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Agnico Eagle announces 'most ambitious' gold exploration program in its history

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(Kitco News) - Agnico Eagle Mines (NYSE: AEM) (TSX: AEM) today announced record exploration spending in 2021, targeting growth of the company's mineral reserves and mineral resources at year-end 2021 from a record level at year-end 2020. 

Based on significant exploration results observed in 2020 at several operating mines and pipeline projects, the company said it has initiated a review of the full potential of its portfolio of assets and increased its exploration budget in 2021 to approximately $163 million (from $113 million in 2020), making it the largest exploration budget in the company's history.

"Strong drill results continue to demonstrate significant exploration upside at several of our mines and key pipeline projects. The 2021 exploration program is the most ambitious in Agnico Eagle's 64-year history, as we investigate the full potential of existing operations and key projects in the company's pipeline," stated CEO Sean Boyd.

"We are continuing to see positive results from this initiative, with significant extension of the East Gouldie deposit, high-grade mineralization at Upper Beaver that we expect to have a meaningful impact on the project update in 2022, and results confirming the potential to expand the Doris deposit and make a new discovery near the Madrid deposit at Hope Bay. In addition, we continue to generate significant exploration results at key producing assets including LaRonde, Kittila and Meliadine," he added.

Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its operating mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these countries as well as in the United States and Colombia.

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