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TWO HIGH-GRADE HOLES MAY SIGNAL NEW GOLD OREBODY AT AGNICO-EAGLE'S LARONDE MINE

 TORONTO, April 1 /PRNewswire/ -- Two high-grade exploration holes -- 3,000 feet from the main shaft of the LaRonde Mine near Val d'Or, Quebec -- may indicate a major new orebody between the existing two large deposits, announces Paul Penna, president of Agnico-Eagle Mines Limited.
 "The new deposit is easily the most significant discovery made on the LaRonde property since the original orebody was discovered in 1964," says Mr. Penna.
 "This major discovery requires a much larger expenditure than the $11-million originally targeted to develop and further explore LaRonde's rich Zone 6 deposit discovered in 1992," says Mr. Penna.
 Accordingly, a substantial equity financing is being considered to fund the expansion of the Toronto-based Agnico-Eagle group of companies. The new LaRonde discovery will likely require the deepening of the main shaft to a level of 5,000 feet from 3,200 feet. At the same time, a second shaft will be started at Zone 6.
 The two high-grade exploration holes were among 14 widely-spaced holes drilled in separate north and south lenses from the 20th-level exploration drive at a depth of 2,800 feet.
 The hole, DDH 20-98 in the northern lens, intersected a true thickness of 25 feet of massive sulphides that graded 0.38 ounces of gold a ton, 4.6 ounces of silver, 2 percent copper and 0.5 percent zinc over a true thickness of 9.2 feet. An additional intersection within the same lens, graded marginal gold, 1.47 ounces of silver, 0.35 percent copper and 3.47 percent zinc over a true thickness of 8.2 feet.
 DDH 20-98 in the southern lens graded 0.43 ounces of gold a ton, uncut, or 0.38 ounces of gold, cut to one ounce; 2.8 ounces of silver, 0.63 percent copper and 4.6 percent zinc over true thickness and core length of 35.1 feet at a depth of 3,300 feet.
 These two holes may correlate with the southern intersection in DDH 20-102 which graded 0.05 ounces of gold a ton, 0.70 ounces of silver, 0.11 percent copper and 2.8 percent zinc over a true thickness of 21.3 feet. This intersection is about 800 feet farther west and 1,400 feet deeper than the intersection in DDH 20-98, or 4,700 feet below surface.
 The two lenses share many characteristics with the original LaRonde orebody and Zone 6. Some of the intersections of note have been tabulated below:
 DDH NO. NORTH LENS SOUTH LENS
 AU AG CU ZN FT. AU AG CU ZN FT.
 PCT PCT PCT PCT
 20-92 0.04 3.79 0.02 12.65 17.4
 20-95 0.08 0.42 0.75 0.41 7.5 0.43 0.77 0.03 0.29 4.9
 20-97 0.07 4.73 0.51 2.97 16.4
 20-98 0.38 4.60 2.00 0.50 9.2 0.38 2.80 0.63 4.60 35.1
 20-98 LV 1.47 0.35 3.47 8.2
 20-100 LV 1.97 0.03 3.34 12.5
 20-101 0.08 0.70 0.20 0.04 23.3
 20-101 LV 1.40 0.03 7.29 28.9
 20-102 0.05 12.0 0.25 8.81 24.0 0.05 0.70 0.11 2.80 21.3
 NOTE: All lengths are true thicknesses.
 A resource calculation of the volume of the North Lens indicates a massive sulphide lens of about 8 million tons, excluding the results of DDH 20-98. Using a parallel with the original LaRonde orebody, which is under production -- where about 30 per cent of the known sulphide envelope developed into mineable economic reserves -- it is possible that of the known tonnage, 2.4 million tons may be economic.
 -0- 4/1/93
 /CONTACT: Paul Penna, president of Agnico-Eagle Mines, 416-947-1212/
 (AEAGF)


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

PS -- NY044 -- 1957 04/01/93 10:45 EST
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Date:Apr 1, 1993
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