October 5, 2006
VANCOUVER, BRITISH COLUMBIA, October 5, 2006 – GOLDCORP INC. today announced that it will vigorously defend the application filed by Robert McEwen with the Ontario Superior Court of Justice relating to Goldcorp’s proposed transaction with Glamis Gold Ltd. The application seeks to have the court require that Goldcorp call a shareholders’ meeting to approve the transaction with Glamis.
Goldcorp has pursued the transaction with Glamis in compliance with all applicable corporate and securities laws and stock exchange rules and in a manner consistent with numerous other transactions that have been completed by Ontario corporations. Goldcorp believes that there is no basis for Mr. McEwen’s application and that it is misconceived and without legal merit.
The Glamis transaction is structured to allow Goldcorp to acquire 100% of the issued and outstanding shares of Glamis in a single share exchange transaction, after Glamis has obtained the requisite shareholder and court approvals of its plan of arrangement, by using the arrangement procedures under the Business Corporations Act (British Columbia) (the “BCBCA”). Mr. McEwen’s statements that the use of the BCBCA arrangement provisions instead of the Business Corporations Act (Ontario) arrangement provisions to circumvent Ontario laws are baseless.
“The vigour of Mr. McEwen’s public campaign reflects the weakness of his case. Our Board is committed to the highest standard of corporate governance and has and will continue to act in the best interest of Goldcorp and its shareholders and is striving to enhance shareholder value over the long term,” stated Ian Telfer, President and Chief Executive Officer of Goldcorp.
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 each of Goldcorp and Glamis. 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, 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”, 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 and Glamis, respectively, 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 the section entitled “Description of the Business – Risk Factors” in Goldcorp’s Annual Information Form for the year ended December 31, 2005, available on www.sedar.com, and Form 40-F for the year ended December 31, 2005 on file with the United States Securities and Exchange Commission in Washington, D.C., the section entitled “The Narrative Description of the Business – Risk Factors” in Glamis’ Annual Information Form for the year ended December 31, 2005, also available on www.sedar.com, and the section entitled “Risk Factors” in Western Silver Corporation’s Annual Information Form for the year ended September 30, 2005, also available on www.sedar.com. Although Goldcorp and Glamis have 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 and Glamis do not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
For further information, please contact:
Melanie Pilon
Director, Investor Relations
Goldcorp Inc.
3400-666 Burrard Street
Vancouver, British Columbia, V6C 2X8
Telephone: (604) 696-3024
Fax: (604) 696-3001
e-mail: info@goldcorp.com
website: www.goldcorp.com