VANCOUVER, BRITISH
COLUMBIA, February 14, 2008 - GOLDCORP INC. is pleased to announce that it has completed
the previously announced secondary offering, through a wholly-owned subsidiary,
of 108,000,000 common shares of Silver Wheaton Corp. at a price of C$14.50 per
share for gross proceeds of C$1,566,000,000. The underwriting syndicate
was co-led by Macquarie Capital Markets Canada Ltd., Genuity Capital Markets
and GMP Securities L.P., with Macquarie Capital Markets Canada Ltd. and Genuity
Capital Markets as co-bookrunners, and included CIBC World Markets Inc., National
Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc.,
Canaccord Capital Corporation and Merrill Lynch Canada Inc.
"The completion of
this transaction represents the final element of the initiative to simplify our
business," said Kevin McArthur, President and Chief Executive. "In
addition to an impressive return on investment for our shareholders, this
closing sharpens the focus on our gold operations and contributes to the
strongest balance sheet amongst our peers."
The proceeds from the
transaction provide Goldcorp with the financial flexibility to fund an expected
50% growth in gold production over the next five-year period and will provide
financial flexibility for future growth opportunities. Capital spending
over the next five years is expected to be over US$3.9 billion, including
funding completion of the Pe�asquito, �l�onore and Cerro Blanco projects as
well as providing sustaining capex at operating mines. Not included in
this figure is the possible construction of the Pueblo Viejo project in the Dominican Republic
(Barrick 60%, Goldcorp 40%) which remains under feasibility review.
A copy of the prospectus
relating to the offering may be obtained from Jessica Helm, Macquarie Capital
Markets Canada Ltd., Suite 3100, 181 Bay Street, Toronto, ON M5J 2T3; (416)
848-3501.
This press release shall
not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any state or province in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or province.
Goldcorp is the world's
fastest growing and lowest-cost multi-million ounce gold producer with
operations throughout the Americas.
Gold production and reserves from the Company's strong portfolio of mines and
projects 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. Forward-looking statements
include, but are not limited to, statements with respect to the future price of
gold, silver and copper, 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", or
"believes", or variations of such words and phrases or state 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
and other risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of development or construction
activities, 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, 2006, available on
www.sedar.com, and Form 40-F for the year ended December 31, 2006 on file with
the United States Securities and Exchange Commission in Washington, D.C. 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
incorporated by reference herein, 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