Agnico-Eagle Mines Limited 1 · looking statements” within the meaning of the United States Private Securities ... $2,300/t Zn; $4,500/t Cu ... Agnico-Eagle Mines Limited 11 Available

Agnico-Eagle Mines Limited 1


Forward Looking Statement

The information in this presentation has been prepared as at April 27, 2007. Certain statements contained in this presentation 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 securities law and forward looking information under the provisions of Canadian provincial securities laws. When used in this document, words such as “expect”, “will”, “estimated”, “estimates”, “anticipated”, “believe”, “projected” and similar expressions are intended to identify forward-looking statements or information.

Such statements and information include without limitation: statements regarding expectations as to the timing, completion and settlement of the offer to Cumberland’s stockholders; anticipated timing of exploration, development, construction and production of Cumberland’s and Agnico-Eagle’s minesites; anticipated exploration potential and estimated production amounts, including estimates of reserves and resources, estimates of capital expenditures and other cash needs; estimates of mining costs, cash costs and other operating costs and expenses; estimates of mine life; estimates of cash resources; anticipated impact of the acquisition on Agnico-Eagle’s earnings and results of operations; anticipated benefits to Cumberland’s stockholders; and other expected or anticipated benefits of the acquisition. Such statements and information reflect the Company's views as at the date of this presentation 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 and final decisions to be materially different from those expressed or implied by such forward looking statements and information. Such risks include risks relating to acquisitions, including, without limitation, the parties may be unable to obtain regulatory approvals required for the acquisition; the parties may be unable to complete the acquisition or completing the acquisition may be more costly than expected because, among other reasons, conditions to the closing of the acquisition may not be satisfied; problems may arise with the ability to successfully integrate the businesses of Agnico-Eagle and Cumberland; Agnico-Eagle may not be able to achieve the benefits from the acquisition or it may take longer than expected to achieve those benefits; and the acquisition may involve unexpected costs or unexpected liabilities. Other risks include, but are not limited to, the volatility of prices of gold and other metals; 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; and governmental and environmental regulation. For a more detailed discussion of such risks and other factors, see the Company’s Annual Information Form and Annual Report on Form 20-F, as amended, 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. Accordingly, readers are advised not to place undue reliance on forward-looking statements.


Notes To Investors

Note to Investors Regarding the Use of Non-GAAP Financial MeasuresThis 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 attached hereto and in the Company's Annual Information Form and Annual Report on Form 20-F/A, as amended, for the year ended December 31, 2006, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.

No Offer

This presentation does not constitute an offer to purchase or sell or a solicitation of an offer to sell or purchase shares of Cumberland Resources Ltd. or Agnico-Eagle Mines Limited. The Offer will be made to any person in the United States of America, its possessions and other areas subject to its jurisdiction or to, or for the account or benefit of, a U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended) solely under the registration statement, offer to purchase, prospectus and other offer documents that Agnico-Eagle expects to file with the United States Securities and Exchange Commission. U.S. investors and security holders are advised to read these documents carefully when they become available, because they will include important information regarding the Offer. At that time, investors and stockholders may obtain a free copy of the offer to purchase, prospectus, the related letter of transmittal and certain other offer documents from the SEC’s website at www.sec.gov. Free copies of these documents can also be obtained by directing a request to Agnico-Eagle.

YOU SHOULD READ THE OFFER TO PURCHASE, PROSPECTUS AND OTHER OFFER DOCUMENTS CAREFULLY BEFORE MAKING A DECISION CONCERNING THE OFFER.


REVISED APPENDIX ASTOCK OPTION PLAN RESOLUTION

BE IT RESOLVED THAT:

1. The Stock Option Plan of the Corporation be amended by adding the following definition to Section 2:

“Black Out Period” means any period during which policy of the Corporation prevents an insider of the Corporation from trading in the Shares;

2. The Stock Option Plan of the Corporation be amended by deleting “1%” in the first sentence of subsection 7(g) and substituting it with “2%”;

3. The Stock Option Plan of the Corporation be amended by deleting section 11 and replacing it with the following:

“11.Black Out Period

Notwithstanding anything contained in the Plan or any option issued under the Plan, if the date on which an option expires occurs during, or within 10 days after the last day of a Black Out Period or other trading restriction imposed by the Corporation, in each case, that is applicable to the holder of the option, the date of termination or expiry of such option will be the last day of that 10-day period.

12. Amendment and Discontinuance of Plan

The Board of Directors of the Corporation may, insofar as permitted by law and subject to any required approval of any stock exchange or other authority, from time to time amend or revise the terms of the Plan or discontinue the Plan at any time; provided, however, that no amendment or revisions may, without the consent of the optionee, in any manner adversely affect the rights of the optionee under any option therefore granted under the Plan. Notwithstanding the foregoing, without approval of the shareholders, no such amendment or revision shall:

(a) increase the maximum number of Shares reserved for issuance under the Plan;

(b) reduce the exercise price for any option held by an insider of the Corporation ;

( c) extend the term of an option held by an insider of the Corporation; or

(d) increase any limit on grants of options to insiders of the Corporation set out in the Plan.”

4. Any officer or director of the Corporation is authorized and directed on behalf of the Corporation to execute and deliver all such documents and to do all such acts as may be necessary or desirable to give effect to this resolution.


Gold Bull Market Continues

April 9, 2007

“We reiterate that gold is in a secular, not merely cyclical, bull market. Indeed, gold formed a very similar bottom formation in 1999 as the S&P 500 did back in 1982. And, if this plays out like other secular bull markets have in the past –emerging markets, bonds, stocks, oil, real estate – then this is a run that can be expected to last at least another five years and ultimately see bullion break the $1,500/oz barrier.”

- Merrill Lynch North American Economist, David Rosenberg


Gold Equities Expected To Provide Superior Returns

March 30, 2007

“We are reiterating our view, first published nearly two years ago, that gold is in a secular recovery and should remain in a bullish cycle for the remainder of this decade, and possibly longer”

“While we like gold, we believe that gold equities offer the potential for greater absolute returns from current levels.”

- RBC Capital Markets


Growth StrategyBuilding Value Through Production and Reserve Growth

Produce more goldtargeting over 1.2 million ounces by 2010

Grow gold reserves in mining friendly regions

Now 15.4 million ounces

Targeting 18-20 million ounceswithin 20 months

Acquire small, think bigCreate value through strategic acquisitions

Be a low cost leaderGenerate strong earnings and cash flows from low costs operations

Maintain a solid financial positionApproximately $525 million in cash, no long-term debt


Corporate HighlightsQ1, 2007 - Another Quarter of Strong Cash Flows and Earnings

Strong quarterly earnings of$24.9 million or $0.21 per share

Strong quarterly cash flow providedby operating activities of $56.1 million

Gold reserves increased 23% to15.4 million ounces from Dec. 31, 2006

Low total cash costs ofminus $332 per ounce

Four new gold projects under construction, Pinos Altos Board approval expected mid-2007


Operating ResultsLow Total Cash Costs in Q1, 2007

Total Cash Costs($/oz)

$(80)*$(241)$(332)Total cash costs ($/oz)

$ 63$ 57$ 64Minesite costs per tonne (C$)

8,7002,0531,990Copper(tonnes)

76,00018,46217,944Zinc(tonnes)

4,7001,2271,397Silver(ounces in thousands)

240,00064,23558,588Gold(ounces)

2007 Forecast

Q12006

Q12007

All $ amounts arein US$, unless otherwise indicated

* Assumptions for 2007 total cash cost: $9.00/oz Ag; $2,300/t Zn; $4,500/t Cu; C$/US$ of 1.15

$188 $155 $182

$269

$56 $43

-$690

-$332

2000 2001 2002 2003 2004 2005 2006 Q12007

$ 63$ 57$ 64Minesite costs per tonne (C$)


$0.35$0.21Earnings per share

$19.7$56.1Cash provided by operating activities (millions)

$37.2

$90.6

Q12006

$24.9Earnings (millions)

$100.7Revenues from mining operations (millions)

Q12007

All amounts are in US$, unless otherwise indicated

Financial ResultsStrong Earnings and Cash Flows

10


$300Available bank lines

121.2Common shares outstanding(millions)

$130Warrants maturingNov. 14, 2007(subject to exercise)

$0Long term debt

$428Cash andcash equivalents

Mar. 312007

All amounts are in US$ millions, unless otherwise indicated

Financial PositionStrongest Financial Position in Company’s History


0

2

4

6

8

10

12

14

16

18

20

1998 1999 2000 2001 2002 2003 2004 2005 2006 Current 2008 Est.

Current gold reserves of 15.4 million ounces following successful Cumberland offer

AEM’s gold reserves are significantly larger than its intermediate gold producing peers

Targeting additional reserve conversion at Pinos Altos, Goldex, Kittila and Meadowbank

Strong record of growing gold reserves per share

Gold ReservesAnticipating Further Strong Growth In Reserves This Year

3.0 3.3 3.3 4.0

10.4

7.97.9

1.3

Total Agnico-Eagle Gold Reserves (Millions of Ounces)

LaRonde Goldex Lapa Kittila Pinos Altos Meadowbank

12.5

Target:18 - 20

15.4


BuildingGold Production

and Reserves


FinlandKittila

U.S.A.Nevada

MexicoPinos Altos

CanadaToronto, HQ

CanadaLaRonde, Goldex & Lapa

Global GrowthExtensive Gold Growth Pipeline

Management and skills in place for mine building

AEM’s growth projects 100% owned, with low total acquisition costs

Located in mining friendly regions of low political risk

Each project region haslong-term mining camp potential

Largest exploration budgetin Agnico-Eagle’s history– greater than $40 million

CanadaMeadowbank


0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2007E 2008E 2009E 2010E 2011E

Substantial Gold Production GrowthAdditional Production Growth Anticipated to Come From Mexico

Au Ounces

LaRonde Goldex Lapa Kittila Meadowbank Pinos Altos Potential


0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2007 2008 2009 2010 2011 2012

Capital Expenditure Estimates($000's)

Pinos Altos Potential


LaRonde Long Life Gold Reserves – Construction on Extension Began May 2006

Proven and probable gold reserves of 35.6 million tonnes at 4.5 g/t, or 5.2 million oz

Anticipated average production, post-2011, of 320,000 oz/yr at total cash costs of approximately $230/oz

Development of new winze infrastructure ongoing

Intriguing new mineralization west of orebodyis being drilled


Goldex High Tonnage Gold Mine Under Construction – Production Q2, 2008

Proven and probable gold reserves of 1.7 million ounces from 22.9 million tonnes grading 2.3 g/t

Estimated average annual production of 170,000 oz/yr with total cash costs expected at $225/oz

Shaft sinking underway - at 435 metres, towardplanned depth of 857 metres

* (see press release of Feb. 21/07 for further detail)

Drill intersection of 2.9 g/t gold over 80.0 metres (true thickness)* to the east, and at depth to current resource envelope


LapaNew Gold Mine 11 km East of LaRonde – Production Q4, 2008

Probable gold reserves of 1.2 million oz; 3.9 million tonnes at 9.1 g/t

Anticipating average production of 125,000 oz/yr at expected total cash costs of $210/oz

Shaft sinking and surface construction in progress. Shaft at 1,148 metres, toward planned depth of 1,370 metres

Deposit open for expansion


Kittila Mine – FinlandSix Drills in Operation – Production Q3, 2007

Probable reserves of 2.6 million oz; 16.0 million tonnes at 5.1 g/t – open on strike and at depthAverage production expected at 150,000 oz/yr with approximate total cash costs of $250/ozExploration ongoing to convert resource and extend zonesOpen pit, surface facility and underground ramp well advanced


Pinos Altos – MexicoGrowing Gold and Silver Reserve

Large land position – approximately 11,000 hectares

$26 million exploration program in progress

New drill targets in NW sector and at San Eligio

Deposit close to major infrastructure

Feasibility study complete, Board decision mid-2007

Optimization for new reserve underway

21

Contained gold reserveProbable reserve 18.6 million tonnes at 3.1 g/t, or 1.8 million oz

Contained silver reserveProbable reserve 18.6 million tons at 92.8 g/t, or 55.5 million oz


MeadowbankAgnico-Eagle Preliminary Estimates

Open pitMining Method:

C$375 millionInitial Capital Cost:

C$65 millionSustaining (life of mine):

8,500 tpdMine Throughput:

93%Metallurgical Recovery:

Eight years Mine Life: Average annual production:400,000 oz AuYears 1 to 4:350,000 oz AuLife of Mine:

