Toronto Stock Exchange: G
New York Stock Exchange: GG
Goldcorp To Host Investor Day
VANCOUVER, BRITISH COLUMBIA, May 20, 2008 - GOLDCORP INC.
will hold an Investor Day on May 21st to provide information on its major
mining operations and projects.
The Company's Red Lake mine will present progress of underground
infrastructure development that will provide the foundation for the next phase
of production growth from the world's richest gold mine. Recent results
from the mine's $32 million 2008 drilling program will also be highlighted,
with particular emphasis on five priority target areas: the deep high grade
zone, deep Campbell, party wall, RLC sulfides, and surface mining
targets.
Discussions of Goldcorp's Mexican gold mines will center on the successful
ramp-up of commercial production at Los Filos mine. First
quarter 2008 gold production from the open pit totaled 45,000 ounces at a total
cash cost of $273 per ounce. Ore mining, solution processing and gold
recovery rates have ramped up in line with expectations. Annual gold
production over the mine's 10-year life is expected to average 300,000 ounces
at low cash costs.
In Guatemala, positive
production trends at Marlin mine are increasingly contributing to Goldcorp's
growth profile. Underground tonnes mined and mill throughput rates are
routinely meeting or exceeding expectations. Exploration at Marlin has
led to the successful replacement of mined ounces, and enhancements of gold and
silver recoveries remain underway.
Management will also detail
progress within the Company's outstanding pipeline of gold projects.
Goldcorp's track record of delivering superior project returns through
disciplined investment and project execution will be illustrated through recent
successes at its Pe�asquito project in Zacatecas, Mexico and the �l�onore
project in Quebec, Canada.
Construction at Pe�asquito
remains on time and on budget, as underscored by the earlier-than-expected
pouring of first gold from oxides on May 8th. Ore placement to the pad is
approaching two million tonnes, and preliminary leaching and recovery data are
meeting expectations. Sulfide mill construction remains on track.
Exploration successes, both within the Pe�asquito pit shells and at regional
targets Nochebuena and Saltillito, support the still-growing potential at this
massive deposit.
At the �l�onore gold project, recent vein discoveries have shifted the
centroid of the known deposit deeper and to the north. Geologic modeling
is underway to test a deep high grade zone discovery. Management will
discuss planned investments to better explore these opportunities and to
accelerate feasibility and infrastructure development activities. These
investments include power lines, upgraded camp facilities, air and land access,
infrastructure and the sinking of an exploration shaft.
Other exploration successes will be highlighted, including recent
discoveries at Musselwhite mine in Ontario and Escobal in Guatemala.
To access a live webcast of Goldcorp's Investor Day presentation, please visit
www.goldcorp.com .. The
presentation will begin Wednesday, May 21st at 8:00 am (ET). All slides
used during the Investor Day will also be available on the website at that
time.
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.
For further information, please contact: