As of December 31, 2016
Agnico Eagle Mines Ltd.
NOTES:* Mineral reserves are not a subset of mineral resources. Tonnage amounts and contained metal amounts presented in this table have been rounded to the nearest thousand, so aggregate amounts may differ from column totals. Please refer to the Company press release dated February 15, 2017 and the Company’s Annual Information Form for the year ended December 31, 2016, for further details on mineral reserves and mineral resources. The scientific and technical information regarding the mineral reserve and mineral resource estimates set out in this table has been approved by Daniel Doucet, Eng., Senior Corporate Director, Reserve Development of the Company, a "qualified person" as defined by NI 43-101.
The assumptions used for the December 2016 mineral reserves estimate at all mines and advanced projects reported by the Company (other than the Meliadine project, the Canadian Malartic mine and the Upper Beaver project) were US$1,150 per ounce gold, US$16.50 per ounce silver,US $0.95 per pound zinc, US$2.15 per pound copper and exchange rates of C$1.20 per US$1.00, 16.00 Mexican pesos per US$1.00 and US$1.15 per €1.00 for all mines and projects other than the Lapa and Meadowbank mines in Canada, and the Creston Mascota mine and Santo Niño pit at the Pinos Altos mine in Mexico; due to the shorter remaining mine life for the Lapa and Meadowbank mines in Canada, and the Creston Mascota mine and Santo Niño pit at the Pinos Altos mine in Mexico, the exchange rates used were C$1.30 per US$1.00 and 16.00 Mexican pesos per US$1.00 (other assumptions unchanged).
The Meliadine project used the same assumptions as December 2015 to estimate the December 2016 mineral reserves, which were US$1,100 per ounce gold and an exchange rate of C$1.16 per US$1.00.
The Canadian Malartic General Partnership, owned by Agnico Eagle (50%) and Yamana (50%), which owns and operates the Canadian Malartic mine, and the Canadian Malartic Corporation, owned by Agnico Eagle (50%) and Yamana (50%), which owns and manages the Upper Beaver project in Kirkland Lake, have estimated the December 2016 mineral reserves of the Canadian Malartic mine and the Upper Beaver project using the following assumptions: US$1,200 per ounce gold; a cut-off grade at the Canadian Malartic mine between 0.33 g/t and 0.37 g/t gold (depending on the deposit); a C$125/tonne net smelter return (NSR) for the Upper Beaver project; and an exchange rate of C$1.25 per US$1.00.