Major Rainfall Event Affects Pueblo Viejo Joint
Venture Project
VANCOUVER, BRITISH
COLUMBIA, March 26, 2011 � GOLDCORP INC. (TSX: G, NYSE: GG) today was informed
by Barrick Gold Corporation, 60% owner and operator of the Pueblo Viejo
project, that following a major rainfall event in the area of the project, a
buildup of rainwater has damaged the tailings facility. The facility, which is
under construction and has not yet reached its full storage capacity, currently
contains only rainwater and accumulated runoff from recent storms. All other
areas of the project, including several other facilities under construction,
were unaffected by the recent storms.
Located in the Dominican
Republic, the area around the project site has received 217 millimeters of rain
during the 48-hour period of Tuesday and Wednesday of this week. According to
available records, this is a historically high level of precipitation. Pueblo
Viejo managers notified local and national authorities and alerted local
communities promptly with concerns over rising water levels. The majority of
site employees have been evacuated as a precautionary measure in the event that
road access is damaged. There have been no injuries related to this event.
Water levels in the tailings facility are being carefully monitored and site
employees have installed extra pumps and cut additional spillways to alleviate
the buildup of rainwater.
The rainfall event is
expected to affect the project�s start-up schedule, which previously
anticipated production to commence in Q1 2012. A process is underway to
assess the damage to the tailings facility and the impact to both the
construction timeline and the pre-production capital budget of $3.3-$3.5
billion (100% basis). A further update will be provided when this process has
been concluded.
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. (�Goldcorp�). 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 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.
Forward-looking
statements are made based upon certain assumptions and other important factors
that, if untrue, could cause the actual results, performances or achievements
of Goldcorp to be materially different from future results, performances or
achievements expressed or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and future
business strategies and the environment in which Goldcorp will operate in the
future, including the price of gold, anticipated costs and ability to achieve
goals. Certain important factors that could cause actual results, performances
or achievements to differ materially from those in the forward-looking
statements include, among others, gold price volatility, discrepancies between
actual and estimated production, mineral reserves and resources and
metallurgical recoveries, mining operational and development risks, litigation
risks, regulatory restrictions (including environmental regulatory restrictions
and liability), activities by governmental authorities (including changes in
taxation), currency fluctuations, the speculative nature of gold exploration,
the global economic climate, dilution, share price volatility, competition,
loss of key employees, additional funding requirements and defective title to
mineral claims or property. Although Goldcorp has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended.
Forward-looking
statements are subject to known and unknown risks, uncertainties and other
important 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, including economical and political instability in
foreign jurisdictions in which Goldcorp operates; risks related to current
global financial conditions; risks related to joint venture operations; actual
results of current exploration activities; environmental risks; future prices
of gold, silver, copper, lead and zinc; possible variations in ore reserves,
grade or recovery rates; mine development and operating risks; 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; risks related to indebtedness and the service of such
indebtedness, 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.
Forward-looking statements are made as of the date hereof 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 our 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
. 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. Forward-looking
statements are made as of the date hereof 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
our 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