Agnico Eagle Mines Ltd (AEM) 2006 Q4 法說會逐字稿

Welcome to the Agnico-Eagle Mines year end 2006 conference call. [OPERATOR INSTRUCTIONS] I would like to remind everyone, that this conference call is being recorded this Thursday, February 22, 2007, at 2:00 p.m. Eastern time. I will now turn the conference over to Mr. Sean Boyd, Chief Executive Officer.

歡迎參加 Agnico-Eagle Mines 2006 年底電話會議。 [操作員說明] 我想提醒大家，本次電話會議將於 2007 年 2 月 22 日星期四下午 2:00 錄製。東部時間。我現在將會議交給執行長肖恩·博伊德先生。

Thank you, operator, and good afternoon, everyone. Welcome to our 2006 fourth quarter and year end conference call. What we'd like to do today is go through the results, obviously, but give you an update on our project and some of the exploration. We have a series of slides for those of you who are on the Internet, so we'll take you through those. Before going into the slides, we've got several Safe Harbor statements which involve forward-looking statements, so please review those when you have a minute. We've also got some Safe Harbor statements around the offer, which is outstanding for Cumberland Resources.

謝謝接線員，大家下午好。歡迎參加我們的 2006 年第四季和年終電話會議。顯然，我們今天想做的是查看結果，但向您介紹我們專案的最新情況和一些探索。我們為上網的人提供了一系列幻燈片，因此我們將引導您瀏覽這些幻燈片。在進入投影片之前，我們有幾項涉及前瞻性陳述的安全港聲明，因此請在有時間時查看這些聲明。我們也收到了一些有關該要約的安全港聲明，這對坎伯蘭資源公司來說非常出色。

Just to start off, I would like to go through the corporate strategy of the Company, it's been straight forward, it's been consistent, we've moved along in a very disciplined manner. We've put ourselves in a position to increase our annual gold output with existing projects, taking it to about 750 ounces by 2009. As you know, we've got three new gold mines to begin production next year. We've also demonstrated our ability to grow our reserve base. We showed this quarter a 19% increase in our reserves of 12.5 million ounces. We are targeting a reserve position within the next 12 months based on drilling at our existing projects of about 14 to 15 million ounces.

首先，我想回顧一下公司的企業策略，它是直接的、一致的，我們以非常有紀律的方式前進。我們已經做好了利用現有項目增加黃金年產量的準備，到 2009 年將其產量提高到約 750 盎司。如您所知，我們有 3 個新金礦將於明年開始生產。我們也展示了擴大儲備基地的能力。本季我們的儲備量增加了 19%，達到 1,250 萬盎司。我們的目標是在未來 12 個月內根據現有項目的鑽探儲備約 14 至 1500 萬盎司。

As far as acquisitions, again, the strategy has been disciplined, it's been straight forward, our preferred route is to look for acquisitions that from a size point of view are small relative to our size and we've been successful over the last couple of years in building our pipeline in that fashion. As you know in 2005, we completed the acquisition of Ritter Hitton resources, which gave us the Kittila mine, which is under construction. Pinos Altos was closed in 2006, which has given us a project that is in the last stages of feasibility. We've completed that and that's out for third party review. As you know, we've recently announced an offer for Cumberland Resources. Again, that transaction or that proposed transaction is very similar to the style that we employed when we made a bid for Ritter Hitton.

就收購而言，我們的策略是嚴格的、直接的，我們的首選路線是尋找從規模角度來看相對於我們規模較小的收購，並且我們在過去的幾年中取得了成功多年來以這種方式建造我們的管道。如您所知，2005年，我們完成了對Ritter Hitton資源的收購，從而獲得了正在建設中的Kittila礦場。 Pinos Altos 於 2006 年關閉，這使我們的專案處於可行性的最後階段。我們已經完成了該工作，並將供第三方審核。如您所知，我們最近宣布了 Cumberland Resources 的收購要約。同樣，該交易或擬議的交易與我們競購 Ritter Hitton 時採用的風格非常相似。

Something we're very comfortable with going forward and what that transaction does is enhance an already strong growth story in gold production and in reserves. Our earnings in cash flow in 2006 are at record levels and we're just fortunate as a company to have the bulk of our assets in the province of Quebec, which is a great place to operate and in terms of not only finding gold, but having a sound, steady cost structure to operate within. And part of the strategy is to maintain a very conservative balance sheet. In fact, our cash flow allowed to us increase the cash position. We're almost at $460 million in cash. Essentially, we've got the financial and technical resources to achieve all of our production and reserve growth objectives.

我們對未來的發展感到非常滿意，該交易的作用是增強黃金產量和儲備本已強勁的成長勢頭。 2006 年，我們的現金流收入達到了創紀錄的水平，作為一家公司，我們很幸運，我們的大部分資產都位於魁北克省，這裡是一個絕佳的經營地點，不僅可以發現黃金，還可以擁有健全、穩定的營運成本結構。該策略的一部分是維持非常保守的資產負債表。事實上，我們的現金流使我們能夠增加現金部位。我們的現金接近 4.6 億美元。從本質上講，我們擁有實現所有生產和儲量成長目標的財務和技術資源。

As far as highlights go, there were several highlights in the quarter, one being the increase in reserves by 19% at 12.5 million ounces, which is not listed here, also not listed is the 24 consecutive months. Now it's 24 consecutive months at LaRonde without an underground lost time accident. An extremely good performance by our employees and they should be congratulated on that, particularly when you think that we're operating an extremely large underground mine. We've had two years without a lost-time accident there. Another thing, which isn't on here, we announced in December a quadrupling of our dividend and we've paid a dividend for 25 years and going forward, based on our production growth and our revenue growth and our bottom line growth, we expect to benefit from then we're certainly looking to pay an increased dividend as we move forward. On the operating side, highlights, very low cash cost, extremely good earnings, record quarterly cash flow of $84 million, a strong cash position, and we're moving our projects forward in a very, very steady fashion.

就亮點而言，本季有幾個亮點，其中之一是儲備增加19%，達到1250萬盎司，這裡沒有列出，也沒有列出連續24個月。現在，LaRonde 已連續 24 個月沒有發生地鐵誤工事故。我們的員工表現非常出色，他們應該為此表示祝賀，特別是當您認為我們正在運作一個非常大的地下礦場時。我們已經有兩年沒有發生過誤工事故了。另一件事，這裡沒有提到，我們在 12 月宣布將股息翻兩番，我們已經支付股息 25 年了，並且根據我們的產量增長、收入增長和利潤增長，我們預計為了從中受益，我們當然希望在前進的過程中支付更多的股息。在營運方面，亮點是非常低的現金成本、非常好的收益、創紀錄的 8,400 萬美元季度現金流、強勁的現金狀況，而且我們正在以非常非常穩定的方式推進我們的項目。

Operating results, some of the details at LaRonde, a very good quarter. For the full year though, our recoveries were above budget for all the metals, so very good performance on the recovery level. On dilution, our dilution was 12% on average for the year, we budgeted about 10. In the deeper part of the mine, our dilution was about 4% versus a budget of 8%. Very, very good performance in the lower mine. We're seeing very, very good mining conditions as we mine at the lower levels of our mine.

