The document provides an update on Agnico-Eagle Mines' operations for August 18, 2011. It summarizes production highlights and challenges at each of its mine sites, including steady performance but narrow stopes at LaRonde, record throughput but soil subsidence issues at Goldex, continued strong performance at Lapa, and improvements in throughput and cost reductions at Meadowbank following the start-up of its secondary crushing plant. Exploration results are also promising at depth for Goldex and Meliadine. Challenges discussed include mining conditions, water management, and high costs.

1. Agnico-Eagle Mines Limited
Technical Update – August 18th, 2011

2. Forward Looking Statements
The information in this document has been prepared as at August 18, 2011. 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, optimization efforts 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 of additional capital requirements; cost of exploration and development programs; mining risks;
community protests; 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,
2010, 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 16, 2011
press release on the Company’s website. That press release also lists the Qualified Persons for each project.
2

3. 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, 2010, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.
LaRonde Goldex Kittila Lapa Pinos Altos Meadowbank
3

4. Highlights
■ LaRonde Deep – development project on time and
budget
■ Goldex - Record tonnage despite soil subsidence
issues – significant exploration results at depth
■ Lapa – Lower grade offset by increased tonnage
■ Meadowbank – plant exceeding tonnage
expectations, focused on minimizing dilution
■ Kittila – Production resumed at Suuri Open Pit and
excellent exploration results at depth on Rimpi Zone
– Solid mill performance, costs improving
■ Pinos Altos – Record quarterly production of 51,067
ounces at a cash cost of $299 per ounce.
■ Meliadine – excellent exploration results –
underground bulk sample started; 10 drills on site
4

5. Challenges
■ Mining conditions at LaRonde and Lapa –
narrow stopes
■ Subsidence at Goldex with water inflow
■ Equipment availability and high costs at
Meadowbank
■ High costs at Kittila
5

6. LaRonde

7. LaRonde YTD Highlights
■ Gold production – 64,000 oz
■ Cost per tonne - $85 vs. budget of $82
■ Cash costs $95/oz
■ Mill throughput 6,543 tpd
7

8. LaRonde Extension – Project Update
■ Load out construction almost completed on Level 282
■ Crusher construction – on schedule for Q4
■ First production scheduled for November
■ On schedule – on budget
■ LOM at 6,000 tpd – evaluating possibility of 7,000 tpd
8

9. LaRonde Extension – Production
■ Production Stopes 194
■ Pyramid from 269 - Q2 2012
■ Pyramid from 293 – Q3 2013
■ Production Rate Ramp-Up below
215
the 245 level
■ 2011 => 1 200 tpd (Q-4 2011)
■ 2012 => 2 000 tpd
■ 2013 => 4 200 tpd 245
■ 2014 => 6 000 tpd
257
269
278
282
293
311
9

10. LaRonde Extension - Crusher
General
Arrangement
Transfer Conveyor (July 2011)
 TelSmith Crusher 48 x 52
 Capacity >650 t/hr
 Excavation completed in April
2011
 Commissioning  Q4 2011
Crusher (July 2011)
10

11. Goldex

12. Goldex Highlights
■ Grade in line with forecast – over 13 million tonnes
of broken ore in stope
■ Record milled tonnage in May-June following
addition of 6th Manitou pump, recrushing of surface
stock pile – will be maintained for remainder of
year; YTD 8,200 tpd
■ Operating costs under budget, additional capital to
manage water inflow and soil subsidence
■ Surface overburden subsidence – remediation
program underway
■ Exploration results at depth could significantly
increase mine life
■ Resource being calculated
■ YTD gold production – 80,500oz; cost per tonne -
C$22, on budget; cash costs $408/oz
12

13. Goldex
Q3 QTD Performance Unaffected By Subsidence Issues
Aug 15, 2011 Q3 QTD H1/11 YTD
Daily throughput (tpd) 8,485 8,204
Grade (g/t) 1.85 1.82
Mill recoveries (%) 94.6% 92.8%
13

14. Overburden subsidence
5m of overburden
settling over center of
GEZ
 Cement injection program ongoing, expected to be completed by year end
14

