Agnico-Eagle reports more high grade gold intercepts on Lapa - 2004 drilling program underway

Agnico-Eagle reports more high grade gold intercepts on Lapa - 2004 drilling
program underway
Stock Symbols: AEM (NYSE) AGE (TSX)


TORONTO, Jan. 9  /PRNewswire-FirstCall/ -- Agnico-Eagle Mines Limited today
announced that recent drilling results on its 100% owned Lapa Property continued
to encounter high grade gold. The property is located seven miles to the east of
the Company's LaRonde Mine in northwestern Quebec. The last phase of the 2003
drilling program consisted of 18 new drill holes, focusing on three priority
areas: confirmation of the higher gold grades and thicknesses of the Contact
Zone at depth; definition of the upper block on the Contact Zone; and further
testing of the recently discovered high grade Contact South Zone.

  Contact Zone (Lower Block)
  -------------------------------------------------------------------------
  Drill Hole        True                         Gold(oz/ton)  Gold(oz/ton)
                Thickness(ft)   From       To    Cut(1.5 oz)       Uncut
  -------------------------------------------------------------------------
  118-03-04C         9.5       2996.0    3007.8      0.18          0.18
  -------------------------------------------------------------------------
  118-03-16E (x)    11.5       3582.6    3595.8      0.21          0.21
  -------------------------------------------------------------------------
  118-03-25F (x)    11.2       3944.5    3957.3      0.33          0.33
  -------------------------------------------------------------------------
  118-03-28G        13.1       3523.3    3537.4      0.09          0.09
  -------------------------------------------------------------------------
  118-03-35B        11.8       4184.7    4199.8      0.34          0.34
  -------------------------------------------------------------------------
  118-03-35D        37.1       3942.2    3990.4      0.41          0.42
  -------------------------------------------------------------------------
  Including         22.3       3960.9    3990.4      0.60          0.61
  -------------------------------------------------------------------------
  118-03-35E        13.1       4108.7    4125.6      0.41          0.49
  -------------------------------------------------------------------------
  118-03-40          9.8       3516.9    3530.8      0.12          0.12
  -------------------------------------------------------------------------
  118-03-40A (x)    11.2       3559.0    3573.8      0.14          0.14
  -------------------------------------------------------------------------
  (x) Preliminary Results



The most significant results from the current program were returned at depth.
Three additional wedge cuts were completed to follow up on the previously
disclosed drill hole 118-03-35A, which returned 0.49 ounces of gold per ton over
25.3 feet (1.71 ounces per ton uncut) at a depth of 3,870 feet below surface.
Drill holes 118-35-35B, 118-03-35D and 118-03-35E all continued to confirm the
higher grade gold mineralization encountered at depth to date. This was
especially evident in drill hole 118-03-35D which included an interval of 0.60
ounces per ton over a true thickness of 22.3 feet. Drill hole 118-03-25F was
drilled in the eastern part of the zone at depth and encountered a grade
improvement in a sector in which the gold grade previously encountered was
relatively low. Drill holes 118-03-28G, 118-03-40 and 118-03- 40A intercepted
the Contact Zone outside of the most recently estimated mineral resource
envelope.

  To date, the mineralization at depth has been characterized by:

  -  Greater thicknesses in excess of 15 feet, reaching 25 to 37 feet at
     depth and to the west.

  -  Decreasing total sulfides (arsenopyrite, stibnite, pyrrhotite) from an
     average of 5% in the upper block to trace to 1% amounts at depth.

  -  Increasing silicification at depth, overprinting the characteristic
     biotite alteration encountered in the upper block. Better rock quality
     has also been observed in drill core at depth (greater than 80% RQD)
     although the core rock quality from the upper block is good to
     excellent.

  -  Increasing frequency of coarse visible gold occurrences. Gold had been
     observed as fine to coarse specks as well as thin foils parallel to
     quartz veinlets and the foliation.



These four factors could play major roles in determining the economic viability
of the Lapa deposit as larger thicknesses with good rock quality could entail
lower cost bulk mining methods, while declining sulphide and increasing coarse
visible gold could result in improved recoveries. Recently, the initial phase of
metallurgical tests, completed on the upper block (relatively higher sulphide
content), has consistently returned recoveries in the 82% to 85% range. With
declining sulfides and increasing visible gold at depth, recoveries in excess of
85% are anticipated.

  Contact Zone (Upper Block)
  -------------------------------------------------------------------------
                   True                         Gold(oz/ton)   Gold(oz/ton)
  Drill Hole    Thickness(ft)   From       To    Cut(1.5 oz)      Uncut
  -------------------------------------------------------------------------
  118-03-07B       40.4        2821.5    2874.8     0.19           0.24
  -------------------------------------------------------------------------
  including        14.8        2821.5    2841.2     0.41           0.54
  -------------------------------------------------------------------------
  118-03-37         7.2        2015.7    2024.3     0.06           0.06
  -------------------------------------------------------------------------
  118-03-38        13.1        1471.4    1488.8     0.03           0.03
  -------------------------------------------------------------------------
  118-03-39A       18.0        1955.7    1985.2     0.19           0.19
  -------------------------------------------------------------------------
  118-03-39B       10.8        1774.3    1791.3     0.22           0.22
  -------------------------------------------------------------------------
  118-03-42        10.5        1824.1    1837.1     0.18           0.18
  -------------------------------------------------------------------------
  118-03-43         9.2        1526.7    1542.0     0.15           0.15
  -------------------------------------------------------------------------
  118-03-44B (x)    9.5        1839.0    1845.5     0.09           0.09
  -------------------------------------------------------------------------
  118-03-45 (x)    10.8        2123.0    2139.1     0.02           0.02
  -------------------------------------------------------------------------
  (x) Preliminary Results