營運業績，LaRonde 的一些細節，是一個非常好的季度。不過，就全年而言，我們所有金屬的回收率都高於預算，因此回收率水準表現非常好。關於稀釋度，我們全年的平均稀釋度為 12%，我們的預算約為 10%。在礦井較深處，我們的稀釋度約為 4%，而預算為 8%。在下礦井中表現非常非常好。當我們在礦井的較低層進行開採時，我們看到了非常非常好的採礦條件。

Our development, as you know by reading the press release, ahead of schedule, we did about 15% more meters of level development than we had anticipated, and that helped to move our operating costs per ton up a little bit higher than we had expected because of that increased development. On a cost per ton basis, we came in at about $62 a ton for the full year and that has been -- that's an extremely good performance over the last year, as you'll see on the next slide. That performance, we've only had an increase in the last three years, in fact, on our cost per ton of about 19%, rising from $52 in the first quarter of '04 to $62 for full-year 2006. That goes back to the base of our assets being in Quebec. It's a good cost structure, very experienced workforce. So when you put that workforce on a track of optimization and efficiency, you get very good results. We're fortunate to be in that position and that shows you what a steady performer LaRonde has been for the last few years.

正如您透過閱讀新聞稿所了解的那樣，我們的開發工作提前完成，水平開發米數比我們預期的多了約 15%，這有助於使我們每噸的營運成本比我們預期的略高一些因為發展的增加。以每噸成本計算，我們全年的價格約為每噸 62 美元，這是去年的非常好的表現，正如您將在下一張幻燈片中看到的那樣。事實上，我們的業績在過去三年才有所成長，每噸成本增加了約 19%，從 04 年第一季的 52 美元上升到 2006 年全年的 62 美元。我們的資產基礎位於魁北克。這是一個良好的成本結構，經驗豐富的勞動力。因此，當您將勞動力置於優化和效率的軌道上時，您會得到非常好的結果。我們很幸運能夠處於這個位置，這向您展示了 LaRonde 在過去幾年中的穩定表現。

Financial results, they're in the press release. I'm not going to go over them in any detail. We show our cash provided by operating activity number, which is after working capital changes. What we look at from a business point of view is before working capital changes and that was a record level. For the full year, that was $265 million. Very strong compared to a number last year of about $75 million. At a mine level, LaRonde mine generate a mine profit of $320 million in 2006. So a very, very strong performance coming out of LaRonde, which has strengthened our financial position and put us in a great position to build our pipeline of projects.

財務業績，它們在新聞稿中。我不會詳細討論它們。我們按經營活動數量顯示我們提供的現金，這是在營運資本變動之後。我們從商業角度來看是在營運資本改變之前，這是創紀錄的水平。全年為 2.65 億美元。與去年約 7500 萬美元的數字相比，非常強勁。在礦場層面，LaRonde 礦場 2006 年的礦場利潤為 3.2 億美元。因此，LaRonde 的業績非常非常強勁，這增強了我們的財務狀況，並使我們處於有利的地位來建造我們的專案管道。

On the slides, we have our balance sheet, 459 million in cash, no long-term debt, common shares outstanding of 121 million, fully diluted would be 131 million. That amounts to about 7 million warrants which we anticipate to be exercised this November which would bring in about $130 million in additional cash, and there's about 3 million options outstanding. A very very good position to be in from a financial perspective and based on our cash flow, our cash position and if needed our available bank lines, we have all the money we need to build out our pipeline of growth projects, including the Metal Bank project assuming a successful offer for Cumberland Resources.

在投影片上，我們有我們的資產負債表，4.59 億現金，沒有長期債務，已發行普通股為 1.21 億股，完全稀釋後為 1.31 億股。這相當於約 700 萬份認股權證，我們預計將於今年 11 月行使，這將帶來約 1.3 億美元的額外現金，並且還有約 300 萬份選擇權未償還。從財務角度來看，基於我們的現金流量、現金狀況以及可用的銀行額度，我們擁有建立成長專案管道所需的所有資金，包括金屬銀行該專案假設坎伯蘭資源公司成功收購。

From the gold reserve perspective, just a couple of our key assumptions. Gold price we're using 486, silver price 869 an ounce, and zinc price, $0.89 per pound. Those are the key assumptions. Those were our three year averages going backwards as mandated by the SEC. With that we saw a 19% increase in reserves to 12.5 million ounces. That puts us well above the average for the intermediate goal producer group. As we move forward, we're targeting additional reserve conversion principally at Pinos Altos, Goldex, and Kittila and on a reserve per share basis, which is something that we pay attention to, if we go back to 1998, we had about 60 million shares outstanding.

從黃金儲備的角度來看，這只是我們的幾個關鍵假設。我們使用的黃金價格為每盎司 486，白銀價格為每盎司 869，鋅價為每磅 0.89 美元。這些是關鍵假設。這些是我們依照美國證券交易委員會的規定倒退的三年平均值。至此，我們的儲備量增加了 19%，達到 1,250 萬盎司。這使我們遠高於中間目標生產者群體的平均水準。隨著我們的前進，我們的目標主要是在Pinos Altos、Goldex 和Kittila 進行額外的儲備金轉換，並以每股儲備金為基礎，這是我們關注的事情，如果我們回到1998 年，我們大約有6000 萬美元已發行股票。

Today on a basic level, we have 121 million. Roughly double. Our reserves have grown from 1.3 million ounces to 12.5. So about a 10 times increase in our gold reserves for a doubling of our shares outstanding. We also have significant quantities of other metals in reserve. These are not gold equivalent numbers that we're putting out. We do have additional silver reserves of over 100 million ounces, 105 million ounces in fact. Zinc reserves of 1.6 billion pounds and copper reserves of about 250 million pounds. So we have significant by-product metal reserves that are not included in the gold number. We also have a significant resource at Agnico, and over the next 12 months we anticipate converting a portion of that additional resource, and that will bring us within the next 12 months we expect to be in the range of about 14 to 15 million ounces of reserves stand-alone, and that does not assume anything from Metal Bank and Cumberland Resources.

