Toronto, February 21, 2005 – GOLDCORP INC. (GG: NYSE; G: TSX) announced today its' financial and operating results for the 4th quarter and full year ended, December 31, 2004. In 2004, Goldcorp only sold two-thirds (2/3) of its gold production and withheld from sale 200,429 ounces of fine gold! The impact of deferring the sale of one-third (1/3) of its production has the effect of significantly reducing Goldcorp’s reported Revenues, Cash Flow, Earnings, Assets and Return on Invested Capital while increasing our reported Cost Per Ounce of Production.

In order to provide our shareholders and investors with a better understanding of our financial performance we also use non-GAAP (Generally Accepted Accounting Principles) terms such asBullion Adjusted Earnings and Bullion Adjusted Cash Flow to show what our earnings and cash flow would have been had we sold all the gold produced during the period.

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