Agnico Eagle Gives Revenue In-line with Expectations, Invests in Rubicon

Written by seekinGold Wednesday, 27 July 2011 23:54

Agnico Eagle Mines gave second quarter EPS of $0.47, in line with expectations. Revenue of $453M, +23% year to year. Goldcorp responded with earnings in line with expecations as well. EPS of $0.52, revenues of $1.38B up 62% year to year.

Agnico made a C$70 million strategic investment in Rubicon Minerals and also plans to enter into a technical services agreement to help advance their high grade Phoenix deposit in Red Lake, Ontario.

Second quarter 2011 highlights for Agnico Eagle include:

Strong Cash Generation - quarterly cash provided by operating activities of $163 million, or $0.96 per share
Record gold production at Pinos Altos - 51, 066 ounces at $299 total cash costs per ounce
Secondary Crusher Operating at Meadowbank - installation complete in June. Mill operating at approximately 9,250 tonnes per day in July
One of the Best Drillholes from Kittila's Rimpi Zone - Hole RIE-11-008 returned 7.1 grams per tonne gold over 21.0 metres true width at 850 metres below surface, approximately 200 metres below the current resource envelope
Gold Mineralization Extended at Goldex's D Zone - Intersection of 3.0 grams per tonne gold over 117.0 metres core length at 1,100 metres depth confirms similarity of D Zone to current Goldex orebody

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Agnico Eagle Gives Revenue In-line with Expectations, Invests in Rubicon

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