今天，我們的基本人口數量為 1.21 億。大約是兩倍。我們的儲量已從 130 萬盎司增加到 12.5 盎司。因此，我們的黃金儲備增加了大約 10 倍，我們的流通股也增加了一倍。我們也儲備了大量其他金屬。這些不是我們發布的黃金等值數字。我們確實擁有超過 1 億盎司的額外白銀儲備，實際上是 1.05 億盎司。鋅儲量16億磅，銅儲量約2.5億磅。因此，我們有大量的副產品金屬儲量未包含在黃金數量中。我們在 Agnico 也擁有大量資源，在未來 12 個月內，我們預計將轉換部分額外資源，這將使我們在未來 12 個月內獲得約 14 至 1500 萬盎司的產量。儲量是獨立的，並且不承擔金屬銀行和坎伯蘭資源公司的任何費用。

Moving on to the projects, just a bit of an overview of where we are. As far as the management side, we've done a very good job of building very solid teams in both Finland and Mexico, and they have a big resource that they can draw on from Northwestern Quebec where we have a full mine building and regional development team. One of the things we like at Agnico, as we own 100% of our projects. That gives us maximum flexibility in terms of the pace and the direction of exploration, which has always been something that we like control over. That has benefited us tremendously at LaRonde. Political risk is something we don't like, so our projects are all-in mining-friendly, low-political risk regions.

繼續討論項目，簡單概述一下我們的現況。就管理方面而言，我們在芬蘭和墨西哥建立了非常堅實的團隊方面做得非常好，他們可以從魁北克西北部利用大量資源，在那裡我們擁有完整的礦山建設和區域開發團隊。這是我們在 Agnico 喜歡的事情之一，因為我們擁有 100% 的專案。這為我們在探索的速度和方向方面提供了最大的靈活性，這一直是我們喜歡控制的事情。這讓我們 LaRonde 受益匪淺。政治風險是我們不喜歡的，所以我們的專案都集中在適合採礦、低政治風險的地區。

All the projects have camp potential, which is something that we feel is important to be able to create value going forward. And to create that value, you have to spend money on exploration. We're looking to spend about $40 million in 2007. Of that, about $23 million will be expensed and about $17 million will be capitalized. A big part of that capitalized amount is at Pinos Altos, where we're spending about 26 of the $40 million and part of that involves ramp infrastructure, which will not only be used for production, but will also provide us with a drill platform so we can drill deeper holes on Santo Nino and below the other structures along that main trend. That's important to prove up more resource and increase our reserves. Also in that budget, we're spending about $6 million in Finland at the Kittila project.

所有項目都具有營地潛力，我們認為這對於未來創造價值非常重要。為了創造這種價值，你必須花錢去探索。我們預計 2007 年支出約 4,000 萬美元。其中，約 2,300 萬美元將用於支出，約 1,700 萬美元將用於資本化。這筆資本金額的很大一部分是在Pinos Altos，我們在那裡花費了4000 萬美元中的約26 美元，其中一部分涉及坡道基礎設施，它不僅用於生產，而且還將為我們提供一個鑽井平台，以便我們可以在聖尼諾島以及沿著該主要趨勢的其他結構下方鑽更深的孔。這對於證明更多的資源並增加我們的儲備非常重要。同樣在該預算中，我們在芬蘭的 Kittila 計畫上花費了約 600 萬美元。

Production profile stand-alone, it's extremely strong. Stand-alone, we're looking at production growth out through 2011 of about, getting close to 1 million ounces. Obviously the acquisition of Cumberland would significantly enhance that production growth, taking us to about the 1.3 million ounce level in 2010. As we said earlier, we've got three new mines coming on stream next year. Goldex before the middle of the year, shortly thereafter Kittila, so third quarter of '08, and after that, fourth quarter of '08 looking for Lapa to go into production.

生產型材單機，功能極為強大。單獨而言，我們預計 2011 年產量將成長約 100 萬盎司。顯然，收購 Cumberland 將顯著提高產量成長，使我們在 2010 年達到約 130 萬盎司的水平。正如我們之前所說，我們明年將有 3 個新礦場投產。 Goldex 在今年年中之前，不久之後在 Kittila，所以在 08 年第三季度，之後在 08 年第四季度尋找 Lapa 投入生產。

From a capital expenditure point of view, 2007 is the big year. What we've done on the slide is we've made some estimates for Pinos Altos and also in dotted lines we've added the anticipated amount that would come from the Metal Bank project, assuming successful acquisition of Cumberland. So all combined would be about $412 million in 2007, $289 million in 2008, $240 million in 2009, and about $91 million in 2010. Going back to our cash position of $459 million puts us in a very good position when you also factor in the warrants of about $130 million that will come in in addition to the cash flow. Last year, our cash flow before working capital changes was north of $260 million, and we're anticipating roughly the same metal output in 2007 as we had in 2006. So we're in very, very good position to fund all of our production growth.

從資本支出的角度來看，2007年是大年。我們在幻燈片上所做的是對 ​​Pinos Altos 進行了一些估計，並且在虛線上我們添加了假設成功收購 Cumberland 的 Metal Bank 專案的預期金額。因此，2007 年的總金額約為 4.12 億美元，2008 年為 2.89 億美元，2009 年為 2.4 億美元，2010 年約為 9,100 萬美元。回到我們 4.59 億美元的現金狀況，如果您還考慮到除了現金流之外，還將獲得約1.3 億美元的認股權證。去年，我們在營運資本變動前的現金流超過 2.6 億美元，我們預計 2007 年的金屬產量與 2006 年大致相同。因此，我們處於非常非常有利的位置，可以為我們的所有生產提供資金生長。

Just dealing with the projects, LaRonde, very long life gold reserve. Reserve mine life based on just the reserves takes us to about 2020, it's 5.2 million ounces. There's additional potential with a resource base of over 1 million ounces as well. We're anticipating getting first ore from the deeper extension of LaRonde in 2011. Our average production for the balance of the mine life based on reserves going out to 2020 would be about 320,000 ounces per year. The project is going very well. It's off to a good start. Over the next few months, we're looking to complete the hoist installation for shaft sinking of the winds to begin in the third quarter of this year. We're also doing some development along level 215, extending that exploration drift to the West into the Bousquet area so that we can get a better drill set up to drill what is early on, but appears to be a massive sulfide structure on the Bousquet property. There's more upside in the LaRonde camp and along that trend.

