Toronto Stock
Exchange: G
New York Stock Exchange: GG
Goldcorp Provides Information
on Marlin Power Supply Interruptions
VANCOUVER, BRITISH
COLUMBIA, July 04, 2008 - GOLDCORP INC. (TSX: G; NYSE: GG)
today announced that the Marlin mine in Guatemala has experienced power
interruptions as a result of tampering with lines supplying power to the mine
site, resulting in periodic idling of the mill facility. Mining
activities at the underground and open pit have been largely unaffected and ore
continues to be stockpiled on site.
The interference with the operation of the power line is being carried out
by a landowner with whom Goldcorp has an existing right-of-way agreement since
2004. The agreement provides monetary compensation in exchange for access
for the passage and proper maintenance of the power line. In keeping with
its commitment to the Voluntary Principles on Security and Human Rights,
Goldcorp has made extensive efforts to work cooperatively with the landowner,
including a provision for additional compensation as requested, attempts
to re-route power lines and through mediation with the third party independent
Human Rights Ombudsman for Guatemala. Goldcorp continues to seek an equitable
solution and is working with local and national officials in Guatemala to
resolve this issue as quickly and fairly as possible.
Goldcorp�s primary concern
is for the safety of the residents, its employees and other individuals in the
vicinity of the power line�s route. The 69 Kv line carries electrical
loads that can result in fire, severe injuries and death in the event of
improper contact. Unplanned power outages at the mine site can also have
severe safety consequences for Goldcorp employees.
About Marlin Mine
Marlin mine is expected to
produce approximately 250,000 ounces of gold per year and approximately 4
million ounces of silver per year over its mine life. Goldcorp is the
largest single employer in the region, employing over 800 Guatemalans and
paying among the highest wages in the country. On average, the mine
generates weekly tax receipts to the Guatemalan government of approximately
US$355,000. In addition, weekly royalty receipts of approximately
US$78,000 are split equally between the Guatemalan government and the local
municipality of San Miguel Ixtahuacan. For San Miguel Ixtahuacan, receipt
of royalty payments has resulted in substantial infrastructure improvements in
the area, including roads, public works, and reliable power. Tax and
royalty payments have been delayed as a result of the power issue. For
more information on Goldcorp�s community relations activities in Guatemala,
please visit the website at www.goldcorp.com.
Goldcorp is the lowest-cost
and fastest growing multi-million ounce gold producer with operations
throughout the Americas. Its gold production remains 100%
unhedged.
Cautionary Note Regarding Forward-Looking Statements
This presentation 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� or �does not expect�,
�is expected�, �budget�, �scheduled�, �estimates�, �forecasts�, �intends�,
�anticipates� or �does not anticipate�, �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�.
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, 2006 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. 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: