The Goldex mine achieved commercial production in August 2008. At capacity, annual gold production is expected to average 160,000 ounces at total cash costs of approximately $230 per ounce. While Goldex was designed to process 6,900 tonnes of ore daily, we see potential to increase mill throughput further and are examining expansion options. Goldex has proven and probable gold reserves of 1.6 million ounces. 2008 In Review   This was a year of transition with the mine operating at full capacity by year-end – faster than planned. In early 2009, the Goldex mill was periodically exceeding its design capacity. Significantly, more ore was blasted than was hoisted because the mining method used at Goldex requires some of the broken ore to be temporarily left within the mining block as ground support. As a result of this method, production blasting is expected to be completed in 2012, while the anticipated mine life extends through 2017. This is expected to result in a sharp reduction in total cash costs per ounce and in minesite costs per tonne in the final five years of mine life. Outlook Agnico-Eagle looks forward to a full year of operations at Goldex and is targeting 165,000 ounces of gold production in 2009. The company also estimates total cash costs per ounce to decline to approximately $311. By mid-2009, we will have the results of a scoping study examining the possibility of increasing the Goldex production rate by approximately 15% to at least 8,000 tonnes per day. Accelerated underground development and modifications to the crushing and grinding circuit will be required before the mine can support this increased rate on a sustainable basis. The company is also continuing the Goldex exploration program. In 2009, the focus will be on resource conversion and on a zone of gold mineralization to the west of the orebody.