Stock Symbol:   AEM (NYSE and TSX)                                                                 (All amounts expressed in U.S. dollars unless otherwise noted)

Agnico-Eagle Reports Strong Third Quarter 2007 Results And Steady Progress At Development Projects

Toronto (October 24, 2007) - Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") today reported third quarter net income of $11.5 million, or $0.08 per share, which was net of a non-cash foreign currency translation loss of $25.2 million, or $0.19 per share.   This accounting translation loss arises from the weakened US dollar and its effect on the US dollar conversion of our European and Canadian accounts.   In the comparable 2006 quarter, the Company reported net income of $45.2 million, or $0.38 per share.

Earnings for the third quarter 2007 fell by approximately $10 million, net of the translation loss, period over period.  This was largely due to the impact of a stronger Canadian dollar on operating costs and lower realized byproduct zinc prices, offset partly by a higher gold price.  Earnings per share were also diluted by the issuance of approximately 13.8 million common shares upon the acquisition of Cumberland Resources Ltd. in 2007. 

Third quarter cash provided by operating activities decreased to $49.9 million from $73.9 million in the comparable 2006 quarter, largely due to normal working capital movements. 

"Another strong operating quarter at LaRonde, combined with steady construction progress at our development projects, keeps us on track to deliver on our plans for significant gold production growth", said Sean Boyd, Vice-Chairman and Chief Executive Officer.  "Exploration success at many of our development projects also puts us in a strong position to add to our already large gold reserve base over the next year", added Mr. Boyd.

Third quarter 2007 highlights include:

• Strong Operating Results - steady metal output and excellent cost control led to solid operating earnings and strong cashflow
  
• Low Costs - Low total cash costs per ounce¹  at LaRonde of minus $307
  
• Gold Production Growth - first of five new mines, Goldex, ahead of schedule
  
• Safe Workplace - Record 33 consecutive months without a lost time accident underground at LaRonde
  
• Significant Exploration Upside - continued to receive ore-grade intersections over mineable widths outside of currently known reserve/resource envelope at Pinos Altos, Kittila, and Meadowbank

THIS PRESS RELEASE CONTAINS FINANCIAL STATEMENTS - FOR FULL PDF VERISON, CLICK HERE

In the first nine months of 2007, the Company recorded net income of $74.2 million, or $0.57 per share.  In the corresponding period in 2006, Agnico-Eagle recorded net income of $119.5 million, or $1.05 per share

Year to date earnings were negatively affected by a non-cash foreign currency translation loss of $32.0 million or $0.25 per share.  Net of the translation loss, earnings fell by approximately $23 million due to the impact of a stronger Canadian dollar on operating costs, offset partly by a higher gold price.  Year to date earnings per share were also diluted by the shares issued to acquire Cumberland.  

In the first nine months of 2007, the Company recorded cash provided by operating activities of $185.8 million.  This compares favourably to the prior period when cash provided by operating activities was $141.8 million.  The increase in cash provided by operating activities was due almost entirely to working capital movements.

The Company's financial position remains strong with cash and cash equivalents of $427.6 million at September 30, 2007.  The Company's cash position decreased $67.7 million in the third quarter as $141.7 million was invested in the Company's gold growth projects.  However, Agnico-Eagle's cash position is expected to increase in the fourth quarter as the expiry of warrants in November should result in further proceeds of approximately $122 million.   

Payable gold production² in the third quarter of 2007 was 55,830 ounces at total cash costs per ounce of minus $307.  This compares with payable gold production of 59,603 ounces, at total cash costs per ounce of minus $709, in the third quarter of 2006.  The increase in total cash costs per ounce in the third quarter of 2007 versus the prior period is mainly due to a stronger Canadian dollar, increased minesite costs and lower byproduct zinc revenues.

Forecast and Dividend Announcement

On December 10, 2007, the 2008 production and cost forecast is expected to be announced.  At this time, the Company expects to provide an update on the six development projects including updated capital expenditure estimates incorporating more recent exchange rates.  The Board of Directors is expected to make a decision regarding the 2007 dividend at that time.   Exploration updates are also expected for several of the development projects prior to the February reserve and resource update.

Conference Call Tomorrow

The Company will host its quarterly conference call tomorrow, Thursday October 25 at 11:00am E.D.T.  Management will review the Company's operating and financial results for the third quarter of 2007 and provide an update of its exploration and development activities. 

