Agnico Eagle's million dollar gift to Cobalt.

• Position: Agnico-Eagle Mines Ltd.

The preservation of the Town of Cobalt's rich mining heritage has received a $1 million boost from Agnico Eagle Mines.

The company's donation to the Historic Cobalt Legacy Fund was announced June 4 at a ceremony in town honouring former employees of Agnico Eagle's Cobalt silver division.

"We are very pleased to make this contribution in honour of Agnico Eagle's founder Paul Penna, as well as on behalf of all the men and women whose commitment, perseverance and spirit helped to transform Agnico Eagle into a leading international gold mining company," said Sean Boyd, Agnico Eagle's CEO in a company news release.

"Cobalt is the foundation of our company and as many of our former silver division employees remain in the region, they will continue to benefit from the preservation of these important cultural and community organizations."

The northeastern Ontario town is known as the "Cradle of Canadian Mining" and was designated as a Parks Canada National Historic Site in 2002. The town played a decisive role in the evolution of hardrock mining in Canada due to silver mining boom between 1903 and the 1920's which attracted international attention.

The legacy fund was established in 2014 as an endowment fund aimed at preserving Cobalt's historical past.

Revenues from Agnico Eagle's gift will be designated to support the Cobalt Public Library along with providing annual operating grants to various cultural and heritage organizations that includes the Cobalt Mining Museum, the Bunker Military Museum of Cobalt, the Classic Theatre of Cobalt and the Cobalt Heritage Silver Trail.

"Agnico Eagle has a...