With its emphasis on , an exceptional record quality of ......Dec 17, 2009 · December 17, 2009 With its emphasis on , an exceptional record of creating shareholder value, and one

AGNICO-EAGLE MINES LIMITEDTechnical Update

December 17, 2009

With its emphasis on , an exceptional record of creating shareholder value, and one of the most robust profiles in the industry, Agnico-Eagle Mines Limited has emerged as the gold stock of choice.

quality

growth

Member of the World Gold Council www.gold.org Meadowbank, Canada

Forward Looking Statements

The information in this document has been prepared as at December 17, 2009. Certain statements contained in this document 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. When used in this document, the words “anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or information.

Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future reserves, resources, mineral production and sales; estimates of mine life; estimates of future internal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more 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 document, see the Company'sAnnual Report on Form 20-F for the year ended December 31, 2008, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does not intend, and does not assume any obligation,to update these forward-looking statements and information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 18, 2009 press release on the Company’s website. That press release also lists the Qualified Persons for each project.

2

Note To Investors

Note to Investors Regarding the Use of Non-GAAP Financial MeasuresThis document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognized measures under United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per tonne that the Company expects to incur to mine gold at the applicable projects and do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. A reconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measures calculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to the financial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2008, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.

3

Corporate Strategy

■ Increase gold production■ Targeting 2010 gold production of 1.0 – 1.1 million oz■ Internal expansions expected to contribute to steady

production growth through 2014

■ Grow gold reserves■ Record reserves of 18.1 million ounces*■ Four of six deposits may ultimately exceed 5 million oz

■ Acquire small, think big■ Continue with successful acquisition strategy

■ Be a low-cost leader■ Expect to remain below average total cash cost

producer long term

■ Maintain a solid financial profile■ Credit facilities of $900M with a large syndicate of

banks

* See attached reserve and resource tables

Strategy Remains Focused On Per Share Metrics

4

Status Update: Progressing As PlannedAll Q3 issues well under way to being resolved

5

Nov mill production rate –2,110 tpdNov. mill grade – 2.17 g/t AuNov. leach pad ore stacked –50.9 kt

Sept. mill production rate –893 tpdSept. mill grade – 1.41 g/t AuLeach pad ore stacked – 8.4kt

Longer than expected commissioning of tailings filter presses.

Pinos Altos

Nov prod. rate – 3,107 tpdNov Au prod. – 14,505 ozNov recovery rate – 76%

Q3 prod. rate – 1,956 tpdQ3 Au prod. – 18,284 ozQ3 recovery rate – 64%

Gold production below expectation due to low recovery rates; Cost high due to low tonnage milled

Kittila

Budgeting 50% dilution going forwardQTD recovery rate – 81%

Up to 75% dilutionQ3 recovery rate – 75%

Lower than expected production due to 57% ore dilution. Lower than expected mill recoveries

Lapa

QTD grade – 2.14 g/tQ3 avg. grade – 1.59 g/tMining lower grade ore from eastern mining blocks

Goldex

November production rate –7,070 tpd

Average production rate of 6,509 tpd

Lower production rate as a result of a longer than expected maintenance shutdown

LaRonde

Q4 to November 30September 30 – Q3IssueOperation

Industry Leading1 Gold Production Growth EstimatesStudies on three potential internal expansions underway

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2009E 2010E 2011E 2012E 2013E 2014E$300

$320

$340

$360

$380

$400

$420

LaRonde Goldex Lapa KittilaPinos Altos Meadowbank Creston Mascota Total Cash Cost (US$/oz)

Payable Gold Production(ounces)

1 For an intermediate or senior gold producer

6

Consistent Focus On Per Share Production GrowthGold production (oz) / 1000 shares

7

0

1

2

3

4

5

6

7

8

9

10

2008A 2009E 2010E 2011E 2012E 2013E 2014E

■ Located in mining-friendly regions of low political risk■ 100% owned, with low total acquisition costs■ Each region has long-term mining camp potential

Operations At A GlanceFive mines now operating. One new gold mine nearing completion

LaRondeQUEBEC, CANADA

GoldexQUEBEC, CANADA

KittilaKITTILA, FINLAND

MeadowbankNUNAVUT, CANADA

Fraser Institute’s ranking 1 Fraser Institute’s

ranking 1 Fraser Institute’s ranking 14

Fraser Institute’s ranking 44

Fraser Institute’s 2008/2009 ranking of 71 mining jurisdictions


LapaQUEBEC, CANADA


Pinos AltosCHIHUAHUA, MEXICO

8

2010 - A Year of Transition

■ Increase gold production■ LaRonde continues to perform■ LaRonde Extension on time and budget■ Goldex has exceeded daily rates of 8,500 tpd■ Grades back to reserve estimates■ Record production at Kittila in November■ Grades improving at Lapa in December■ Pinos Altos ramping up■ Meadowbank start up in January

■Grow gold reserves■ Record reserves of 18.1 million ounces*■ Four of six deposits may ultimately exceed 5 million oz■ Over 300,000 metres of drilling planned in 2010

