Agnico-Eagle Mines LimitedAgnico-Eagle Mines LimitedCorporate Update – February 2009Corporate Update – February 2009

Forward Looking Statements

The information in this document has been prepared as at February 18, 2009. 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 and sales; estimates of mine life; estimates of future 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 minesites 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; 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 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. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 18, 2009 press release on the Company’s website. This press release also lists the Qualified Persons for each project.

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Note to Investors Regarding the Use of Non-GAAP Financial MeasuresThis document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" 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 projects 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, 2007, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.

Notes To Investors

Q4 and Full Year 2008 HighlightsMaintaining focus on per share value creation

Increased gold productionRecord quarterly gold production in Q4 of 89,360 ounces Record annual gold production of 276,762 ounces

Grow gold reservesIncreased reserves to a record 18.1 million ouncesSeveral deposits likely to exceed 5 million ounces

Acquire small, think bigTwo $50 million equity investments in 2008

Be a low-cost leaderIn the lowest quartile of total cash costper ounce at $162 in 2008

Maintain a solid financial profileDoubled credit facility to $600 millionRaised $376 million in equity issuances in 2008Fully funded for 2009 capex, without considering internal cash flow

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Operating ResultsLow total cash costs per ounce

Total Cash Costs($/oz)

* Includes 3,118 ounces of non commercial production from Kittila** Includes 13,207 ounces of non commercial production from Goldex and Kittila*** Assumptions for 2009 total cash costs include Ag $10/oz, Zn $1200/t, Cu $3700/t, C$/US$ of 1.22.and US$/Euro of 1.28

$188$155 $182

$269

$56 $43

-$690

-$365

2000 2001 2002 2003 2004 2005 2006 2007

$162

2008

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All $ amounts are in US$, unless otherwise indicated

Q42008

Full Year2008

2009 Forecast

Gold(ounces)

89,360* 276,762** 590,000

Silver(ounces in thousands)

930 4,079 4,500

Zinc(tonnes)

14,383 65,755 67,500

Copper(tonnes)

1,737 6,922 6,600

Total cash costs ($/oz)

$463 $162 $325***

Financial Results Strong cash flows

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All amounts are in US$, unless otherwise indicated

Q42008

Full Year 2008

Q42007

FullYear 2007

Revenues(millions)

$73.2 $368.9 $108.7 $432.2

Earnings(millions)

$21.9 $73.2 $65.2 $139.3

Earnings per share (fully diluted) $0.15 $0.50 $0.46 $1.04

Cash provided by operating activities(millions)

($46.4) $118.1 $48.8 $245.5

Strong Financial Position

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All amounts are in US$, unless otherwise indicated

Dec. 31

2008

Cash and cash equivalents(millions)

$99.4

Long term debt(millions)

$200.0

Available credit facilities(millions)

$345.0

Common shares outstanding (millions)

154.8

Common shares, fully diluted (millions)

168.1

Global GrowthThree mines now operating. Three new gold mines under construction

AEM’s growth projects 100% owned, with low total acquisition costs

Located in mining-friendly regions of low political risk

Each project region has long-term mining camp potential

2009 & 2010 capex estimated to total $600 million.

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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010

18.1

LaRonde Goldex Lapa Kittila MeadowbankPinos Altos

Strong record of growing gold reserves per share

Shares outstanding increased only 3.1 times since 1998. Gold reserves up 13.9 times

Targeting additional reserve conversion at Kittila, Pinos Altos, Goldex and Meadowbank

Uniquely positioned with potential for several 5 million ounce gold deposits

Gold ReservesAEM’s gold reserves are significantly larger than its intermediate peers

(Millions of Ounces)

3.0 3.3 3.3 4.0

10.47.97.9

1.3

12.5

16.7

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Target:20-21

Industry Leading1 Gold Production Growth Estimates

1 For an intermediate or senior gold producer* Total cash costs per ounce for all years were calculated using the following metal prices and exchange rates (royalties included where applicable): $10.00/oz Ag; $1,200/t Zn; $3,700/t Cu; C$/US$ of 1.22;

US$/Euro of 1.28

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2008A 2009E 2010E 2011E 2012E 2013-2018 Avg.0

100

200

300

400

Payable Gold Production(ounces)

Total Cash Costs (weighted average)

Total Cash Costs($/oz)*

LaRonde Goldex Lapa Kittila MeadowbankPinos Altos

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Based on publicly available production guidance, Agnico-Eagle’s share price is backed by the most robust production growth profile among its peers, ranking among the highest in ounces of production per share

Combined with some of the lowest cash costs in the industry, this also translates into strong cash flow per share performance