正在處理項目，LaRonde，非常長壽命的黃金儲備。僅根據儲量計算，礦山的儲量壽命預計到 2020 年左右，為 520 萬盎司。超過 100 萬盎司的資源基礎還具有額外的潛力。我們預計將於 2011 年從 LaRonde 更深的延伸區獲得第一批礦石。根據到 2020 年的儲量，我們剩餘礦山壽命的平均產量約為每年 320,000 盎司。該專案進展順利。這是一個好的開始。在接下來的幾個月裡，我們希望完成今年第三季開始的風豎井提升裝置安裝。我們也沿著 215 層進行一些開發，將勘探漂移向西延伸至 Bousquet 地區，以便我們能夠設置更好的鑽頭來鑽探早期的情況，但 Bousquet 上似乎有一個巨大的硫化物結構財產。拉朗德陣營以及沿著這一趨勢還有更多的優勢。

At Goldex, the project is going very well. All the major equipment has been ordered the hoist, the mills, the scoops, the drills, lateral developments on target. We've got about 31% of the drifts and ramps complete. We've got about 75% of the raises complete, we continue to stockpile ore. The reserve base went up about 100,000 ounces at Goldex to 1.7 million ounces. But more importantly, the resource increased by about 0.5 million ounces as we've just started drilling that project.

在Goldex，該專案進展順利。所有主要設備均已訂購，包括提昇機、研磨機、鏟鬥、鑽孔機、橫向開發等。我們已經完成了大約 31% 的平移和坡道。我們已經完成了大約 75% 的加註，我們繼續儲存礦石。 Goldex 的儲備基礎增加了約 10 萬盎司，達到 170 萬盎司。但更重要的是，由於我們剛開始鑽探該項目，資源量增加了約 50 萬盎司。

We haven't drilled that project outside of the original resource outline for many, many years and we just started that. It's not surprising to us that we saw one of the recent results, which was 2.9 grams per ton over 80 meters as we go deeper and a little bit to the East. That doesn't surprise us because if we look at the material outside of the minable shell that we use for our feasibility, in fact, a lot of that material outside of that shell is currently economic, because it does have gold contained in there. If we were to take a big envelope, at Goldex, you could make the case that you've got 90 million tons grading about 0.04 ounces per ton. There's a lot of gold there. We are just starting to get back at exploration drilling, and we certainly expect that that deposit as we get our drill holes to grow in size. A good asset to have right on the western edge of [Aldor], 50 kilometers from LaRonde. It's gotten off to a really good start.

我們已經很多很多年沒有在原始資源大綱之外鑽探該專案了，而我們才剛開始。我們看到最近的一項結果並不奇怪，當我們深入並向東一點時，80 公尺的範圍內每噸的重量為 2.9 克。這並不令我們感到驚訝，因為如果我們看看我們用於可行性研究的可開採外殼之外的材料，事實上，該外殼之外的許多材料目前都是經濟的，因為它確實含有黃金。如果我們拿一個大信封，在 Goldex，你可以說你有 9000 萬噸，品位約為每噸 0.04 盎司。那裡有很多黃金。我們剛開始恢復勘探鑽探，我們當然希望隨著鑽孔規模的擴大，沉積物會不斷增加。位於[奧爾多]西部邊緣、距離拉龍德 50 公里的優質資產。這已經有了一個非常好的開始。

At Lapa we continue to make really steady progress moving that project ahead. About 1.2 million ounce reserve. The resource stayed about the same at about 0.5 million ounces. As we said earlier, production start-ups in the fourth quarter of '08, about 125,000 ounces cash cost at about 210. Shaft sinking and surface construction in progress. The shaft's down to about 1100 meters. There's about 270 meters to go and we're averaging about 2.7 to 2.8 meters a day, which is very good advance. In fact, just going back to Goldex, the Goldex advance is even better than that. It's about 3 meters a day now on the shaft there. So we're getting very good shaft sinking performance from the contractor who is doing both jobs at Lapa and Goldex.

在 Lapa，我們繼續取得真正穩定的進展，推動該專案向前發展。儲量約120萬盎司。資源量基本上保持不變，約 50 萬盎司。正如我們之前所說，'08年第四季投產，約125,000盎司現金成本約為210盎司。豎井下沉和地面施工正在進行中。豎井下降至約 1100 公尺。距離大約 270 米，我們平均每天大約 2.7 到 2.8 米，這是非常好的進步。事實上，回到 Goldex，Goldex 的漲幅甚至比這還要好。現在那裡的豎井每天大約有 3 公尺。因此，我們從在 Lapa 和 Goldex 從事這兩項工作的承包商那裡獲得了非常好的鑿井性能。

At Finland and Kittila, making good progress and exploration as well as good progress on the project. The reserve went up about 250,000 ounces. It's 2.6 million ounces. The resource relatively around the same at about 1 million ounces. We continue to drill it. There's six drills in operation there. What we're seeing at the north end of the trend, we're starting to step out away from the major reserve resource and there's still a lot more work to do, but we're seeing some good drill results, we're getting some good geochemical sampling resources, we've got a small drill up in the north end, so we're quite active there. We've also recently hired an exploration manager who's job is to focus outside of the main reserve resource area and to conduct an aggressive program with a budget of about 6 million over the entire project. So we certainly anticipate converting more of the resource in 2007 and building up that reserve base. As we said earlier, we're looking for production in the third quarter of 2008. The ramp there, we're clearing the pit, we're building surface facilities and the ramp's down about 400 meters. Again, we're making very good progress in Finland.

在芬蘭和基蒂萊，取得了良好的進展和探索，計畫也取得了良好的進展。儲備增加約 250,000 盎司。是 260 萬盎司。資源量大致相同，約 100 萬盎司。我們繼續鑽探它。那裡有六台鑽孔機正在運作。我們在趨勢的北端看到的是，我們開始遠離主要儲備資源，還有很多工作要做，但我們看到了一些良好的鑽探結果，我們正在獲得一些良好的地球化學採樣資源，我們在北端有一個小型鑽探，所以我們在那裡非常活躍。我們最近還聘請了一位勘探經理，他的工作重點是主要儲備資源區域之外的工作，並實施一項積極的計劃，整個項目的預算約為 600 萬美元。因此，我們當然預期 2007 年將轉換更多的資源並建立儲備基地。正如我們之前所說，我們希望在 2008 年第三季實現生產。那裡的坡道，我們正在清理坑，我們正在建造地面設施，坡道向下約 400 公尺。我們在芬蘭再次取得了非常好的進展。

In Mexico at Pinos Altos, we have -- we've proven up a subset of the overall resource for purposes of the feasibility. We have 1.8 million ounces of gold in reserve. We have 55 million ounces of silver in reserve, plus additional resources, both in gold and silver. Large land position on Pinos Altos of 11,000 hectares, we've also significantly expanded our presence in that region of Mexico. We staked an additional 35,000 hectares, or have claims that are now ours of about 35,000 hectares, so it's a large position. We have about a $26 million budget, largely focused on Pinos Altos, which as we said earlier, includes the ramp, which is important not only for production, but also for drilling so that we can continue to drill deeper holes to -- where we've had some very good high-grade results at depth. That's important as we continue to move that project forward.