* See attached reserve and resource tables

9

LaRonde – Canada

■Operations ■ Steady state operations■ Averaging 7,070 tpd November■ Will achieve production targets

■ 2010 Exploration■ Focus on resource conversion, additional

potential at depth and to the East■ Drilling possible extension of Westwood zone on Ellison■ Drilling program at depth

Good production and cost performance continues

Au reserves (m oz) 5.0

Average reserve grade (g/t) 4.3

Measured & Indicated resource (m oz) 0.4

Inferred resource (m oz) 3.0

Estimated average production (k oz/yr) 320

Est. LOM (years) 13

2010 exploration budget $4M

10

LaRonde – Canada

■ LaRonde Extension■ Shaft sinking completed to a depth of 2,854 metres■ No ground control issues experienced■ Start of production from Extension expected in 2011.

On time, on budget■ Changeover on schedule






Est. LOM (years) 13


11

2010 LaRonde Extension – Shaft Schedule

12

Last bench : Nov. 14th 2009

Changeover end : Jan. 23th 2010

Exploration Plan 2010-2014

Puits PennaPuits IPuits Bousquet IIPuits Bousquet I Puits II

LaRonde Operations Forecast

LaRonde Operations Summary 2010 2011 2012 2013 2014

Ore milled (000's tonnes) 2,592 2,580 2,428 2,373 2,300

Grade: Gold (g/tonne) 2.40 2.31 2.91 4.00 4.75 Silver (g/tonne) 58.35 66.65 51.17 31.29 21.30 Zinc 3.41% 3.04% 2.26% 0.92% 0.55% Copper 0.26% 0.29% 0.30% 0.34% 0.32%

Mill recovery: Gold 90% 90% 92% 93% 93% Silver 86% 85% 86% 85% 79% Zinc 89% 88% 85% 70% 66% Copper 81% 85% 85% 86% 86%

Payable metal produced: Gold (ozs) 179,700 172,100 208,200 283,100 328,600 Silver ('000 oz) 3,551 4,110 3,179 1,867 1,141 Zinc (tonnes) 67,133 58,576 41,861 12,925 7,111 Copper (tonnes) 5,056 5,693 6,130 6,476 5,979

Mining/Milling Costs (C$/tonne) $75 $75 $79 $79 $79

Total Cash Cost per ounce $220 $186 $289 $370 $359

LaRonde Challenges

■ 14.4 km of lateral development (waste handling)

■ Zone 21 - new zone - grade and continuity

■ Production below 215 = 44 % tonnes / 71% ounces of gold

■ Underhand mining

LaRonde Opportunities

■Mature and highly qualified workforce

■Qualified management

■ Higher metal prices than budgeted

■ LaRonde Extension is on plan and on budget

Goldex – Canada

Operations

■ Processed and hoisted more tonnage than budgeted (+100,000 tonnes)

■More tonnes drilled and blasted than plan

■Mill has achieved record of 8,500 tpd

■ Costs on plan

■Grade Q4 back to reserve levels – mining sequence issues have been resolved

Drilling and blasting approximately 1.5 years ahead of schedule






Est. LOM (yrs) 8


17

Goldex – Canada

■ Project■ Increase production rate increase from 6,900 tpd to

8,000 tpd (an additional 20,000 oz/yr), starting in late-2011 on schedule

■ Crushing plant commissioned in January■ Capital cost approximately $10 million. Estimated

IRR 76%

■ 2010 Exploration■ Focus on resource conversion, exploration to west,

east and at depth

Drilling and blasting approximately 1.5 years ahead of schedule






Est. LOM (yrs) 8


18

2010 Mining Plan

CentralWest East

66 level65 level

73 level 73 level

2010 Mining Plan

58 level55 level

76 level76 level

49 level

Production Longitudinal - Dec 31st, 2009

CentralWest East

66 level65 level

73 level 73 level

58 level55 level

76 level76 level

49 level

Production Longitudinal - Dec 31st, 2010

2010 Mining Plan

Goldex Operations Forecast

Goldex Operations Summary 2010 2011 2012 2013 2014


Grade: Gold (g/tonne) 2.20 2.18 2.07 2.00 1.94

Mill recovery: Gold 91% 92% 92% 92% 92%

Payable metal produced: Gold (ozs) 164,000 166,800 175,000 169,500 164,800



3 Year Exploration Plan

38 Level

73 Level

5000m to test the West area

(1 500 m per year for 150m spacing)

GEZ Deep

West of GEZ

EAST

Of

GEZ

Exploration Area for 3 years 60m to 90m spacing below GEZ and150m spacing West of GEZ

10 000m to test the eastern area

( 150m spacing)

View Looking North

R-Zone

Evaluation of the potential of the zone and drilling.

