Toronto Stock Exchange: G
New York Stock Exchange: GG
GOLDCORP ANNOUNCES FIRST PRODUCTION OF CONCENTRATES AT PENASQUITO
MINE
VANCOUVER, BRITISH COLUMBIA, OCTOBER 13, 2009 � GOLDCORP INC. (TSX:
G, NYSE: GG) today announced that the first lead and zinc concentrates
have been produced at its new Pe�asquito mine in Mexico. Throughout its mine
life Pe�asquito will produce both lead and zinc concentrates, with most of the
gold and silver production coming from the lead concentrates.
Initial concentrates have been produced as a by-product of the commissioning
process and currently total approximately 450 tonnes of lead concentrate and 50
tonnes of zinc concentrate as the zinc circuit was started more recently. Ongoing
concentrate production is planned during the remaining commissioning phase
through year-end 2009, with the first shipments to smelters planned for later
in the year as saleable quantities are accumulated. Assays of the initial
material indicate that the concentrate grades, recoveries and concentrate
quality are well within expected ranges.
All components of the Penasquito operation � from the mine to the crusher,
to the grinding mills, flotation cells, concentrate filters and on to the
tailings facilities � have now been operated and commissioning and initial
ramp-up is proceeding as expected. Overall, progress at the mine remains
on track for completion of commissioning for the Line 1 processing circuit by
year-end.
�We are very pleased with these initial results. The first production
of concentrate represents another important milestone in the development of
Pe�asquito,� said Steve Reid, Goldcorp�s Executive Vice President and Chief
Operating Officer. �The team at Pe�asquito has performed extremely well
as we move through the commissioning process of the Line 1 milling circuit
towards commercial operation and construction of Line 2 is proceeding well and
also remains on schedule.�
Goldcorp will provide an update as to commissioning progress along with the
particulars of the updated Penasquito mine plan along with its 3rd quarter
financial results on November 4, 2009.
Goldcorp is North America�s lowest-cost and fastest growing senior gold
producer. Its gold production is located in safe jurisdictions in the
Americas and remains 100% unhedged.
Cautionary Note Regarding Forward-Looking Statements
Safe Harbor Statement under the United States
Private Securities Litigation Reform Act of 1995: Except for the statements of
historical fact contained herein, the information presented constitutes
�forward-looking statements� within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements, including but
not limited to those with respect to the price of gold, silver, copper, zinc
and lead, the timing and amount of estimated future production, costs of
production, reserve determination and reserve conversion rates involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievement of Goldcorp to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks related
to the integration of acquisitions, risks related to international operations,
risks related to joint venture operations, the 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 and copper, zinc and lead
as well as those factors discussed in the section entitled �General Development
of the Business � Risks of the Business� in Goldcorp�s Form 40-F on file with
the Securities and Exchange Commission in Washington, D.C. and Goldcorp�s
Annual Information Form on file with the securities regulatory authorities in
Canada. Although Goldcorp has attempted to identify important factors that
could cause actual results to differ materially, 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.
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