Press Release Detail 5.23

Vancouver, BC, November 8, 2005– Goldcorp Inc. (TSX: G; NYSE: GG) is pleased to announce its third quarter results, highlights of which are:

• Net earnings of $57 million ($0.17 per share), compared to $10 million ($0.05 per share) in 2004;
   
• Operating cash flows of $85 million ($0.25 per share), compared to $22 million ($0.12 per share) in 2004;
   
• Gold production of 283,700 ounces (2004 – 163,800 ounces);
   
• Gold sales more than doubled to 276,700 ounces (2004 – 112,800 ounces);
   
• Total cash costs of $9 per ounce, compared to $121 per ounce in 2004;
   
• First gold pour at the Amapari project, with commercial production expected during the fourth quarter. 

For the nine months to September 30, 2005, net earnings increased to $184 million ($0.60 per share) compared with $36 million ($0.19 per share) in 2004, and operating cash flows increased to $329 million ($1.08 per share), compared with $31 million ($0.16 per share) in 2004.  Gold production totalled 840,000 ounces for the nine months to September 30, 2005 compared with 462,000 ounces in 2004, while gold sales increased to 1,037,000 ounces at a total cash cost of $49 per ounce, compared with 314,000 ounces at a total cash cost of $112 per ounce in 2004. 

President and CEO Ian Telfer said, “The superb quarterly results are indicative of the Company’s ability to deliver on its strategy of providing shareholders with superior returns through increasing gold production, strong earnings and cash flows, and the lowest cash costs in the industry.”

Goldcorp is the world’s lowest-cost million ounce gold producer with safe, profitable, and sustainable mining operations throughout the Americas and in Australia.  The Company has no debt or hedging.  Production in 2005 is expected to exceed 1.1 million ounces at a cash cost of less than $60 per ounce.  If the proposed transaction with Barrick is finalized, Goldcorp’s 2007 gold production is expected to more than double from current levels to 2.4 million ounces while maintaining Goldcorp’s status as the lowest cost million ounce gold producer. 

Third Quarter Earnings Conference Call: 
 
A conference call will be held Wednesday, November 9^th at 11:00 a.m. (ET) to discuss these results. You may join the call by dialing toll free 1-877-888-3855 or (416) 695-6622 for calls from outside 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.

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 similar Canadian legislation.  Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver and copper, 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, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, 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”, or “believes”, or variations of such words and phrases or state 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 and copper; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in (a) the section entitled “Description of the Business – Risk Factors” in Goldcorp’s annual information form for the year ended December 31, 2004, and (b) the section entitled “Description of the Business – Risk Factors” in Wheaton River Minerals Ltd.’s annual information form for the year ended December 31, 2004.  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 incorporated by reference herein, except in accordance with applicable securities laws.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately.  Readers should refer to the respective annual information forms of Goldcorp and Wheaton River Minerals Ltd., each for the year ended December 31, 2004, and other continuous disclosure documents filed by Goldcorp since January 1, 2005 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:  This press release uses the terms “Measured”, “Indicated” and “Inferred” Resources.  United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them.  “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility.  It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.  Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies.  United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves.  United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

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
Email: info@goldcorp.com
Website: www.goldcorp.com