Drilling under GEZ DEEP to explore deeper

Continue to explore South Zones

Goldex Challenges

■Ground control management of three mining blocks■ potential impact on mucking and grade

■ Drilling and blasting schedules to maintain stope inventory – ground control

■ Vibration management■ community relations■ research & development with

explosive supplier

■ Surface crusher commissioning

■ LaRonde – concentrate circuit■ optimization still in progress

Goldex Opportunities

■ Potential increase in tonnage toward year’s end

■ Drilling and blasting 1.5 years ahead of schedule

■Mining of S zone with ramp to M Zone in vicinity

■ Smelting contract (higher recovery)

■ Experienced management & workforce

Lapa – Canada

■Operations■ Tonnage hoisted to date has exceeded plan■ Ore development according to plan■Grades have been reconciled with mill■Mill recoveries approaching design■ Still plagued by excessive dilution (50% – 65%)

Efforts focused on reducing mining cycle time






Est. LOM (yrs) 6


26

Lapa – Canada

■ Dilution – potential solutions■ Reduce cycle time – two 6 yd scoops on order■ Improve ground support – two rock bolters■ Reduce stope size■ Improve blasting■ Increased dilution incorporated in mine plan – 50%

Efforts focused on reducing mining cycle time






Est. LOM (yrs) 6


27

Lapa Operations Forecast

Lapa Operations Summary 2010 2011 2012 2013 2014

Ore milled (000's tonnes) 516 540 539 539 536






Proposed Exploration Program

Queenston

Maritime (option)

0.8 Km 2011

Sediment Contact Target

0.7 Km 2010

Zulapa Corridor Target

Lapa Challenges

■ Mill recovery lower than budgeted

■ Higher dilution than budgeted

■ Mining just-in-time, no flexibility

■ Lower Opex costs (more flexibility with ramps connected – May 2010)

■ Higher throughput

Lapa Opportunities

■ Potential flotation project

■ Lower dilution

■ Experienced management

Kittila – Finland

■Operations■Open pit has achieved targets last four months■Underground development on plan■First stope being blasted with positive results

■ Process Plant■Availability has improved – 94% in November■Record gold production of 14,504 ounces in November■Reserve model reconciles with mill

Overall mill recoveries now approaching 80%






Est. LOM (yrs) 14


32

33

Kittila – Mill Optimization UnderwayGold production progressing as expected (Nov. 09 / Results)

10

20

30

40

50

60

70

80

90

J F M A M J J A S O N D0

2000

4000

6000

8000

10000

12000

14000

Gold Payable(ounces)

Forecasted / May 2009

Gold Recovery(%)

4,514 oz

13,771 oz23,000 oz

33,500 oz

RealisedAu Ounces :

Au Recovery : Realised Forecasted / May 2009

13,300 oz

18,284 oz

14504 oz

Estimate

34,900 oz E

Kittila Operations Forecast

Kittila Operations Summary 2010 2011 2012 2013 2014





Mining/Milling Costs (EUR/tonne) € 49 € 55 € 52 € 52 € 53


Kittila – Expansion Opportunity

■ Studying production rate of 300,000 ounces per year

■ Examining underground mining via shaft access

■Orebody remains open at depth and along strike

■ Eleven drills currently operating

Examining large capacity increase. Potential reserve increases at depth

Mineral Resource

Probable Reserve

Latest Drill Holes

Open Pit Outline 0 1000

metres

Section 36940N

35

2010 Minesite Exploration

36

37

Mine

Reduced flexibility as the pit matures

Underground preproduction for 2011

Mill –reliable operation

Improvements in recoveries

Maintenance

Improve maintenance of fleet and process plant

Training, education and communication

Tailings

Management – water balance

Cost control

Kittila Challenges

38

Kittila Opportunities

Maintenance

Better control on maintenance and potential cost reduction

Human resources –most senior positions have been filled

Employees are becoming more confident – young crew

Cost control - with stable operations, cost reduction opportunities exist

Exploration upside

091123 – 125kg – 3880 oz

Mine – underground and open pit are operating according to plan

Mill – potential to increase tonnage – 3,700 tpd already achieved

Pinos Altos – MexicoPlant commissioning in progress. Commercial production Q4 2009

■Operations■Open pit and underground - according to plan■ Plant undergoing commissioning and ramp up■ Issue with pressure filter commissioning and capacity■ Has negatively impacted mill availability■ Reserve model not yet reconciled■ Development of Mascota has started

■2009 Exploration ■ Potential to develop additional satellite

deposits (Cubiro, Sinter, San Eligio)■ Focus on resource conversion, expansion of

Pinos Altos zones, Reyna de Plata, Creston Mascota






Est. LOM (yrs) 20


39

Pinos Altos Operations Forecast

* Assumes slower than expected ramp-up to full production levels.

