VANCOUVER, BRITISH
COLUMBIA, February 27, 2008 - GOLDCORP INC. (TSX: G, NYSE: GG) Goldcorp is pleased to announce
that Barrick Gold Corporation today submitted a feasibility study and Project
Notice to the Government of the Dominican Republic to proceed with the Pueblo
Viejo project.
Pueblo Viejo is one of the
largest undeveloped gold assets in the world. Through the Pueblo Viejo
Dominicana Corporation (PVDC), Goldcorp owns 40% of the project, with Barrick,
the operator, owning 60%.
On February 21, Barrick
provided an updated production schedule and capital spending estimate for Pueblo
Viejo. Goldcorp's 40% share of pre-production capital is expected to be
about $1.08 billion, reflecting an increase in project throughput to 24,000
tonnes per day versus 18,000 tonnes per day described previously. The
proposed increase in throughput grows Goldcorp's share of gold production to
approximately 400,000 ounces per year in the first five full years of
production at a total cash cost of approximately $250 per ounce. Cash
cost estimates do not include the potential benefit of a zinc recovery circuit,
which continues to be evaluated. The construction period to first gold
production is expected to be about three and a half years.
"We congratulate Barrick and the Dominican Government for continued
progress on this important project," said Kevin McArthur, Goldcorp
President and Chief Executive Officer. "Pueblo Viejo matches up very well
with our strategy of focusing on long-lived gold assets in the Americas.
We continue to enjoy a great working relationship with our operating partner
and fully support them in moving the project forward."
Goldcorp is the lowest-cost and fastest growing multi-million ounce gold
producer with operations throughout the Americas. Its gold production
remains 100% unhedged
Cautionary Note Regarding Forward-Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation
Reform Act of 1995: Except for the statements of historical fact contained
herein, the information presented constitutes "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements, including but not limited to
those with respect to the price of gold, silver, copper, zinc and lead, the
timing and amount of estimated future production, costs of production, reserve
determination and reserve conversion rates involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievement of Goldcorp to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include, among others, risks related to the
integration of acquisitions, risks related to international operations, risks
related to joint venture operations, the 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, zinc and lead as well as
those factors discussed in the section entitled "General Development of
the Business - Risks of the Business" in Goldcorp's Form 40-F on file with
the Securities and Exchange Commission in Washington, D.C. and Goldcorp's
Annual Information Form on file with the securities regulatory authorities in
Canada. Although Goldcorp has attempted to identify important factors that
could cause actual results to differ materially, 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.
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