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Agnico-Eagle Mines Limited 1

Corporate UpdateJanuary 2008

AGNICO-EAGLE MINES LIMITED


Forward Looking Statements

The information in this document has been prepared as at January 15, 2007. 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,” “planned” and similar expressions are intended to identify forward-looking statements or information.

Such statements and information include without limitation: the Company’s forward looking production guidance, including estimated ore grades, metal production, minesite cost per tonne, total cash costs per ounce and projected exploration and capital expenditures; estimates of future reserves, resources, mineral production and sales; estimates of mine life; estimates of future 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 and; 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; risks associated with foreign operations; risks related to title issues at the Pinos Altos project; 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 Company's Annual Information Form and Annual Report on Form 20-F for the year ended December 31, 2006, 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.


Notes 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 and in the Company's Annual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2006, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.


Growth StrategyBuilding Value Through Production and Reserve Growth

Produce more goldTargeting 1.3 million oz annually 2010 to 2017

Grow gold reserves in mining friendly regions

16.3 million ounces, targeting 18-20 million ounces within 13 months

Acquire small, think bigCreate value through strategic acquisitions

Be a low cost leaderTotal cash cost estimated to average $230/oz from 2010 to 2017

Maintain a solid financial positionApproximately $420 million cash, no debt, strong cash flow, undrawn $300 million credit facility


Financial PositionStrongest Financial Position in Company’s History

$300Available bank lines

142146

Common shares (millions)

BasicFully diluted

$0Long term debt

approx. $420Cash and cash equivalents

Dec 312007

All amounts are in US$ millions, unless otherwise indicated


0

2

4

6

8

10

12

14

16

18

20

1998 1999 2000 2001 2002 2003 2004 2005 2006 Current 2008 Est.

3.0 3.3 3.3 4.0

10.4

7.97.9

1.3

Total Agnico-Eagle Gold Reserves (Millions of Ounces)

12.5

Target:18 - 20

16.3

LaRonde Goldex Lapa Kittila MeadowbankPinos Altos

Gold ReservesAEM’s gold reserves are significantly larger than its intermediate peers

Targeting additional reserve conversion at Pinos Altos, Goldex, Kittila and Meadowbank

Uniquely positioned with potential for several 5 million oz gold deposits

Strong record of growing gold reserves per share

Shares outstanding up only 2.6 times since 1998. Gold reserves up 12.5 times


BuildingGold Production

and Reserves


FinlandKittila

U.S.A.Nevada

MexicoPinos Altos

CanadaToronto, HQ

CanadaLaRonde, Goldex & Lapa

CanadaMeadowbank

Global GrowthFive New Gold Mines Under Construction

AEM’s growth projects 100% owned, with low total acquisition costs

Located in mining friendly regions of low political risk

Each project region haslong-term mining camp potential

Largest exploration budget in Agnico-Eagle’s history – greater than $65million


0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2008E 2009E 2010E 2011E 2012E-2017E Average0

150

300

Industry Leading1 Gold Production Growth

Payable Gold Production(ounces)

LaRonde Goldex Lapa Kittila MeadowbankPinos Altos Total Cash Costs (weighted average)

Total Cash Costs($/oz)*

1 For an intermediate or senior gold producer* Total cash costs for all years were calculated using the following trailing 3-year average metals prices and exchange rates:

$10.55/oz Ag; $2,596/t Zn; $5,628/t Cu; C$/US$ of 1.15; US$/Euro of 1.29


0

100,000

200,000

300,000

400,000

500,000

600,000

2008E 2009E 2010E 2011E 2012E-2017E

Capital Expenditure Estimates($000's)

LaRonde Goldex Lapa Kittila MeadowbankPinos Altos


LaRonde – Canada Long Life Gold Reserves

Proven and probable gold reserves of 35.6 million tonnes at 4.5 g/t, or 5.2 million oz

Life of mine: average production of 340,000 oz/yr at total cash costs of approximately $150/oz

Shaft sinking underway for Extension

$40 million invested to date on Extension, $185 million more to completion in early 2012

Exploration ongoing west of orebody. Eastern focus on El Coco and Bruce.


LaRonde – Canada Longitudinal Section

Probable Reserve

Indicated & Inferred Resource

exploration upside

exploration upside

300 m

exploration upside


LaRonde – Canada


Goldex – CanadaMine On Budget and Ahead of Schedule for April 2008 Start-up

Proven and probable gold reserves of 1.7 million ounces from 22.9 million tonnes grading 2.3 g/t

Estimated average annual production of 175,000 oz/yr with total cash costs expected at $230/oz

Shaft sinking complete

Processing plant expected to be complete Q1, 2008

$160 million invested to date, $23 million more to completion in April 2008

Probable Reserve

Indicated& Inferred Resource

exploration upside

100 m


Goldex – CanadaSite


Goldex – CanadaProduction Hoist


Goldex – CanadaMill


Lapa – CanadaNew Gold Mine 11 km East of LaRonde

Probable gold reserves of 1.2 million oz; 3.9 million tonnes at 9.1 g/t

Anticipating average production of 125,000 oz/yr at expected total cash costs of $300/oz