Pinos Altos Operations Summary 2010* 2011 2012 2013 2014

Heap Leach: Treated tonnes (000's) 765 898 842 798 707

Gold grade (g/tonne) 0.96 1.38 1.58 1.42 1.40 Silver grade (g/tonne) 30.32 47.32 51.22 53.05 61.08

Gold recovery (%) 52% 68% 68% 68% 68% Silver recovery (%) 7% 12% 12% 12% 12%

Gold production (ozs) 12,500 27,100 29,000 24,800 21,600 Silver production ('000 oz) 52 164 166 163 167

Mill: Treated tonnes (000's) 1,212 1,525 1,525 1,525 1,525

Gold grade (g/tonne) 3.67 3.78 4.16 3.75 3.85 Silver grade (g/tonne) 75.56 108.79 145.75 91.52 87.60

Gold recovery (%) 96% 97% 97% 97% 97% Silver recovery (%) 52% 54% 55% 53% 53%

Gold production (ozs) 138,400 178,900 197,000 177,300 182,100 Silver production ('000 oz) 1,542 2,854 3,899 2,373 2,266

Total Payable Production: Gold production (ozs) 150,900 206,000 226,000 202,100 203,700 Silver production ('000 oz) 1,594 3,018 4,066 2,536 2,432

Mining/Milling Costs (US$/tonne) $42 $39 $40 $40 $40


41

Indicated DDHAu Oz 33,000

ResourceAu Oz 41,000

ResourceAu Oz 38,000

Pinos Altos

■ Stabilizing filter operation

■ Short term mine planning

■ Underground production - learning curve

■Maintaining community relations

■Grade reconciliation

Challenges

Opportunities

■Open Pit Optimization

■ Accelerate Underground Production

■ Increase Heap Leach Tonnage and efficiency

■ Accelerate development of satellite zones – ie El Sinter

■ Evaluate potential expansion

■ Experienced management and work force

Pinos Altos Opportunities & Challenges

Meadowbank – CanadaPlant start-up on schedule for Q1 2010

Construction

■ Project currently one month away from start up

■ Performance in the pit has been better than plan

■Over 600,000 tonnes of ore stockpiled Dec 31st

■ All necessary supplies and consumables for project operation on site

■ Power plant completed

■ Plant commissioning has started






Est. LOM (yrs) 10


44

Meadowbank

45

■ Dewatering of Portage Lake according to plan

■ Required operating labour force hired and on site

■ Plant commissioning has started

■ Dike construction on schedule

■ Capex has been a challenge

Meadowbank Operations Forecast

* Assumes commissioning phase extended by three months.

Meadowbank Operations Summary 2010* 2011 2012 2013 2014







■ 2009 Exploration■ Focus on resource conversion and expansion of Vault,

Goose South and Portage

2010 Minesite Drilling

2010 Minesite Drilling

Sealift 2009

Power Plant

Process Plant

Mining Equipment

Mining Equipment

■ Process plant ramp-up with tail end construction … -45C…

■ Process plant capacity - 8 500 tpd

■ Stockpile management vs frozen stockpile

■ Reserve reconciliation

■ Narrow mining widths with large equipment – dilution?

Meadowbank Challenges

Meadowbank Opportunities

■ Block model confirmed

■ Potential increase in tonnage through mill – under evaluation

■ Potential higher production rate due to revised mine plan

■ Reserve reconciliation - potential grade upgrade

■ Experienced management team

■Qualified workforce

Estimated Production & Cash Costs

Estimated Payable Gold Production and Total Cash Costs per Ounce 2010 2011 2012 2013 2014

Payable Gold ProductionLaRonde 179,700 172,100 208,200 283,100 328,600Meadowbank 299,900 347,300 390,400 433,300 455,600Goldex 164,000 166,800 175,000 169,500 164,800Lapa 115,600 118,500 118,400 116,500 118,300Kittila 147,100 151,500 153,200 166,100 159,500Pinos Altos 150,900 206,000 226,000 202,100 203,700Pinos Altos - Creston Mascota - 60,700 52,300 40,900 36,100

1,057,200 1,222,900 1,323,500 1,411,500 1,466,600Total cash costs per ounceLaRonde $220 $186 $289 $370 $359Meadowbank 460 534 469 414 399Goldex 318 307 332 342 329Lapa 506 515 519 525 515Kittila 502 541 515 497 525Pinos Altos 401 272 188 299 294Pinos Altos - Creston Mascota - 322 344 423 493

$399 $398 $379 $399 $393

Estimated Capital Expenditures

Capital Expenditures ($ 000's) 2010 2011 2012 2013 2014

Sustaining Capital 259,881$ 178,020$ 100,000$ 100,000$ 100,000$ LaRonde Depth Extension 64,872 - - - Creston Mascota 51,715 - - -

Total Project Capital Expenditures 376,468 178,020 100,000 100,000 100,000

Capitalized Commissioning Costs 50,000 - - - - Capitalized Exploration 36,076 - - - -

Total Capital Expenditures 462,544$ 178,020$ 100,000$ 100,000$ 100,000$

2010 Operating & Capital Budget

Meadowbank50,000Capitalized Commissioning Costs

UG development37,267Pinos Altos

Construction51,715Creston Mascota

Tailings, development64,872LaRonde Extension

UG development, mill57,315Kittila

301,231 metres*36,076Exploration

462,544Total:

