The Meliadine advanced-stage gold project in Nunavut Territory, northern Canada is Agnico-Eagle’s second major project in Canada’s Low Arctic following the Meadowbank gold mine. The company acquired the Meliadine project by acquiring Comaplex Minerals in July 2010. The project has proven and probable gold reserves of 2.9 million ounces (12.5 million tonnes grading 7.2 grams/tonne gold) as of December 31, 2011. Meliadine also has a large gold resource, and is located on a large property with significant exploration upside. There is significant potential for regional synergies with Meadowbank, which is 290 kilometres to the northwest.

* Source Meliadine December 31, 2011 Reserves and Resources

Q1 2012

• $30-million exploration budget in 2012 includes 90,000 metres of drilling in known deposits and 25,000 metres of grassroots exploration drilling
• $52-million budget in 2012 for infrastructure, permitting and feasibility study includes construction of 24-kilometre permanent all-season road linking project with community of Rankin Inlet.
• Evaluating acceleration of underground ramp development to facilitate exploration and eventual development of the growing deposit. Study to be completed Q3 2012.
• Updated feasibility study underway at mining/milling rate of more than 3,000 tonnes/day; expected to be completed for review in late 2013.
• Exploration focusing on the 5-km gold trend that includes the richest parts of the Tiriganiaq zone and new lenses discovered in 2011.