15. Vertical Cross Section
Level 38
Stope
outline Shear zone
Diorite
Komatiite
15

16. Drilling – Level 38
Infiltration Zone – Eastern Mining Block
Diamond drilling and
proposed grouting program
Infiltration Zone
Diamond
drill holes
16

17. Remediation of overburden subsidence
■ Shear zones have been characterized and defined
■ Reduce water inflow into the mine
■ Grouting from surface and underground
■ Stabilize the water table
■ Inject mine inflow back into the water table
■ Water table defined
■ Increase underground pumping capacity to secure the mine
■ Additional capacity installed in excess of inflow
■ Initial results encouraging
■ Reduction in inflow noted with increased surface injection
■ Water table rising in eastern section
■ Grouting to continue westward until end of year
■ $6.0 million of total $19 million has been spent
17

18. Goldex - D Zone Growing at Depth
Actual Exploration
2011 Exploration Budget
(January-June 2011)
$8.4 million $3.1 million
70,200 metres DDH 26,482 metres DDH
Gold
Au Tonnes
D zone Grade
(M oz) (000s)
(g/t)
Inferred
0.75 14,361 1.62
resources
2011 Exploration Program
$8.4 million budgeted
D Zone
 50 to 100 m thick
3.02 g/t Au / 117.0 m
 Traced 350 m wide and 500+ m depth (open
in all directions) 1.70 g/t Au / 69.0 m
 Initial inferred resource 0.75 Moz 1.84 g/t Au / 112.5 m
1.50 g/t Au / 120.0 m
 Exploration ramp initiated incl. 2.40 g/t Au / 61.5 m
1.48 g/t Au / 76.5 m
 Resource conversion drilling underway 2.47 g/t Au / 240.0 m
 Resource expansion drilling successful at 1.70 g/t Au / 192.0 m
depth
2.17 g/t Au / 192.0 m
 Grade and thickness higher at depth
 Initial mining study by end of 2011
 Potential to add to reserves in 2013
18

19. Lapa

20. Lapa Update
■ Steady state performance exceeding tonnes hoisted and tonnes milled
■ Steady state performance for development – targets exceeded despite
difficult mining conditions
■ Cost per tonne below budget - C$110
■ Unit development cost below budget
■ Overall excellent performance: YTD gold production 55,500oz
20

21. Meadowbank

22. Meadowbank Update
Turn around in progress but more work to do
■ Secondary crushing plant running August 15th Mill Sheet Day Month
according to plan CRUSHING
Ore
Tonnage (dmt) 8756 128866
Utilisation (%) 55.56
■ Significant improvements in mining FEED
Tonnage 10737 136319
performance although dilution still an Head Grade - Au (g/t) 2.58 2.69
issue
GRINDING
Availability (%) 100.00 90.42
GRAVITY
■ Declining costs per tonne over the past
Recovery (%) 14.27% 8.99%
LEACH / CIP
Gold Leach / C.I.P. Recovery (%) 79.86% 84.96%
quarter – should see continued
improvement SUMMARY
Gravity Gold Recovery (oz) 127 1061
CIP Gold Recovery (oz.) 710 10025
Mill Gold Recovery (%) 94.13% 93.95%
■ Operating staff positions are being filled Gold Production (oz) 837 11086
22

23. Meadowbank
Q3 QTD Throughput Significantly Above H1 Levels
Aug 15, 2011 Q3 QTD H1/11 YTD
Daily throughput (tpd) 9,143 7,160
Grade (g/t) 2.80 3.11
Mill recoveries (%) 94.0% 93.7%
23

24. Higher mill tonnage after secondary crusher start up
Meadowbank Mill_Monthly Tonnes
Before Secondary Crusher After Secondary Crusher
300 000
250 000
200 000
Mill Tonnes (t/month)
150 000
•Design capacity attained in August
•More stable operation downstream
100 000
50 000
Realized
24

25. Tm/day
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
110 000
120 000
0
1-Jan-10
1-Feb-10
1-Mar-10
1-Apr-10
1-May-10
1-Jun-10
Mine Production
Realized
1-Jul-10
2010
1-Aug-10
1-Sep-10
1-Oct-10
1-Nov-10
Realized
1-Dec-10
1-Jan-11
1-Feb-11
1-Mar-11
1-Apr-11
Tonnes moved per day
Forecast
1-May-11
Meadowbank Mine Performances
1-Jun-11
2011
1-Jul-11
1-Aug-11
Budget
1-Sep-11
1-Oct-11
1-Nov-11
1-Dec-11
25

