Agnico Eagle, Wheaton Precious Metals on Track to Close Joint Venture This Month

Companies Eye Release of 50,000 Ounces of Gold Annually

Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Wheaton Precious Metals Corp. (TSX: WPM, NYSE: WPM) are on track to close their previously announced joint venture (JV) by the end of July.

The JV will see the two companies combine their respective interests in the Meliadine gold mine in Nunavut and the Hammond Reef gold project in Ontario.

Agnico Eagle will have a 51% interest in the JV, while Wheaton Precious Metals will have a 49% interest.

Agnico Eagle, Wheaton Precious Metals on Track to Close Joint Venture This Month

The JV is expected to produce approximately 50,000 ounces of gold annually.

The Meliadine gold mine is located in Nunavut, Canada, and is currently in production.

The Hammond Reef gold project is located in Ontario, Canada, and is still in the development stage.

Agnico Eagle, Wheaton Precious Metals on Track to Close Joint Venture This Month

The JV is expected to be accretive to both companies' earnings and cash flow.

The transaction is subject to customary closing conditions, including regulatory approvals.

Once the JV is closed, Agnico Eagle will be the operator of the Meliadine gold mine and the Hammond Reef gold project.