The Agnico-Eagle Mines Limited (Agnico-Eagle) NYSE common stock has depreciated significantly since our 1Q 08 update report, reflecting negative reaction to weak 2Q 08 results and falling gold prices. This decline is in line with our expectations, and we see further downside potential from current levels. Therefore, we maintain our SELL rating. We continue to anticipate a negative currency impact on the Canadian stock over our investment horizon. Therefore, we maintain our SELL rating.

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