Toronto Stock
Exchange: G
New York Stock Exchange: GG
Goldcorp Announces
Agreement For Sale Of Minority Interest In Morelos Project
VANCOUVER, British
Columbia, December 2, 2009 � Goldcorp Inc. (TSX: G, NYSE: GG) today announced that its
wholly-owned subsidiary company, Desarrollos Mineros San Luis, S.A. de C.V.
(�DMSL�), has entered into an agreement with Newstrike Capital Inc. (TSX-V NEX:
NES.H) (�Newstrike�) for the sale of DMSL�s 21.2% interest in the Morelos gold
project in Mexico for consideration of not less than CDN$52 million comprised
of CDN$44.5 million in cash and 15 million common shares in the capital of
Newstrike. Completion of the transaction is subject to a financing
condition in favour of Newstrike, completion of legal and financial due
diligence, and other customary terms and conditions. Gleichen Resources
Ltd. holds a right of first refusal to acquire DMSL�s interest in the Morelos
Project which is exercisable for a period of 90 days from the date it is
advised of the terms of the agreement with Newstrike. Goldcorp expects
the transaction to close in early 2010.
Goldcorp is the lowest-cost
and fastest growing multi-million ounce gold producer with operations
throughout the Americas. Its gold production remains 100%
unhedged.
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� or �does
not expect�, �is expected�, �budget�, �scheduled�, �estimates�,
�forecasts�, �intends�, �anticipates� or �does not anticipate�, �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�. Forward-looking statements are subject to known and unknown
risks, uncertainties and other 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; risks related to joint venture operations;
actual results of current exploration activities; actual results of current
reclamation activities; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of gold, silver,
copper, lead and zinc; possible variations in ore reserves, grade or recovery
rates; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes; delays in obtaining governmental approvals or
financing or in the completion of development or construction activities and
other risks of the mining industry, 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, 2008 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. Goldcorp does not undertake to update any
forward-looking statements that are included in this document, except in
accordance with applicable securities laws.
CONTACT INFORMATION:
Jeff Wilhoit
Vice President, Investor Relations
(604) 696-3074
Fax: (604) 696-3001
Email: info@goldcorp.com
Website: www.goldcorp.com