- Agnico Eagle reported record quarterly gold production of 315,828 ounces at a total cash cost of $591 per ounce in Q3 2013. - Production and cost guidance for 2013 was increased and decreased, respectively, with production now expected to be approximately 1,060,000 ounces of gold at a total cash cost of approximately $690 per ounce. - Key factors contributing to the strong results included record quarterly production at Meadowbank and improved costs across all operations driven by ongoing cost reduction initiatives.

1. Third Quarter 2013 Results
October 2013
agnicoeagle.com

2. FORWARD LOOKING STATEMENTS
The information in this document has been prepared as at October 23, 2013. Certain statements contained in this document constitute
“forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking
information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”, “expect”,
“estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or information.
Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions; estimates
of future reserves, resources, mineral production, optimization efforts and sales; estimates of mine life; estimates of future internal rates of
return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs, and
expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates
of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and
production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and
information regarding anticipated future exploration; the anticipated timing of events with respect to the Company’s mine sites and statements
and information regarding the sufficiency of the Company’s cash resources. Such statements and information reflect the Company’s views as at
the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such
statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or
implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility of prices of gold and other
metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production,
capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development
programs; mining risks; community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility
of the Company’s stock price; and risks associated with the Company’s byproduct metal derivative strategies. For a more detailed discussion of
such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements
contained in this document, see the Company’s Annual Report on Form 20-F for the year ended December 31, 2012, as well as the Company’s
other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does not intend,
and does not assume any obligation, to update these forward-looking statements and information. Alain Blackburn, a Qualified Person and the
Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s
reserve and resource position see the February 13, 2013 press release on the Company’s website. That press release also lists the Qualified
Persons for each project.
agnicoeagle.com
2

3. NOTES TO INVESTORS
Note Regarding the Use of Non-GAAP Financial Measures
This document presents estimates of future “total cash cost per ounce”, “minesite cost per tonne”, and “all-in sustaining cost per ounce of gold
produced” that are not recognized measures under United States generally accepted accounting principles (“US GAAP”). This data may not be
comparable to data presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite
costs per tonne that the Company expects to incur to mine gold at the applicable sites and do not include production costs attributable to
accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not
practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. A reconciliation of the
Company’s total cash cost per ounce and minesite cost per tonne to the most comparable financial measures calculated and presented in
accordance with US GAAP for the Company’s historical results of operations is set forth in the notes to the financial statements included in the
Company’s Annual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2012, as well as the Company’s other
filings with the Canadian Securities Administrators and the SEC.
Note Regarding Production Guidance
The gold production guidance is based on the Company’s mineral reserves but includes contingencies and assumes metal prices and foreign
exchange rates that are different from those used in the reserve estimates. These factors and others mean that the gold production guidance
presented in this disclosure does not reconcile exactly with the production models used to support these mineral reserves.
agnicoeagle.com
3

4. KEY OPERATING HIGHLIGHTS – Q3 2013
• Record quarterly gold production of 315,828 oz at a total cash cost of $591/oz
• Record quarterly gold production and improved costs at Meadowbank –
133,489 oz at a total cash cost of $623/oz
• 2013 Production guidance increased to approximately 1,060,000 oz of gold
• 2013 Total cash cost guidance reduced to approximately $690 / oz
• 2013 all-in sustaining cost estimate is reduced to $1,025/oz (from $1,100/oz)
• Restart of Goldex and commissioning of La India mines commenced late Q3
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4

5. UPCOMING CATALYSTS
On track for production growth of approximately 20% from 2013 - 2015
• Grades forecast to remain strong at Meadowbank in Q4 and
potentially into 2014
• Continued grade improvement expected at LaRonde as cooling
plant is commissioned and higher grade mining pyramids are
accessed
• Production profile to benefit from a full year of operation at Goldex
in 2014
• La India leaching expected to commence in November 2013 and
commercial production expected to commence in Q1 2014
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5

6. IMPROVEMENTS IN CASH FLOW GENERATION
Expected to offset impact of lower metal prices
2013
Reduction in capital and operating costs (announced Q2/13)
Reduction in exploration spending (announced Q2/13)
$50 million
$20 million
Estimated positive net impact on cash flow
$70 million
2014
Reduction in capital costs (announced Q2/13)
Reduction in exploration spending (announced Q2/13)
Reduction in Labour and G&A costs (announced October 23, 2013)
$200 million
$50 million
$40 million
Estimated positive net impact on cash flow
$290 million
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6

