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GOLDEX RAISES $2.05-MILLION FROM AGNICO-EAGLE TO PAY ORMICO FOR QUEBEC GOLD DEPOSIT

 TORONTO, Jan. 28 /PRNewswire/ -- Goldex Mines Limited has issued, subject to regulatory approval, 1.78 million flow-through shares at $1.15 each, to Agnico-Eagle Mines Limited, to finance the acquisition of the 40 percent of a northwestern Quebec gold deposit it did not already own, from Ormico Exploration Ltee/Ltd.
 The $2.05-million completed acquisition raises the Goldex interest in the Goldex Extension Zone to 100 per cent. The issued treasury shares raises Agnico-Eagle's direct and indirect interest in Goldex Mines to 57 percent from about 50 per cent.
 The deal with Quebec City-based Ormico was announced Oct. 29, 1992. Underground exploration of the deposit in Dubuisson Township was suspended by Goldex in 1991, following a sharp drop in the price of gold.
 The Goldex Extension Zone is estimated to contain almost 2 million ounces of gold (mineral inventory of 25.4 million tons of ore grading 0.073 ounces of gold a ton). The deposit is near Val d'Or and 38 miles east of Agnico-Eagle's producing LaRonde Mine and mill.
 -0- 1/28/93
 /CONTACT: Paul Penna, president, or Sean Boyd, treasurer of Goldex Mines Limited 416-947-1212; or Paul Goldstein of Paul Goldstein Public Relations, 416-781-9498, for Goldex Mines Limited/


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

SH -- NY023 -- 0117 01/28/93 09:47 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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