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GOLD PRODUCER NEWS Agnico-Eagle Buys Former Bousquet Mine from Barrick

VAL D'OR, Quebec AGNICO-EAGLE MINES has closed the deal to purchase a 100% interest in BARRICK GOLD's Bousquet pr...



VAL D’OR, Quebec AGNICO-EAGLE MINES has closed the deal to purchase a 100% interest in BARRICK GOLD’s Bousquet property, immediately to the west and south of Agnico’s LaRonde mine near here. The agreement includes used machinery and equipment from the now-closed Bousquet mines including underground rolling stock and the headframe at Bousquet 2. Production from the Bousquet Complex ceased in December 2002.

In addition to the Bousquet mine assets, Agnico-Eagle increased its interest in the Bruce property, located 1,600 m east of LaRonde, to 100% and purchased certain of Barrick’s regional exploration properties including Orion B-1, Orion B-2, Joannes North, Orion South and Norgold, all located to the south and west of Cambior’s Doyon gold mine.

The purchase consideration paid by Agnico-Eagle on closing was $5 million in cash and $2 million in common shares of Agnico-Eagle, and the assumption of specified reclamation obligations relating to the Bousquet property, excluding certain employment-related liabilities. In addition Barrick retains a 2% net smelter return royalty on all the properties acquired by Agnico-Eagle.

For the latest news from Agnico-Eagle, contact the VP of corporate affairs, Barry Landen, in Toronto at 416-947-1212.


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