7. OPERATING RESULTS
Strong operational performance at all mines drives record quarterly production
Q3 2013
YTD 2013
Production Total Cash Cost
(Gold oz)
($/oz)
Production
(Gold oz)
Total Cash Cost
($/oz)
LaRonde
45,253
$746
130,445
$801
Goldex1
1,505
N/A
1,505
N/A
Kittila
56,177
$518
104,711
$5642
Lapa
24,361
$662
74,407
$687
Pinos Altos
43,736
$404
135,283
$402
Creston Mascota
11,307
$523
23,361
$5113
133,489
315,828
$623
$591
307,180
776,892
$828
$692
Meadowbank
Total
Q3 2013 Revenue by Metal
Meadowbank,
39%
Base
Metals
1%
Silver
6%
1.
2.
3.
Pre-commercial ounces
Excluding production and costs from Q2/13
Excluding production and costs from Q1/13
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Q3 2013 Total Operating Margin – $213 M
Gold
93%
LaRonde,
12%
Lapa, 8%
Pinos Altos,
23%
Kittila, 18%
7

8. FINANCIAL RESULTS
Q3 2013
Q3 2012
YTD 2013
YTD 2012
Revenues (millions)
$444
$536
$1,201
$1,468
Earnings (millions)
$47
$106
$47
$228
$0.27
$0.62
$0.27
$1.33
$81
$199
$302
$590
315,8281
286,971
776,8922
807,276
Silver (ounces in thousands)
1,213
1,140
3,530
3,450
Zinc (tonnes)
3,648
7,379
15,342
29,915
Copper (tonnes)
1,241
982
3,603
3,312
Total cash costs (gold, $/oz)
$591
$556
$692
$602
All amounts are in US$,
unless otherwise indicated
Earnings per share (basic)
Cash provided by operating activities
(millions)
Payable Production Gold (ounces)
Includes 1,505 oz of pre-commercial production from Goldex which is excluded from the total cash cost calculations
²Includes 8,801 oz production from Kittila, Creston Mascota, and Goldex that are not included in the total cash cost calculation
1
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8

9. FINANCIAL POSITION
Adequate cash balance with financial flexibility
Sep. 30, 2013
ALL AMOUNTS ARE IN US$, (unless otherwise indicated)
CASH AND CASH EQUIVALENTS (millions)
$142
LONG TERM DEBT (millions)
$950
AVAILABLE CREDIT FACILITIES
$1.05 Billion
COMMON SHARES OUTSTANDING, BASIC (Q3’13 Weighted average, millions)
173.1
COMMON SHARES OUTSTANDING, FULLY DILUTED (Q3’13 Weighted average, millions)
173.5
Long-Term Debt Maturities
2017
Notes Outstanding (millions)
Coupon
agnicoeagle.com
2020
2022
2024
$115
$360
$225
$100
6.13%
6.67%
5.93%
5.02%
9

10. MODERATE, ACHIEVABLE PRODUCTION GROWTH
Low political risk, mining-friendly jurisdictions
Payable Gold Production Profile (oz)
1,250,000
1,200,000
1,150,000
1,100,000
1,050,000
1,000,000
950,000
900,000
2010A
2011A
2012A
Actual
agnicoeagle.com
2013E
2014E
2015E
Estimate
10

11. PROJECTED CAPITAL SPENDING
Capital Expenditures (US$ 000’s)
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
2008A
2009A
2010A
Actual
agnicoeagle.com
2011A
2012A
2013E
2014E
Estimate
11

12. OPERATIONS
agnicoeagle.com

13. LARONDE
Cooling plant on track for Q4 commissioning
•
Cooling plant expected to be commissioned
in Q4 with full start up in early 2014
•
69% of ore was sourced from deeper mine in
Q3 2013; Expected to increase through yearend
Mined grade expected to increase towards
average reserve grades
$240M
4.2
AVERAGE GOLD RESERVE GRADE (g/t)
•
P&P GOLD RESERVES (million oz)
4.5
Indicated resource (million oz)
(5.4 M tonnes @ 1.88 g/t)
0.3
Inferred resource (million oz)
(11.9 M tonnes @ 3.73 g/t)
1.4
Estimated LOM (years)
14
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
Cash Operating Margin
$160M
$80M
$0M
2010
agnicoeagle.com
2011
2012
13

14. LAPA
Cost containment initiatives continue to deliver results
•
Lower total cash costs due to ongoing
cost reductions - $662/oz in Q3
•
Steady state operation
•
0.4
AVERAGE GOLD RESERVE GRADE (g/t)
Positive exploration results in the Zulapa
area could extend the mine life
P&P GOLD RESERVES (million oz)
6.0
Indicated resource (million oz)
(1.1 M tonnes @ 4.08 g/t)
0.2
Inferred resource (million oz)
(0.9 M tonnes @ 6.69 g/t)
0.2
Estimated LOM (years)
$120M
3
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
Cash Operating Margin
$80M
$40M
$0M
2010
agnicoeagle.com
2011
2012
14

