VANCOUVER, BRITISH COLUMBIA, September 10, 2010 – GOLDCORP INC. (TSX: G, NYSE: GG)
is pleased to provide updates at its three gold mines in Ontario,
Canada: Red Lake, Musselwhite and Porcupine, in advance of an upcoming
tour of the three mine sites.
Highlights
Red Lake
- High Grade Zone continues with very strong exploration results at deepest drill levels.
- Positive in-fill drilling results between 45 and 47 level in the High Grade Zone.
- Cochenour exploration and development accelerating.
Musselwhite
- Discovery of Lynx zone has potential to significantly enhance future growth profile.
- Infrastructure upgrades advancing to accommodate extended mine life.
- Engineering underway on new shaft and development for higher production rates.
Porcupine
- Continued expansion of recently discovered zones at Hoyle Pond underground.
- Hoyle Pond Deep development project on schedule for 2014 completion.
- Hollinger project advancing to enhance Porcupine production profile.
Mine tour presentation slides and complete drillhole databases are available at www.goldcorp.com.
Red Lake
Tour presentations at Red Lake will focus on the
continued long-term potential at Goldcorp’s cornerstone mine, including
strong recent exploration success in the deep High Grade Zone (HGZ).
Ongoing development progress and recent positive exploration results at
the Cochenour project will also be highlighted. Progress on the
potential for an open pit resource at Red Lake will also be presented
within the context of overall district optimization plans.
High Grade Zone Continues
Drilling of the High Grade Zone (HGZ) has
accelerated with recent improvements to underground infrastructure.
Assays from recently completed drilling demonstrate extension of HGZ
grades to the 51 level. In addition to drilling success in the deepest
portions of the deposit, in-fill drilling between the 45 and 47 level
of the HGZ has delivered positive results.
Cochenour Development On Track
The Cochenour project near Red Lake will be an
important contributor to the long-term success of Red Lake.
Construction progressed to an overall completion level of 15% on the
5-kilometer high speed haulage drift that will connect the Cochenour
shaft with the Red Lake mine. Exploration drilling continued at the
historic underground workings at the 2050’ level to test the GAP zone
and the upper portions of the Bruce Channel and Cochenour deposits.
Currently 5 drills are operating underground at Cochenour. For
planning purposes, the Company has sized the Cochenour project as a
mineable deposit of 5 million gold ounces with initial steady-state
gold production in excess of 250,000 ounces per year. A scoping study
is expected to be completed by year-end, which will include details on
grade, initial capital costs, mining rates and operating costs at
Cochenour.
Musselwhite
A new ore body, Lynx, has been identified on the
east limb of the synform. This discovery is near existing underground
infrastructure and indicates vast new exploration targets and
potential. The Lynx zone has the potential to significantly contribute
to 2010 reserves and materially enhance the mine’s gold production
profile over the longer term. Tour presentations will also focus on
infrastructure upgrades and development plans in light of favorable
future prospects at Musselwhite.
Lynx: A Major New Discovery
The focus of 2010 exploration activities will be on
defining the magnitude and extent of the recently discovered Lynx zone
located above the current PQ Deeps structure. Average gold grade in
the first 10 intersections of the discovery section significantly
exceeds current reserve grade at Musselwhite, with an average of 12
grams per tonne at average widths of six meters. Several strong gold
intercepts have also been identified in zones north and south of the
Lynx discovery section. The zone remains open up-dip, with a current
strike extent greater than 200 meters.
Infrastructure Enhancements to Address Future Production Expectations
On September 5th, Musselwhite poured its 3
millionth ounce of gold. In light of expectations for significantly
longer mine life than its current eight years, a number of projects
underway or in the planning stages have been advanced or completed,
including a new ventilation system upgrade that has increased air
capacity by 25% and a tailings thickener that has significantly enhanced
the capacity of the tailings facility.
