Toronto Stock Exchange: G
New York Stock Exchange: GG
VANCOUVER, Sept. 5, 2012 /CNW/ - GOLDCORP INC. (TSX: G), (NYSE: GG) is pleased to provide an update in advance of an upcoming analyst and
investor tour at its Red Lake mine in Ontario. Presentation slides to
be used during the tour are available under the 'Investor
Resources-Presentations' section at www.goldcorp.com.
During 2012, production at Red Lake has been affected by
slower-than-expected de-stressing at the 41 and 45 levels in the High
Grade Zone to address increased seismicity. High Grade Zone de-stress
work was successfully completed on the 41 level late in the second
quarter. De-stress work at the 45 level has now been completed,
allowing access to production stopes.
Over the remainder of 2012, the Company will continue to evaluate the
impact on Red Lake's long-term production profile of timing issues in
accessing High Grade Zone reserves as well as continued grade
variability in the Footwall Zone. Until further study of these issues
has advanced, the range of production expectations for Red Lake beyond
the current year should reflect production similar to the range
provided for 2012 of between 460,000 and 510,000 ounces. During the
first half of 2012 gold production was 218,200 ounces at cash costs of
$568 per ounce and the mine remains on track to achieve 2012 production
guidance.
Extending the High Grade Zone
During the second quarter of 2012, successful drilling results continued
from Red Lake's 4199 exploration ramp. Numerous intercepts have
confirmed the extension of consistent high grade mineralization between
levels 52 and 55. Drilling is also indicating the presence of high
grade intercepts deeper at the 57 level.
Exploration of New Zone
New drill results in an unexplored area west of the High Grade Zone have
outlined a new zone above the 52 level, which remains open vertically
and to the west. As a result of the success of this drilling an
exploration drift is being developed near the 47 level to access to
allow for better drilling of this new structure. This area will be a
focus of drilling over the remainder of the year as it has the
potential to increase mining flexibility due to proximity to existing
infrastructure.
Cochenour - Construction and Development Progressing
A key component of the Company's overall optimization plan to sustain
the Red Lake operation is the development of the Cochenour project.
Located five kilometers from the Red Lake gold mine, the Cochenour
project has continued to advance. Widening of the historical Cochenour
shaft has reached 108 metres to a total depth of 342 metres. The five
kilometer haulage drift that will transport ore from the Bruce Channel
to Red Lake's existing Campbell milling facilities has advanced to 57%
completion. Progress has advanced as expected and is on track to be
66% complete by year-end.
A study of the overall project, which will provide updated project costs
and timing of first gold, is currently underway and expected to be
complete in the third quarter. The study incorporates changes in the
mine design and development resulting from exploration results obtained
over the past two years.
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.
Cochenour
The Cochenour Project combines the existing workings of the historic
Cochenour mine with the Bruce Channel gold discovery. The
Cochenour/Bruce Channel deposit is located down dip from the historic
Cochenour mine and is a key component of Goldcorp's consolidation plans
in the Red Lake district.
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.
The scientific and technical information concerning Goldcorp's mineral
properties contained herein is based upon information prepared by or
under the supervision of Maryse Belanger, Vice President, Technical
Services of Goldcorp who is a "qualified person" within the meaning of
National Instrument 43-101.
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, 2011 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.