Toronto Stock Exchange: G
New York Stock Exchange: GG
Goldcorp Provides Positive Pe�asquito Project Update
VANCOUVER, BRITISH COLUMBIA, DECEMBER 08, 2008 � GOLDCORP INC. (TSX: G, NYSE: GG) today provided an update on development at its Pe�asquito project in Zacatecas, Mexico. Goldcorp will host a tour of Pe�asquito for analysts and shareholders on December 9th , 2008.
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The first sulphide process line remains on track for commissioning during mid-2009 with concentrate production in the fourth quarter of 2009
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The current capital estimate to mechanical completion is less than 10% above the original $1.49 billion estimate
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The Company anticipates a significant year-end increase in proven and probable reserves following successful low-lead and other metallurgical testwork,
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Metallurgical testing has improved both recovery estimates and concentrate quality,
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Other opportunities to enhance project economics are being pursued, including in-pit crushing and conveying, development of a private power generating facility and development of both high-grade and bulk-mineable underground resources
Please refer to the Pe�asquito Project - Detailed Development Summary on the Goldcorp website, www.goldcorp.com , under the �Company Updates� section for additional information on the project updates.
Pe�asquito is a 100% owned development project that will be Mexico�s largest open pit mine. The project consists of two open pits - Pe�asco and Chile Colorado. The project is on track, with the feasibility study envisaging a heap leach operation (which started in 2008), followed by a 50,000 tonne per day milling operation in 2009, ramping up to 130,000 tonnes per day in 2010. Annual production over the life of mine (estimated at 19 years) is expected to ramp up to approximately 500,000 ounces of gold, 30 million ounces of silver and over 400 million pounds of zinc. The June 2007 reserves amounted to 13.05 million ounces of proven and probable gold reserves, 4.73 million ounces of measured and indicated gold resources and 9.02 million ounces of inferred gold resources. In addition, Pe�asquito contains 863.9 million ounces of proven and probable silver reserves, 413.3 million ounces of measured and indicated silver resources and 509.9 million ounces of inferred silver resources. Significant quantities of zinc and lead will also add to the revenue base.
Goldcorp is the lowest-cost and fastest growing multi-million ounce senior gold producer with operations throughout the Americas. Its gold production remains 100% unhedged.
Cautionary Note Regarding Forward-Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes �forward-looking statements� within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, silver, copper, zinc and lead, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Goldcorp to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the 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 and copper, zinc and lead as well as those factors discussed in the section entitled �General Development of the Business � Risks of the Business� in Goldcorp�s Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. and Goldcorp�s Annual Information Form on file with the securities regulatory authorities in Canada. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially, 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.
For further information, please contact:
Jeff Wilhoit Vice President, Investor Relations Goldcorp Inc. Telephone: (604) 696-3074 Fax: (604) 696-3001
Tanya Todd Manager, Corporate Communications Goldcorp Inc. Telephone: (604) 696-3050 Fax: (604) 696-3001 |
e-mail: info@goldcorp.com website: www.goldcorp.com |
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Goldcorp Inc.
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PRODUCER |
CODE : G.TO |
ISIN : CA3809564097 |
CUSIP : 380956409 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Goldcorp is a gold producing company based in Canada. Goldcorp produces gold, copper, lead, molybdenum, silver and zinc in Argentina, in Canada, in Guatemala, in Honduras and in Mexico, develops copper, gold, lead, molybdenum, silver and zinc in Argentina, in Canada, in Chile, in Dominican Republic, in Guatemala and in Mexico, and holds various exploration projects in Argentina and in Canada. Its main assets in production are ALUMBRERA in Argentina, CAMPBELL MINE, PORCUPINE, MUSSELWHITE, RED LAKE and DOME MINE in Canada, SAN MARTIN in Honduras, MARLIN in Guatemala and LOS FILOS, WHARF, MARIGOLD, EL SAUZAL, PEÑASQUITO, EL ORO, LUISMIN, PORCUPINE PAMOUR and NUKAY in Mexico, its main assets in development are DEE PROJECT and EL LIMON in Mexico, PUEBLO VIEJO in Dominican Republic, ELEONORE in Canada, AGUA RICA in Argentina, CERRO BLANCO in Guatemala and EL MORRO in Chile and its main exploration properties are COCHENOUR (1939-1971), HALLNOR (PAMOUR), MCKENZIE RED LAKE (1935-1966), MCFAULD'S LAKE - PROBE, ELEONORE SOUTH, RAHILL-BONANZA, CORVET EST, EAST BAY, FESTIVAL, WABAMISK, WEST RED LAKE, BAIRD, TIMMINS - WHITNEY TOWNSHIP, GOLDEN BEAR, PAYMASTER, BLACK CREEK CANADA, SIDACE LAKE (RED LAKE EAST), SOUTH ARTURO, BRISTOL TOWNSHIP and BORDEN LAKE in Canada, VILLA DE RAMOS, SANTA MONICA, ZULOAGA and EL CANDELERO in Mexico and LAS MELLIZAS, LA ESPERANZA PROJECT, SAN AUGUSTIN and CERRO NEGRO ARGENTINA in Argentina. Goldcorp is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 589.1 millions as of today (US$ 471.0 millions, € 412.6 millions). Its stock quote reached its highest recent level on December 31, 2001 at CA$ 9.88, and its lowest recent point on September 15, 2023 at CA$ 0.62. Goldcorp has 853 809 984 shares outstanding. |