Shaft sinking complete and level development underway

$45 million invested to date, $120 million more to completion in mid-2009

Contact South

Contact Central

Contact North

Probable Reserve

Indicated& Inferred Resource

200 m

500 m

1,000 m

1,360 m1,369 m

exploration upside


Lapa – CanadaSite


Lapa – CanadaShaft Sinking Team


Lapa – CanadaBackfill Plant


Kittila Mine – FinlandDeposit Continues to Expand

Probable reserves of 2.6 million oz; 16.0 million tonnes at 5.1 g/t– open on strike and at depth

Average production expected at 150,000 oz/yr with approximate total cash costs of $300/oz

Exploration ongoing to convert large gold resource and extend zones

$100 million invested to date, $90 million more to completion in September 2008


Kittila Mine – FinlandSurface Plan – 25km strike length


Kittila Mine – FinlandLongitudinal Section

Probable Reserve

Indicated Resource

Ketola Etelä Suuri North Roura RimpiCentral Roura

exploration upside

exploration upside

exploration upside

exploration upside

1000 m


Kittila Mine – FinlandGold Zones - Section 6490N Looking North

100 m

-200 m

-100 m

0 m

- 400 m

- 300 m

58500 E

58700 E

Probable Reserve

Indicated Resource


Kittila Mine – FinlandOrebody Stripping


Kittila Mine – FinlandMill and Oxygen Plant Building


Kittila Mine – FinlandUnderground Decline


Probable gold reserves of 2.2 million ounces, 65.7 million ounces silver from 20.0 million tonnes at 3.5 g/tgold and 102.3 g/t silver

Expected annual gold production of 190,000 ounces at total cash costs of $210/oz

Construction to begin Q1, 2008.

$14 million exploration program in progress. Drilling from underground decline to begin in Q1, 2008

$30 million invested to date, $200 million more to completion in mid-2009

31

Pinos Altos – MexicoGrowing Gold and Silver Reserve


Pinos Altos – MexicoSurface Plan


Pinos Altos – MexicoLongitudinal Section

Probable Reserve

Indicated & Inferred Resource

Cerro Colorado

Santo Nino San Eligio Oberon de Weber El Apache

exploration upside

exploration upside

exploration upside exploration

upside

exploration upside

300 m


Pinos Altos – MexicoSanto Nino - Section S4600E Looking West

Pit Outline

North South

50 m

Ore Zone

BuenavistaIgnimbrite

Victoria Ignimbrite

Santo Nino Fault

Santo Nino Andesite


Pinos Altos – MexicoCreston Mascota – Section 5900N Looking North

EastWest

50 mOre grade gold mineralization

OpenOpen


Pinos Altos – MexicoAEM Camp


Pinos Altos – MexicoUnderground Decline


Pinos Altos – Mexico7 Operating Drills


Meadowbank – CanadaStart Up Accelerated Six Months – Initial Production January 2010

Probable reserves of 3.5 million oz; 27.7 million tonnes at 3.9 g/t– open on strike and at depth

Years 1 to 4 production to expected average 435,000 oz with approximate total cash costs of $240/oz

Average LOM production expected at 360,000 oz/yr with approximate total cash costs of $300/oz

Exploration ongoing to convert large gold resource, extend zones and test new targets

$110 million invested to date, $280 million more to completion in January 2010


Meadowbank – CanadaSurface Plan


Meadowbank – Canada Longitudinal Section

Probable Reserve

Indicated Resource

NorthSouthOver 3.5 km strike length

Goose South Goose Island Portage Bay Island Portage Cannu

exploration upside

exploration upside exploration

upside

exploration upside

200 m


Meadowbank – Canada Portage Deposit Section

Approx. Pit Outline

Section 3P2–180N Looking North

0 50 Metres

ProbableReserveSediment

Ultramafic

Volcanic


Meadowbank – CanadaSite


Meadowbank – Canada110 Km All Weather Road Completed


Meadowbank – CanadaRoad Construction Complete


Timeline of Upcoming News

First Quarter 2008

Exploration Update

February 20, 2008Q4, 2007 Earnings and Reserve/Resource update

Second Quarter 2008

May 2008Q1, 2008 Earnings and Annual General Meeting

46


Investment HighlightsIndustry Leading Production and Reserve Growth Story1

Generating strong earnings and cash flows

Gold growth projects fully funded

Potential to increase gold production fivefold by 2010

Existing projects provide potentialto increase gold reserves to beyond 18 million to 20 million ounces

Potential for several 5 million ounce gold deposits

1 For an intermediate gold producer


Executive and Registered Office:145 King Street East, Suite 400Toronto, Ontario, Canada, M5C 2Y7

Tel: 416-947-1212Toll-Free: 888-822-6714 Fax: 416-367-4681

Email: [email protected]: www.agnico-eagle.com

Trading Symbols: AEM / TSX & NYSE

Sean BoydVice Chairman and Chief Executive Officer

Ebe ScherkusPresident and Chief Operating Officer

David GarofaloSr. Vice President, Finance and Chief Financial Officer

Investor Relations Contact:David Smith – VP, Investor Relations

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