AGNICO-EAGLE MINES LIMITEDCorporate Update – September 2009

With its emphasis on , an exceptional record of creating shareholder value, and one of the most robust profiles in the industry, Agnico-Eagle Mines Limited has emerged as the gold stock of choice.

quality

growth

Member of the World Gold Council www.gold.org Pinos Altos, Mexico

Forward Looking Statements

The information in this document has been prepared as at September 8, 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 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 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 ofadditional 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 the Company's Annual Report on Form 20-F for the year ended December 31, 2008, 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. That press release also lists the Qualified Persons for each project.

2

Note To Investors

Note to Investors Regarding the Use of Non-GAAP Financial Measures

This 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, 2008, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.

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Corporate Strategy

■ Increase gold production■ Record gold production in Q2 of 119,053 oz as Lapa and Kittila

achieve commercial production■ Five internal expansions expected to contribute to continued

growth post-2010

■Grow gold reserves■ Record reserves of 18.1 million ounces*■ Four of six deposits may ultimately exceed 5 million oz

■ Acquire small, think big■ Since being acquired, gold reserves and resources up 89%* in

Finland, Mexico and Nunavut

■ Be a low-cost leader■ Expect to remain in the lowest quartile of total cash cost per

ounce long term

■Maintain a solid financial profile■ Expanded credit facilities to $900M■ Significant free cash flow expected starting 2010

* See attached reserve and resource tables

Growth Strategy Remains Focused On Per Share Returns

4

Operating ResultsProduction growth with lowest quartile total cash costs

08

Q2

2009

Q2

2008

2009

Estimate

Gold(ounces)

119,053* 67,757** 550,000 to 575,000

Silver(ounces in thousands)

1,034 956 4,600

Zinc(tonnes)

14,928 13,863 63,000

Copper(tonnes)

2,066 2,165 6,800

Total cash costs ($/oz)

$326 $113 $340***

All $ amounts are in US$, unless otherwise indicated

Total Cash Costs($/oz)

* Includes 1,753 ounces of non commercial production from Kittila** Includes 8,305 ounces of non commercial production from Goldex*** Assumptions for 2009 include Ag $11/oz, Zn $1,300/t, Cu $4,000/t, C$/US$ of 1.22.and US$/Euro of 1.30

00 01 02 03 04 05 06 07

$188 $155$182

$269

$56 $43

-$365

$162

-$690

5

09E

$340 est.

Strong Financial Position

All amounts are in US$, unless otherwise indicated

June 302009

Mar. 312009

Cash and cash equivalents(millions)

$173.9 $208.4

Long term debt(millions)

$485.0 $415.0

Available credit facilities(millions)

$394.9 $129.6

Common shares outstanding (millions)

156.0 155.7

Common shares, fully diluted (millions)

170.8 170.6

6

Pinos Altos site, Mexico

Growth

7

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

Gold Reserves Per Share Among Highest In Industry

■ 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 up to four 5 million ounce gold deposits

GOLD RESERVES(Millions of Ounces)

EST.

Meadowbank

Pinos Altos

Kittila

GoldexLapa

LaRonde1.3

3.0 3.3 3.34.0

7.9 7.9

10.4

12.5

16.718.1

20-21

8

Gold reserves per share up almost 5 times over past 11 years

Superior Growth Profile In 2P ReservesGrowth In 2P Reserves / 1K Shares

Source: Company filings

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2008A 2009E 2010E 2011E 2012E 2013E 2014E0

50

100

150

200

250

300

350

LaRonde Goldex Lapa Kittila Pinos Altos Meadowbank Weighted Average

Industry Leading1 Gold Production Growth Estimates

1 For an intermediate or senior gold producer* Total cash costs per ounce for all years post-2009 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. See Slide 5 for 2009 assumptions.

