meliadine & meadowbank exploration updateexploration

Agnico-Eagle Mines Limited

Meliadine & MeadowbankExploration UpdateExploration Update

June 28th, 2011

Forward Looking Statements

The information in this document has been prepared as at June 28, 2011. Certain statements contained in this document constitute“forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forwardl ki i f ti d th i i f C di i i l iti l Wh d i thi d t th d “ ti i t ”looking information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”,“expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements orinformation.

Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions;estimates of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of futureinternal rates of return mining costs cash costs minesite costs and other expenses; estimates of future capital expenditures andinternal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures andother cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certainore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing ofsuch exploration, development and production or decisions with respect to such exploration, development and production; estimates ofreserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events withrespect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Suchstatements and information reflect the Company's views as at the date of this document and are subject to certain risks uncertaintiesstatements and information reflect the Company s views as at the date of this document and are subject to certain risks, uncertaintiesand assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknowncould cause the actual results to be materially different from those expressed or implied by such forward looking statements andinformation. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves,mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and othercosts; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks;

it t t i k i t d ith f i ti t l d i t l l ti th l tilit f thcommunity protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of theCompany's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detaileddiscussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31,2010, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and ExchangeCommission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and

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information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technicalinformation disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 16, 2011press release on the Company’s website. That press release also lists the Qualified Persons for each project.

Note To InvestorsRegarding the use of non-GAAP financial measures

This document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognizedS ( S G )measures under United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data

presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs pertonne that the Company expects to incur to mine gold at the applicable projects and do not include production costs attributable toaccretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is thereforenot practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. Areconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measuresreconciliation of the Company s total cash cost per ounce and minesite cost per tonne to the most comparable financial measurescalculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to thefinancial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year endedDecember 31, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.

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LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank

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Meadowbank - Regional Property MapStrategic position to explore the Kivalliq Region

■ 70 km North of Baker Lake community

■ 110 km all weather road to access mine

■ Sea lift supply July to Octoberpp y y

Baker Lake

North

4

75 km

Meadowbank Exploration Activities2011 program ($11.4M): Mine site - 19,000 metres ($7.4M); Regional – 13,000 metres ($4M)

■ Exploration emphasis on reserve extensions North and South of Portage, Goose Island and Vault gopen pits

■ Secondary focus on prospective lateral targets

■ Reserve-to-Resource Conversion Drilling (10,500m): Vault Pit 3,500m, VaultSouth 3,500m, Vault East 3,500m

■ Resource Exploration drilling (8,500m): Tern Lake 2,500m, Far West Iron Formation 2,500m, Goose South 3,500m

&2011 Reserves & ResourcesTonnes Au oz‘000 g/t ‘000

ReservesProven 839 3.1 85Probable 34 085 3 1 3 385

5

5 km

Probable 34,085 3.1 3,385P&P 34,924 3.1 3,469ResourcesIndicated 26,282 1.7 1,430 Inferred 10,398 2.0 671

Meadowbank Exploration ActivitiesRecent drill results

Vault SouthNear surface (0-60m depth)

VLTS11-04 4.3 / 2.4m (15m)

VLTS11-05 2.1 / 5.4m (60m)

VLTS11-06 3.3 / 3.6m (12m)

VLTS11-08 3.9 / 4.0m (12m)( )

VLTS11-25 4.4 / 3.8m (23m)

VLTS11-27 4.0 / 5.0m (27m)

VLTS11-28 7.7 / 2.0m (41m)

VLTS11 31 5 2 / 4 3 (30 )VLTS11-31 5.2 / 4.3m (30m)

Vault, Tern, Vault South pending

Goose SouthGoose SouthGS11-03 intersect 3 zones within 15m

6.4 / 3.2m 3.9 / 4.0m 4.0 / 3.0m

450 to 475m depth

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5 km*All results are g/t over true width

Meadowbank Project - Exploration Potential

■ Over 40 gold showings discovered

Jim Ukalik

■ AEM 5 year program: potential to increase the reserves by another 2 0 Moz

Ron

LongrootPDF

Donna

another 2.0 Moz

■ Cannu, Portage, Goose, Goose S, PDF & Vault are

ShebaLongroot

Wally World

Marge BayCopen at depth

■ Currently considering an underground

l ti

CrownCricket

Tern N

VaultVault S

Tern SSTTexploration program STT

CannuPortage

GooseGoose S

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Goose S

Meadowbank - Regional Property MapMultiple land packages in surrounding area consistent with regional strategy

■ Regional reconnaissance

■ Evaluation of the Kivalliq region greenstones belts

■ Grassroots property stakingp p y g

■ Original property (at Cumberland acquisition) 38,700 ha, now 76,900ha

■ Visit of all early stage projects in the■ Visit of all early stage projects in the area

■ With Meliadine, AEM is strategically positioned to benefit from new gold Baker Lake

discoveries in the area

N

8

75 km

N

Agnico-Eagle Mines Limited

Meliadine ExplorationMeliadine Exploration

Meliadine Location – Property OutlineLarge 80km property with multiple gold deposits; Close to existing infrastructure

