Agnico Eagle Mines Limited Announces Investment in Probe Mines Limited

(All amounts expressed in Canadian dollars unless otherwise noted)

TORONTO, May 23, 2013 /PRNewswire/ – Agnico Eagle Mines Limited (TSX and NYSE: AEM) (“Agnico”) today announced that it has entered into an agreement with
Cormark Securities Inc. (“Cormark”) and Probe Mines Limited (“Probe”)
pursuant to which Agnico has agreed to purchase 7,500,000 units of
Probe (the “Units”) from Cormark at a price of $1.50 per Unit for total
consideration of $11,250,000. Each Unit is comprised of one common
share of Probe (each, a “Common Share”) and three-quarters of one
common share purchase warrant of Probe (each whole common share
purchase warrant, a “Warrant”). Each Warrant entitles the holder to
acquire one Common Share at a price of $2.10 for a period of two years
from the closing date. Closing of the transaction is expected to occur
on or about May 28, 2013.

On closing of the transaction, Agnico will hold 7,500,000 Common Shares
and 5,625,000 Warrants, representing 9.94% of the issued and
outstanding Common Shares on a non-diluted basis and 16.19% of the
issued and outstanding Common Shares assuming exercise of the Warrants.

Under the agreement, Probe granted Agnico a participation right pursuant
to which, during the two-year period from the closing date, and
provided that Agnico at the time continues to hold no less than five
percent of the then issued and outstanding Common Shares (taking into
account convertible securities owned by Agnico), Agnico has the right
to participate in certain future equity financings by Probe in order to
maintain its pro rata investment in Probe.

Agnico is acquiring the Units for investment purposes. Depending on
market conditions, Agnico may, from time to time, acquire additional
securities of Probe or dispose of some or all of the Common Shares or
Warrants.

An early warning report will be filed by Agnico in accordance with
applicable securities laws. To obtain a copy of the early warning
report, please contact:

Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario, M5C 2Y7
Telephone: 416-947-1212
Fax: 416-367-4681

About Agnico

Agnico 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
. Agnico has full exposure to higher gold prices consistent with
its policy of no forward gold sales. It has declared a cash dividend
for 31 consecutive years. www.agnicoeagle.com

Forward-Looking Statements

The information in this news release has been prepared as at May 23, 2013. Certain statements in this news release, referred to herein as
“forward-looking statements”, 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. These statements
can be identified by the use of words such as “expected”, “may”, “will”
or similar terms.

Forward-looking statements in this news release include, but are not
limited to: statements relating to the expected closing date of the
private placement; and Agnico’s ownership of Common Shares and Warrants
following the closing date.

Forward-looking statements are necessarily based upon a number of
factors and assumptions that, while considered reasonable by Agnico as
of the date of such statements, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Many factors, known and unknown, could cause actual results to be
materially different from those expressed or implied by such
forward-looking statements. The factors and assumptions upon which the
forward-looking statements herein are based, and which may prove to be
incorrect, include, but are not limited to, the assumption that the
transaction will close as anticipated by Agnico. Readers are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date made. Except as otherwise required by law,
Agnico expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statements to reflect any
change in Agnico’s expectations or any change in events, conditions or
circumstances on which any such statement is based.

SOURCE Agnico Eagle Mines Limited

To obtain a copy of the early warning report, please contact:

Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario, M5C 2Y7
Telephone: 416-947-1212
Fax: 416-367-4681

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