Agnico-Eagle Mines "buy"

08/23/07 - UBS

NEW YORK, August 23 (newratings.com) - Analysts at UBS maintain their "buy" rating on Agnico-Eagle Mines (AEM). The target price is set to $50.

In a research note published this morning, the analysts mention that drill results at the Santo Nino deposit in recent times indicate gold and silver grades of a higher quality than the feasibility study reserves. For the Pinis Altos project, Agnico-Eagle Mines has received three of the four main permits, with the last one anticipated by end 3Q, the analysts say. The resource potential at the Creston Colorado zone, on the basis of drill results to date, is more than 900kozs, UBS adds.