Agnico Eagle Reports Record Q3 Gold Production

Agnico Eagle Mines Ltd. (TSX:AEM,NYSE:AEM) announced its results for the third quarter of 2015, commenting that it achieved record payable gold production of 441,124 ounces. That’s up from 349,273 ounces in the year-ago period.
Total cash costs per ounce on a by-product basis came to $536, while all-in sustaining costs on a by-product basis were $759 per ounce.
Other Q3 highlights include:

• Two new production records set at Canadian Malartic – New quarterly records were set for average tonnes processed per calendar day (53,703 tonnes on a 100% basis), and ounces of gold produced in a quarter (153,206 ounces on a 100% basis)
• 2015 production guidance increased and cost forecasts reduced – Expected gold production for 2015 is now forecast to be approximately 1.65 million ounces (previously 1.6 million ounces) with total cash costs on a by-product basis of approximately $590 to $610 per ounce (previously $600 to $620) and AISC of approximately $840 to $860 per ounce (previously $870 to $890) expected
• Amaruq drilling expands scope of known mineralization – Drilling indicates that the Whale Tail and Mammoth zones form a single mineralized system at least 2.3 kilometres long.  In addition, the V zone (part of the IVR area) has been identified as a substantial mineralized structure, locally with abundant visible gold
• Drilling extends new parallel zone at Kittila – Two recent drill holes have confirmed continuity within the new parallel lens (now called the “Sisar lens”).  Highlights include: 8.1 grams per tonne (“g/t”) gold (uncapped) over 8.0 metres at 1,235 metres depth; and 5.5 g/t gold (uncapped) over 3.3 metres at 950 metres depth and 560 metres farther north along strike
• Improved financial flexibility – In the third quarter, the Company’s credit facility was amended and $25 million was repaid.  In addition, a 10-year, $50-million term note was issued to Ressources Québec, a subsidiary of Investissement Québec.  Capital expenditures in 2015 are also forecast to be approximately $50 million lower than previously reported due to positive foreign currency adjustments and deferrals into future periods

Click here to read the full Agnico Eagle Mines Ltd. (TSX:AEM,NYSE:AEM) press release.