Via Telephone:
To listen on the telephone, please dial (416) 644-3415 or 1 (800) 732-9307 toll free, at least five minutes before the scheduled start of the presentation.    

Via Webcast:
Additionally, a live audio webcast of the presentation will be available on the Company's website homepage at www.agnico-eagle.com.  The webcast along with presentation slides will be archived for 180 days on the website.

Replay archive:
The access phone number for the archived audio replay is 1 (877) 289-8525, passcode 21248116#.  It will be available from Thursday, October 25, 2007 at 1:30 pm until Thursday, November 1, 2007 11:59 pm.
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  ¹Total cash costs per ounce is a non-GAAP measure.  For reconciliation of total cash costs per ounce to production costs, as reported in the financial statements, see Note 1 to the financial statements at the end of this news release.
  ²Payable gold production means the quantity of a mineral produced during a period contained in products that are sold by the Company, whether such products are sold during the period or held as inventory at the end of the period.

Forward-Looking Statements

The information in this press release has been prepared as at October 24, 2007.  Certain statements contained in this press release 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", "planned", "projected" and similar expressions are intended to identify forward-looking statements or information.

Such statements and information 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 mining costs, total cash costs per ounce, 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 and feasibility study results; the anticipated timing of events with respect to th e Company's minesites; statements and information regarding the sufficiency of the Company's cash resources; and other statements and information regarding anticipated trends with respect to the Company's capital resources and results of operations.  Such statements and information reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements and information. Without limiting the foregoing, certain of the foregoing statements, primarily related to projects, are based on preliminary views of the Company with respect to, among other things, grade, tonnage, processing, mining methods, capital costs, and location of surface infrastructure and actual results and final decisions may be materially different from those currently anticipated.  Many factors, known and unknown, could cause the actual results to be materially different from those expre ssed or implied by such statements and information. Such risks include, but are not limited to: the Company's dependence on the LaRonde mine,  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; risks associated with foreign operations; the completion of successful negotiations with the royalty holder on certain surface rights and other interests relating to the Pinos Altos property; 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 expectat ions set forth in the forward-looking statements contained in this document, see Company's Annual Report on Form 20-F for the year ended December 31, 2006, 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.

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

This press release presents certain measures, including "total cash cost per ounce" and "minesite cost per tonne", that are not recognized measures under United States generally accepted accounting principals ("US GAAP"). This data may not be comparable to data presented by other gold producers. For a reconciliation of these measures to the figures presented in the consolidated financial statements prepared in accordance with US GAAP see  Note 1 to the financial statements attached to this press release and "Item 5. Operating and Financial Review and Prospects - Results of Operations - Production Costs"  in the Company's Annual Report on Form 20-F filed with securities regulators in Canada and the United States. The Company believes that these generally accepted industry measures are realistic indicators of operating performance and useful in allowing year over year comparisons. However, both of these non-GAAP measures should be conside red together with other data prepared in accordance with US GAAP, and these measures, taken by themselves, are not necessarily indicative of operating costs or cash flow measures prepared in accordance with US GAAP.

Detailed Mineral Reserve and Resource Data

Agnico-Eagle Mines Limited is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the estimation, classification and reporting of resources and reserves.  Further information regarding the Company's mineral reserve and mineral resource estimates (other than in respect of the Meadowbank mine project and Pinos Altos mine project) can be found in the Company's Annual Report on Form 20-F for the year ended December 31, 2006 filed with Canadian securities regulators and with the United States Securities and Exchange Commission on March 30, 2007.  Further information regarding the Pinos Altos mine project can be found in the Pinos Altos Gold-Silver Project, Chihuahua State, Mexico 2007 Technical Report on the Mineral Resources and Reserves filed with the Canadian securities regulators on September 24, 2007.  Further information regarding the Meadowbank mine project can be found in the Meadowbank Gol d Project Nunavut Technical Report filed with the Canadian securities regulators on March 31, 2005 (see www.sedar.com under "Cumberland Resources Limited") 

Refer to the Company's press release dated February 21, 2007 for other information applicable to written disclosure of mineral reserves and resources.

Marc Legault, Agnico-Eagle's Vice President, Project Development, a qualified person for the purposes of the Canadian Securities Administrators' National Instrument 43-101, is the qualified person that supervised the preparation of the material that forms the basis for the  disclosure of scientific and technical information set out in this press release.

For further information:

David Smith; VP, Investor Relations
(416) 947-1212

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