15. GOLDEX
Commercial production expected in early Q4 2013
P&P GOLD RESERVES (million oz)
•
•
•
•
Initial mill testing yielded 1,505 oz of precommercial gold production
Estimated 2013 production of 15,000 oz
Average annual production expected to
be 85,000 oz at total cash costs of
$900/oz
0.35
AVERAGE GOLD RESERVE GRADE (g/t)
1.6
Measured & Indicated gold resource (million oz)
(27.2 M tonnes @ 1.8 g/t)
1.6
Inferred gold resource (million oz)
(34.6 M tonnes @ 1.5 g/t)
1.7
Estimated LOM (years)
4
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
Technical study on other satellite zones
expected by end of 2013
agnicoeagle.com
15

16. KITTILA
Production positively impacted by high-grade pit pillar
•
Record quarterly gold production on
increased throughput, and recoveries
•
Better SAG mill performance and simplified
autoclave operation following the Q2 2013
relining
•
$240M
4.8
AVERAGE GOLD RESERVE GRADE (g/t)
4.5
Indicated resource (million oz)
(7.8 M tonnes @ 2.65 g/t)
0.7
Inferred resource (million oz)
(19.0 M tonnes @ 3.88 g/t)
2.4
Estimated LOM (years)
750 tpd mill expansion remains on budget
and schedule
P&P GOLD RESERVES (million oz)
25
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
Cash Operating Margin
$160M
$80M
$0M
2010
agnicoeagle.com
2011
2012
16

17. MEADOWBANK
Record quarterly gold production
•
•
•
Record quarterly production on positive
tonnage and grade reconciliation,
consistently high crusher throughput and
higher recoveries
Excellent cost control due to improved
productivity and cost reduction initiatives
Grades forecast to remain strong in Q4
2013
P&P GOLD RESERVES (million oz)
2.3
AVERAGE GOLD RESERVE GRADE (g/t)
2.8
Measured & Indicated resource (million oz)
(10.3 M tonnes @ 2.49 g/t)
0.8
Inferred resource (million oz)
(3.6 M tonnes @ 3.81 g/t)
0.4
Estimated LOM (years)
$320M
Cash Operating Margin
6
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
$240M
$160M
$80M
$0M
2010
agnicoeagle.com
2011
2012
17

18. MEXICO – PINOS ALTOS & CRESTON MASCOTA
Record quarterly mill throughput
•
Record mill throughput on new mill liner design
and higher availability
P&P GOLD RESERVES (million oz)
2.7
•
Creston Mascota ramping up as expected
AVERAGE GOLD RESERVE GRADE (g/t)
2.2
•
Stable production costs
Indicated resource (million oz)
(17.9 M tonnes @ 1.52 g/t)
0.9
•
Shaft construction at Pinos Altos on schedule
and on budget
Inferred resource (million oz)
(24.6 M tonnes @ 1.19 g/t)
0.9
Estimated LOM (years)
17
$320M
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
Cash Operating Margin
$240M
$160M
$80M
$0M
2010
agnicoeagle.com
2011
2012
18

19. LA INDIA
Leaching expected in November
•
Approx. 125,000 tonnes of ore stacked to
date with crushing circuit now operational
•
Estimated annual gold production of 90 koz
@ average total cash costs of $500/oz
Metallurgical testing results on La India
sulphides and Tarachi mineralization
expected later this year
0.8
AVERAGE GOLD RESERVE GRADE (g/t)
•
PROBABLE GOLD RESERVES (million oz)
0.7
Indicated gold resource (million oz)
(43.2 M tonnes @ 0.4 g/t)
0.6
Inferred gold resource (million oz)
(81 M tonnes @ 0.4 g/t)
1.0
Estimated LOM (years)
8
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources.
agnicoeagle.com
19

20. MANAGING AND DELIVERING IN A VOLATILE GOLD MARKET
• 2013 production guidance raised
• Improved cashflow generation for 2013 and 2014 expected through cost
savings and increased production guidance – potential total impact
approximately $400 million
• Delivering on production - strong operating performance expected to continue
into 2014
• Funded production growth - expecting 22% growth through 2015
• Bringing on new mines ahead of schedule and on budget - La India and Goldex
• Financial flexibility maintained
• Consistent acquisition strategy – “toe hold” investments with exploration upside
agnicoeagle.com
20