Porcupine
Porcupine’s Dome mine is celebrating its 100 year
anniversary, and tour presentations will focus on the continued
long-term potential at Porcupine’s historic mining complex. An
underground shaft project designed to efficiently access new and
existing gold structures at Porcupine’s Hoyle Pond underground
operation is progressing steadily. In addition to continued
underground success, the Company continues to define a focused plan to
access the large gold resource at Hollinger.
Hoyle Pond Development Progressing
The Hoyle Pond underground shaft project is
designed to efficiently access both the new depth extensions of current
ore bodies as well as newly- discovered zones such as the TVZ. The
shaft will also lead to enhanced operational flexibility and
efficiencies throughout the Hoyle Pond underground complex. Work to
date has progressed on lateral development underground as well as
infrastructure upgrades at surface and equipment procurement. First
material is expected to be moved using the new shaft by the end of
2014.
Recently assayed drill holes at Hoyle Pond continue to expand the TVZ and VAZ target zones.
Hollinger Plans Proceed with Community Support
A feasibility study for the Hollinger open pit
project is expected to be completed at year end. The permitting and
consultation process is well underway with many key permits expected to
be in place by early 2011. A community advisory committee has been
formed to keep the public informed and allows for a formal venue for
issues and concerns to be tabled to the Company. If approved, work in
2011 will focus on the dewatering system, site demolition and clearing
and haul road construction.
About Goldcorp’s Ontario Mines
Goldcorp is the world’s largest producer of
Canadian gold, driven solely by production at its three Ontario mines:
Red Lake, Porcupine, and Musselwhite.
Red Lake
Red Lake Gold Mines (RLGM) is composed of two
operating complexes: the Red Lake and the Campbell Complex. Situated in
one of the world’s most prolific gold producing regions, RLGM has
produced 20 million ounces since 1949 and it continues to be one of the
highest-grade gold mines and lowest cost producers in the world. RLGM
is also the largest gold mine in Canada. The High Grade Zone alone has
averaged more than two ounces of gold per ton.
Porcupine
Porcupine consists of the Hoyle Pond and Dome
underground mines and a central milling facility. The operation has
produced more than 64 million ounces of gold since production began in
1910 and includes North America’s longest continually operating gold
mine which is celebrating its 100th year of continuous mine and mill
operations this year. The operating properties, combined with extensive
and highly prospective land holdings, are strategically located in one
of the world’s great gold producing camps.
Musselwhite
Musselwhite is an underground gold mine and
associated processing plant that produces approximately a
quarter-million ounces of gold annually. It began commercial production
on April 1, 1997. The mine is located on First Nations traditional
land, and Musselwhite’s relationships with the local communities are
recognized as best practice.
Éléonore in Quebec
A fourth Canadian gold project, Éléonore, is
expected to be a key contributor to Goldcorp’s long-term production
pipeline starting in 2015. An update to the previous pre-feasibility
study is underway that will include production rates reflective of the
larger 2010 gold resource.
Goldcorp is North America’s fastest growing senior
gold producer. Its low-cost gold production is located in safe
jurisdictions in the Americas and remains 100% unhedged.
Link to the Presentations
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 Goldcorp Inc. 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” “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, “believes” or the negative connotation thereof 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” or the negative connotation thereof.
All forward-looking statements are developed based on assumptions about
such risks, uncertainties and other factors set at herein.
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, 2009 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. The
forward-looking statements contained in this press release are made as
of the date of this press release and, accordingly, are subject to
change after such date. Except as otherwise indicated by Goldcorp,
these statements do not reflect the potential impact of any
non-recurring or other special items or of any dispositions,
monetizations, mergers, acquisitions, other business combinations or
other transactions that may be announced or that may occur after the
date hereof. Forward-looking statements are provided for the purpose
of providing information about management’s current expectations and
plans and allowing investors and others to get a better understanding
of Goldcorp's operating environment. 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:
Jeff Wilhoit
Vice President, Investor Relations
Goldcorp Inc.
Telephone: (604) 696-3074
Fax: (604) 696-3001
E-mail: info@goldcorp.com
website: www.goldcorp.com