Dikes, fuel farm95,300Meadowbank

Development, NH328,175Lapa

M Zone development13,785Goldex

NH3 plant28,039LaRonde

StatusCostOperation

Capital Expenditures

* Total drilling including mine sites

■ Complete “Clean up residual construction”■Meadowbank, Pinos Altos, Kittila

■Optimize operations – cost control■ Lapa, Kittila, Pinos Altos,

Meadowbank

■Maintain consistency at LaRonde, Goldex

■ Focus on internal growth opportunities■ Sinter, Mascota, Kittila, Goldex

Meadowbank

■ Focus on regional exploration

■ Competitive environment

■ Focus on employees – our strength

2010 Operating Strategy

60

Exploration Overview &

2010 Budget

Agnico-Eagle Mines Limited

2010 Exploration Budget

■ 2009 exploration budget was $54M■ Targeted 3.0 to 3.5 million ounces of gold discovered, including

1.0 to 1.5 million ounces of reserves - $30 to $35 per ounce

■ 2010 exploration budget is $75M■ Targeting 3.0 million ounces of gold discovered, including 1.0

million ounces of reserves

■ 2010 emphasis on resource exploration (discovery) & conversion (grow reserves)

■ 297 kilometres of exploration drilling planned in 2010

■Objective 20 Moz to 21 Moz reserves by end of 2010

61

“Our experience has demonstrated that the lowest cost ounces are added by the drill bit” - Ebe

62

$7M (16.5 km)W. Canada

Grassroots Exploration

Quebec $5M (26.5 km)

Mexico $8M (21.0 km)

Finland $7M (20.0 km)

Nunavut $5M (16.0 km)

Nevada $7M (15.9 km)

Total $39M (115.9 km)

$6M (25.4 km)Meadowbank

Mine Site Exploration

Kittila $16M (80.6 km)

Goldex $3M (28.2 km)

Pinos Altos $4M (19.4 km)

LaRonde $4M (19.3 km)

Lapa $3M (8.0 km)

Total $36M (180.9 km)

2010 Exploration Budget

2010 Exploration Budget - Finland

63

SUURIKUUSIKKO REGIONAL

Target: Suurikuusikko and Suurikuusikko West structures

HAKO, RETU, KETOLA,KARHU, KORPI and UKKO

Planned drilling 18,000 mResource estimate = HAKO and RETUDeveloping 3D Model for Suurikuusikko structure

CENTRAL LAPLAND AND OIJÄRVIGrassroot projects- geochemical targeting/ structuresPlanned drilling 2,000 mGround geophysics

20,000 metres, $7 million

Kittila Mine

2010 Exploration Budget - Finland

64


Kittila Mine

2010 Exploration Budget - Kittila

Mineral Resource

Probable ReserveSignificant Drillholes

Open Pit Outline

0 1000

metres

Section37270N

4.8730.7Central lensSUU-09-005E

5.244.0East lensSUU-09-005D

8.284.2East lens #2and

4.7910.5East lens #1SUU-08-001F

10.325.8EastSUU-08-001E

7.2112.0CentralSUU-09-005C

6.106.5Roura EastROU-08-003C

Gold (g/t)True Width(metres)LensDrill Hole

9.625.5East lensSUU-09-006C

8.880.9Ketolaand

4.133.7KetolaKET-09-004

6.115.9East lens #2and

4.984.7East lens #1SUU-09-006B

4.147.12Centraland

7.865.6East SUU-08-001G

Gold (g/t)True Width(metres)LensDrill Hole

Suuri Inferred Resource at Depth1.4 Moz, 7.8 Mt@ 5.6 g/t

Roura Resource Potential at Depth

Kittila Longsection - Suuri & Roura Open at Depth (November 2009 Results)

Mineral Resource


400 m

East OPEN

OPEN

Open Pit Outline

Probable Reserve

Mineralization

Central

3.3 g/t Au / 3.2 m

6.1 g/t Au / 6.5 m

New Resource Potentialat Depth New Roura East Lens

Central RouraPit Outline

Central Roura Cross Section 37270N (November 2009 Results)

2009 exploration results

suggest:

Suuri and Roura zones link

and are open to north and at

depth

A new lens at Roura


67

■ Resource to Reserve conversion program■ 25 km drilling■ Suuri South, Rimpi, Ketola


Ketola Etela Suuri Roura Rimpi

OPENOPEN

OPENOPEN

OPENOPEN

OPENOPEN


68

Resource exploration■ 56 km drilling■ Roura Deep, Rimpi, Ketola and Suuri at depth ■ Directional drilling