21. APPENDIX
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22. COST EFFECTIVE EXPLORATION REFLECTS SUCCESSFUL M&A STRATEGY
Significant exploration results at acquired properties
9,000
+5644 koz
6,000
+3085 koz
+3161 koz
Mined
Proven &
Probable
Measured &
Indicated
Inferred
+1105 koz
3,000
+1097 koz
$200
$150
$100
$50
$18
La India
'12
La India
'11
Meliadine
'12
Meliadine
'10
Meadow
bank '12
$186
$173
Purchase Cost per Oz
Discovery Cost per Oz
$54
Meadow
bank '07
Pinos
Altos '12
Pinos
Altos '06
Kittila '12
Kittila '05
0
$121
$43
$27
$48
$26
$10
$0
Kittila
Pinos Altos
Meadowbank
Meliadine
La India
Note: The terms “measured resources”, “indicated resources” and “inferred resources” are not recognized under the SEC guidelines. Detailed information can be found in the February 13, 2013 press release.
agnicoeagle.com
22

23. OPERATING METRICS
LaRonde
LaRonde - Ore milled ('000 tonnes)
LaRonde - Minesite costs per tonne (C$)
7,500tpd
$140/t
7,000tpd
$120/t
6,500tpd
$100/t
6,000tpd
$80/t
5,500tpd
$60/t
5,000tpd
$40/t
4,500tpd
$20/t
4,000tpd
$0/t
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Lapa
Q1 13
Q2 13
Q3 13
Lapa - Ore milled ('000 tonnes)
Lapa - Minesite costs per tonne (C$)
1,900tpd
$170/t
1,850tpd
$150/t
1,800tpd
$130/t
1,750tpd
1,700tpd
$110/t
1,650tpd
1,600tpd
$90/t
1,550tpd
$70/t
1,500tpd
1,450tpd
$50/t
Q2 11
Q3 11
agnicoeagle.com
Q4 11
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
23

24. OPERATING METRICS
Kittila - Ore milled('000 tonnes)
Kittila - Minesite costs per tonne (EUR)
Kittila
4,000tpd
3,500tpd
€90/t
3,000tpd
€80/t
2,500tpd
€70/t
2,000tpd
1,500tpd
€60/t
1,000tpd
€50/t
500tpd
0tpd
€40/t
Q2 11
Q3 11
Q4 11
Q1 12
Q2 12
Pinos Altos
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Meadowbank
5,600tpd
$60/t
14,000tpd
$140/t
5,400tpd
$50/t
12,000tpd
$120/t
10,000tpd
$100/t
8,000tpd
$80/t
6,000tpd
$60/t
4,000tpd
$40/t
2,000tpd
$20/t
5,200tpd
$40/t
5,000tpd
$30/t
4,800tpd
$20/t
Pinos Altos - Ore milled ('000 tonnes)
Pinos Altos - Minesite costs per tonne (USD$)
agnicoeagle.com
0tpd
Q3 13
Q2 13
Q1 13
Q4 12
Q3 12
Q2 12
Q1 12
Q4 11
$0/t
Q3 11
Q3 13
Q2 13
Q1 13
Q4 12
Q3 12
Q2 12
Q1 12
$0/t
Q4 11
4,200tpd
Q3 11
$10/t
Q2 11
4,400tpd
Q2 11
4,600tpd
Meadowbank - Ore milled ('000 tonnes)
Meadowbank - Minesite costs per tonne (C$)
24

25. GOLD AND SILVER RESERVES AND RESOURCES
December 31, 2012
Tonnes
(000’s)
Silver
(g/t)
Silver
(ounces)
(000’s)
9,390
47.30
14,281
Probable
57,536
43.93
81,256
Total
Reserves
66,926
44.40
95,537
Measured &
Indicated
23,379
31.95
24,015
Inferred
36,479
20.66
24,228
Gold
Tonnes
(000’s)
Gold
(g/t)
Gold
(ounces)
(000’s)
Silver
Proven
13,836
3.13
1,394
Proven
Probable
170,300
3.16
17,286
Total
Reserves
184,136
3.16
18,681
Measured &
Indicated
140,995
1.79
8,104
Inferred
199,503
1.90
12,159
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.
agnicoeagle.com
25