在墨西哥的皮諾斯阿爾托斯，我們已經證明了可行性目的的整體資源的子集。我們有180萬盎司黃金儲備。我們有 5500 萬盎司白銀儲備，還有額外的黃金和白銀資源。我們在 Pinos Altos 擁有 11,000 公頃的大片土地，也顯著擴大了我們在墨西哥該地區的業務。我們另外抵押了 35,000 公頃土地，或聲稱現在擁有約 35,000 公頃土地，所以這是一個很大的頭寸。我們有大約2600 萬美元的預算，主要集中在Pinos Altos，正如我們之前所說，其中包括坡道，這不僅對生產很重要，而且對鑽井也很重要，這樣我們就可以繼續鑽更深的孔— —我們在那裡在深度方面取得了一些非常好的高等級成績。這對於我們繼續推進該專案非常重要。

What we're doing now is the feasibility is complete. It will go out to third party review. We expect to bring that to our Board in the second quarter of 2007. We've also just made the applications for the major permits. They've been submitted. We're now looking to optimize the study based on the new reserve, and we're in the process of completing the 43 101 technical report that will be filed shortly with the regulators. Moving that project ahead, we've got a very good team there that we've strengthened recently and we're certainly looking for more exploration news given that that is the largest component of our exploration budget of more than half of the $40 million that will be spent in '07 is being spent at Pinos Altos.

我們現在所做的就是可行性已經完成。它將送交第三方審查。我們預計將在 2007 年第二季提交給我們的董事會。我們也剛剛提出了主要許可證的申請。他們已經提交了。我們現在正在尋求根據新儲備來優化研究，並且正在完成 43101 技術報告，該報告將很快提交給監管機構。為了推進該項目，我們擁有一支非常優秀的團隊，最近我們對此進行了加強，我們當然會尋找更多勘探新聞，因為這是我們勘探預算的最大組成部分，佔 4000 萬美元的一半以上。 '07 年將在Pinos Altos 度過。

Just wrapping up, in terms of the time line and the second quarter, we expect to have completed the third party review of Pinos feasibility study. We'll bring that to our Board in the second quarter. We anticipate closing the Cumberland acquisition also in the second quarter. We have our earnings release on April 26, for the first quarter. We have our annual meeting on April the 27th, and we anticipate having a full exploration update in May of 2007.

剛結束，就時間軸和第二季而言，我們預計將完成皮諾斯可行性研究的第三方審查。我們將在第二季提交給董事會。我們預計也將在第二季完成對坎伯蘭的收購。我們將於 4 月 26 日發布第一季的收益。我們於 4 月 27 日召開年會，預計 2007 年 5 月將進行全面的勘探更新。

Just wrapping up in terms of highlights, we continue to generate extremely good earnings and record cash flows and record earnings, in fact. We anticipate production levels in '07 to be very similar to what we have in '06. We're within a year or so of having three new gold mines starting in 2008. On the acquisition side, assuming successful acquisition of Cumberland, we would increase our 2010 production by another 39% as we said to about 1.3 million ounces. On our own stand alone reserve position, we anticipate growing that again within the next 12 months based on our existing projects to the 14 to 15 million ounce range. Again, assuming successful acquisition of Cumberland. We would see an immediate increase of our current reserve base of 12.5 million. That would jump by 23% to 15.4 million. What that would do is would take our reserve target up to the 18 to 20 million ounce range over the next 24 months or so.

事實上，就亮點而言，我們繼續產生非常好的收益，創紀錄的現金流和創紀錄的收益。我們預計 07 年的生產水準與 06 年非常相似。我們將在一年左右的時間裡從2008 年開始擁有三個新金礦。在收購方面，假設成功收購Cumberland，我們將把2010 年的產量再增加39%，正如我們所說的約130 萬盎司。就我們自己的獨立儲備頭寸而言，我們預計在未來 12 個月內，基於我們現有的項目，該儲備頭寸將再次增長至 14 至 1500 萬盎司範圍。再次假設成功收購坎伯蘭。我們目前的儲備基數將立即增加 1,250 萬。這一數字將躍升 23%，達到 1,540 萬。這將使我們的儲備目標在未來 24 個月左右的時間內達到 18 至 2000 萬盎司的範圍。

That's the summary of our Q4 and our full year 2006 and our project updates. And operator, we'd like to open it up for questions.

這是我們第四季度和 2006 年全年以及專案更新的總結。接線員，我們想打開它來提問。

Thank you. [OPERATOR INSTRUCTIONS] Your first question comes from John Bridges of JPMorgan. Please go ahead.

謝謝。 [操作員說明] 您的第一個問題來自摩根大通的約翰‧布里奇斯。請繼續。

Afternoon, Sean. Congratulations.

下午好，肖恩。恭喜。

Thank you.

謝謝。

What are you looking for underneath Bousquet? What's the model for that.

您在 Bousquet 下方尋找什麼？那個的型號是什麼。

Good afternoon, John. Ebe here. What we are looking for is basically another massive sulfide zone. The drilling that we did from the level 215 exploration drift, we basically outlined a massive sulfide zone anywhere between 15 to 25% of banded massive pirate with minor amounts of chemical pyrite. In other words, the geological model is very similar to LaRonde and Bousquet II. Stratographically, this particular zone appears to lie in the zone 20 horizon. It's south of the original Bousquet, or LaRonde horizon, and we've only been been able to put in about three diamond drill holes. We've traced it over a vertical distance of about 300 meters or so. Right now, we're at the end of the exploration drive on level 215. It's become increasingly difficult to drill. They're long banana type holes in the neighborhood of about 2,000 meters. So what we have proposed to do and this has been accepted is to extend the level 215 exploration drift by about another 400 meters to the West.