26. Blast Movement Control – Improving Dilution
■ Staggered pattern has been successfully implemented in South Portage
■ Blast design is now optimized so that the movement of the muck is becoming
more predictable
■ Improvements have been made to the QA/QC process, resulting in more
consistent drilling and loading operations
■ Floor quality & fragmentation has improved while keeping movement under
control
■ Groundwater in South Portage is still locally hindering drilling and blasting
operations; a variance was obtained from the Mine Inspector to allow immediate
loading of the holes as they are drilled, a practice that reduces the impact of
water in the holes
Agnico-Eagle Mines Limited 26

27. Blast Movement Control – Improving Dilution
■ Dilution in flatter zones averaged 30%
to 40% earlier this year – now
approximately 20%
■ Objective is 12% - 15% - reserve model
contains an average of 12%
■ Currently mining narrower zones in
North Pit
North Portage
Portage Pit
■ Expansion into South Portage and
South Pit
Goose pits will provide more flexibility
and higher grades
Goose Island Pit
Agnico-Eagle Mines Limited 27

28. Blast movement monitoring
Significant reduction in
blast displacement
Agnico-Eagle Mines Limited 28

29. Cost control initiatives
■ Improve equipment availability –
utilization
■ Improved facilities, filling vacant positions
■ Prepare for coming winter – complete modifications
■ Higher, consistent mill throughput
■ Reduce rehandling of ore North Pit
■ Train local employees – reduce logistics
Portage Pit
costs
■ Reduce reliance on contract labour South Pit
■ Reduce fuel consumption, stockpile
lower cost fuel, reduce energy
consumption
■ Optimize mill (i.e. mill liners, reagents)
Agnico-Eagle Mines Limited 29

30. Mine Manager’s Comment – Aug 15th, 2011
“Wow nice week team!!
Tonnes moved average of 87 851 t/d
More consistent direction of the blasts at an average of 5.2 meters displacement
(down from 13 metres)
Mill tonnage average of 427 t/h (10,250 tpd)
Coffer dam construction ahead of schedule
We are going in the right direction! Keep it up and stay on the top of the wave
Thanks, Merci, Matna
Dominique”
30

31. Kittila

32. Kittila Highlights – H1 2011
■ Unplanned shutdowns related to scaling
problems in the Autoclave – mill availability
77%
■ Total mill throughput
of 233,121 dmt or
90% of design capacity despite mill
availability
■ Good underground development and waste
stripping performance
■ Underground ore production on plan
Gold Brick no 400
■ High unit costs per tonne and per ounce
■ Contractor reduction in progress
■ Excellent exploration results on Rimpi
32
32

33. Kittila
Q3 QTD Throughput Significantly Above H1 Levels
Aug 15, 2011 Q3 QTD H1/11 YTD
Daily throughput (tpd) 3,187 2,734
Grade (g/t) 4.60 5.25
Mill recoveries (%) 84.7% 84.5%
33

34. Kittila Open Pit
■ Ore production resumed in the Suuri pit after 2
month stop
■ Eastern wall rock stability issues addressed
and Suuri ore production re-started in early
June
■ Ore production from Roura good, cost
adjustment for stripping Suuri pit
■ Ore stockpile > 300,000 tonnes
Roura pit
34
34

35. Kittila Underground
■ UG development advance very good at 111% of
budget – new lateral development record at 610 m
in May
■ Good UG ore production -- 102% of budget
■ 350 m Service Level complete – UG
warehouse, cafeteria and shops functional
■ Cost reduction opportunities have been
identified and action plans instigated
■ Contractor reduction
■ Control overtime
■ Renegotiate reagent, explosive contracts
■ Reduce company housing
35
35

