Agnico-Eagle had another terrific quarterAgnicoEagles Mines Ltd.
Agnico-Eagle had another terrific quarter, as the company benefited from by-product credits for zinc, copper and silver which resulted in a negative $332 per ounce cash cost for mining gold. Agnico will produce 240,000 ounces this year but will boost production to 1.2 million ounces by 2010, once the five new mines currently in construction come on stream. The newest, Cumberland Resources in Nunavut will produce 400,000 ounces in the first year alone. Agnico recently released drilling results from Pinos Altos in Mexico, where four drill rigs are turning. In addition, Agnico is sinking an underground ramp which will give it access to deeper zones in Santo Nino and Cerro Colorado. Pinos Altos currently has a resource of almost 2 million ounces of gold and 56 million ounces silver. Further drilling is expected to be boost the resource. We continue to recommend Agnico-Eagle shares because they are among the few that are spending aggressively and hence possess the best blue sky picture among the intermediate term players
John R. Ing
Maison Placements Canada
130 Adelaide St. West - Suite 906
Toronto, Ont. M5H 3P5
(416) 947-6040
jing@maisonplacements.com