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Goldcorp Reports Company-Wide Exploration Progress

VANCOUVER, British Columbia, November 26, 2007 - GOLDCORP INC. (TSX: G, NYSE: GG) today provided a detailed update of exploration activities at its mines and projects.  As an aggressive $120 million exploration investment during 2007 nears completion, the Company has made several new gold discoveries among its substantial organic growth opportunities. In addition, based on year-long success in conversion of mineral resources, Goldcorp expects that it will more than replace proven and probable reserves mined in 2007 when company-wide reserves are updated early in 2008.  Specific exploration success includes:

"Goldcorp is unique among major gold producers in that our industry-leading growth profile and future potential derives entirely from organic exploration within our current project boundaries," said Kevin McArthur, Goldcorp President and Chief Executive Officer.  "These properties are of the highest quality: low cost, long-lived, situated in safe jurisdictions and unencumbered by gold hedges. Now, after a year of defining opportunities for further organic growth at our mines and projects, we are seeing real dividends.  This is the formula for maximizing shareholder value in a strong gold price environment."

Complete drill hole databases, supporting data and illustrations for the mines and projects mentioned will be available at www.goldcorp.com .  Many of these concepts are illustrated in a company presentation on the website under: Investors/Presentations/Exploration Update, November 2007.

Canada  

Goldcorp is the largest gold producer in Canada, and exploration success at Red Lake Gold Mines, �l�onore, Musselwhite and Porcupine will help extend the Company's leadership in this important market.  The Company is committed to growing its business in Canada by developing and maintaining large, long-lived gold mines in several key operating districts.

Red Lake  

Impressive high grade results continue from both surface and underground drilling at Red Lake Gold Mine.  Drilling results from the Party Wall zone both near surface and at depth, including 5.0 feet of 2.56 ounces per ton and 2.2 feet of 1.53 ounces per ton, provide encouragement for further reserves growth. In addition, a new discovery was made in the Footwall zone behind, or northeast, of the High Grade and Sulphide zones. New assays in this zone are highlighted below designated as the FW3 zone from the 34 level.  Excellent results, including 6.0 feet of 184 ounces per ton, have also been obtained in the hanging wall lenses of the High Grade zone and Deep Campbell. The main High Grade zone remains open at depth and will be tested once exploration platforms are completed in 2008.

Red Lake Drilling Results

In the Red Lake district, development plans and permitting studies are underway for dewatering and rehabilitation of the Cochenour shaft to allow for deep delineation drilling to follow up various intercepts in newly-discovered zones. A sampling of these intercepts, including 2.0 meters of 68.5 grams per ton, is provided in the table below.  

Cochenour Drilling Results

Note: Not true widths; true width is generally 50 percent of interval.

�l�onore

At the �l�onore project in Quebec, four drill rigs continue work with the goal of expanding the previously reported mineral resource, as issued in a press release on June 25, 2007.  North of the Roberto Zone, a high grade shear zone with quartz veining continues to see strong results, including 1.0 meter of 327 grams per tonne and 2.0 meters of 216.6 grams per tonne.  In addition, drill hole ELE-07-481 containing 3.0 meters of 199.2 grams per tonne was cut in a separate new area east of the Roberto deposit. This result is considered to be part of a new shallow body of yet unknown rake and dimension. The discovery of the shear zone provides additional support for further extensions of mineralization along shear zones both north and south of the main Roberto zone. The main zone is also being tested with a deep hole intended to intercept the Roberto deposit at a 1,500 meter depth. A drill plan is in place to further outline the northern end of the Roberto ore shoot to a depth of 800 meters and to continue following the north and possible south shear zone mineralization. Most of the �l�onore concession remains unexplored. A first-phase regional sampling program, for which results are pending, will help direct the evaluation of future regional targets in 2008.

�l�onore Drilling Results

Musselwhite

At Musselwhite, drilling on both the North Shore and a newly-discovered shear zone west of the existing deposit indicates high potential for future resource expansion.  In addition, by early next year a reserves increase is expected in the PQ Deeps area with the discovery of new mineralization that is generally higher grade than historical averages at the mine.

Deep drilling to test Musselwhite potential has been successful.  The main ore-bearing banded iron formation has now been extended over 2 kilometers north of the existing workings in drill holes collared on the north shore of Opap Lake. Assays from this drilling include an intercept of 4 meters of 15.5 grams per tonne gold.  A second hole is now underway to further test the North Shore discovery. 

A newly-discovered parallel shear zone at Musselwhite is only 200 meters west of the current workings.  This discovery, called the "Moose" zone includes an intercept of 4.8 meters true width of 14.0 grams per tonne gold.  Previous drill hole data from this area supports the presence of an additional new parallel shear zone further west, including 3.2 meters of 18 grams per tonne gold and 5.1 meters of 7 grams per tonne gold. Current information indicates the potential for several other mineralized shear zones. 

Porcupine

At Porcupine, the Company continues to target long-term annual production of 300,000 to 400,000 ounces of gold from this historic mining district.  Strong future potential is supported by excellent ongoing results from 12 core drill rigs, including five focused on infill drilling at the  Hollinger deposit.³  At Hoyle Pond, a recent drill hole intersected the VAZ-6 area on the 1345 level with 2.4 meters of 301 grams per tonne gold within 13 meters of 65.9 grams per tonne gold. A second hole on the 1335 level contained 6 meters of 21.7 grams per tonne gold.  This result was contained within 16 meters of 10.24 grams per tonne gold. These results indicate the Hoyle Pond deposit may have significant additional depth potential, similar to the deeper mines in the district.