36. Kittila – Growing Reserves & Resources
2011 Exploration Budget Actual Exploration (January-June 2011)
$15.6 million $7.0 million
56,200 metres DDH 28,415 metres DDH
9.32 g/t Au / 11.2 m 9.93 g/t Au / 6.2 m
5.98 g/t Au / 7.8 m
9.50 g/t Au / 6.0 m 7.10 g/t Au / 21.0 m
2011 Exploration Program  Production expansion feasibility  Exploration success Rimpi and Suuri
$15.6 million budgeted expected in Q4, 2011 - Roura Deep
 Suuri – Roura Deep exploration ramp initiated  Suuri – Roura Deep exploration shaft  Potential to enhance economics of
 Resource expansion and resource to reserve project under evaluation Kittila expansion and shaft projects
conversion drilling underway
36

37. Pinos Altos

38. Pinos Altos H1 Highlights
■ YTD production 99,000oz at, $28/t – significantly below budget
■ Mascota continued ramp up better than expected
Mexico Division Au Ounces Production (Oz)
60,000
50,000
40,000
30,000
20,000
10,000
-
Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011
Actual
38
38

39. UG Ore Production
■ 3,000 TPD ore production was reached in June
■ Total cost per tonne was $34.96 vs. $32.47 budget
■ Q2 Meters of lateral development 1,476 m vs.1,457 m budget
& unit cost of US$2,210 vs. US$2,587 budget
Ore Production & Cost per tonne performance
100 100
90 90
80 80
70 70
60 60
50 50
40 40
30 30
20 20
10 10
- 0
USD/tonne
Oct Nov Dec Jan Feb Mar Apr May June
tonnes
2010 2010 2010 2011 2011 2011 2011 2011 2011
Tonnes USD/tonne
39
39

40. Pinos Altos Open Pit
■ Total Open pit ore production was 783,948 tonnes at 1.065 g/t Au vs. 671,531
at 1.192 g/t. planned
■ Total Open pit unit cost was $1.33 per tonne vs. $1.29 per tonne planned
40
40

41. Mascota Operation
■ Ramp up production
■ Heap Leach Au-Oz Production 9,449 Oz vs. 6,462 Oz budget. (payable gold)
Ore Placed 2011 (000 tonnes) Au Ounces Production 2011 (Oz)
180 4,500
160 4,000
140 3,500
120 3,000
100 2,500
80 2,000
60 1,500
40 1,000
20 500
- -
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
tonnes placed Actual
41
41

42. Exploration Upside

43. Meliadine Exploration Upside - 80km Strike Length
2011 Exploration Budget Actual Exploration (January-June 2011)
$64.8 million $11.7 million
90,000 metres DDH 44,173 metres DDH
Au Tonnes Au
Tiriganiaq
(Moz) ('000) (g/t)
Probable Reserves 2.60 9,467 8.54
Indicated Resources 0.81 5,407 4.66
Inferred Resources 1.91 7,883 7.55
Au Tonnes Au
Wesmeg
(Moz) ('000) (g/t)
Inferred Resources 0.14 1,000 4.45
Tiriganiaq Au Tonnes Au
F zone
Wolf Wesmeg (Moz) ('000) (g/t)
Indicated Resources 0.33 1,895 5.39
Pump F Zone Inferred Resources 0.18 1,010 5.62
Au Tonnes Au
Wolf
(Moz) ('000) (g/t) Au Tonnes Au
Discovery
Indicated Resources 0.02 183 3.79 Discovery (Moz) ('000) (g/t)
Inferred Resources 0.16 947 5.24 Indicated Resources 0.32 1,323 7.41
Inferred Resources 0.14 498 8.97
Au Tonnes Au
Pump
(Moz) ('000) (g/t)
Inferred Resources 0.10 495 6.29
2011 Exploration budget $64.8 million for drilling,
feasibility and camp
 Resource to reserve conversion and expansion
underway at Tiriganiaq /Wesmeg  Aggressive regional exploration initiated (plans to build new
 Permitting and preparations for access road exploration base at Discovery)
construction  6,000 -10,000 tpd feasibility expected 2013
 Wesmeg exploration success should increase 10 km
resources
43