Payable Gold Production(ounces)

Total Cash Costs($/oz)*

Total Cash Costs (weighted average)

10

Includes only two of five potential internal expansions

Leading Growth Profile Among Senior Producers

Source: Company guidance, Merrill Lynch estimates – 08/21/09

Gold production (oz) / 1000 shares

0

2

4

6

8

10

12

14

16

Newmont Barrick Agnico-Eagle Goldcorp Yamana Kinross IAMGold Eldorado

2007A 2008A 2009E 2010E 2011E

Source: RBC CM Research – Aug 24/2009

$322 $324

$390$423 $434

$452$483

$667

$466

$394

$326

$0

$100

$200

$300

$400

$500

$600

$700

$800

Eldo

rado

Alam

os

Agni

co-E

agle

Gol

dcor

p

Yam

ana

New

mon

t

Kinr

oss

Barr

ick

Jagu

ar

IAM

GO

LD

Cen

terr

a

Low Total Cash Cost Per Ounce

12

Expected to remain at one of the lowest levels in the industry

Q2/

09 C

ash

Cos

ts (U

S$/o

z)

Wgt Avg = $433/oz

Production Growth At Low Costs Leads To Strong Cash Flow Generation Highest estimated cash flow per share in 2010*

13

* Source: Merrill Lynch Research - 08/21/09. Before working capital adjustments. Assumes Au price of US$940/oz in 2009 and US$1050/oz in 2010.

1.62

4.98

$0

$1

$2

$3

$4

$5

$6

Agni

co-E

agle

New

mon

t

Barr

ick

Gol

dcor

p

Kinr

oss

Yam

ana

YCG

YGAM

IAM

GO

LD

GSS

NXG

Eldo

rado

2009 2010

Outperforming Major Indices Over Multiple Horizons

14

1 Year

5 Year

2 Year

10 Year

Kittila site, Finland

Quality

15

■ Located in mining-friendly regions of low political risk■ 100% owned, with low total acquisition costs■ Each region has long-term mining camp potential

Operations At A GlanceFive mines now operating. One new gold mine nearing completion

LaRondeQUEBEC, CANADA

GoldexQUEBEC, CANADA

KittilaKITTILA, FINLAND

MeadowbankNUNAVUT, CANADA

16

Fraser Institute’s ranking 1 Fraser Institute’s

ranking 1 Fraser Institute’s ranking 14

Fraser Institute’s ranking 44

Fraser Institute’s 2008/2009 ranking of 71 mining jurisdictions

Fraser Institute’s ranking 1

LapaQUEBEC, CANADA

Fraser Institute’s ranking 28

Pinos AltosCHIHUAHUA, MEXICO

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2008A 2009E 2010E 2011E 2012E

Capital Expenditure Estimates ($000s)Includes expansions at Goldex and Creston Mascota. Potential expansions at Meadowbank, Pinos Altos and Kittila not included

17

EstimateActual

Sustaining Capital

LaRondeGoldex

Lapa

Kittila

Pinos Altos

Meadowbank

LaRonde – CanadaLong Life Gold Reserves – Good cost performance continues

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■Gold reserves of 5.0 million ounces from 35.8 million tonnes grading 4.3 g/t

■Operations:■ Operating at steady-state since last expansion in 2003■ Estimated average annual gold production of 320,000 ounces through 2022

■ Project: ■ Shaft sinking for Extension approaching completion. 2,880 metres final depth■ Start of production from Extension expected in 2011. On time, on budget

■ 2009 Exploration:■ Focus on resource conversion, additional potential at depth and to the East

Goldex – CanadaSteady Production – Achieving operating targets

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■Gold reserves of 1.6 million ounces from 23.8 million tonnes grading 2.05 g/t■ Does not include “M” zone at Goldex, which is expected to add approximately 250,000 ounces of

gold to reserves by year end■Operations:

■ Estimated average annual gold production of 175,000 ounces through 2017, including expansion■ Expansion:

■ Increase production rate from 6,900 tpd to 8,000 tpd (or an additional 20,000 oz/yr), starting in 2011■ Capital cost approximately $10 million. Estimated IRR of 76%

