Agnico Eagle announces 'most ambitious' gold exploration program in its history
(Kitco News) - Agnico Eagle Mines (NYSE:AEM) (TSX: AEM) today announced record exploration spending in 2021, targetinggrowth of the company's mineral reserves and mineral resources at year-end 2021from a record level at year-end 2020.
Based on significantexploration results observed in 2020 at several operating mines and pipelineprojects, the company said it has initiated a review of the full potential ofits portfolio of assets and increased its exploration budget in 2021 toapproximately $163 million (from $113 million in 2020), making it the largestexploration budget in the company's history.
"Strong drill resultscontinue to demonstrate significant exploration upside at several of our minesand key pipeline projects. The 2021 exploration program is the most ambitiousin Agnico Eagle's 64-year history, as we investigate the full potential ofexisting operations and key projects in the company's pipeline," statedCEO Sean Boyd.
"We are continuing tosee positive results from this initiative, with significant extension of theEast Gouldie deposit, high-grade mineralization at Upper Beaver that we expectto have a meaningful impact on the project update in 2022, and resultsconfirming the potential to expand the Doris deposit and make a new discoverynear the Madrid deposit at Hope Bay. In addition, we continue to generatesignificant exploration results at key producing assets including LaRonde, Kittilaand Meliadine," he added.
Agnico Eagle is a seniorCanadian gold mining company that has produced precious metals since 1957. Itsoperating mines are located in Canada, Finland and Mexico, with exploration anddevelopment activities in each of these countries as well as in the UnitedStates and Colombia.
By Vladimir BasovFor Kitco News
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