Goldcorp Secures Permit For
Cerro Negro Project
VANCOUVER, BRITISH COLUMBIA, December 13, 2010 � GOLDCORP INC.
(TSX: G, NYSE: GG) and Andean Resources
Limited (�Andean�) announced today the approval of the Environmental Impact
Assessment by the Santa Cruz province in Argentina for the development and
production of the Cerro Negro gold project, a high-grade world-class deposit
located on the low-elevation Patagonian plains of southern Argentina. The
permit enables Goldcorp to commence mine construction immediately following the
transfer of ownership on December 30, 2010.
�The successful permitting of Cerro Negro is a positive first step in what
we expect will be an efficient and straightforward construction process,� said
Chuck Jeannes, Goldcorp President and Chief Executive Officer. �Cerro
Negro�s ideal physical setting and easily accessible veins will result in
near-term, cash flow-accretive gold production at a relatively small capital
investment. Moreover, recent discoveries of high grade veins and
extensions of existing veins form the basis for the analysis of a much larger
gold production profile than originally contemplated. We look forward to
Cerro Negro�s development into Goldcorp�s next cornerstone gold asset.�
An update to Andean�s July 2010 feasibility study is currently underway that
will reflect recent drilling success. The update, which is expected
to be completed at the end of the first quarter 2011, is analyzing a doubling
of mill capacity to approximately 4,000 tonnes per day to process ore mined
concurrently from the Eureka and Marianas vein systems. Detailed
engineering and subsequent permitting amendment efforts will follow immediately
afterward.
The Cerro Negro site team in Argentina continues to make good progress in
advancing the project. The decline into the high-grade Eureka vein, which
will comprise the first source of mill feed upon initial production in 2013,
has reached over 630 meters in length. Upgrades to the main access road
and camp expansion will commence early in 2011. Geotechnical work for the
mill and associated facilities will commence shortly. Orders for long
lead time items including the mills and crushers will be placed following the
completion of the feasibility study update at the end of the first quarter of
2011.
Exploration plans for the first half of 2011 include in-fill and extension
drilling of the San Marcos vein discovered in late 2009 and the two Mariana
veins (Central and Norte) discovered in 2010. Several new
prospect areas with known gold mineralization have been identified within the
215 square kilometer property and testing of these new vein targets will commence
in the second quarter of 2011. An updated reserve and resource
calculation for Cerro Negro will be available in early February with Goldcorp�s
annual reserve and resource update.
Key dates remaining under the timetable as detailed in the transaction Scheme
are as follows:
- 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