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GOLDCORP INC. (TSX: G, NYSE: GG) today announced
that the scheme of arrangement (“Scheme”) pursuant to which
Goldcorp will acquire all of the outstanding shares of Andean Resources
Limited (“Andean”) (TSX and ASX: AND) has been approved by the
Federal Court of Australia. A copy of the order made by the Court has been
lodged with the Australian Securities Commission and the Scheme is now
effective.
“Australian Court approval,
which follows overwhelming support of the transaction by Andean’s
shareholders, represents a key milestone for Goldcorp in securing this
exceptional project,” said Chuck Jeannes, Goldcorp President and Chief
Executive Officer. “In Cerro Negro, Goldcorp shareholders can
look forward to many years of high-grade gold production at very low cash
operating costs following a relatively small capital investment. Just
as importantly, the opportunity remains very favorable for significant
continued growth of gold resources through expansion of existing deposits and
the discovery of additional zones along the strike of the veins. As
well, the potential exists for discoveries of new veins within this large,
prospective land position. The transition team at Cerro Negro is making
excellent progress, and immediately upon closing at the end of this year, we
will begin advancing the project toward initial production in 2013.”
Andean’s principal asset is the
100%-owned Cerro Negro gold project, an advanced-stage, high-grade vein
system located in the Santa Cruz province of Argentina. Comprising
215 square kilometers, current reported resources at Cerro Negro do not
include drill holes that have been drilled since the last calculation,
including drilling in the San Marcos zone, Mariana Norte zone and most importantly,
the very high-grade discovery in the Mariana Central zone. The updated
resource calculation for Cerro Negro will be available in early February with
Goldcorp’s annual reserve and resource update and the new feasibility
study results will be available by the end of the first quarter of 2011.
Key dates remaining under the timetable as detailed in the
Scheme are as follows:
- December 9,
2010 – Andean shares suspended from trading on ASX and TSX
following market closes (local time).
- December 16,
2010 – Record date for Andean shareholders determining election of
cash and shares.
- December 30,
2010 – Scheme implementation; consideration payable delivered to
Andean shareholders.
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
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