下午好，約翰。埃貝在這裡。我們正在尋找的基本上是另一個巨大的硫化物帶。我們從 215 層勘探漂移中進行的鑽探，基本上勾畫出了一個巨大的硫化物帶，其中包含 15% 至 25% 的帶狀大型海盜，並含有少量的化學黃鐵礦。換句話說，地質模型與LaRonde和Bousquet II非常相似。從地層上看，這個特定區域似乎位於地平線 20 區域。它位於最初的 Bousquet 地平線或 LaRonde 地平線以南，我們只能打出大約三個鑽石鑽孔。我們已經追蹤了它大約 300 公尺左右的垂直距離。現在，我們正處於 215 層勘探工作的尾聲。鑽探變得越來越困難。它們是長約2000公尺的香蕉型洞。因此，我們建議將215級勘探漂移向西再延伸約400米，這項建議已被接受。

When did you discover this.

你什麼時候發現這個的。

We discovered this at the end of the third quarter last year.

我們在去年第三季末發現了這一點。

This is a thing you're looking for so you didn't have to do LaRonde II light.

這是您正在尋找的東西，因此您不必使用 LaRonde II light。

Sorry?

對不起？

You were looking to expand the depth potential and then go bigger depth weren't you?

您希望擴大深度潛力，然後達到更大的深度，不是嗎？

No, this was just a routine coverage significantly to the West of LaRonde, LaRonde II. I believe the distance between these two zones must be in the neighborhood of at least 500 meters if not more.

不，這只是對拉朗德以西，拉朗德二號的例行報道。我相信這兩個區域之間的距離至少在 500 公尺左右，甚至更多。

So where would this be served from? Something out of the existing Bousquet shaft, or would this--?

那麼這將從哪裡提供呢？現有的 Bousquet 豎井中的某些東西，或者這會——？

Well, this is all just arm waving here, John. We don't really know the size of this thing and even right now, the grades are not economic, but we're using history and normally when we have encountered massive sulfide mineralization of this type, there tends to be some sort of body lurking in the background.

好吧，約翰，這只是揮舞手臂而已。我們並不真正知道這個東西的大小，即使是現在，等級也不經濟，但我們正在使用歷史，通常當我們遇到這種類型的大量硫化物礦化時，往往會潛伏著某種物體在後台。

Okay, good luck.

好的，祝你好運。

Thank you.

謝謝。

Your next question comes from Tony Lesiak of UBS. Please go ahead. Mr. Lesiak, your line is open if you would like to ask a question.

你的下一個問題來自瑞銀集團的東尼萊西亞克。請繼續。 Lesiak 先生，如果您想提問，請撥打電話。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes.

是的。

Okay, great. A couple of questions on the exploration side and reserve resource. Quickly at Lapa, I noticed the grade improvement there about 10%. Was that due to some additional drilling results or any change in geostatistical assumptions?

好的，太好了。關於勘探方面和儲備資源的幾個問題。很快在 Lapa，我注意到那裡的成績提高了大約 10%。這是由於一些額外的鑽探結果還是地質統計假設的任何變化？

Basically drilling results.

基本上是鑽孔結果。

Okay. So you still might see a grade pickup there once you get underground and get more confidence?

好的。那麼，一旦您進入地下並獲得更多信心，您仍然可能會在那裡看到等級皮卡？

That will always be the issue with Lapa until we finally start mining.

在我們最終開始採礦之前，這將永遠是拉帕的問題。

Okay. So we can estimate that the 125,000 ounces we might see a bit of a pickup there?

好的。那麼我們可以估計 125,000 盎司可能會回升嗎？

What our issue is, we really haven't got a lot of access underground. The drilling that we did do in the last quarter of last year was from the lowest level, level, I think 78. And so they are very steep drill holes. Once we get the shaft down or get the shaft completed, we'll be in a much better position to drill in the second half of this year.

我們的問題是，我們確實沒有太多的地下通道。我們去年最後一個季度進行的鑽孔是從最低層開始的，我認為是 78 層。所以它們是非常陡峭的鑽孔。一旦我們將豎井放下或完成，我們將在今年下半年處於更好的位置進行鑽探。

Okay. A follow-up question, Ebe, on the reserve grade drop at LaRonde. Can you explain that?

好的。後續問題，Ebe，關於 LaRonde 儲備等級下降的問題。你能解釋一下嗎？

We combined the LaRonde I and LaRonde II, so that's why there's an overall drop in grade. If you were to calculate them the same way, like LaRonde I or the historical way in LaRonde II, the grades would be very similar as in the last year.

我們將 LaRonde I 和 LaRonde II 結合起來，這就是整體成績下降的原因。如果你以同樣的方式計算它們，就像《LaRonde I》或《LaRonde II》中的歷史方法一樣，那麼成績將與去年非常相似。

I just looked at the reserve table, you still have it broken out there under proven and probable. If you look at the grades, they were down substantially.

我剛剛查看了保留表，您仍然可以在已證實和可能的情況下將其分解。如果你看一下成績，你會發現成績大幅下降。

LaRonde I, it's Marc Legault speaking. At LaRonde I, we're basically mining the gold ore body. Each year we extract 240,000 ounces, the relative gold grade will drop, because the upper part of the mine is--.

LaRonde 我，我是馬克·萊戈特（Marc Legault）。在 LaRonde I，我們基本上是在開採金礦體。每年我們開採24萬盎司，相對黃金品位會下降，因為礦場的上部是－。

Zinc.

鋅。

Yes, that's right. There's zinc in there. Whereas in the lower part we're accessing, the LaRonde II project, it's much higher grade, and that grade didn't change.

恩，那就對了。裡面有鋅。而在我們正在訪問的較低部分，LaRonde II 項目，它的等級要高得多，並且該等級沒有改變。

So there were no zones that were dropped out of the reserve at all?

那麼根本就沒有任何區域被從保護區中刪除嗎？

No, just natural mining.

不，只是自然開採。

Okay. Just, if you could give us a break down of the open pit versus underground, maybe even just percentages for Kittila?

好的。只是，如果您能為我們提供露天礦場與地下礦場的詳細情況，甚至可能只是基蒂拉的百分比？

In terms of underground -- in terms of ounces, we'd be looking at somewhere in the neighborhood of 850,000 ounces in the open pit and the remainder would be underground.

就地下而言——就盎司而言，我們會在露天礦坑中尋找大約 850,000 盎司的儲量，其餘的將在地下。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Your next question comes from Mark Smith of Dundee Securities. Please go ahead.

您的下一個問題來自鄧迪證券的馬克史密斯。請繼續。

Hi. Just a really quick question. Taxes, David. I just wondered, could you give me an indication of what you're looking at as a tax rate go forward and how much NOLs you got left that are applicable?

你好。只是一個非常簡短的問題。稅收，大衛。我只是想知道，您能否告訴我您對未來稅率的看法以及您還剩下多少適用的 NOL？

Our effective tax rate in 2007 will be about 40%. I would say about two-thirds of that -- or sorry, about three quarters of that would be deferred, and the balance would be Quebec mining duties from cash tax we're going to be paying this year.

