Stock Symbols: AEM (NYSE and TSX)
TORONTO, July 13 /PRNewswire-FirstCall/ - Agnico-Eagle Mines Limited
("Agnico-Eagle" or the "Company") today announced that it has agreed to
purchase 7,628,571 common shares, or approximately 14.5%, of Comaplex Minerals
Corp. ("Comaplex") from Troy Resources NL ("Troy") in a private transaction.
Upon the closing of the transaction, Agnico-Eagle's interest in Comaplex would
be 8,228,571 common shares (approximately 15.6% of the outstanding common
shares), which Agnico-Eagle believes would make it the largest single
shareholder of Comaplex. The agreement is subject to customary closing
conditions.
Agnico-Eagle has agreed to pay Troy C$6.15 per share of Comaplex, or $46.9
million in cash. Agnico-Eagle has also agreed that, if it acquires a majority
interest in Comaplex by take-over bid, amalgamation or arrangement within 18
months of the agreement, Agnico-Eagle will pay Troy the difference between the
final purchase price per share and the transaction price of C$6.15 per share.
The Comaplex common shares were acquired for investment purposes only.
Agnico-Eagle has no present intention to acquire further Comaplex common
shares and may, from time to time, increase or decrease its ownership of or
control over securities of Comaplex in response to market conditions, the
business and prospects of Comaplex or other factors.
The main assets of Comaplex are a 78% interest in the Meliadine West gold
project and 50% of the Meliadine East gold project, both near Rankin Inlet,
Nunavut Territory, Canada. Comaplex is currently conducting a drilling and
underground evaluation program as part of a scoping study on the Meliadine
West project.
"The purchase of a significant share position in an emerging junior gold
company is consistent with our proven long-term strategy. It gives us exposure
to another growing gold deposit, located in a familiar region which is
supportive of mining", said Sean Boyd, Vice-Chairman and Chief Executive
Officer. "The high-grade nature and increasing size of the Meliadine West gold
deposit continues to be encouraging. Given that we are currently active in the
region at our Meadowbank project, we look forward to the results of the
scoping study, expected later this year." added Mr. Boyd. The transaction
is expected to close on Wednesday, July 16, 2008.
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, Mexico and the United States. 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. Agnico-Eagle's registered
office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C
2Y7.
SOURCE Agnico-Eagle Mines Limited
David Smith; Vice-President, Investor Relations, (416) 947-1212
