Agnico-Eagle Mines Ltd. (NYSE:AEM) and Grayd Resource Corporation ("Grayd") (TSX-V:GYD.v) jointly announced today that Agnico-Eagle has formally commenced its previously announced take-over bid (the "Offer") to acquire all of the outstanding common shares of Grayd at a price of $2.80 per share. The Offer represents a premium of 65.7% to the volume weighted average price of Grayd shares on the TSX Venture Exchange for the 20-day period ended September 16, 2011 (the last trading day prior to announcement of Agnico-Eagle's intention to make the Offer).



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