OPENOPEN

OPENOPEN

OPENOPEN

OPENOPEN

Ketola Etela Suuri Roura Rimpi

2010 Exploration Budget - Mexico

69

$MillionsDDH km2010 BudgetMine Site 19.4 4Regional 21 8

Total 2010 40.4 12

2010 Exploration Budget - Pinos Altos Regional

Cerro ColoradoCerro Colorado

Santo NiSanto NiññooOberonOberon de Weberde Weber

El ApacheEl Apache

de Plata Fault

Santo Niño Fault

Reyna

Mine Mine SiteSite

Cubiro Cubiro

CrestonCrestonMascotaMascota

SinterSinter

San Eligio San Eligio Cerro de PlataCerro de Plata

RefugioRefugio

21,000 metres, $8 Million


Section 763904 E3132000N

SIN-09-0102.1 g/t Au / 7.8 m

SIN-09-0113.3 g/t Au / 17.6 m

SIN-09-0261.7 g/t Au / 18.2 m

SIN-09-0071.1 g/t Au / 24.4 m

SIN-09-0061.1 g/t Au / 27.5 m

SIN-09-0431.4 g/t Au / 15.7 m

SIN-09-0502.9 g/t Au / 5.2 m

SIN-09-0531.8 g/t Au / 6.2 m SIN-09-036

1.2 g/t Au / 29.6 m

SIN-09-0581.0 g/t Au / 31.5 m

SIN-09-0511.3 g/t Au / 6.3 m

Significant Drillholes

Previously Released DrillholesDrillhole Intercepts

■ 2010 study heap leach satellite mining potential

■Open along strike East and West


Sinter Longitudinal Section


Reyna de Plata Structure

SIN-09-0361.2 g/t Au, 20.4 g/t Ag / 29.6 m

SIN-09-0261.7 g/t Au, 20.5 g/t Ag / 18.2 m

Longsection763904E3132000N

Significant DrillholesPreviously Released Drillholes

■ 2010 study heap leach satellite mining potential


Sinter Cross Section


CB-09-0092.3 g/t Au / 16.9 m

CB-09-0152.4 g/t Au / 26.2 m

CB-09-0163.7 g/t Au / 6.4 m

CB-09-0131.8 g/t Au / 21.4 m

CB-09-0071.6 g/t Au / 18.9 m

Section758413 E313659 N

CB-09-0201.2 g/t Au / 12.9 m

CB-09-0192.5 g/t Au / 4.5 m

CB-09-0252.2 g/t Au / 12.0 m

CB-09-0237.6 g/t Au / 10.5 m


Previously Released DrillholesDrillhole Intercepts

■ 2010 study heap leach satellite mining potential■Open on strike to the East and West

Cubiro Longsection



CB-09-0237.6 g/t Au, 28.1 g/t Ag / 10.5 m

CB-09-0131.8 g/t Au, 21.4 g/tAg / 21.4 m

CB-09-0252.2 g/t Au, 6.9 g/tAg / 12.0 m

Longsection758378E3136626N

CB-09-0092.3 g/t Au, 17.5 g/t Ag / 16.9 m


Previously Released Drillholes

■ 2010 study heap leach

satellite mining potential

Cubiro Cross Section


Cerro Colorado

Santo Nino San Eligio Oberon de Weber El Apache

exploration upside

300 m

Probable Reserve Indicated& Inferred Resource

75

Resource Conversion

San Eligio & Santo Nino UG

San Eligio & Creston MascotaDescriptionDDH km2010 Budget

Exploration 8.7

Conversion 10.7

Total 19.4

2010 Exploration Budget - Pinos Altos Minesite19,400 metres, $4 million

exploration upside

exploration upside

2010 Exploration Budget - Pinos Altos Minesite

Sect

ion

485

0E

0 200

Mineral Resource

Probable Underground Reserve

Latest Drill Holes

Current Open Pit Reserve Outline

metres

San Eligio Longsection

■ 2010 resource conversion & resource exploration at depth


2010 Exploration Budget - Pinos Altos

2.49 g/t Au / 4.0 m

San Eligio Cross Section 4850E

■ 2010 resource conversion &

resource exploration at depth


Quartzite

Lakes

Coordinate system UTM NAD 83 Zone 15

Gold Reserves & Resources

0 10

kilometres

VaultVault

PortagePortage

Goose IslandGoose Island

Goose SouthGoose South

Open Pit outline

PDFPDF

Granite

Volcanic

Mine Site

Mine Site Aerial View

GoslingGosling

2010 Exploration Budget - Meadowbank Minesite25,400 metres, $6 Million

Mineral Resource

Significant Drill Holes

Open Pit Outline

0 500

metres

Section 4300N

12.1Conversion

25.4

13.3

DDH km2010 Budget

Exploration

Total $6M

2010 Exploration Budget - Meadowbank Minesite

Exploration Target

Exploration Target

Conversion TargetFa

ult

Faul

t



G09-143.89g/t Au / 7.0 m

G09-118.87 g/t Au / 3.0 m

■ Evaluating underground ramp exploration in 2010

Goose South Cross Section 4300N



Vault Cross Section 4675N

Vault Plan map

■Open pit likely to expand to the north and east (Vault South)


