Agnico Eagle: 3 mines operating & 3 new gold mines soon.
Gold production to double to 590,000 ounces in 2009, double again to 1.2 million ounces in 2010.
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Gold update

posted on Mar 04, 09 05:09AM

UPDATE 1-Agnico sees 20-21 mln ounces gold reserves by end-2010

Wed Mar 4, 2009 8:03am EST

March 4 (Reuters) - Canadian gold producer Agnico-Eagle Mines Ltd (AEM.TO: Quote, Profile, Research, Stock Buzz) (AEM.N: Quote, Profile, Research, Stock Buzz) said it expects its gold reserves to reach 20 million to 21 million ounces by year-end 2010 with improving drill access at several of its deposits.

The company, which plans to spend about $54 million on exploration in 2009, expects to drill about 221 kilometres, utilizing 25 drill rigs.

Toronto-based Agnico, which operates mines in Quebec and Finland, added that it spent about $72 million on exploration in 2008 and recorded an 8 percent rise in gold reserves at 18.1 million ounces.

"In 2008, we moved steadily towards our goal of 20 million ounces of gold reserves from our existing projects with the addition of 1.4 million ounces of reserves and 1.4 million ounces of resources," Chief Executive Sean Boyd said in a statement.

Agnico-Eagle shares closed at C$62.29 Tuesday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; editing by Vinu Pilakkot)

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