VANCOUVER, BRITISH COLUMBIA, FEBRUARY 9, 2010 – GOLDCORP INC. (TSX: G, NYSE: GG) today announced that 2010 proven and probable gold reserves increased by 23% to 60.1 million ounces, the seventh consecutive year that the Company has increased gold reserves. Measured and indicated gold resources also increased 13% to 25.7 million ounces in 2010. The Company also reported one of the largest silver holdings in the sector with proven and probable silver reserves and measured and indicated silver resources of 1.3 billion ounces and 457.6 million ounces, respectively.
Recent vein discoveries at Cerro Negro nearly double gold reserves and resources. Higher grade resources at the Marianas and San Marcos veins drive an increase to a total 2.7 million ounces of measured and indicated gold resource and 720,000 ounces of inferred gold resource, in addition to the existing 2.1 million ounces of proven and probable gold reserves. Further growth at Cerro Negro is anticipated from the extension of open-ended mineralization in several veins as well as further expansion of recent drill intercepts and testing of several other identified surface targets. A feasibility study update analyzing a doubling of mill throughput is expected to be complete at the end of the first quarter.
Investments in mine development and infrastructure at Red Lake result in successful reserves growth. Strong gold reserve additions in the High Grade Zone contributed to an overall increase in proven and probable gold reserves at Red Lake to over four million ounces.
First gold resource at Cochenour. An initial inferred gold resource of 2.7 million ounces has been derived from drilling of primarily the upper portions of the deposit.
Initial gold reserve declared at Éléonore. Conversion of measured and indicated gold resources adds over three million ounces to proven and probable gold reserves. This reserve and the updated resource will form the basis for an updated pre-feasibility study by the end of February.
El Morro reserve and resource increases contribute further upside to world-class project in Chile. Proven and probable gold reserves increase 22% to 5.7 million ounces and proven and probable copper reserves increase 8% to 4.3 billion pounds (70% basis).
To view the full press release pleae click here
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. (“Goldcorp”). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and ! possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Goldcorp to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Goldcorp will operate in the future, including the price of gold, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, among others, gold price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrict! ions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, the speculative nature of gold exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees, additional funding requirements and defective title to mineral claims or property. Although Goldcorp has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations, including economical and political instability in foreign jurisdictions in which Goldcorp operates; risks related to current global financial conditions; risks related to joint venture operations; actual results of current exploration activities; environmental risks; future prices of gold, silver, copper, lead and zinc; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or fi! nancing or in the completion of development or construction activities; risks related to indebtedness and the service of such indebtedness, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in Goldcorp’s annual information form for the year ended December 31, 2009 available at www.sedar.com. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements ar! e made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Goldcorp, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Goldcorp does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
For further information, please contact:
Vice President, Investor Relations
Telephone: (604) 696-3074
Fax: (604) 696-3001
E-mail: [email protected]