Stock Symbols: AEM (NYSE and TSX)

    TORONTO, Sept. 4 /PRNewswire-FirstCall/ - Agnico-Eagle Mines Limited
("Agnico-Eagle" or the "Company") announced today that it has executed a
new non-amortizing US$300 million revolving credit facility, maturing
September 2010. Including its pre-existing credit facility, the Company now
has US$600 million of credit lines. The pre-existing facility is also a
non-amortizing US$300 million revolving credit line, maturing January 2013.
Both credit facilities are unsecured. The new facility is being provided by
a syndicate of international banks including Scotia Capital (Lead Arranger
and Administrative Agent), Toronto-Dominion Bank (Syndication Agent), BMO
Capital Markets (Co- Documentation Agent), Commonwealth Bank of Australia
(Co-Documentation Agent), Royal Bank of Canada, Barclays Bank and National
Bank of Canada.

    "We are well capitalized for our growth plan that is expected to
increase annual gold output to approximately 1.3 million ounces by 2010"
said Sean Boyd, Vice Chairman and Chief Executive Officer. "Our commercial
banking partners have provided us with a low-cost, non-dilutive source of
capital, giving us additional financial flexibility as we build our project
pipeline and increase gold reserves" added Mr. Boyd.

    Forward-Looking Statements

    The information in this press release has been prepared as at September
4, 2008. 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 and forward looking
information under the provisions of Canadian provincial securities laws.
When used in this document, words such as "anticipate", "expect",
"estimate," "forecast," "planned", "will", "likely" and similar expressions
are intended to identify forward-looking statements or information.

    Such statements include, without limitation: the Company's
forward-looking expectations regarding the growth of the Company's gold
production and its requirements for capital. Such statements reflect the
Company's views as at the date of this press release and are subject to
certain risks, uncertainties and assumptions, and undue reliance should not
be placed on such statements. Many factors, known and unknown, could cause
the actual results to be materially different from those expressed or
implied by such forward-looking statements. 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;
risks associated with foreign operations; governmental and environmental
regulation; and the volatility of the Company's stock price. For a more
detailed discussion of such risks and other factors, see Company's Annual
Information Form and Annual Report on Form 20-F for the year ended December
31, 2007, 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, except as required by
law. Accordingly, readers are advised not to place undue reliance on
forward-looking statements. Certain of the foregoing statements are based
on preliminary views of the Company with respect to, among other things,
gold production objectives and capital requirements and actual results and
final decisions may be materially different from those currently
anticipated.

    About Agnico-Eagle

    Agnico-Eagle is a long established Canadian gold producer with
operations located in Quebec and exploration and development activities in
Canada, Finland, Mexico and the United States. Agnico-Eagle's LaRonde Mine
is Canada's largest gold deposit in terms of reserves. 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 26 consecutive years.

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