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Agnico-Eagle Mines Limited’s (Agnico-Eagle) NYSE common stock price has increased significantly since our previous update report dated 16 December 2008, reflecting an increase in spot gold price during the same period. However, we expect gold prices to decline in the near term. Therefore, our fundamental outlook remains unchanged and we maintain our SELL rating. We will reassess our NYSE common stock rating for Agnico-Eagle…

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We have revised our revenues estimates upwards for FY 2009 and FY 2010, reflecting the company’s guidance for gold production over the period. The company anticipates increasing its gold production five fold by FY 2010 from its expected FY 2008 gold production. The company has also successfully implemented its Kittlila, Finland project in 4Q 08. In addition, it anticipates the Lapa and Pinos Altos projects to be successfully…

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During 3Q 08, Agnico-Eagle Mines Limited (Agnico- Eagle) reported a y-o-y decline in mining revenues, primarily due to lower zinc price realizations, compounded further by low gold production at LaRonde mines. Furthermore, the operating income declined y-o-y due to higher production expenses. However, 3Q 08 reported net income increased y-o-y due to significant foreign exchange gains. Going forward, we expect the growth in mining revenues to be…