VANCOUVER, BRITISH COLUMBIA, September 12, 2010 – GOLDCORP INC. (TSX: G, NYSE: GG) is pleased to announce the declaration of commercial production at the Peñasquito mine in
Zacatecas,
Mexico.
Peñasquito Mine Status Highlights
-
Combined 30-day average throughput rate in excess
of 70,000 tonnes per day, including peak daily throughputs as high as
105,000 tonnes.
-
Construction of 30,000 tonne-per-day capacity high
pressure grinding roll (HPGR) circuit on track for completion in early
October.
-
Full production ramp-up to designed 130,000 tonne-per-day capacity on schedule for early 2011.
-
Concentrate sales ramping up according to expectations.
-
On track to meet 2010 gold production guidance of 180,000 ounces.
“Over the course of its construction and production
ramp-up, Peñasquito has achieved every significant operational milestone
on schedule, culminating in today’s declaration of commercial
production,” said Steve Reid, Executive Vice President and Chief
Operating Officer of Goldcorp. “Concentrates from both process lines
are now being routinely produced and sold as expected to our smelter
partners around the world. As this successful ramp-up continues, our
shareholders are well-positioned to reap the benefits in the form of
rapidly accelerating cash flows over the next several years.
“The ability of our mine development team to complete
this important project on schedule and on budget illustrates the skills
and expertise of our mine-building team. We will apply these skills to
our industry-leading suite of growth projects which include Cochenour at
Red
Lake, Éléonore in
Quebec, El Morro in
Chile, the Noche Buena and Camino Rojo satellite projects near Peñasquito and the recently-acquired Cerro Negro project in
Argentina.”
Peñasquito has a designed processing capacity of
130,000 tonnes per day, consisting of two 50,000 tonne per day capacity
sulphide processing lines (Lines 1 and 2) and the 30,000 tonne per day
capacity HPGR circuit. Line 1 is consistently operating at design
capacity and Line 2 is ramping up, already reaching a peak daily
throughput of 56,170 tonnes. Construction of the HPGR circuit is well
advanced, with commissioning due to commence in early October.
Gold production is expected to ramp up throughout the
remainder of 2010, on track with issued guidance of 180,000 ounces.
Peñasquito is expected to reach full design capacity in early 2011.
Over its 23-year mine life, the operation is expected to produce an
annual average of 500,000 ounces of gold, 28 million ounces of silver,
450 million pounds of zinc, and 200 million pounds of lead at net
negative by-product cash costs.
The Company continues to advance a number of
initiatives to further enhance the economics at Peñasquito and develop
exploration projects in the district. The potential for significant
supplemental gold production from the Noche Buena satellite oxide
deposit continues to grow, with a scoping study expected to be completed
by year-end. Permitting and ore body analysis continues at Camino
Rojo, another potential source of satellite gold production. Deep
drilling at Peñasquito has recently intersected a new sulphide manto
deposit on the east side of the Peñasco pit that demonstrates similar
characteristics to existing high grade manto resources. The results
continue to support the potential for a concurrent high grade
underground operation with an opportunity to further supplement core
Peñasquito production. Progress has continued on the in-pit crushing
and conveying (IPCC) system that is expected to provide significant
capital and operating savings compared to conventional truck-only
haulage, with completion remaining on track for 2013.
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.
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