26. COPPER, ZINC AND LEAD RESERVES AND RESOURCES
December 31, 2012
Copper
Tonnes Copper Copper
Zinc
Tonnes
Zinc
Zinc
(000’s)
(%)
(tonnes)
6,323
1.06
67,211
Lead
Tonnes
Lead
(%) (tonnes)
6,323
0.30 18,744
Proven
Probable
22,462
0.24 53,835
Probable
22,462
0.68 152,973
Probable
22,462
0.05 10,304
Total
Reserves
28,786
0.25 72,580
Total
Reserves
28,786
0.76 220,184
Total
Reserves
28,786
0.06 18,042
Indicated
5,432
0.12
Indicated
5,432
1.50
81,551
Indicated
5,432
0.15
8,071
11,887
0.58
69,048
Inferred
11,887
0.05
5,375
Proven
Inferred
11,887
6,644
0.25 29,317
Inferred
Proven
(000’s)
Lead
(000’s)
6,323
(%) (tonnes)
0.12
7,738
See AEM Feb 13, 2013 press release for detailed breakdown of reserves and resources. Reserves are not a subset of resources.
agnicoeagle.com
26

27. NOTES TO INVESTORS REGARDING THE USE OF RESOURCES
Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources
This document uses the terms “measured resources” and “indicated resources”. We advise investors that while those terms are recognized and required by
Canadian regulations, the SEC does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves.
Cautionary Note to Investors Concerning Estimates of Inferred Resources
This document also uses the term “inferred resources”. We advise investors that while this term is recognized and required by Canadian regulations, the SEC
does not recognize it. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates
of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that
part or all of an inferred resource exists, or is economically or legally mineable.
Scientific and Technical Data
Agnico Eagle Mines Limited is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and
reporting of resources and reserves.
Cautionary Note To U.S. Investors – The SEC permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. Agnico Eagle uses certain terms in this press release, such as “measured”, “indicated”, and
“inferred”, and “resources” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are
urged to consider closely the disclosure in our Form 20-F, which may be obtained from us, or from the SEC’s website at: http://sec.gov/edgar.shtml. A “final” or
“bankable” feasibility study is required to meet the requirements to designate reserves under Industry Guide 7.
Estimates for all properties were calculated using historic three-year average metals prices and foreign exchange rates in accordance with the SEC Industry
Guide 7. Industry Guide 7 requires the use of prices that reflect current economic conditions at the time of reserve determination, which the Staff of the SEC
has interpreted to mean historic three-year average prices. The assumptions used for the mineral reserves and resources estimates at the Lapa, Meadowbank
and Creston Mascota mines and the Goldex and Meliadine projects reported by the Company on February 13, 2013 are based on three-year average prices for
the period ending December 31, 2012 of $1,490 per ounce gold, $29.00 per ounce silver, $0.95 per pound zinc, $3.67 per pound copper, $1.00 per pound lead
and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.34 and 12.75, respectively. The assumptions used for the mineral reserves and resources
estimates at the LaRonde, Pinos Altos and Kittila mines and the La India and Tarachi projects reported by the Company on February 13, 2013 were based on
three-year average prices for the period ending June 30, 2012 of $1,345 per ounce gold, $25.00 per ounce silver, $0.95 per pound zinc, $3.49 per pound
copper, $0.99 per pound lead and C$/US$, US$/Euro and MXP/US$ exchange rates of 1.00, 1.30 and 13.00, respectively.
The Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”) requires mining companies to disclose reserves and resources using the
subcategories of “proven” reserves, “probable” reserves, “measured” resources, “indicated” resources and “inferred” resources. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
agnicoeagle.com
agnicoeagle.com
27

28. NOTES TO INVESTORS REGARDING THE USE OF RESOURCES
A mineral reserve is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This
study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. A
proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. A probable
mineral reserve is the economically mineable part of an indicated, and in some circumstances, a measured mineral resource demonstrated by at least a
preliminary feasibility study.
A mineral resource is a concentration or occurrence of natural, solid, inorganic material, or natural solid fossilized organic material including base and precious
metals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location,
quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and
knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics
are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to
support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely
enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality,
densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are
spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that part of a mineral resource for which
quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological
and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately
detailed assessments of realistically assumed mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental
considerations together with any other relevant operational factors and detailed financial analysis, that are necessary to demonstrate at the time of reporting
that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or
financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility
Study.
The effective date for all of the Company’s mineral resource and reserve estimates in this press release is December 31, 2012. Additional information about
each of the mineral projects that is required by NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in the Technical Reports
referred to above, which may be found at www.sedar.com. Other important operating information can be found in the Company’s Form 20-F and this news
release dated February 13, 2013.
Alain Blackburn, a Qualified Person and the Company’s Senior Vice-President, Exploration, reviewed the technical information disclosed herein.
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