■ 2009 Exploration:■ Focus on resource conversion, exploration to west, east and at depth

Lapa – Canada

20

Produced First Gold On Schedule

■Gold reserves of 1.1 million ounces from 3.8 million tonnes grading 8.8 g/t

■Operations:

■ First gold poured May 7, 2009 – on time, on budget

■ Commercial production achieved May 1, 2009

■ Estimated average annual gold production of 115,000 ounces through 2015

■ Grade reconciliation with mill, and process optimization underway

■ 2009 Exploration:

■ Focus on resource conversion, further exploration upside at depth and to the East

Kittila – FinlandCommercial production achieved May 1, 2009

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■Gold reserves of 3.2 million ounces from 21.4 million tonnes grading 4.7 g/t■Operations:

■ Estimated average annual gold production of 150,000 ounces through 2023■ Gold production and recoveries progressing as expected – above 60% at end of Q2

■ Project: ■ Examining options to significantly increase production rate of this growing deposit.

Study results expected Q4 2009; review in Q1 2010■ 2009 Exploration:

■ Focus on resource conversion, expansion below Suuri and Roura, and along strike■ $16 million expected to be spent on exploration in Finland

Kittila – Expansion Opportunity

■ Studying production rate of at least 300,000 ounces per year

■ Examining underground mining via shaft access

■Orebody remains open at depth and along strike

■ Eleven drills currently operating

Examining doubling of capacity; Potential reserve increases at depth

22

Mineral Resource

Probable Reserve

Latest Drill HolesGold g/t / True Thickness metres

Open Pit Outline0 1000

metres

Section 36940N

Pinos Altos – MexicoMilled production expected in Q3. New gold discovery at Cubiro

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■Gold reserves of 3.6 million ounces of gold, 100 million ounces of silver from 41.8 million tonnes grading 2.7 g/t gold and 74.6 g/t silver

■ Estimated average annual gold production of 240,000 ounces from 2011 through 2015, including 46,000 ounces per year from Creston Mascota

■ Possible Future Expansion:■ Mine and mill expansion from 4,000 tpd to 6,000 tpd is being studied for the main Pinos Altos

deposits, reflecting the 125% increase in reserve tonnage since 2007 project approval

■ 2009 Exploration: ■ Potential to develop additional satellite deposits (Cubiro, Sinter, San Eligio)■ Focus on resource conversion, expansion of Pinos Altos zones, Reyna de Plata, Creston Mascota■ $12 million exploration program in Mexico. Drilling from underground decline underway

Pinos Altos Expansion – Creston Mascota zone

■ Probable reserves of 0.4 million ounces of gold (6.7 million tonnes grading 1.7 g/t)

■ Stand-alone open pit heap leach operation approved■ Anticipates project with IRR of 17%■ Estimated capital cost of $64 million■ Estimated total cash cost per ounce of $350■ Estimated minesite cost per tonne of $13■ Estimated annual production of 46,000 ounces of

gold, 118,000 ounces of silver■ Current mine life of 5 years■ Other gold showings in area could add to mine

life■ All environmental permits necessary have been

received

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7560

00 E

El CebollinHistoric Workings

El Frijolarshowing

Mina BravoHistoric Workings

7600

00 E

7604

00 E

7608

00 E

7612

00 E

Mascota

Creston Colorado

3136200 N

3136600 N

3137000 N

3135000 N

3135400 N

3135800 N

3134600 N

Exploration Target Areas

300 m

Coordinate System UTM Nad27 Zone14

Meadowbank – CanadaProduction on Schedule for Q1 2010

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■ Probable gold reserves of 3.6 million oz from 32.8 million tonnes grading 3.5 g/t

■ Estimated average annual gold production of 350,000 oz/yr through 2019

■ Project:■ Potential production increase from 8,500 tpd to 10,000 tpd■ Study results expected Q3 2009; review in Q4 2009