2007年我們的有效稅率約為40%。我想說大約三分之二——或者抱歉，大約四分之三將被推遲，餘額將是我們今年將支付的現金稅中的魁北克採礦稅。

Okay.

好的。

And we have income tax pools of about $700 million U.S. So we won't be paying income taxes for quite a while, but we are accessible on a mining duty.

我們有大約 7 億美元的所得稅池，所以我們在相當長的一段時間內不會繳納所得稅，但我們可以繳納採礦稅。

Okay. So basically go forward, it's going to be about 75% deferred?

好的。那麼基本上繼續前進，大約 75% 會被推遲？

Yes. For at least the next few years until we use up the income tax pools.

是的。至少在接下來的幾年裡，直到我們用完所得稅池。

But then you've got a new pool coming from the new construction, right?

但是你會從新建築中得到一個新的游泳池，對吧？

We do and that will mitigate somewhat the Quebec mining duties. But we will still be paying cash mining duties.

我們這樣做了，這將在一定程度上減輕魁北克的採礦關稅。但我們仍將支付現金開採稅。

Is there any pools that you pick up with the Cumberland acquisitions that are applicable outside territories or some that are in the Northwest territories?

您在坎伯蘭收購中是否有任何適用於境外地區或西北地區的資金池？

Well, generally those resource pools get streamed. There might be some hard assets. Those are the ones that tend not to get streamed or NOLs don't get streamed. But I suspect the vast majority of tax pools are resource pools, so they would be streamed against the Metal Bank asset.

嗯，通常這些資源池都是串流的。可能有一些硬資產。這些內容往往不會被直播，或者 NOL 不會被直播。但我懷疑絕大多數稅收池都是資源池，因此它們將針對金屬銀行資產進行流動。

Okay, all right. Thanks very much, Dave.

好吧，好吧。非常感謝，戴夫。

Your next question comes from David Stein of Sprott Securities. Please go ahead.

您的下一個問題來自 Sprott 證券公司的 David Stein。請繼續。

Hi, guys. Actually, my question has been answered already. So I'll let you keep going. Thanks.

嗨，大家好。其實我的問題已經有答案了。所以我會讓你繼續走下去。謝謝。

Okay, thanks.

好的謝謝。

Your next question comes from Steve Butler of Canaccord Adams. Please go ahead.

您的下一個問題來自 Canaccord Adams 的史蒂夫巴特勒。請繼續。

Good afternoon, guys. You had your mine site cash costs in C$63 in Q4. Ebe, can you comment as to how much accelerated development is that into your cost per ton and/or Bousquet?

下午好，夥計們。第四季度，您的礦場現金成本為 63 加幣。 Ebe，您能否評論一下您的每噸和/或 Bousquet 成本中有多少加速發展？

The breakdown would be roughly 2.5, $3 Bousquet, and $1.50 per ton the accelerated development that we expensed.

細目費用約為每噸 2.5 美元、3 美元 Bousquet 和 1.50 美元每噸，我們所支出的加速開發費用。

Okay. Was it correct -- I missed part of the comments, Sean, or my dyslexia just set in more fully, is it 17 million of capitalized of the 40 million that would be capitalized, 17 million?

好的。這是正確的嗎——我錯過了部分評論，肖恩，或者我的閱讀障礙剛剛更全面地出現，是 4000 萬資本中的 1700 萬資本，1700 萬資本嗎？

Roughly, yes.

粗略地說，是的。

Okay. And other question on your gold recovery dropped a little bit given the little bit bump in grade I would have expected recoveries to have been just slightly higher and I think we're targeting ultimately around 93% go forward basis, but can you comment there what happened and, not that it's a big deal.

好的。關於黃金回收率的其他問題，鑑於品位略有上升，我預計回收率會略高一些，我認為我們的最終目標是 93% 左右，但你能評論一下什麼嗎？發生了，但這並不是什麼大不了的事。

We just had some minor issues in the mill and Zack can back me up on this, we had some problems with our onstream analyzers, so we were basically running manual or by the seat of our pants until we got the unit repaired. It's an elderly unit, the original one and it's no longer in production so spare parts were hard to come by. That was the main reason, but it's up and running again.

我們只是在工廠中遇到了一些小問題，扎克可以在這方面支持我，我們的線上分析儀也遇到了一些問題，所以我們基本上都是手動運行或憑感覺運行，直到我們修復了設備。這是一台老舊的設備，原來的設備，已經不再生產，所以很難找到備用零件。這是主要原因，但它又開始運行了。

Okay, Ebe. Could you guys comment, I know it's preemptive on your completing and releasing Pinos Altos, but what are your thoughts on the throughput rates on Pinos Altos?

好吧，埃貝。你們能否評論一下，我知道這是你們完成和發布 Pinos Altos 的先發製人，但是你們對 Pinos Altos 的吞吐率有何看法？

We are currently -- we, based on the scoping study we've examined 3,000 and the feasibility we have now used 4,000 as a parameter, but now with a significant increase in the overall tonnage, we're evaluating other tonnage throughputs. But 4,000 is about the median that we used.

目前，我們基於我們已經檢查了 3,000 個噸位的範圍界定研究以及我們現在使用 4,000 個噸位作為參數的可行性，但現在隨著總噸位的顯著增加，我們正在評估其他噸位吞吐量。但 4,000 大約是我們使用的中位數。

Okay. Thanks very much, guys.

好的。非常感謝，夥計們。

Your next question comes from Catherine Gignac of Wellington West.

您的下一個問題來自惠靈頓西區的凱瑟琳·吉尼亞克（Catherine Gignac）。

Steve jumped the gun, I was going to ask the same thing on Pinos Altos. Spending $26 million there this this year, it's intriguing. And I'm also intrigued with your being in Mexico. Could you fill us in a little bit more in terms of this additional ground you're picking up, the justification for that, because you've already got a large land package, and what you see for the potential there going forward?

史蒂夫操之過急，我本來想在皮諾斯阿爾托斯問同樣的事情。今年在那裡花費了 2600 萬美元，這很有趣。我對你在墨西哥也很有興趣。您能否向我們詳細介紹您正在獲得的額外土地、這樣做的理由（因為您已經獲得了一大塊土地）以及您對未來潛力的看法？

The ground that we picked up is basically, we have a theory of a collapsed caldera, so the ground we picked up we feel is an extension of the caldera and so it's a little bit of arm waving, Catherine, but we never know. So also it's in the favorable background within a stone's throw of other deposits, so the ground was available. So we picked up. In terms of strategy going forward, well, naturally, we're actively examining other situations in Mexico, predominantly and Northern Mexico. Maybe, Sean, you'd want to mention some more thoughts?

