Agnico-Eagle (AEM) Sells Minority Stake in Queenston for ~C$42.3M

Agnico-Eagle Mines Ltd. (NYSE: AEM) has entered into an agreement (the "Purchase Agreement") to sell 7,795,574 common shares (the "Shares") of Queenston Mining Inc. ("Queenston") to Osisko Mining Corporation ("Osisko") for cash consideration of C$5.43 per Share. The Shares represent approximately 9.21% of the issued and outstanding Shares. Upon the closing of the transaction, which is expected to occur on November 29, 2012, Agnico-Eagle will hold no Shares.

Agnico-Eagle holds warrants to purchase 3,301,887 Shares at an exercise price of C$6.45 per Share, representing approximately 3.76% of the issued and outstanding Shares on a partially-diluted basis.

Under the Purchase Agreement, Agnico-Eagle has agreed to deliver a proxy instructing that the Shares be voted in favour of the arrangement transaction between Queenston and Osisko.

Agnico-Eagle disposed of the Shares in the ordinary course of business as they were a non-core asset of Agnico-Eagle.

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