GOLDCORP ANNOUNCES RESULTS OF SCHEME ELECTION
WITH ANDEAN
VANCOUVER, BRITISH
COLUMBIA, December 17, 2010 � GOLDCORP INC. (TSX: G, NYSE: GG) today
announced the election results of the Scheme of arrangement consideration
(�Scheme�) by Andean Resources Limited (�Andean�) shareholders pursuant to the
agreement whereby Goldcorp will acquire all of the outstanding shares of
Andean. The total consideration for the purchase of 100% of the fully
diluted shares of Andean is approximately C$3.6 billion.
Under the Scheme
shareholders of Andean were entitled to receive at their election and subject
to proration either (i) 0.14 common shares of Goldcorp
(the �Share Consideration�) or (ii) a cash payment in the amount of C$6.50,
subject to an aggregate maximum cash consideration of C$1 billion; or any
combination thereof, for each Andean common share held. In aggregate,
Goldcorp will pay approximately C$765 million in cash and issue approximately
61 million common shares of Goldcorp as consideration for Andean shares
tendered. The cash portion of the total consideration is being funded
from existing Goldcorp cash balances.
The deadline for election
was December 16, 2010, 7:00pm (Sydney time) for registered shareholders and
December 15, 2010, 7:00pm (Toronto time) for Canadian Beneficial Holders
through CDS.
The Scheme consideration
will be mailed to Andean shareholders on or around December 30, 2010, the date
of Scheme Implementation.
Goldcorp is one of the
world�s fastest growing senior gold producers. Its low-cost gold
production is located in safe jurisdictions in the Americas and 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. 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 the negative connotation
thereof 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. All
forward-looking statements are developed based on assumptions about such risks,
uncertainties and other factors set at herein. 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, 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. The forward-looking statements contained in this
press release are made as of the date of this press release 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
Goldcorp's 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:
Jeff Wilhoit
Vice President, Investor Relations
Goldcorp Inc.
Telephone: (604) 696-3074
Fax: (604) 696-3001
E-mail: info@goldcorp.com
website: www.goldcorp.com
website: www.goldcorp.com