Pe�asquito

At the Pe�asquito project in Mexico, proven and probable reserves increased by 48% in June, 2007.  Beyond infill drilling of the existing mineral resource, the focus of exploration efforts remains on the new manto-skarn discovery at depth. Additional drilling of this zone will continue into 2008 with a view towards delineating a high-grade resource that could be mined by underground methods concurrent with open pit operations. Selected intercepts from the manto-skarn discovery are as follows:

Manto-Skarn Zone Drilling Results

Note: Not true widths; true widths are generally 70 to 90 percent of interval.

Within the Company's extensive landholdings in the greater Pe�asquito district, three regional exploration targets are currently being drilled.  The most advanced is the Noche Buena target, located five kilometers north of Pe�asquito.  The conceptual target at Noche Buena is skarn-style gold, silver, lead and zinc mineralization similar to deeper portions of Pe�asquito. Near-surface intercepts in this area are oxidized, pointing to the potential for heap-leach operations. Assays from select drill holes, including 56 meters of 1.57 grams per tonne gold and 69.4 meters of 1.28 grams per tonne gold, are set out below.

Noche Buena Drilling Results

Note: Not true widths; true widths are generally 70 to 90 percent of interval.

On December 3, 2007, Goldcorp plans to release the economic results from a 30% increase in throughput at Pe�asquito to 130,000 tonnes per day.  Included in the results will be revised capital costs, year-by-year metals production and total cash costs.

Mr. McArthur concluded, "Goldcorp will continue its efforts to expand on these exciting exploration successes in 2008 as a key component of our larger growth strategy. As always, we will pursue accretive growth for the benefit of our shareholders through building the projects already in our development pipeline, adding reserves through further organic exploration success and searching for smart, value-adding acquisition opportunities. The combination of low costs, unhedged gold production and growth in safe jurisdictions sets Goldcorp apart in the ongoing positive market for gold."

Goldcorp is the lowest-cost and fastest growing multi-million ounce gold producer with operations throughout the Americas.  Its gold production remains 100% unhedged.

Goldcorp has a team of geoscientists who are "qualified persons" as such term is defined under National Instrument 43-101, responsible for the design and conduct of Goldcorp's exploration programs and have reviewed and approved the contents of this news release.  For information on geology, exploration activities generally, and drilling and analysis procedures on Goldcorp's material properties, see Goldcorp's Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the United States Securities and Exchange Commission. Sampling and assaying methods of these programs are being conducted in accordance with the CIM Mineral Exploration Best Practices Guidelines.

Footnotes

¹ . The mineral resource statement for �l�onore is presented in the following table:

Mineral Resource Statement * for the �l�onore Gold Deposit April 4, 2007

* Reported at a cut-off of 3.5 gpt gold, all figures rounded to reflect the relative accuracy of the mineral resource estimate. The preparation of the initial resource estimate for the �l�onore project was a joint effort between Goldcorp personnel, G.N. Lustig Consulting Ltd. and SRK Consulting Canada Inc. ("SRK"). The mineral resources were estimated by SRK using a geostatistical block modeling approach. Capped gold grades were interpolated into a block model constrained by wireframes by ordinary kriging with estimation parameters determined by variography. Mineral resources were classified using variography ranges and geology by Yan Bourassa, P.Geo of SRK, a qualified person as defined under NI 43-101 in accordance with CIM Standards. Mr. Bourassa has reviewed and approved the contents of this news release relating to mineral resources at �l�onore. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 

² . The Proven and Probable Reserves for Penasquito is presented in the following table:

Pe�asquito Proven & Probable Reserves Summary Data ^{1, 2, 3} June 25, 2007

¹ Cut-off grades for Pe�asquito reserves are as follows: $4.55 NSR for Breccia and Intrusive; $5.18 NSR for Sediments; $1.30 NSR for South Oxides and $1.18 for North Oxides using reserves metals prices as referred to in Note 2 below. ² Metals prices utilized in the pit design were:  $525 per ounce gold, $10.00 per ounce silver, $0.40 per pound lead and  0.80 per pound zinc. ³ The Mineral Resources and Mineral Reserves for Pe�asquito have been estimated under Canadian Institute of Mining, Metallurgy, & Petroleum Standards (CIM Standards) in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") These resource and reserve estimates have been prepared under the supervision of Robert Bryson, Vice President, Engineering for Goldcorp Inc., a Qualified Person as defined under NI 43-101.  Mr. Bryson has reviewed and approved the contents of this news release.

³ . The Mineral Resource Statement for Hollinger is presented in the following table:

Mineral Resource Statement* for Hollinger (100%) December 31, 2006

 * Reported at a cut-off of 0.637 gpt gold, all figures rounded to reflect the relative accuracy of the mineral resource estimate. The     mineral resources were estimated in-house by Porcupine personnel using a geostatistical block modeling approach. Capped gold grades were interpolated into a block model constrained by domain wireframes by ordinary kriging with estimation parameters determined by variography. Mineral resources were classified using variography ranges incorporating number of drill holes used in the resource estimate by Patti Nakai-Lajoie, P.Geo. and Senior Resource Evaluation Geologist at the Porcupine Joint Venture of Goldcorp Inc., a qualified person as defined under NI 43-101 in accordance with CIM Standards. Mineral resources are not mineral reserves and do not demonstrate economic viability. Ms. Nakai-Lajoie has reviewed and approved the contents of this news release relating to mineral resources at Hollinger.

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.

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