Stock Symbol: AEM (NYSE and TSX)
TORONTO, March 31,
2023 /CNW/ - Agnico Eagle Mines Limited (NYSE:
AEM) (TSX: AEM) ("Agnico Eagle" or the
"Company") is pleased to announce the successful completion
of the previously announced plan of arrangement (the "Arrangement")
pursuant to which Agnico Eagle has acquired certain subsidiaries
and partnerships which hold Yamana Gold Inc.'s ("Yamana") interests
in its Canadian assets, including the Canadian Malartic mine.
As part of the Arrangement, Pan American Silver Corp. has acquired
all the issued and outstanding common shares of Yamana.
With the completion of the Arrangement, the Company now owns
100% of the Canadian Malartic mine, 100% of the Wasamac project
located in the Abitibi region of Quebec and several other exploration
properties located in Ontario and
Manitoba. Over the last 18 months, the Company has solidified
its presence in the Abitibi gold belt, a region of low political
risk and high geological potential, and where it has a strong
competitive advantage from having operated there for over 50
years. The Company's production in the Abitibi gold belt is
forecast to be approximately 1.9 million ounces to 2.1 million
ounces of gold per year through 2025. In addition, the
Company has the unique ability to monetize future additional mill
capacity at the Canadian Malartic mine, given its extensive
operations and strategic land position in the region.
The Company's 2023 production and costs guidance, which assumed
50% ownership of Canadian Malartic for the first three months of
2023 and 100% ownership for the last nine months of the year, is in
line with the actual completion date of the Arrangement. For
additional details on the Company's 2023 guidance please see the
Company's news release dated February 16,
2023.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing
precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of
high-quality exploration and development projects in these
countries as well as in the United
States. Agnico Eagle is a partner of choice within the
mining industry, recognized globally for its leading environmental,
social and governance practices. The Company was founded in
1957 and has consistently created value for its shareholders,
declaring a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at
March 31, 2023. Certain
statements contained in this news release constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" under the provisions of Canadian
provincial securities laws and are referred to herein as
"forward-looking statements". All statements, other than
statements of historical fact, that address circumstances, events,
activities or developments that could, or may or will occur are
forward looking statements. When used in this news release,
the words "anticipate", "could", "estimate", "expect", "forecast",
"future", "plan", "possible", "potential", "will" and similar
expressions are intended to identify forward-looking
statements. Such statements include, without limitation: the
expected gold production in the Abitibi gold belt through 2025 and
the Company's ability to monetize future additional mill capacity
at the Canadian Malartic mine.
Forward-looking statements are necessarily based upon a number
of factors and assumptions that, while considered reasonable by
Agnico Eagle as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. The material factors and
assumptions used in the preparation of the forward looking
statements contained herein, which may prove to be incorrect,
include, but are not limited to, the assumptions set forth herein
and in management's discussion and analysis ("MD&A") and the
Company's Annual Information Form ("AIF") for the year ended
December 31, 2022 filed with Canadian
securities regulators and that are included in its Annual Report on
Form 40-F for the year ended December 31,
2022 ("Form 40-F") filed with the U.S. Securities and
Exchange Commission (the "SEC").
Many factors, known and unknown, could cause the actual results
to be materially different from those expressed or implied by such
forward looking statements. For a detailed discussion 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 news release, see the AIF and MD&A
filed on SEDAR at www.sedar.com and included in the Form 40-F filed
on EDGAR at www.sec.gov, as well as the Company's other filings
with the Canadian securities regulators and the SEC. Other
than as required by law, the Company does not intend, and does not
assume any obligation, to update these forward-looking
statements.
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SOURCE Agnico Eagle Mines Limited