November 28, 2005
Vancouver, British Columbia – November 28, 2005 – Goldcorp Inc. (GG:NYSE; G:TSX) is pleased to announce that it has signed a letter of intent with Wolfden Resources Inc. ("Wolfden") (TSX:WLF) to acquire 6 million shares of Wolfden at a price of CDN$3.60 per share for total proceeds of CDN$21.6 million. Of the 6 million shares, 3 million will be common shares and 3 million will be flow-through common shares, and upon closing of this transaction, Goldcorp will hold approximately 10% of Wolfden.
Wolfden holds several advanced-stage projects in Canada including two in the Red Lake gold district where Goldcorp operates its Red Lake Gold Mine. Wolfden is currently drilling on its 100% owned Bonanza Gold Project, which is located approximately 3.5 km to the east of the Red Lake Mine. Wolfden also owns 50% of the East Bay gold deposit, located in the north part of the Red Lake greenstone belt.
Goldcorp also intends to provide assistance to Wolfden in arranging financing for the development of it’s 100% owned High Lake Project, one of the largest and highest-grade undeveloped poly-metallic (copper, zinc, silver and gold) deposits in North America, and the companies will endeavour to identify mutually beneficial acquisition opportunities.
“This alliance is another step in our efforts to consolidate the Red Lake district and allows Goldcorp to participate in Wolfden’s impressive project portfolio”, said Ian Telfer, Chief Executive Officer of Goldcorp. “We look forward to working with Wolfden.”
Goldcorp is the world’s lowest cost and fastest growing million ounce gold producer. Gold production in 2005 is expected to exceed 1.1 million ounces at a cash cost of less than US$60 per ounce. Goldcorp has approximately US$400 million in cash and equivalents, no debt and no hedging.
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:
Julia Hasiwar
Director, Investor Relations
Goldcorp Inc.
1560-200 Burrard Street
Vancouver, British Columbia, V6C 3L6
Telephone: 604-696-3011
Fax: (604) 696-3001
e-mail: info@goldcorp.com
website: www.goldcorp.com