44. Meliadine Exploration - Tiriganiaq
8.62 g/t Au / 19.3 m Tiriganiaq Longitudinal Section
10.9 g/t Au / 7.0 m 7.98 g/t Au / 39.3 m
15.14 g/t Au / 5.8 m
16.64 g/t Au / 7.4 m
5.33 g/t Au / 4.2 m
 Largest deposit at Meliadine Tiriganiaq
Au Tonnes Au  Ramp project to test for deeper
(Moz) ('000) (g/t) extensions
 Resource expansion and resource to Probable Reserves 2.60 9,467 8.54
reserve conversion drilling underway Indicated Resources 0.81 5,407 4.66  Potential to add reserves and resources
 Underground bulk sampling initiated Inferred Resources 1.91 7,883 7.55 at Tiriganiaq in 2011
44

45. Tiriganiaq Schematic Cross Section
Bulk Sample
Area
2011 Exploration Program at
Tiriganiaq
 Underground bulk sampling and
grade confirmation drilling
underway to refine feasibility
resource model
 Resource to reserve conversion
drilling
 Resource expansion drilling
 Exploration ramp proposed to
follow up and extend Tiriganiaq
and Wesmeg (both wide open at
depth)
45

46. Wesmeg – The most recent discovery at Meliadine
Wesmeg Longitudinal Section
4.78 g/t Au / 13.5 m 7.02 g/t Au / 10.6 m 7.02 g/t Au / 10.6 m
8.17 g/t Au / 5.4 m
6.87 g/t Au / 4.7 m
5.72 g/t Au / 9.4 m
 Initial resource in Dec’ 2010 (Wesmeg North only)
Au Tonnes Gold Grade  Exploration success extends Wesmeg North open pit potential more than 2.1
Wesmeg zone
(M oz) (000s) (g/t)
kilometres; Underground potential also developing
Inferred
0.14 1,000 4.45  New Wesmeg South trend currently traced for 600 metres and extending at depth
resources
below 160 metres
 Potential to significantly expand Wesmeg resource in 2011 and enhance feasibility
46

47. Appendix

48. Gold and Silver Reserves and Resources
December 31, 2010
Tonnes Gold Gold Tonnes Silver Silver
(000’s) (g/t) (ounces) (000’s) (g/t)* (ounces)
(000’s) (000’s)
Proven 24,869 2.29 1,832 Proven 7,702 54.75 13,558
Probable 160,944 3.76 19,467 Probable 71,190 48.09 110,061
Total Total
185,813 3.57 21,299 78,892 48.74 123,620
Reserves Reserves
Indicated 95,135 2.10 6,437 Indicated 32,554 21.90 22,918
Inferred 118,111 2.59 9,839 Inferred 37,183 19.98 23,883
*Calculated grades 48

49. Copper, Zinc and Lead Reserves and Resources
December 31, 2010
Tonnes Copper Copper Tonnes Zinc Zinc Tonnes Lead Lead
(000’s) (%) (tonnes) (000’s) (%) (tonnes) (000’s) (%) (tonnes)
Proven 4,838 0.26 12,433 Proven 4,838 2.78 134,651 Proven 4,838 0.32 15,572
Probable 29,892 0.28 82,360 Probable 29,892 0.90 269,581 Probable 29,892 0.07 19,463
Total Total Total
34,730 0.27 94,793 34,730 1.16 404,232 34,730 0.10 35,035
Reserves Reserves Reserves
Indicated 6,933 0.12 8,462 Indicated 6,933 1.36 94,457 Indicated 6,933 0.13 8,942
Inferred 11,526 0.27 30,820 Inferred 11,526 0.48 55,556 Inferred 11,526 0.05 5,463
*Calculated grades 49

50. 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.
Sean Boyd Executive and Registered Office:
Vice-Chairman and 145 King Street East, Suite 400
Chief Executive Officer Toronto, Ontario, Canada, M5C 2Y7
Ebe Scherkus Tel: 416-947-1212
President and Toll-Free: 888-822-6714
Chief Operating Officer Fax: 416-367-4681
Ammar Al-Joundi
SVP Finance and
Chief Financial Officer
David Smith
SVP Investor Relations
Trading Symbol:
AEM on TSX & NYSE
Investor Relations:
416-947-1212
info@agnico-eagle.com agnico-eagle.com