JOINT PRESS RELEASE

PRESS RELEASE

Agnico-Eagle and Houston Lake Reach Agreement on the Tib Lake Palladium Property

March 8, 2002: Sudbury, Ontario - Agnico-Eagle Mines Limited (TSE:AGE, NYSE:AEM "Agnico-Eagle") of Toronto, Ontario and Houston Lake Mining Inc. (CDNX:HLM, "Houston Lake") of Sudbury, Ontario jointly announce that the Companies have reached formal agreement on Houston Lake’s 100 percent-owned, 1632 hectare (4030 acre) Tib Lake property which is located in the Thunder Bay Mining District of NW Ontario. The property interest has an underlying 2.5 percent NSR.

Under the Tib Lake Option Agreement Agnico-Eagle has the right to earn a 50 percent interest by making cash payments of $650,000 and expending $3.6 million over four years. Agnico-Eagle would have the right to earn an additional 10 percent upon delivering a positive bankable feasibility study and will be the operator. The companies would form a 50/50 partnership upon earn in of the option interest. Both parties are protected from dilution past a 30 percent interest level.

The Tib Lake property is located in the Lac Des Iles area just 15 km. (9 miles) from the Lac Des Iles mine of North American Palladium Ltd. Resources at the Lac Des Iles mine at December 31, 2000 were estimated to be 145.6 million tonnes averaging 1.57 grams per tonne, containing 7.4 million ounces of palladium. The Tib Lake gabbro is the second largest intrusion of the Lac Des Iles suite of rocks and, as such, is a prime target for palladium-platinum-gold exploration. The first year of the option agreement has an exploration budget of $500,000. Agnico-Eagle has the right to accelerate the option schedule.

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