AUSTRALIAN COURT APPROVES GOLDCORP�S
ACQUISITION OF ANDEAN RESOURCES; TRANSITION ADVANCES AT WORLD-CLASS CERRO NEGRO
PROJECT
VANCOUVER, BRITISH
COLUMBIA, December 8, 2010 � 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
website: www.goldcorp.com