Mining Explorers 2012: Agnico-Eagle Mines Ltd.
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Last updated 11/11/2012 at Noon
Aem: TSX
Chairman: James D. Nasso
President and CEO: Sean Boyd, C.A.
Senior Vice President, Exploration: Alain Blackburn, P. Eng.
Mid-tier gold producer Agnico-Eagle Mines Ltd. is focused on its advanced-stage Meliadine Project and its Meadowbank Gold Mine in central Nunavut.
The company picked up the Meliadine project by acquiring Comaplex Minerals in July 2010.
The project had proven and probable gold reserves of 2.9 million ounces (12.5 million metric tons grading 7.2 grams per metric ton gold) at Dec. 31, 2011.
Agnico-Eagle budgeted C$40 million for exploration at Meliadine in 2012 comprised of 90,000 meters of drilling in known deposits and 55,000 meters of grassroots exploration drilling, including C$9.8-million supplementary budget announced in July.
The company also earmarked C$52-million for infrastructure, permitting and feasibility study, including construction of a 24-kilometer permanent all-season road linking the project with the community of Rankin Inlet.
Exploration targeted the 5-kilometer-long gold trend that includes the richest parts of the Tiriganiaq zone and new Wesmeg and Normeg zones immediately to the south.
The company evaluated accelerating underground ramp development to facilitate exploration and eventual development of the growing deposit.
This study was to be completed in the third quarter.
An updated feasibility study also was underway at the mining/milling rate of more than 3,000 metric tons per day.
Meliadine has significant potential synergies for development with the Meadowbank mine, which is located 290 kilometers (180 miles) to the northwest.
Agnico-Eagle reported a new, optimized mine plan for Meadowbank in February aimed at reducing risk by reducing ore and waste tonnage in the mine's operating budget by 36 percent.
The plan shortens Meadowbank's mine life by three years to 2017.
The company undertook a mine-site exploration program at Meadowbank in 2012 that consisted of 5,000 meters of conversion drilling at a cost of C$1.6 million and a 13,000-meter, C$5.1-million regional exploration program as well as prospecting surrounding the mine site.
Cash and short-term deposits: C$289.1 million (at June 30, 2012)
Working capital: C$491.0 million (at June 30, 2012; raised C$200.0 million in July financing)
Market capitalization: C$ 8.91 billion (at Oct. 3, 2012)
Agnico-Eagle Mines Ltd.
145 King St. East, Suite 400 Toronto, Ont. Canada M5C 2Y7
Tel: 416-947-1212 Fax: 416-367-4681
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