AEM Provides Increasing Leverage To Gold

Ounces of Production per Thousand Shares

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0

1

2

3

4

5

6

7

8

2007A 2008A 2009E 2010E

Capital Expenditure Estimates ($000s)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

2009 2010 2011 2012

Sustaining Capital LaRonde Goldex Lapa Kittila Pinos Altos Meadowbank

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LaRonde – Canada Long Life Gold Reserves

Operations:Produced 216,208 oz of gold in 2008, with a total cash cost of $106/ozGold reserves of 35.8 million tonnes at 4.3 g/t, or 5.0 million ozLife of mine: estimated to average production of 320,000 oz/yr through 2022

Project: Shaft sinking for Extension at 570 metres of 840 metresStart of production from Extension expected in 2011

2009 Exploration:Focus on resource conversion,additional potential at depth

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Goldex – CanadaRamping Up to Design Rates

Operations:Produced 57,436 oz in 2008, total cash cost per ounce of $419Gold reserves of 1.6 million ounces from 23.8 million tonnes grading 2.1 g/tEstimated average annual production of 160,000 oz/yr through 2017

Project:Examining options to increase production rate from 6900 tpd to at least 8000 tpd. Results expected Q2 2009

2009 Exploration:Exploration focus on resource conversion, mineralization to west

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Kittila – FinlandMining and Processing Underway

Operations:Produced 3,118 ounces of gold in 2008 – non-commercial production125,000 ounces expected for 2009Gold reserves of 3.2 million oz; 21.4 million tonnes at 4.7 g/tAverage production expected at 150,000 oz/yr through 2023

Project: Examining options to significantly increase production rate of growing deposit. Results expected Q4 2009

2009 Exploration:Focus on resource conversion, expanding resource below Suuriand Roura, and along strike$16 million expected to be spent on exploration

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Lapa – CanadaStart-up of production expected mid-year 2009

Project:Gold reserves of 1.1 million oz; 3.8 million tonnes at 8.8 g/tAnticipating average production of 115,000 oz/yr through 2015Lateral level development underwayInitial production blocks exposed;first stope extractedOre stockpile 31,000 tonnes grading 8.9 g/tMill addition at LaRonde nearing completion

2009 Exploration:Focus on resource conversion, further exploration upside at depth and to the East

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Pinos Altos – MexicoGrowing Gold and Silver Reserve

Operations:Reserves of 3.6 million ounces of gold, 100 million ounces of silver from 41.8 million tonnesat 2.7 g/t gold and 74.6 g/t silverEstimated annual gold production of 175,000 ounces and 2.6 million ounces of silver through 2022Initial production expected in Q3, 2009. Pre-stripping 40,000 tonnes per day

Project:Feasibility study to be released soon on stand-alone operation at Creston MascotaInitial reserve at Creston Mascota of 0.4 million ounces of gold and 3.7 million ounces of silver

2009 Exploration: Focus on resource conversion, expansion of Pinos Altos zones, Reyna de Plata, Creston Mascota$11 million exploration program in progress. Drilling from underground decline underway

Meadowbank – CanadaUnderground potential being investigated

Project:Gold reserves of 3.6 million oz; 32.8 million tonnes at 3.5 g/tEstimated average life of mine production expected at 350,000 oz/yr through 2019Start-up expected Q1, 2010. Mill, powerhouse, and service buildings enclosedScoping study underway on potential of expansion.Could increase production rate from 8,500 tpd to 10,000 tpd. Results expected Q3 2009

2009 Exploration: Focus on resource conversion and expansion of Vault, Goose South and Portage $11 million exploration program in progress

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Long operating history and strong management teamGold production expected to double to 590,000 ounces in 2009, double again to 1.2 million ounces in 2010Existing projects provide potential to increase gold reserves to 20-21 million ounces by year end 2010Potential for several five million ounce gold deposits is driving additional internal growth opportunitiesFour internal growth opportunities expected to add to production rate post-2010

Investment HighlightsIndustry Leading Production and Reserve Growth Story1

1 For an intermediate gold producer 19

Upcoming News

2009 Internal Expansion StudiesScoping study on Goldex and feasibility study on Creston Mascota – Q2

Scoping study on Meadowbank – Q3

Scoping study on Kittila – Q4

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Executive and Registered Office:145 King Street East, Suite 400Toronto, Ontario, Canada, M5C 2Y7

Tel: 416-947-1212Toll-Free: 888-822-6714 Fax: 416-367-4681

Email: info@agnico-eagle.comWeb: www.agnico-eagle.com

Trading Symbol: AEM on TSX & NYSE

Sean BoydVice Chairman and Chief Executive Officer

Ebe ScherkusPresident and Chief Operating Officer

David GarofaloSr. Vice President, Finance and Chief Financial Officer

Investor Relations Contact:David Smith – Vice President, Investor Relations

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