With first gold poured in January 2009, the Kittila mine is on its way to becoming one of Europe’s largest producing gold mines. Kittila has probable gold reserves of 3.2 million ounces. The mineral inventory has grown impressively since Agnico-Eagle invested in the property in 2004 and remains open for further expansion at depth and along strike. The current mine plan envisages 150,000 ounces of annual gold production over a 13-year mine life. 2008 In Review   Construction continued at Kittila throughout most of 2008. In addition to equipment delivery delays, progress was hampered by a labour shortage in the Finnish construction industry. In order to gain better control over performance and costs going forward, most mining activities will be performed by Agnico-Eagle employees instead of contractors. While the mine currently sources ore from an open pit, underground mining via ramp access will follow. Work on the ramp is well advanced and underground development has progressed in several areas with a total of more than two kilometres of ramp and sublevel development driven in 2008. The tailings pond was completed, inspected and is currently in use. Ongoing exploration at Kittila continues to be highly encouraging. The new inferred gold resources confirm the depth extension of the main gold deposit to approximately 1,100 metres below surface (425 metres below the current reserves and resources). Additional drilling suggests that other extensions are possible in three separate zones. Outlook The mine commissioning process is expected to be completed in the second quarter of 2009. Gold production for the full year is targeted to be 125,000 ounces at estimated total cash costs of $333 per ounce as the mine continues to ramp-up to full production rates. In 2009, we will spend approximately $16 million on exploration in the mine area and on surrounding properties, focusing on resource conversion and on expanding the resources below the main Suuri and Roura zones and along strike. As a result of the rapid growth in reserves and resources, a scoping study is under way to examine the economics of significantly increasing the mine’s planned production rate. The plan would involve sinking a shaft on the property and expanding the mill. Study results are expected in late 2009.