If I had to be a bird, I'd be an eagle, since few things are as important to me as being able to see the world clearly. And if I had to pick just one mining stock -- which would be tough, because I prefer a varied nest of mining stocks to spread my risk around -- I'd still go with the eagle. Agnico-Eagle (NYSE:AEM), to be exact.

Having pursued an aggressive construction schedule, the Canadian gold miner posted more than $500 million in capital expenditures last year and projects more of the same for 2008. All five of the company's new mining projects are set to hatch in rapid succession between now and January 2010, a growth rate that accounts for the company's projection of a 500% increase in gold production from 2007 levels by 2010.

Let's peer into the nest:

Project Name

Proven and Probable Reserves

Estimated Life of Mine Cost per Ounce

Status / Target Production Date


5.0 million oz.


Producing Since 1988


1.6 million oz.


Began May 2008


3.0 million oz.


Targeting September 2008


1.1 million oz.


Targeting mid-2009

Pinos Altos

2.5 million oz.


Targeting mid-2009


3.5 million oz.


Targeting January 2010

All 16.7 million ounces of gold in our table are located in politically stable areas and sport estimated production costs well below the $396 per ounce that major producers Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) recently reported. As I suggested back in March, these are two of the primary criteria by which Fools might begin their searches for quality miners.

In addition to the flurry of activity under way to bring new mines into production, Agnico has budgeted more than $65 million for exploration in 2008. Although organic growth is the focus right now, Agnico's corporate strategy also involves seeking low-cost acquisitions. Since the projects in the table are fully funded, and considering that the company has no debt and $294 million in cash on hand, Agnico appears well positioned to consider such a move.

I also find fellow intermediate gold producers Yamana Gold (NYSE:AUY) and Kinross Gold (NYSE:KGC) to be attractive options. If I had to choose just one, though, Agnico's timing just as gold appears set to soar makes this one my golden Eagle

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.