OPENOPEN

OPENOPEN

10.0 g/t / 4.5 m7.4 g/t / 3.7 m

VLT09-2756.6 g/t Au / 8 m


Vault Cross Section 4675N


2010 Exploration Budget - Regional & Nunavut

Quartzite Lakes

Coordinate system UTM NAD 83 Zone 15

Gold Reserves & Resources

0 10

kilometres

Open Pit outlineGranite Volcanic

VaultVault

PortagePortage

Goose IslandGoose Island

Goose SouthGoose South

Mine Site

83

14RegionalDDH km2010 Budget

Nunavut 2Total 16

16,000 metres, $5.4 Million

PDFPDF

ShebaSheba

2010 Exploration Budget - Quebec26,500 metres, $5 Million

James Bay

Chibougamau

Abitibi

ABITIBI REGION

Ellison, Lapa trend, Casa Berardi & Blake River

20.5 km of DDH

CHIBOUGAMAU, JAMES BAY

Grassroot exploration 6 km of DDH

2010 Exploration Budget - Quebec

EllisonBo

usqu

etRi

ver F

ault

Westwood Project - 3.4 Moz

Zone 5

85

Untested

2009 Iamgold DDH confirms Westwood extension onto AEM’sEllison (2.3/19.2 incl. 4.6/6.7)

1000 m

2000 m

3000 m

1000 m

2000 m

OPE

NO

PEN

OPE

NO

PEN

Westwood extension target

1,500 m in 2010

Doyon - LaRonde Mine Trend

18 Moz of historical production and reserves

3,000 metre drillhole in progress testing for extension of Westwood onto Ellison

Puits PennaPuits IPuits Bousquet IIPuits Bousquet I Puits II

5 600m

7 500m

6 200m

2010 Exploration Budget - LaRonde19,300 metres , $4 Million

LARONDE - 19,300 metres of drilling $4 million

2010 Exploration Budget - Goldex

38 Level

73 Level

GEZ Deep18,290 m

West of GEZ

1,955 m

EAST ofGEZ

3,820 m

View Looking North

R-Zone(Compilation)

410 m to explore South Zones

28,200 metres , $3 Million

E-Zone

3,731 m

-500 m

-1,000 m

-500 m

-1,000 m

500 m

1,000 m

1,500 m

0.3 / 2.8 9.3 / 0.5

0.2 / 2.8

LV

0.3 / 2.8

19.4 / 0.4

2.1 / 0.5

0.1 / 3.1LV

LV

5.6 / 0.8

2010 Exploration Budget - Lapa8,000 metres, $3Million

700 metres drift in 2010

800 metres drift in 2011

1,900 metresconversion

6,100 metres

exploration in 2010

Level 101 exploration

drift opens new

potential along Lapa

gold trend at depth and

to east

Queenston

Maritime (option)

0.8 Km 2011

Sediment Contact Target

0.7 Km 2010

Zulapa Corridor Target

2010 Exploration Budget - Lapa8,000 metres , $3 Million

Level 101 Exploration Drift

2010 Exploration Budget - Nevada15,900 metres, $7 Million

Nevada Strategy 2010 Generate exploration property in USA and

South America Project evaluations in South America Advance West Pequop project, Nevada Joint venture in Santa Cruz, Argentina

90Total

ArgentinaUSA

2010 Budget615.9$ MillionsDDH km

115.9 7

Nevada

Santa Cruz JV

2010 Exploration Budget - Western Canada

Jennings

Jennings Property - Yukon / BC Jennings property in Yukon/BC hosts a

potentially large W-Mo skarn porphyry (200 - 400 Mt)

Jennings Target is a Logtung (Northern Dancer: the 6th largest W resource in the world with 168 Mt @0.13% WO3, 0.052% MoS2 )

2010 program: sufficient info to estimate inferred

resource scoping study to determine economic

potential baseline environmental study evaluate next step (sale, option, spin-off)


Vancouver Strategy 2010 Generate exploration property in

Western Canada and Northern USA Project evaluations in Americas Establish links with Vancouver juniors Advance Jennings project

LaRonde site, Canada

Appendix

92

Operating Mines With Reserves Over 5M oz, Grading Over 2g/t Au

Kittila, Meadowbank and Pinos Altos have the potential to join this group of top-tier world class operating assets

93

Property Name CountryLocation Ranking*

Reserves Grade

Reserves - Contained

Total Cash Costs $/oz

Prod'n (000's oz)

(100% basis)

% Owned Operator/Significant Owner

1 Turquoise Ridge (Getchell) United States - Nevada 3 15.58 g/t 5,313,000 oz $515 165 75% Barrick Gold Corporation (Operator)2 Moab Khotsong Gold Mine South Africa 49 10.86 g/t 7,320,000 oz $379 192 100% AngloGold Ashanti Limited3 Mponeng Gold Mine South Africa 49 10.69 g/t 13,000,000 oz $249 600 100% AngloGold Ashanti Limited4 Bulyanhulu Gold Operation Tanzania 48 9.86 g/t 11,977,000 oz $620 200 100% Barrick Gold Corporation (Operator)5 Phakisa Gold Mine South Africa 49 8.05 g/t 5,300,000 oz $555 22 100% Harmony Gold Mining Company Limited6 Driefontein Gold Mine South Africa 49 7.50 g/t 18,200,000 oz $448 830 100% Gold Fields Limited (Operator)7 Obuasi Gold Mine Ghana 35 7.50 g/t 9,660,000 oz $633 357 100% AngloGold Ashanti Limited8 Evander Gold Mine South Africa 49 7.26 g/t 13,800,000 oz $572 190 100% Harmony Gold Mining Company9 Kloof Gold Mine South Africa 49 6.20 g/t 10,521,000 oz $552 643 100% Gold Fields Limited (Operator)

