 22,804 12,798 72,153 64,117
 Cash operating costs -
 per gold ounce produced $306 $412 $361 $356
 Laronde Mine:
 Income from production $14,939 $9,873 $48,093 $42,767
 Cash mine operating costs 9,304 7,739 33,843 28,632
 Cash mine operating profit $5,635 $2,134 $14,250 $14,135
 Tons of ore milled 184,505 163,570 652,390 749,376
 Grade - ounces of gold
 per ton 0.21 0.15 0.19 0.14
 Gold production - ounces 36,704 22,965 116,831 98,326
 Cash operating costs -
 per gold ounce produced
 (net of by-product revenue) $253 $337 $290 $291
 NOTE: Cash mine operating profit is calculated on an accrual basis and includes only mining and milling costs. All dollar amounts above are in Canadian funds unless stated otherwise indicated.
 -0- 4/14/92
 /CONTACT: Paul Penna or Sean Boyd of Agnico-Eagle Mines, 416-947-1212; or Paul Goldstein (PGPR), 416-781-9498, for Agnico-Eagle Mines/
 (AEAGF) CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU:


CK -- NY048 -- 8284 04/14/92 12:31 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
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