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

Upcoming News2009 Internal Expansion Studies

Q3

Q4

Scoping study on Meadowbank expansion

Scoping study on large scale expansion at Kittila

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Investment Highlights

■ Long operating history and strong management team

■Gold production expected to double to 550,000 ounces to 575,000 ounces in 2009. To double again to approximately 1.2 million ounces in 2010

■ Existing projects provide potential to increase gold reserves to 20-21 million ounces by year end 2010

■ Potential for several five million ounce gold deposits is driving a growing production profile post-2010

Share price up approximately 300% from 2003 to 2008

GoldexQUEBEC, CANADA

KittilaKITTILA, FINLAND

LaRondeQUEBEC, CANADA

Pinos AltosCHIHUAHUA, MEXICO

MeadowbankNUNAVUT, CANADA

LapaQUEBEC, CANADA

27

LapaQUEBEC, CANADA

Pinos AltosCHIHUAHUA, MEXICO

LaRonde site, Canada

Appendix

28

Operating Mines With Reserves Over 5M oz, Grading Over 2g/t Au

29

Property Name CountryLocation Ranking*

Reserves Grade

Reserves - Contained

Total Cash Costs $/oz

Prod'n (000's oz)

(100% basis)

% Owned Operator/Significant Owner

1 Turquoise Ridge (Getchell) United States - Nevada 3 15.58 g/t 5,313,000 oz $515 165 75% Barrick Gold Corporation (Operator)2 Moab Khotsong Gold Mine South Africa 49 10.86 g/t 7,320,000 oz $379 192 100% AngloGold Ashanti Limited3 Mponeng Gold Mine South Africa 49 10.69 g/t 13,000,000 oz $249 600 100% AngloGold Ashanti Limited4 Bulyanhulu Gold Operation Tanzania 48 9.86 g/t 11,977,000 oz $620 200 100% Barrick Gold Corporation (Operator)5 Phakisa Gold Mine South Africa 49 8.31 g/t 5,330,000 oz $609 17 100% Harmony Gold Mining Company Limited6 Driefontein Gold Mine South Africa 49 7.60 g/t 19,700,000 oz $412 928 100% Gold Fields Limited (Operator)7 Obuasi Gold Mine Ghana 35 7.53 g/t 9,660,000 oz $633 357 100% AngloGold Ashanti Limited8 Evander Gold Mine South Africa 49 7.09 g/t 14,153,464 oz $556 204 100% Harmony Gold Mining Company9 Kloof Gold Mine South Africa 49 6.80 g/t 11,070,000 oz $430 821 100% Gold Fields Limited (Operator)

10 Elandsrand Gold Mine South Africa 49 6.66 g/t 8,629,195 oz $679 175 100% Harmony Gold Mining Company11 South Deep Gold Mine South Africa 49 6.10 g/t 29,130,000 oz $727 232 100% Gold Fields Limited (Operator)12 Beatrix Gold Mine South Africa 49 5.00 g/t 6,700,000 oz $515 438 100% Gold Fields Limited (Operator)13 Loulo Gold Operation Mali 33 4.42 g/t 7,400,992 oz $511 258 80% Randgold Resources Limited14 LaRonde Gold/Base Metals Mine Canada - Quebec 1 4.32 g/t 5,000,000 oz $106 216 100% Agnico-Eagle Mines Limited15 Carlin Gold Mine United States - Nevada 3 3.80 g/t 12,709,380 oz na na 100% Newmont Mining Corporation16 Olimpiada Gold Operation Russia 53 3.75 g/t 15,385,265 oz na 854 100% OJSC Polyus Gold (Operator)17 Betze-Post Gold Mine - Open Pit United States - Nevada 3 3.70 g/t 10,294,000 oz $452 1,706 100% Barrick Gold Corporation (Operator)18 Porgera Gold Operation Papua New Guinea 61 3.08 g/t 8,240,000 oz $417 660 95% Barrick Gold Corporation (Operator)19 Geita Gold Mine Tanzania 48 2.93 g/t 5,140,000 oz $728 264 100% AngloGold Ashanti Limited20 Lihir Gold Mine Papua New Guinea 61 2.83 g/t 21,778,721 oz $406 771 100% Lihir Gold Limited (Operator)21 Aksu Gold Mine Kazakhstan 56 2.55 g/t 5,796,297 oz na na 100% KazakhGold Group Limited22 Ahafo Gold Operation Ghana 35 2.33 g/t 9,380,000 oz $408 521 100% Newmont Mining Corporation

