Agnico-Eagle reports first quarter production results; to release full financial results in conjunction with annual meeting
April 19 2006 - 4:55PM
PR Newswire (US)
(All dollar amounts expressed in U.S. dollars unless otherwise
noted and all units of measurement expressed in metric unless
otherwise noted) TORONTO, April 19 /PRNewswire-FirstCall/ --
Agnico-Eagle Mines Limited announced today first quarter 2006
production and minesite cost results, that were in line with
previous guidance, and realized metal prices:
-------------------------------------------------------------------------
(unaudited) First Quarter 2006 First Quarter 2005
-------------------------------------------------------------------------
Ore processed (000's tonnes) 661.5 648.8 Payable metal produced:
Gold (ounces) 64,235 55,310 Silver (000's ounces) 1,227 1,097 Zinc
(tonnes) 18,462 18,661 Copper (tonnes) 2,053 1,810 Estimated
minesite costs (C$/tonne) 57 53 Estimated realized prices(x): Gold
($/oz.) 610 430 Silver ($/oz.) 10.80 6.85 Zinc ($/tonne) 2,250
1,323 Copper ($/tonne) 5,200 3,241
-------------------------------------------------------------------------
(x)includes settlement gains, zinc hedge losses and unrealized
gains on provisionally priced metals sales In order to complete the
implementation of new financial accounting systems, the Company
will report its first quarter consolidated financial results after
market close on May 11, 2006. Instead of hosting a previously
scheduled conference call on April 27, 2006, first quarter results
will be discussed at the Company's Annual General Meeting on May
12, 2006. The Annual and Special Meeting of Shareholders will begin
at 10:30 a.m.(EDT) at the Le Meridien King Edward Hotel (37 King
Street East) in Toronto Ontario. The meeting can also be heard via
webcast, accessible from the Company's website
http://www.agnico-eagle.com/. Marketable Securities Sold in the
First Quarter Agnico-Eagle sold certain marketable securities in
the first quarter for net proceeds of $32 million. The Company
realized a before tax gain of $21 million on the sales, which will
be accounted for in the first quarter. Cash and cash equivalents
grew to approximately $155 million at March 31, 2006, compared to
$121 million at December 31, 2005. Additionally, the Company
maintains substantially undrawn bank lines of $150 million adding
further financial flexibility. The Company has approximately 110
million shares outstanding with no long term debt. About
Agnico-Eagle Agnico-Eagle is a long established Canadian gold
producer with operations located in Quebec and exploration and
development activities in Canada, Finland, the United States and
Mexico. Agnico-Eagle's LaRonde mine is Canada's largest gold
deposit in terms of reserves. The Company has full exposure to
higher gold prices consistent with its policy of no forward gold
sales. It has paid a cash dividend for 26 consecutive years.
DATASOURCE: Agnico-Eagle Mines Limited CONTACT: David Smith;
Director, Investor Relations, (416) 947-1212
Copyright