If you just look at the NR as stated I would agree wholeheartedly. However, look at the chart below, which was taken from SEDAR. I have adjusted the spacing from the copy and paste to make it more legible, but no other changes were made.

Earn-in Commitments

To earn a 70% interest , Agnico-Eagle must complete feasibility study

Other quantitative annual commitments are as shown below

1 2 3 4 5 6 7

In millions of dollars 2011 2012 2013 2014 2015 2016 2017

Earn 51% Earn 70%

Cash Payments (US$) 1 2 2.5 3 3.5

cumulative 1 3 5.5 8.5 12

EVG Share Purchases (C$) 2.5 3 3.5 7 7

cumulative 2.5 5.5 9 16 23

Work Commitment (US$) 3 5 5 6 7 7 8

cumulative 3 8 13 19 26 33 41

Annual Total 4 7 10 12 14 14 15

cumulative 4 11 21 33 47 61 76

END of Copy and Paste

It is a fairly back-end loaded deal, which I suspect is normal, however the key to me is that the share purchases do not begin until year 3, with 14 of the 23 million dollars required being in the final two years. IMHO if the share price of EVG has not risen to much higher levels in the next five years, there is nothing there and they didn't give anything away, anyway. If, however they do have success over that time at either RSH, or in Nevada (with maybe a little help from the investment in PPG) share price will be significantly higher and AE will not get nearly the number of shares for their money they would if able to buy now.