AGNICO-EAGLE MINES LIMITED REPORTS INVESTMENT IN COLIBRI RESOURCE CORPORATION
(All amounts expressed in Canadian dollars unless otherwise noted)
Toronto,
ON - May 30, 2011 - Agnico-Eagle Mines Limited (Stock
Symbol: AEM (NYSE and TSX)) ("Agnico"
or the "Company") today reported that it had acquired 3,000,000
units ("Units") of Colibri Resource
Corporation ("Colibri") by way of a private
placement at a price of $0.20 per Unit for a total consideration of
$600,000 in cash. Each Unit consisted of one common share ("Common
Shares"), resulting in the acquisition of a total of 3,000,000
Common Shares of Colibri by the Company, and
one share purchase warrant ("Warrants"), being 3,000,000
Warrants, each full Warrant entitling the holder to acquire one Common
Share at a price of $0.35 per share for the next twenty-four months
following the closing date.
Combined with
the 3,005,000 common shares and 1,000,000 share purchase warrants of Colibri previously held, Agnico
now holds 6,005,000 common shares and 4,000,000 share purchase warrants
representing an ownership position in Colibri
of 18.6% on a partially diluted basis.
The Common
Shares and Warrants were acquired for investment purposes. Agnico may acquire additional common shares or
warrants of Colibri or dispose of some or all
of the common shares or warrants of Colibri
currently held.
Agnico
purchased the Common Shares and Warrants pursuant to the "accredited
investor" prospectus exemption provided in National Instrument
45-106.
About
Agnico-Eagle Mines Limited
Agnico-Eagle
Mines Limited
is a long established, Canadian headquartered, gold producer with
operations located in Canada, Finland and Mexico, and exploration and
development activities in Canada, Finland, Mexico and the United States.
The Company has full exposure to higher gold prices consistent with its
policy of no forward gold sales and maintains a corporate strategy based
on increasing shareholders exposure to gold, on a per share basis. It
has paid a cash dividend
for 29 consecutive years.
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