Nine in-fill drill holes tested the upper block in order to convert the inferred
resource to indicated resource category. Both drill holes 118-03-42 and
118-03-43 intersected potentially economic grade intercepts outside of the most
recently estimated mineral resource envelope. Drill holes 118-03-38 and
188-03-45 were drilled outside of the resource envelope and confirmed
respectively, the upper-western and upper-eastern limits of the deposit. While
drilling is ongoing to fully define the upper limits of the deposit, drill holes
118-03-39A, -39B, -42 and -43 indicate that the mineral resource could extend
further up-dip. Drill hole 118-03-07B was drilled in the eastern- central part
of the deposit and encountered a grade improvement in a sector which had
previously encountered lower gold grades.

  Contact South Zone
  -------------------------------------------------------------------------
                   True                         Gold(oz/ton)   Gold(oz/ton)
  Drill Hole    Thickness(ft)   From       To    Cut(1.5 oz)      Uncut
  -------------------------------------------------------------------------
  118-03-28G       11.8        3372.7    3385.1     0.57          1.32
  -------------------------------------------------------------------------



The most recent result in the Contact South Zone continued to confirm the high
grade character of this satellite structure. Including previously disclosed
results, a total of five drill holes have intersected the zone to date
encountering an average cut gold grade of 0.32 ounces of gold per ton (0.74
ounces per ton uncut) over an average true width of 14.6 feet. The zone is still
open at depth and to the west.

New Resource Estimate Expected in February

Previous drilling on the Lapa Deposit outlined an indicated mineral resource of
722,000 ounces of gold in 2.5 million tons grading 0.29 ounces per ton and an
inferred mineral resource of 462,000 ounces of gold in 1.9 million tons grading
0.25 ounces per ton. An updated mineral resource estimate is expected when the
Company releases its fourth quarter 2003 results on February 25, 2004.

Extensive Exploration Program to Continue in 2004

Exploration expenditures on the Lapa Property in 2004 are budgeted at $2.3
million. Approximately 115,000 feet of drilling is planned with five drills
currently working on the property. As the deposit is still open in all
directions at depth, the 2004 drilling program will continue to target potential
extensions of the two zones at depth where the best gold grade intersections
have been encountered to date. Exploration drilling will also test the
favourable geological horizon which extends one kilometer east across the Lapa
Property.

Download Illustrations from Company's Website

The longitudinal illustrations that detail the drill results and a map of the
properties discussed in this news release can be viewed and downloaded from the
Company's website http://www.agnico-eagle.com/ or:

  http://files.newswire.ca/3/Lapa.pdf
  -----------------------------------
  http://files.newswire.ca/3/PropertyPlan.pdf
  -------------------------------------------

  Scientific and Technical Data



All Lapa drill core has been logged and the results have been verified by Dino
Lombardi, P.Geo., Senior Geologist for the Company's Exploration Division and
who is fully qualified per the standards outlined in National Instrument 43-101.
The drill core selected for analysis is sawed in half with one half sent to a
commercial laboratory and the other half retained for future reference. Upon
reception of the assay results, the pulps and rejects are recovered and
submitted to a second laboratory for check-assay purposes. The gold assaying
method uses a 30-gram sample by Fire Assays or Metallic Sieve finish as
requested by the project geologist. The laboratories used are Bourlamaque Assay
Laboratories Ltd., Val d'Or, Quebec, and Expert Laboratories Inc.,
Rouyn-Noranda, Quebec. Results that have been reported as 'preliminary' do not
have complete check-assay data available; the final results, that will include
check-assays, are not expected to vary significantly from the preliminary
results.

Forward Looking Statements

This news release contains certain "forward-looking statements" (within the
meaning of the United States Private Securities Litigation Reform Act of 1995)
that involve a number of risks and uncertainties. There can be no assurance that
such statements will prove to be accurate; actual results and future events
could differ materially from those anticipated in such statements. Risks and
uncertainties are disclosed under the heading "Risk Factors" in the Company's
Annual Information Form (AIF) filed with certain Canadian securities regulators
(including the Ontario and Quebec Securities Commissions) and with the United
States Securities and Exchange Commission (as Form 20-F).

About Agnico-Eagle

Agnico-Eagle is a long established Canadian gold producer with operations
located in northwestern Quebec and exploration and development activities in
eastern Canada and the southwestern United States. Agnico-Eagle's LaRonde Mine
in Quebec is Canada's largest gold deposit. 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 24 consecutive years. 

DATASOURCE: Agnico-Eagle Mines Limited



CONTACT: Barry Landen, V.P. Corporate Affairs, Agnico-Eagle Mines

Limited, [phone]

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