Lapa Canada - Quebec 1 8.80 g/t 1,061,000 oz na na 100% Agnico-Eagle Mines LimitedKittila Gold Mine Finland 14 4.69 g/t 3,224,000 oz na na 100% Agnico-Eagle Mines LimitedPinos Altos Mexico 28 2.68 g/t 3,593,000 oz na na 100% Agnico-Eagle Mines LimitedMeadowbank Gold Mine Canada - Nunavut 44 3.45 g/t 3,638,000 oz na na 100% Agnico-Eagle Mines LimitedGoldex Canada - Quebec 1 2.05 g/t 1,571,000 oz $419 57 100% Agnico-Eagle Mines Limited

Notes: *2008/09 Fraser Institute study ranked 71 mining jurisdictionsPlease note 2008 reserve data for Harmony Gold and Gold Fields is as of June/08; Operating data is annualized from H2/08

Source: Intierra, Fraser Institute, company websites -- March 2009

Au

min

es w

ith

rese

rves

>5m

oz,

grad

ing

>2 g

/t

30

Gold and Silver Reserves and Resources

Tonnes (000’s)

Gold (g/t)

Gold(ounces)

(000’s)

Proven 4,828 2.77 430

Probable 154,469 3.55 17,631

Total Reserves 159,297 3.53 18,061

Indicated 47,569 2.07 3,173

Inferred 46,603 3.84 5,760

Tonnes (000’s)

Silver(g/t)*

Silver(ounces)

(000’s)

Proven 4,172 66.74 8,952

Probable 73,404 55.83 131,759

Total 77,576 56.42 140,711

Indicated 18,817 26.31 15,919

Inferred 8,937 28.32 8,138

*Calculated grades

31

Copper, Zinc and Lead Reserves and Resources

Tonnes (000’s)

Copper(%)*

Copper(tonnes)

Proven 4,075 0.33 13,370

Probable 31,735 0.28 89,961

Total 35,810 0.29 103,331

Indicated 6,349 0.15 9,399

Inferred 4,937 0.44 21,515

Tonnes (000’s)

Zinc(%)*

Zinc(tonnes)

Proven 4,075 3.27 133,442

Probable 31,735 1.42 450,246

Total 35,810 1.63 583,688

Indicated 6,349 1.55 98,124

Inferred 4,937 0.77 38,068

Tonnes (000’s)

Lead(%)*

Lead(tonnes)

Proven 4,075 0.37 15,146

Probable 31,735 0.12 38,769

Total 35,810 0.15 53,915

Indicated 6,349 0.16 10,235

Inferred 4,937 0.08 3,946

*Calculated grades

Executive and Registered Office:145 King Street East, Suite 400Toronto, Ontario, Canada, M5C 2Y7Tel: 416-947-1212Toll-Free: 888-822-6714 Fax: 416-367-4681

www.agnico-eagle.com

Trading Symbol: AEM on TSX & NYSE

Sean BoydVice Chairman and Chief Executive Officer Ebe ScherkusPresident and Chief Operating OfficerDavid GarofaloSenior Vice President, Finance and Chief Financial Officer

Investor Relations:416-947-1212info@agnico-eagle.com

32

A solid financial position, low-cost structure, well-funded growth projects in regions of low political risk, and a focused, consistent strategy put Agnico-Eagle in a strong position to continue creating exceptional per share value.

Member of the World Gold Council www.gold.org