Agnico-Eagle executes US$150 million four year credit agreement
11 November 2005 - 8:24AM
PR Newswire (US)
Stock Symbol: AEM (NYSE and TSX) TORONTO, Nov. 10
/PRNewswire-FirstCall/ -- Agnico-Eagle Mines Limited announced
today that it has executed an amendment with its bank syndicate to
increase the limit of its revolving credit facility from US$100
million to US$150 million, and to extend its term by two years to
December, 2009. There are no dollar amounts currently drawn under
the facility. "We are systematically putting in place a growth plan
that could potentially triple our gold production and double our
reserves over the next four years" said Sean Boyd, President and
Chief Executive Officer. "With strong cash flow from the low cost
LaRonde gold mine, our cash balance of US$124 million and this
credit facility, we are building the financial capacity necessary
to realize our growth objectives". The facility, which is primarily
secured by a first charge on the LaRonde and Goldex mines, is
expected to be effective shortly, once the necessary registrations
are made in Quebec. The facility is being provided by a syndicate
of international banks including Scotia Capital, N M Rothschild and
Sons Ltd., Societe Generale, National Bank of Canada, and the
Toronto-Dominion Bank. Forward Looking Statements The information
in this press release has been prepared as at November 10, 2005.
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995. When used
in this document, the words "anticipate", "expect", "estimate,"
"forecast," "planned" and similar expressions are intended to
identify forward-looking statements. Such statements reflect the
Company's views at the time with respect to future events and are
subject to certain risks, uncertainties and assumptions. Many
factors could cause the actual results to be materially different
from those expressed or implied by such forward-looking statements,
including, among others, those which are discussed under the
heading "Risk Factors" in the Company's most recently filed Annual
Information Form and Annual Report on Form 20-F. The Company does
not intend, and does not assume any obligation, to update these
forward-looking statements. About Agnico-Eagle Agnico-Eagle is a
long established Canadian gold producer with operations located in
northwestern Quebec and exploration and development activities in
Canada, Finland, the United States and Mexico. Agnico-Eagle's
LaRonde Mine in Quebec is Canada's largest gold deposit. The
Company has full exposure to higher gold prices consistent with its
policy of no forward gold sales. It has paid a cash dividend for 25
consecutive years. DATASOURCE: Agnico-Eagle Mines Limited CONTACT:
David Smith, Director, Investor Relations, (416) 947-1212
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