Canadian Warrants

Registration of interests in and transfers of warrants shall be made through the book-based system operated by CDS Clearing and Depository Services Inc. The warrants will be evidenced by one or more warrants certificates for an amount representing the total number of such warrants outstanding from time to time.

The warrants will be governed by the terms of a warrant indenture dated April 4, 2009, between the company and Computershare Trust Company of Canada, as warrant agent. The warrant indenture will provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization. Agnico-Eagle prices US$167 million offering of common shares and warrants10/31/2002

TORONTO, Oct 31, 20

02 /PRNewswire-FirstCall via COMTEX/ --

Stock Symbols: AEM (NYSE) AGE (TSE)
Agnico-Eagle Mines Limited ("Agnico-Eagle") today announced that it has entered
into an underwriting agreement in connection with its previously announced public
offering of units in Canada and the United States pursuant to a preliminary short
form prospectus and registration statement filed yesterday. The underwriters have
agreed to purchase 12 million units at a price of US$13.90 per unit. Each unit will
consist of one common share and one half of a common share purchase warrant of
Agnico-Eagle. Each whole warrant will entitle the holder to purchase one common
share at a price of US$19 per share at any time during the five year term of the
warrant.

The joint-lead managers and joint-bookrunners of the underwriting
syndicate are TD Securities Inc. and Merrill Lynch & Co.Co-managers are Scotia Capital Inc., Yorkton Securities Inc., CIBC World Markets Inc., Salomon Smith Barney Canada Inc., Dundee Securities Corporation and Sprott Securities Inc. The gross proceeds to the company, before underwriting commissions and expenses, are expected to be US$167 million. The underwriters have an option to purchase up to 1.8 million additional units to cover over-allotments for a period of 30 days after the date of the final prospectus. The net proceeds of the offering will be used to fund future potential acquisitions, capital expenditures and other general corporate purposes.Agnico-Eagle is an established Canadian gold producer with operations located principally in northwestern Quebec and exploration and development activities in Canada and the southwestern United States. Agnico-Eagle's operating history includes three decades of continuous gold production, primarily from underground mining operations. Current proven and probable reserves stand at 3.3 million contained ounces, with an additional 5.2 million ounces in the mineral resource category at LaRonde.

A final prospectus relating to the units has not yet been filed in Canada and the
registration statement relating to the units filed with the United States Securities and
Exchange Commission has not yet become effective. The units may not be sold nor
may offers to buy be accepted prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these units in any state in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such state.

Copies of the preliminary short form prospectus may be obtained from Merrill Lynch
& Co., 250 Vesey Street, New York, NY, 10281, Attention: Syndication or TD
Securities Inc., 66 Wellington Street West, 7th Floor, Toronto, Ontario, M5K 1A2,
Attention: Equity Capital Markets.

This press 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 Canadian securities regulators (including the Ontario and
Quebec Securities Commissions) and with the United States Securities and
Exchange Commission (on Form 20-F).

SOURCE Agnico-Eagle Mines Limited

CONTACT:
Sean Boyd, President and CEO, (416) 847-3706;
David Garofalo, VP Finance and CFO, (416) 847-3708
(AGE. AEM)

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