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AGNICO-EAGLE TURNS AROUND IN 1992 AS UNIT COSTS HELD DOWN

 TORONTO, Feb. 24 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ: AEAGF) today reported net profit of $6.2 million or 22 cents a share, in the year ended Dec. 31, 1992, up from a net loss of $81.9 million or $2.86 a share a year earlier. The 1991 results included non- cash write-downs of approximately $80 million in the fourth quarter.
 Cash flow from operations in 1992 rose to $14.0 million or 50 cents a share, up from a restated $8.0 million or 28 cents a share a year earlier.
 Revenue from production was $70.5 million in 1992, compared with $77.4 million a year earlier. Gold production was 171,251 ounces, compared with 188,984 ounces. The average cash operating cost fell to US$229 an ounce from US$278 in 1991.
 "Agnico-Eagle's turnaround was due to tighter operating controls and higher ore grades," said Paul Penna, president. "The weakening of the Canadian dollar against its U.S. counterpart helped offset the sharply lower bullion prices. Despite continued pressure on gold prices, Agnico-Eagle is heading into its second consecutive year of profitability," Mr. Penna added.
 Net profit in the fourth quarter was $268,000 or 1 cent a share, up from a net loss of $78.6 million or $2.74 a share a year earlier.
 Cash flow from operations was $1.0 million or 2 cents a share, down from a restated $5.2 million or 17 cents a share in the fourth quarter of 1991.
 Revenue from production in the quarter declined to $16.1 million from $24.2 million a year earlier. Gold production dropped to 39,263 ounces from 59,508 ounces, because of significantly lower output at the scaled-down Joutel Division.
 The 1992 fourth quarter results were not as strong as those of the two previous quarters. "This was due to a lower-grade mining cycle at the LaRonde Mine --- and the lowest bullion prices in seven years," Mr. Penna said.
 "Since the year-end we have returned to higher grades and slightly better gold prices," he added.
 Restated figures are due to a change in accounting procedure, effective Jan. 1, 1992, which consolidated the results of associated companies.
 AGNICO-EAGLE MINES LIMITED
 Summarized Fourth Quarter and Annual
 Financial and Operating Data
 (Thousands of Canadian dollars)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Consolidated Financial
 Results
 Income from
 production $16,110 $24,184 $70,547 $77,372
 Net income (loss)
 for the period 268 (78,647) 6,210 (81,904)
 Per share $0.01 $(2.74) $0.22 $(2.86)
 Operating cash flow(A) 987 5,180 13,955 7,988
 Operating cash flow
 per share+ $0.02 $0.17 $0.50 $0.28
 Gold production -
 ounces 39,263 59,508 171,251 188,984
 Average cost - per
 gold ounce produced
 - US$ $256 $239 $229 $278
 Average gold price - per
 gold ounce received
 - US$ $324 $355 $340 $360
 Operating and Financial
 Summary
 Joutel Division
 Income from
 production $3,617 $9,245 $15,116 $29,279
 Cash mine operating
 costs 3,232 6,977 13,173 26,012
 Cash mine operating
 profit 385 2,268 1,943 3,267
 Tons of ore milled 42,465 96,346 202,149 382,674
 Grade - ounces of
 gold per ton 0.22 0.27 0.21 0.21
 Gold production
 - ounces 8,816 22,804 36,777 72,153
 Cash operating costs
 - per gold ounce
 produced - US$ $289 $306 $296 $361
 Laronde Mine
 Income from
 production $12,493 $14,939 $55,431 $48,093
 Cash mine operating
 costs 9,526 9,304 34,376 33,843
 Cash mine operating
 profit 2,967 5,635 21,055 14,250
 Tons of ore milled 136,566 184,505 601,055 652,390
 Grade - ounces of
 gold per ton 0.24 0.21 0.25 0.19
 Gold production
 - ounces 30,447 36,704 134,474 116,831
 Cash operating costs
 - per gold ounce
 produced (net of
 by-product revenue)
 - US$ $247 $253 $211 $290
 (A) -- Before working capital adjustments and restated to include the consolidation of associated companies.
 -0- 2/24/93
 /CONTACT: Paul Penna, president, Sean Boyd, treasurer of Agnico-Eagle Mines, 416-947-1212; or Paul Goldstein, 416-781-9498, for Agnico-Eagle Mines/
 (AEAGF)


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

CK -- NY034 -- 9906 02/24/93 12:19 EST
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Date:Feb 24, 1993
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