Agnico-Eagle Exploration Update - trackseekingalpha

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Agnico-Eagle Exploration Update
Sep 11, 2009 10:49 AM UTC

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Via Long Investment Ideas from Seeking Alpha:

On September 8th, Canadian gold producer, Agnico-Eagle Mines Limited (AEM) released an update on its 2009 exploration program. The company stated that new discoveries have increased the size of the mineralized envelopes of several deposits. The company expects to increase its total gold reserves and resources by the end of this year.

Agnico-Eagle stated that new discoveries at Pinos Altos in Mexico , Meadowbank and Kittila mines, have resulted in an increase in the size of the mineralized envelopes. The $54 million exploration program begun in 2009 is currently 85% complete through July, with 190 kilometers of the planned 221 kilometers drilled. However, the company now expects to add further funds to the budget due to the encouraging results to date.

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