Vancouver, British Columbia: May 16, 2005 – Goldcorp Inc. (TSX: G; NYSE: GG) is pleased to announce its first quarter results, highlights of which are:
These results reflect only an 82% ownership of Wheaton for the six weeks from February 15 to March 31, 2005.
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Had Goldcorp owned the Wheaton operations for the full three months, and had all gold withheld from sale during the quarter been sold, net earnings for the quarter would have been $62.9 million, or $0.19 per share, and total cash costs would have been $38 per ounce.
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Red Lake and Luismin mines achieve record gold production for the quarter.
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Liquid assets at March 31, 2005 totalled $480 million.
"We are thrilled with the financial and operating results for the quarter, which include Wheaton's operations for only six weeks. Production and earnings are up and cash costs are down. This is a great start to the year for both management and shareholders of the new expanded Goldcorp", stated Ian Telfer, President and CEO.
First Quarter Earnings Conference Call:
A conference call will be held today, Monday, May 16th, at 11:00 a.m. (ET) to discuss these results. You may join the call by dialing toll free 1-877-667-7774 or (416) 695-9753 for calls from outside of Canada and the US.
The conference call will be recorded and you can listen to a playback of the call after the event by dialing 1-888-509-0081 or (416) 695-5275. A live and archived audio webcast will be available on the website at www.goldcorp.com.
Goldcorp is the world’s lowest cost million ounce gold producer, with 2005 gold production expected to exceed 1.1 million ounces of gold at a cash cost of less than US$60 per ounce. By 2007, gold production is expected to grow to over 1.6 million ounces. Goldcorp has a strong balance sheet with approximately US$450 million in cash and equivalents, and no debt.
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 and copper, 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, 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:
Goldcorp Inc.
Julia Hasiwar
Director, Investor Relations
(604) 696-3011
(604) 696-3001 (FAX)
info@goldcorp.com
www.goldcorp.com
First Quarter Report - March 31, 2005