Land Tenure Summary

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Location - Rankin Inlet, Close to Meliadine ProjectProximity to major transportation hub in Kivalliq Region to facilitate logistics

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Meliadine – Exploration History

1972 First gold occurrence reported by Rankin Nickel Syndicate at Tonic Lake

1987 Asamera Minerals investigated historical occurrence and reported 5 g/t Au1987 Asamera Minerals investigated historical occurrence and reported 5 g/t Au

1989 Asamera & Comaplex find the Discovery deposit (4.4 / 4.0m) and stake 1,000 ha via a 50/50 JV

1993 Discovery of Tiriganiaq (17.2/1.1m), F Zone, Pumpy g q ( ) p

1994 Asamera sells its interest to Cumberland

1995 WMC options the Meliadine West property

2003 Comaplex buys WMC interest to wholly own Meliadine West (Meliadine East 50/50 Joint-Venture with Cumberland)

2007 Research Capital Fund acquires Cumberland interestp q

2010 Comaplex acquired remainder of property to become sole owner

2010 July – AEM takes over Comaplex Minerals and acquires 100% in Meliadine property. Other t ff

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assets spun off.

Meliadine – The Agnico-Eagle Era (2010– )

2010 July Comaplex Mineral Acquisition

2010-2013 US$129 M planned Advanced Exploration Program$ p p g

200,000m of ddh

Upgrade Camp facilities

Underground bulk sample programUnderground bulk sample program

Road construction

Permitting

2011 US$67 M budget (including US$6.7 M regional exploration) 3000 tonne per day initial feasibility study

Update on Reserves and Resources estimate

Exploration Ramp under evaluation

2013 Q1: Delivering feasibility study for Board approval

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Acquisition July 7th 2010

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Resources Estimate at the Acquisition

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Mineral Rights Commercial Lease

2010 Exploration Program ($14M)

TiriganiaqDeep resources extension

Geotechnical drillingMill and tailing facilities

TiriganiaqNear surface conversion

F ZONEConversion & extensionWolf

Conversion & extension

WesmegExploration

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2010 Tiriganiaq Q4 Highlights

17Agnico-Eagle Mines Limited

2010 F Zone, Wolf, Wesmeg Highlights

3.5 / 8.1 m

7.0 / 11.3 m

5.5 / 17.4 m

2.7 / 10.2 m

5.4 / 3.2 m

3.7 / 14.4 m9.8 / 3.2 m

8.3 / 2.6 m

4.1 / 10.9 m

3 4 / 4 1 m

6.6 / 11.4 m

8.2 / 3.7 m

6.3 / 8.2 m

3.4 / 4.1 m

5.6 / 5.5 m

4.6 / 21.8 m

4.2 / 11.0m

6.0 / 7.9 m

3.1 / 7.4 m

Wesmeg resource discovered

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F zone resource expanded at depth and to East Wolf resource confirmed *All results are g/t over true width

2011 February Reserve and Resources Estimate UpdateInitial 2 6 million ounce open pit and underground reserves declared at Triganiaq

TiriganiaqAu

(Moz)Tonnes('000)

Au(g/t)

Probable Reserves 2.60 9,467 8.54

Indicated Resources 0.81 5,407 4.66

Inferred Resources 1.91 7,883,022 7.55WolfAu

(Moz)Tonnes('000)

Au(g/t)

Initial 2.6 million ounce open pit and underground reserves declared at Triganiaq

(Moz) ( 000) (g/t)Indicated Resources 0.02 183 3.79

Inferred Resources 0.16 947 5.24

F zoneAu

(Moz)Tonnes('000)

Au(g/t)


WesmegAu

(Moz)Tonnes('000)

Au(g/t)

Inferred Resources 0.14 1,000 4.45

PumpAu

(Moz)Tonnes('000)

Au(g/t)


DiscoveryAu

(Moz)Tonnes('000)

Au(g/t)

Indicated Resources 0 32 1 323 7 41

,

Inferred Resources 0.18 1,010 5.62



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2011 February Resources Estimate Significant Increase

Category Tonnage grade ozMt g/t Moz

P b bl 9 5 8 5 2 6Probable 9.5 8.5 2.6

Indicated 8.8 5.2 1.5

Inferred 11 8 6 9 2 6

+24%

+53%

20Agnico-Eagle Mines Limited

Inferred 11.8 6.9 2.6Based on the 3,000tpd preliminary feasibility study

+53%

2010 Sealift and 2011 Winter Road Hauling

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New Exploration Camp Facilities

Increase in capacity to 98 beds and improvements in infrastructure in preparation for planned bulk sample, feasibility study and expanded exploration activities

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2011 Exploration program in progress$65 M planned in 2011 (90,000 m diamond drilling, underground bulk sample)

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190 drill holes completed for 42,000 m (as of June 27th)

2011 Exploration currently focused on: Resource exploration at Wesmeg Shallow large diameter delinitation drilling at Tiriganiaq (in preparation for bulk sample) Condemnation drilling at Tiriganiaq (feasilbliy study) Condemnation drilling at Tiriganiaq (feasilbliy study)Focus shift to: Resource to reserve conversion drilling at Wesmeg Deep exploration at Tiriganiaq

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Recent results significantly expand Wesmeg deposit

Wesmeg Longitudinal Section

M11-10407 02 g/t Au / 10 6 m

M11-10343.46 g/t Au / 9.7 m

M11-10082.20 g/t Au / 3.06 m M11-10337.02 g/t Au / 10.6 m

incl. 9.15 g/t Au / 7.7 mM11-10044.78g/t Au / 13.5 m

M11-10213.79 g/t Au / 4.0 m

2.69 g/t Au / 13.0 m5.12 g/t Au / 5.0 m

M11-10383.08 g/t Au / 8.6 m

M11-10542.58 g/t Au / 9.0 m

incl. 8.75 g/t Au / 2.3 m

M11-1026

M11-10105.89 g/t Au / 3.9 m

M11-10148.17 g/t Au / 5.4 m

M11-10276.87 g/t Au / 4.7 m

M11 10265.72 g/t Au / 9.4 m3.26 g/t Au / 6.6 m

incl. 5.04 g/t Au / 2.8 mM11-1031

3.39 g/t Au / 6.5 m3.38 g/t Au / 8.2 m

M11-10133.1 g/t Au / 6.7 m

Current Wesmeg North horizon resource envelope extended in all directions (including possible underground) Wesmeg South horizon resource envelope currently being defined

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Wesmeg horizons extended to 2.3 kilometres length and to 200 meters

2nd Bulk Sampling program underway

18 M$ B d18.7 M$ Budget

Large diameter drilling

250 m of lateral development

Lode 1000 and 1100

Muck assaying protocol to compare with DDH grade estimation

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To confirm reserve and resource estimate model parameters

Tiriganiaq Bulk Sampling Program

Large Diam DDHDDH

Bulk Sample

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Tiriganiaq Bulk Sample - Lode 1100

Oversize surface DDH (NQ/HQ) targeting the center of drift spaced

AEM New Bulk Sample proposalcenter of drift spaced every 25m

Comaplex 2008 BulkComaplex 2008 Bulk

Extend the drift in zone 1100 to the west for 125m

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1100 to the west for 125m

Additional drilling in the Bulk Sample Area

21.6 / 5.1m

Within

7.9 / 20.1m21.4 / 5.6m4.2 / 5.1m

WithinWithin

14.0 / 16.6m3.7 / 15.1m

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Bulk Sample program, Surface facilities being refurbished, 200 m of ramp rehabilitation completedProgram to be completed by late SeptemberProgram to be completed by late September

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Proposed Access Road

Proposed All Weather Access Road

M i A 27 4 kMain Access 27.4 km

Discovery Zone 4.0 km

Total Road 31.4 km

Budget 21 M$Budget 21 M$

Permit expected in the coming months, construction could begin this fall

The road will: Increase Safety for employees on camp

Reduce cost of transportation supply and people outside of the winter road period

Allow year around supply and reduce need of on site storage (fuel)

Accelerate mobilization of equipment for construction after the delivering of the feasibility in 2013

R d h li t t i ifi tl f 2012 d

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Reduce helicopter costs significantly for 2012 and beyond with more people on site

Tiriganiaq Longitudinal SectionProposed Exploration Ramp to explore the deep extension of Tiriganiaq in addition to the bulk sample programto the bulk sample program

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Exploration - 80km strike length to explore

Aqpik 8.6/3.2 & 9.6/3.2

Peter Lake

Musket BayAklak (grab up to 116 g/t)

Noel 6 6/3 1 and grab up to 282 g/tNanook Tiriganiaq

W

Sik Sik

Peter Lake

5.1/3.7

20.4/1.3Aquarius

Noel 6.6/3.1 and grab up to 282 g/t

SnowGoose 55 UpperDiscovery

F ZonePump

Wolf Wesmeg

SnowGoose

Tonic

11.3 / 3.6Far East

Prairie (grab up to 217g/t)

J-2

7.7/4.2

70.3/1.4

Fay 2

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10 Km

Meliadine Project

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A solid financial position, low-cost structure, well funded growth projects in regions of lowwell-funded growth projects in regions of low

political risk, and a focused, consistent strategy put Agnico-Eagle in a strong position to continue

creating exceptional per share value.

Executive and Registered Office:

145 King Street East Suite 400

Sean BoydVice Chairman and 145 King Street East, Suite 400

Toronto, Ontario, Canada, M5C 2Y7Tel: 416-947-1212Toll-Free: 888-822-6714 Fax: 416-367-4681

Chief Executive Officer

Ebe ScherkusPresident and

Chief Operating Officer

Ammar Al-JoundiSVP Finance and

Chief Financial Officer

Trading Symbol: AEM on TSX & NYSE

Investor Relations:

[email protected]

meliadine & meadowbank exploration updateexploration

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