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NEW HIGH-GRADE HOLE MAY BREATHE NEW LIFE AT AGNICO-EAGLE'S EAGLE MINE

NEW HIGH-GRADE HOLE MAY BREATHE NEW LIFE AT AGNICO-EAGLE'S EAGLE MINE
 TORONTO, July 13 /PRNewswire/ -- An exploration hole intersecting 0.351 ounces of gold a ton -- only 1,600 feet from the main shaft of the Eagle Mine near Joutel, Quebec -- could change the mine's fate, it was announced today by Agnico-Eagle Mines Limited (NASDAQ: AEAGF).
 "We are certainly not going ahead with our planned phase-out," said Paul Penna, president of Toronto-based Agnico-Eagle Mines Limited. "We could be hitting a new orebody between the Eagle Mine and the nearby Eagle West orebody."
 The high grade was obtained from a core length of 28.6 feet (true width 25.9 feet) at a depth of 2,000 feet in a barely explored area between the two producing areas on the Eagle property. The zone is open at depth and for a strike length of 1,500 feet. This week, a step-out hole will be drilled 350 feet to the east.
 The hole is 1,600 feet west of the Eagle Mine and can be readily accessed from the main shaft. "No major expenditures would be needed to develop a new orebody so close and the higher grade indicated would cut our unit costs sharply," Penna said.
 "We could be taking gold out of there within a year," Penna added.
 Production from the Eagle Mine and the Eagle West open pit was to be phased out, while Agnico-Eagle concentrated on its high-grade LaRonde Mine 200 kilometers to the south. Agnico-Eagle recently announced a 20 percent increase in gold reserves at the LaRonde property, near Cadillac.
 -0- 7/13/92
 /CONTACT: Paul Penna, president, or 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 -- NY029 -- 8540 07/13/92 10:18 EDT
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Publication:PR Newswire
Date:Jul 13, 1992
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