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Tuesday, 21st November 2006 (2994 views)

Following "encouraging results" from various drilling and exploration projects throughout 2006, Agnico-Eagle Mines has announced its intention to triple its gold production within the next three years.

Properties in Mexico, Finland and Canada have all provided Agnico-Eagle with "strong" drilling results and gold has also been found outside of the previous designated zones, thus widening the area in which the miner now operates.

A haul of 14 to 15 million ounces of gold was set as the target to reach by 2008 and the company expects to exceed this level owing to this year's drill work.

In a statement, vice chairman and chief executive of Agnico-Eagle Sean Boyd said: "We believe these strong exploration results demonstrate the potential of our properties to add to our gold reserves and resources over the next two years."

Recent drill highlights include holes at the Kittila project in Finland that yielded 6.1 grams of gold per tonne over 20.4 metres, the discovery of two new sites at this property and a 45 metre trench at the Carola zone in Mexico that had a gold grading of 3.5 grams per tonne.

 

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