Est. Total Cash Cost per oz:$230Years 1 to 4:$250Life of Mine:

2,890,000 oz AuOpen Pit Mineral Proven and Probable Reserve:


Timeline and Upcoming News

Second Quarter 2007

Pinos Altos 3rd party review complete; Possible production decision

Anticipated closing of Cumberland acquisition

Exploration update, early May


Generating strong earnings and cash flowsgold growth projects fully funded

Three new gold mines expected to start production next year

potential to increase gold production fivefold by 2010

Existing projects provide potentialto increase gold reserves to18 million to 20 million ounces

Exploration upside exists at all projects

24

Investment HighlightsEarly Stages of Growth Story – Potential Increase In Valuation Multiple



Appendix


Agnico-Eagle2006 Project Reserves and Resources

Tonnage amounts and contained metal amounts presented in the tables in this news release have been rounded to the nearest thousand. Reserves are not a sub-set of resources.

97,21312,4623.99Total Proven and Probable Mineral Reserves91,25011,9244.06Subtotal Probable Mineral Reserve 22,8131,6822.29Goldex

3,9441,1529.08Lapa18,6081,83792.773.07Pinos Altos16,0222,6165.08Kittilä19,8603,8240.790.3121.735.99LaRonde II10,0038143.380.2963.532.53LaRonde

Probable Mineral Reserve5,9625372.80Subtotal Proven Mineral Reserve

86176.30Bousquet9772.25Goldex

5,7795134.060.3680.962.76LaRondeProven Mineral Reserve

Tonnes (000’s)Au (000’s oz.)Zn(%)Cu(%)Ag(g/t)Au(g/t)Category and Zone

14,9011,5613.26Total Indicated Resource415765.68Ellison

1,7043095.63Bousquet1,3541814.15Lapa1,6367861.841.48Pinos Altos4,1915323.95Kittilä1,8341820.740.1615.723.08LaRonde II3,7672042.710.1535.141.68LaRonde

Indicated Mineral ResourceTonnes (000’s)Au (000’s oz.)Zn(%)Cu(%)Ag(g/t)Au(g/t)Category and Zone

25,4983,5734.36Total Inferred Resource7861475.81Ellison

1,2162857.30Lapa 8,5797212.62Goldex1,6673997.45Bousquet5,19850680.543.03Pinos Altos2,7804935.51Kittilä5,0549901.160.5028.216.09LaRonde II

218320.850.1214.974.51LaRondeInferred Mineral Resource

Tonnes (000’s)Au (000’s oz.)Zn(%)Cu(%)Ag(g/t)Au(g/t)Category and Zone


Meadowbank Project - NunavutProject Reserves and Resources

Proven & Probable 21,320,00018,300,000

3,020,000Tonnes

2,890,0004.2Note: 95% mining recovery and contact dilution applied. Reserves are a subset of Measured and Indicated Resources.

470,0004.8Proven2,420,0004.1Probable

OuncesGrade (g/t)Category

3,490,0004.822,650,000Total

73,0004.5507,000InferredPDF

MeasuredVault1,080,0003.98,610,000Indicated1,080,0003.98,610,000Sub-Total

150,0005.4870,000Inferred

480,0005.42,800,000MeasuredTotal

MeasuredGoose island470,0006.52,240,000Indicated470,0006.52,240,000Sub-Total190,0004.21,370,000Inferred

1,940,0005.111,800,000Sub-Total100,0004.7700,000Inferred

3,010,0004.719,850,000Indicated

513,0004.63,447,000(not included in above) Inferred

9,000,0002,800,000

Tonnes

Note: Grade rounded to nearest 0.1 g/t. Numbers may not add due to rounding.* The PDF inferred mineral resource estimate was prepared by Cumberland.

480,0005.4MeasuredPortage1,460,0005.1Indicated(including Cannu Zone)

OuncesGrade (g/t)CategoryDeposit

Open Pit Mineral Reserve (Proven & Probable) (fourth Quarter 2005)

2007 Mineral Resource (including Cannu Zone) (Jan. 2007)


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Agnico-Eagle Mines Limited 1 · looking statements” within the meaning of the United States Private Securities ... $2,300/t Zn; $4,500/t Cu ... Agnico-Eagle Mines Limited 11 Available