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TheStreet Open House

Agnico Eagle Announces Development Project Update - La India Commissioning Underway And Mining And Processing Has Restarted At Goldex

Stocks in this article: AEM

Stock Symbol: AEM (NYSE and TSX)

(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, Sept. 19, 2013 /PRNewswire/ - Agnico Eagle Mines Limited (TSX and NYSE: AEM) ("Agnico Eagle" or the "Company") today announced development updates for its La India Mine in Sonora, Mexico, and the Goldex Mine in northwestern Quebec.

Highlights include:

  • La India commissioning in progress - mining and pad loading are now underway with initial leaching expected to begin in October 2013.  Commercial production is anticipated in the first quarter of 2014.
  • Mining and milling resumes at Goldex - Underground mining has started on the M and E zones, two of the several previously undeveloped satellite zones.  The first gold pour is expected in October 2013, and the project remains on track to produce 15,000 ounces of gold in 2013.  Mining remains suspended in the Goldex Extension Zone (GEZ).

"The La India and Goldex mines have both started up ahead of schedule.  These two operations are expected to be significant contributors to the growth of our production profile over the next two years" said Sean Boyd, President and Chief Executive Officer. "Efforts are also underway to evaluate opportunities to further enhance production at both operations".

La India - Commissioning underway; Initial leaching to begin in October

The La India mine in Sonora, Mexico, located approximately 70 kilometres from the Company's Pinos Altos mine, was acquired in November 2011 from Grayd Resources along with a 56,000 hectare land position in the prolific Mulatos Gold belt. Design, permitting, construction and start-up of the La India mine have been completed within 22 months of acquisition.

The operation is an open pit, heap leach mine with a stripping ratio of approximately 1:1. The mining rate is expected to be approximately 16,000 tonnes per day (tpd), using 777 haul trucks (90-tonne) and 992 loaders, which is the equipment used at the Company's Pinos Altos and Creston Mascota operations.

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