Toronto - February 6, 1998 -- Charles Langston, Chairman of Agnico-Eagle Mines Limited, is pleased to announce the appointment of Sean Boyd as President and Chief Executive Officer of the Company.
Mr. Boyd has been with the Company since 1985 in a number of senior positions, most recently as Vice President and Chief Financial Officer. Prior to joining Agnico-Eagle Mines, he was a chartered accountant with Ernst & Young. He is a graduate of University of Toronto with a degree in Commerce. He succeeds Wincel Hubacheck who at age 75 is retiring from active business but will continue to play a major role on the Company's Board of Directors.
This appointment is the result of a process carried out by the Board's CEO Succession Committee with the assistance of professional advisors, following the announcement of Mr. Hubacheck's decision to retire last November.
Mr. Langston said "The Company was fortunate to have such a strong field of internal candidates. Sean Boyd has played a key role in designing and implementing the Company's financial and operating strategy over the past several years and, with his vision, energy and leadership, we are confident he can take the Company to the next level."
In addition, Ebe Scherkus was promoted to Executive Vice President. Mr. Scherkus has been with the Company since 1985, serving as Mine Manager at LaRonde until 1996 when he relocated to Head Office and was promoted to Vice President Operations. He holds a degree in Geology from McGill University.
Agnico-Eagle Mines Limited is an established Canadian gold producer with operations located principally in northwestern Quebec and exploration and development activities in Quebec and Ontario. Consistently one of the industry's lowest-cost producers, Agnico's operating history includes 23 years of continuous gold production primarily from underground mining operations. Current proven and probable gold reserves stand at 1.0 million contained ounces, with an additional 3.5 million ounces in the mineral resource category. Agnico-Eagle is currently focused on the expansion and large scale exploration program of its LaRonde Mine which is expected to result in increased gold production and by-product production (silver, zinc) and expanded reserves.