Canadian Mining Journal

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TAKEOVER NEWS – Agnico-Eagle extends offer for Cumberland

TORONTO - Having already acquired 81.1% of the CUMBERLAND RESOURCES shares it desires, AGNICO-EAGLE MINES has exten...


TORONTO – Having already acquired 81.1% of the CUMBERLAND RESOURCES shares it desires, AGNICO-EAGLE MINES has extended its offer to April 30, 2007. Payment will be made to shareholders who have already tendered their Cumberland shares on or before April 19.

Agnico-Eagle intends to buy up all the Cumberland shares it does not yet own, giving it 100% ownership of Cumberland. Cumberlands prize asset is the Meadowbank deposit in Nunavut. Production from three shallow open pits may begin by the end of 2008 or early the next year. The annual output would be 330,000 oz of gold at a total cash cost of US$201/oz.

Agnico-Eagle has five other growth projects in the works, three in Canada, one in Mexico and one in Finland. Read about them at www.Agnico-Eagle.com.


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