Mr. Sean Boyd of Agnico Eagle Mines reports

AGNICO EAGLE AND YAMANA GOLD COMPLETE ACQUISITION OF OSISKO MINING CORPORATION AND THE CANADIAN MALARTIC MINE

Agnico Eagle Mines Ltd. and Yamana Gold Inc. have completed their previously announced court-approved plan of arrangement, pursuant to which Agnico Eagle and Yamana have jointly acquired 100 per cent of the issued and outstanding common shares of Osisko Mining Corp. Osisko's common shares will be delisted from the Toronto Stock Exchange as at the close of business today.

Agnico Eagle and Yamana now each own 50 per cent of Osisko and have formed a joint committee to operate the Canadian Malartic mine in Quebec. The partners will also jointly explore and potentially develop the Kirkland Lake assets, and continue exploration at the Hammond Reef, Pandora and Wood-Pandora properties.

The arrangement

Each outstanding common share of Osisko was exchanged for:

• $2.09 in cash;
• 0.07264 of an Agnico Eagle common share;
• 0.26471 of a Yamana common share;
• 0.1 of one common share of Osisko Gold Royalties Ltd., a newly formed company that has commenced trading on the TSX under the symbol "OR." Pursuant to the arrangement, the following assets of Osisko have been transferred to Osisko Gold Royalties: (i) a 5-per-cent net smelter royalty on the Canadian Malartic mine; (ii) $157-million cash; (iii) a 2-per-cent net smelter royalty on the Kirkland Lake assets, the Hammond Reef project and certain other properties; (iv) all assets and liabilities of Osisko in its Guerrero camp; and (v) certain other investments and assets.

"With the acquisition of Osisko now completed, Agnico Eagle looks forward to working with Yamana to further optimize the Canadian Malartic mine and build on the solid operational performance achieved in May, 2014," said Sean Boyd, president and chief executive officer of Agnico Eagle. "In addition, we are jointly reviewing the Kirkland Lake portfolio with the intent of designing an exploration program to expand and upgrade the current resource base to further enhance shareholder value," added Mr. Boyd.

"The completion of our joint acquisition of Osisko and the Canadian Malartic mine adds another cornerstone asset to our portfolio that will contribute significantly to increased production and cash flow levels as we continue to balance top-line and bottom-line growth," said Peter Marrone, chairman and CEO of Yamana. "We look forward to establishing our presence in Canada as we work with Agnico to unlock additional value at Canadian Malartic, and develop an exploration program for the Kirkland Lake assets," added Mr. Marrone.

Additional information for shareholders

Shareholders who have questions or who may need assistance with the completion of letters of transmittal are advised to contact Agnico Eagle's information agent, Laurel Hill Advisory Group, at the numbers provided.

North American toll-free:  1-877-452-7184

Banks, brokers or collect calls:  416-304-2011