Toronto Stock Exchange: G New York Stock Exchange: GG
(All Amounts in $US unless stated otherwise)
VANCOUVER, Nov. 14, 2011 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) today announced that a certificate of authorization has been issued by
the Quebec Minister of Sustainable Development, Environment and Parks
allowing full construction of the Éléonore gold project in northern
Quebec to commence immediately. With life-of-mine gold production
expected to average approximately 600,000 ounces of gold per year,
Éléonore will be one of the largest underground gold mines in Canada
and a key element of Goldcorp's leading growth profile.
"Receipt of approvals for construction at Éléonore ensures that the
strong pace of development will continue at this pure gold project,"
said Chuck Jeannes, Goldcorp President and Chief Executive Officer.
"With robust, low-cost gold production in the heart of one of the most
attractive mining jurisdictions in the world, Éléonore is well
positioned as one of Goldcorp's future cornerstone assets. A strong,
experienced team is already in place and we remain on track for first
gold production in late 2014."
Issuance of the certificate of authorization follows the execution of
the collaboration agreement among the Cree Nation of
Wemindji, the Grand Council of the Crees (Eeyou Istchee), the Cree
Regional Authority (the "Cree") and the Company earlier this year.
"Our solid relationship with the Cree and the timely processing of the
application by the government of Quebec were essential to achieving
this next step toward our common interest in constructing and operating
what we believe will be the best new gold mine in Canada," added
Jeannes.
The current Éléonore development plan details an average throughput rate
of 7,000 tonnes per day, contributing to the forecast average 600,000
ounces of gold production per year at cash costs below $400 per ounce
over an approximate 15-year mine life. Total capital cost is expected
to be approximately $1.4 billion to full production.
Significant progress has already been achieved at the site. The
exploration shaft has advanced to a depth of 588 metres, with
completion to full 725-metre depth on track for the second quarter of
2012. The exploration ramp has reached 663 metres in length and will
provide drilling locations for further resource definition as mine
development progresses. The receipt of the certificate of authorization
now allows for the commencement of construction of the second
production shaft and related infrastructure, as well as the 7000 tonne
per day process facility, the 63-kilometre access road and the 120 Kv
electrical sub-station.
Goldcorp is one of the world's fastest growing senior gold
producers. 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. ("Goldcorp"). 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
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.
Forward-looking statements are made based upon certain assumptions and
other important factors that, if untrue, could cause the actual
results, performances or achievements of Goldcorp to be materially
different from future results, performances or achievements expressed
or implied by such statements. Such statements and information are
based on numerous assumptions regarding present and future business
strategies and the environment in which Goldcorp will operate in the
future, including the price of gold, anticipated costs and ability to
achieve goals. Certain important factors that could cause actual
results, performances or achievements to differ materially from those
in the forward-looking statements include, among others, gold price
volatility, discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions (including environmental regulatory restrictions and
liability), activities by governmental authorities (including changes
in taxation), currency fluctuations, the speculative nature of gold
exploration, the global economic climate, dilution, share price
volatility, competition, loss of key employees, additional funding
requirements and defective title to mineral claims or
property. Although Goldcorp has attempted to identify important factors
that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other important 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, including economical and political instability in foreign
jurisdictions in which Goldcorp operates; risks related to current
global financial conditions; risks related to joint venture operations;
actual results of current exploration activities; environmental risks;
future prices of gold, silver, copper, lead and zinc; possible
variations in ore reserves, grade or recovery rates; mine development
and operating risks; 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; risks related to indebtedness and the service of such
indebtedness, 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, 2010 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. Forward-looking
statements are made as of the date hereof 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 our
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.