我們撿起的地面基本上是，我們有一個塌陷的火山口的理論，所以我們撿起的地面我們感覺是火山口的延伸，所以它有點揮動手臂，凱瑟琳，但我們永遠不知道。因此，它也處於與其他礦床僅一箭之遙的有利背景中，所以地面是可用的。所以我們接了起來。就未來的策略而言，當然，我們正在積極研究墨西哥的其他情況，主要是墨西哥北部的情況。肖恩，也許你想提一些更多的想法？

The way we've looked at putting the Company together is that when we decide to go into a particular part of the world, we take a long-term view, like we've done in Quebec where we've been mining and been involved there for over 40 years. So certainly over time, we would look to build off of our base at Pinos Altos. The first way to do that is to try to get some more exploration ground to allow our exploration teams to go to work. One of the things that I don't think is well acknowledged from Agnico's perspective is our ability or our team's ability to find gold. They certainly demonstrated that ability at LaRonde, at Lapa, at Goldex, at Kittila in the early stages. Our focus as part of our strategy is not only to build a pipeline of projects, but to also put very consistent focused exploration programs together in and around our major assets.

我們考慮將公司整合在一起的方式是，當我們決定進入世界某個特定地區時，我們會著眼長遠，就像我們在魁北克所做的那樣，在那裡我們一直在採礦並參與其中在那裡呆了40 多年。因此，隨著時間的推移，我們肯定會尋求在皮諾斯阿爾托斯的基地基礎上進行建設。第一個方法是嘗試獲得更多勘探場地，以便我們的勘探團隊能夠開始工作。從 Agnico 的角度來看，我認為沒有得到充分認可的一件事是我們或我們團隊尋找黃金的能力。他們在早期階段確實在 LaRonde、Lapa、Goldex、Kittila 展示了這種能力。作為我們策略的一部分，我們的重點不僅是建立一系列項目，而且還在我們的主要資產內部和周圍制定非常一致的重點勘探計劃。

And you have done that very well. Congratulations on a good quarter and a good year.

你在這方面做得很好。恭喜您度過了美好的季度和美好的一年。

Thank you.

謝謝。

Your next question comes from David Christie of TD Newcrest. Please go ahead.

您的下一個問題來自 TD Newcrest 的 David Christie。請繼續。

Afternoon, guys. Just quickly more on Pinos Altos. Of the $26 million, how much is it getting spent on more grassroots exploration other than more infill?

下午好，夥計們。快點了解更多關於皮諾斯阿爾托斯的資訊。在 2600 萬美元中，除了更多的填充之外，有多少用於更多的草根探索？

What we did last year, the Board approved a $23 billion budget. That budget would have been finished in June. And the program was to drill on that budget 51,000 meter. And a large part was on the infill program. Probably around 25% was for outside.

我們去年所做的就是，董事會批准了 230 億美元的預算。該預算將於六月完成。該計劃的預算是鑽探 51,000 公尺。很大一部分是在填充計劃上。大概 25% 左右是用於室外的。

So 25% of what you're going to spend this year is on outside?

那麼今年你打算花掉 25% 的錢花在戶外？

Yes.

是的。

Okay. What about at Kittila. What are you spending there?

好的。基蒂拉呢？你在那裡花什麼？

Kittila. We're spending 6 million there and I would think about half of that would be on outside of the mining lease and half of that would be within the mining lease.

基蒂拉。我們在那裡花費了 600 萬美元，我認為其中一半將在採礦租約之外，另一半將在採礦租約內。

This is the first time you've really stepped out at either project?

這是您第一次真正參與這兩個專案嗎？

Yes, David. As Sean mentioned, we hired an exploration manager and we have currently three drills on the exploration program at Kittila, exploring at [Hako Codama] and [Aso Kotco] up to the North, so they are following up on some of the geochemical anomalies that we just found. Also we are drilling deeper down. By deeper down, I mean below 100 meters at Hako Codamo to be able to follow-up on some of the values that we encountered there. And then the three drills are naturally production oriented within the mine lease to close on some of the gaps for production purposes.

是的，大衛。正如Sean 所提到的，我們聘請了一名勘探經理，目前我們在Kittila 的勘探計劃中進行了3 次鑽探，在[Hako Codama] 和[Aso Kotco] 進行勘探直至北部，因此他們正在跟踪一些地球化學異常情況，我們剛發現。我們也在更深入地研究。我所說的更深處，是指在 Hako Codamo 100 公尺以下，以便能夠追蹤我們在那裡遇到的一些值。然後，這三個鑽機自然是在礦山租賃範圍內以生產為導向，以彌補生產方面的一些差距。

Perfect. Thanks a lot, guys.

完美的。非常感謝，夥計們。

Your next question comes from Mike Jalonen of Merrill Lynch. Please go ahead.

您的下一個問題來自美林證券的麥克賈洛寧。請繼續。

Hi, Sean, guys. Just wondering, on the slide that shows your CapEx, you have a breakdown there of Pinos Altos and Metal Bank potential, but what about the other mines and projects for '07, '08, '09, is there a breakdown for them? Or a rough breakdown?

嗨，肖恩，夥計們。只是想知道，在顯示您的資本支出的幻燈片上，您對 Pinos Altos 和 Metal Bank 的潛力進行了細分，但是 '07、'08、'09 的其他礦山和項目呢？它們有細分嗎？還是粗略的分解？

Yes, in the December 12, press release, Mike, for '07, we provided a detailed breakdown by project of the 336 base CapEx for this year.

是的，麥克，在 12 月 12 日的 07 年新聞稿中，我們按項目提供了今年 336 基礎資本支出的詳細分類。

Okay. That's -- '08's also in there too?

好的。那是——08年也在那裡？

I can give you all the other numbers later if you would like?

如果您願意的話，我可以稍後給您所有其他號碼？

Okay, thank you.

好的謝謝。

[OPERATOR INSTRUCTIONS] Mr. Boyd, there are no further questions at this time. Please continue.

[操作員說明] Boyd 先生，目前沒有其他問題。請繼續。

Thank you, operator. And thanks, everyone. I know it's a busy day, and a busy couple of weeks, as everybody is reporting. We'll let you go and thanks for participating.

謝謝你，接線生。謝謝大家。我知道這是忙碌的一天，也是忙碌的幾週，正如每個人都報道的那樣。我們會讓你離開並感謝你的參與。

Ladies and gentlemen, this concludes the conference call for today. Thank you for participating. Please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。請斷開您的線路。