Agnico-Eagle Mines Ltd. (TSX: T.AEM, Stock Forum) (NYSE: AEM, Stock Forum) tabled an update Monday related to exploration programs at key projects in Canada, Finland and Mexico.
The Toronto gold miner said highlights include:
- A significant increase in resources at two zones – Wesmeg and Normeg -- located at the Meliadine project in Nunavut, where road construction is almost complete.
- Drilling results from the Kittila project in Finland, including a 35.3-metre intersection that returned 8.3 grams gold per tonne, the highest intercept reported to date in the Rimpi deposit.
- New conversion and exploration drilling results in the La India North deposit in Mexico, while construction is underway for anticipated commercial production in the second half of 2014.
- At the adjacent Tarachi project, the 2012 exploration program demonstrates that the mineralized envelope is larger and more continuous.
“Our 2012 exploration program has continued to demonstrate significant exploration upside at Meliadine, Kittila and La India/Tarachi,’’ said Agnico President and CEO Sean Boyd in a press release.
The exploration update was announced after the close of trading Monday, a day when Agnico rose 5.7% to $55.20, leaving the company with a market cap of $9.49 billion, based on 171.8 million shares outstanding. The 52-week range is $56.98 and $31.50.