10 Elandsrand Gold Mine South Africa 49 6.20 g/t 7,500,000 oz $660 174 100% Harmony Gold Mining Company11 South Deep Gold Mine South Africa 49 6.10 g/t 29,486,000 oz $717 175 100% Gold Fields Limited (Operator)12 Beatrix Gold Mine South Africa 49 5.00 g/t 6,450,000 oz $507 391 100% Gold Fields Limited (Operator)13 Loulo Gold Operation Mali 33 4.90 g/t 7,400,992 oz $511 258 80% Randgold Resources Limited14 LaRonde Gold/Base Metals Mine Canada - Quebec 1 4.32 g/t 5,000,000 oz $106 216 100% Agnico-Eagle Mines Limited15 Carlin Gold Mine United States - Nevada 3 3.80 g/t 12,709,380 oz na na 100% Newmont Mining Corporation16 Olimpiada Gold Operation Russia 53 3.75 g/t 15,385,265 oz na 854 100% OJSC Polyus Gold (Operator)17 Betze-Post Gold Mine - Open Pit United States - Nevada 3 3.70 g/t 10,294,000 oz $452 1,706 100% Barrick Gold Corporation (Operator)18 Porgera Gold Operation Papua New Guinea 61 3.08 g/t 8,240,000 oz $417 660 95% Barrick Gold Corporation (Operator)19 Geita Gold Mine Tanzania 48 2.93 g/t 5,140,000 oz $728 264 100% AngloGold Ashanti Limited20 Lihir Gold Mine Papua New Guinea 61 2.83 g/t 21,778,721 oz $406 771 100% Lihir Gold Limited (Operator)21 Aksu Gold Mine Kazakhstan 56 2.55 g/t 5,796,297 oz na na 100% KazakhGold Group Limited22 Ahafo Gold Operation Ghana 35 2.33 g/t 9,380,000 oz $408 521 100% Newmont Mining Corporation

Lapa Canada - Quebec 1 8.80 g/t 1,061,000 oz na na 100% Agnico-Eagle Mines LimitedKittila Gold Mine Finland 14 4.69 g/t 3,224,000 oz na na 100% Agnico-Eagle Mines LimitedPinos Altos Mexico 28 2.68 g/t 3,593,000 oz na na 100% Agnico-Eagle Mines LimitedMeadowbank Gold Mine Canada - Nunavut 44 3.45 g/t 3,638,000 oz na na 100% Agnico-Eagle Mines LimitedGoldex Canada - Quebec 1 2.05 g/t 1,571,000 oz $419 57 100% Agnico-Eagle Mines Limited

Notes: *2008/09 Fraser Institute study ranked 71 mining jurisdictions

Source: Intierra, Fraser Institute, company websites -- March 2009

Au

min

es w

ith

rese

rves

>5m

oz,

grad

ing

>2 g

/t

Gold and Silver Reserves and Resources

Tonnes (000’s)

Gold (g/t)

Gold(ounces)

(000’s)

Proven 4,828 2.77 430

Probable 154,469 3.55 17,631

Total Reserves 159,297 3.53 18,061

Indicated 47,569 2.07 3,173

Inferred 46,603 3.84 5,760

Tonnes (000’s)

Silver(g/t)*

Silver(ounces)

(000’s)

Proven 4,172 66.74 8,952

Probable 73,404 55.83 131,759

Total 77,576 56.42 140,711

Indicated 18,817 26.31 15,919

Inferred 8,937 28.32 8,138

*Calculated grades

94

Copper, Zinc and Lead Reserves and Resources

Tonnes (000’s)

Copper(%)*

Copper(tonnes)

Proven 4,075 0.33 13,370

Probable 31,735 0.28 89,961

Total 35,810 0.29 103,331

Indicated 6,349 0.15 9,399

Inferred 4,937 0.44 21,515

Tonnes (000’s)

Zinc(%)*

Zinc(tonnes)

Proven 4,075 3.27 133,442

Probable 31,735 1.42 450,246

Total 35,810 1.63 583,688

Indicated 6,349 1.55 98,124

Inferred 4,937 0.77 38,068

Tonnes (000’s)

Lead(%)*

Lead(tonnes)

Proven 4,075 0.37 15,146

Probable 31,735 0.12 38,769

Total 35,810 0.15 53,915

Indicated 6,349 0.16 10,235

Inferred 4,937 0.08 3,946

*Calculated grades

95

Executive and Registered Office:145 King Street East, Suite 400Toronto, Ontario, Canada, M5C 2Y7Tel: 416-947-1212Toll-Free: 888-822-6714 Fax: 416-367-4681

www.agnico-eagle.com

Trading Symbol: AEM on TSX & NYSE

Sean BoydVice Chairman and Chief Executive Officer Ebe ScherkusPresident and Chief Operating OfficerDavid GarofaloSenior Vice President, Finance and Chief Financial Officer

Investor Relations:[email protected]

A solid financial position, low-cost structure, well-funded growth projects in regions of low political risk, and a focused, consistent strategy put Agnico-Eagle in a strong position to continue creating exceptional per share value.

Member of the World Gold Council www.gold.com96

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