(All figures are in US dollars unless stated otherwise) Vancouver, British Columbia – February 23, 2007 – Goldcorp Inc. (GG:NYSE; G:TSX) today reported reserves, resources, production and cash costs as of and for the year ended December 31, 2006. Proven and Probable gold reserves increased by 170 percent to 39.8 million ounces.
Measured and Indicated gold resources increased more than fivefold to 16.4 million ounces.
Inferred gold resources quadrupled to 30.8 million ounces.
Proven and Probable silver reserves increase to 781 million ounces
"The acquisition of assets during the year from Placer Dome and Glamis Gold drove the dramatic increases in reserves and resources in 2006," said Kevin McArthur, President and Chief Executive Officer. "Our priority going forward will be on organic growth initiatives designed to unlock further value from our very large mineral concession holdings. We will be investing over $120 million in exploration during 2007, with most of that directed toward drilling in the shadows of our headframes." Complete reserves and resources calculations are as follows: GOLDCORP INC.
PROVEN AND PROBABLE RESERVES(1),(4),(5),(6)
AS OF DECEMBER 31, 2006 Based on attributable ounces | GOLD | million tonnes | g Au/t | million ounces | Peñasquito Mill | Mexico | 476.93 | 0.60 | 9.19 | Pueblo Viejo (40.0%) | Dominican Republic | 71.71 | 3.14 | 7.25 | Red Lake | Canada | 7.26 | 22.24 | 5.19 | Los Filos | Mexico | 202.65 | 0.69 | 4.50 | Alumbrera (37.5%) | Argentina | 143.47 | 0.48 | 2.21 | Marlin | Guatemala | 16.36 | 4.16 | 2.19 | Porcupine (51.0%) | Canada | 31.40 | 1.76 | 1.78 | Marigold (66.7%) | United States | 61.82 | 0.71 | 1.42 | Musselwhite (68.1%) | Canada | 5.91 | 6.34 | 1.21 | El Sauzal | Mexico | 13.73 | 2.11 | 0.93 | San Dimas | Mexico | 4.32 | 5.73 | 0.80 | Peñasquito Heap Leach | Mexico | 87.06 | 0.28 | 0.79 | Nukay | Mexico | 3.62 | 6.03 | 0.70 | Amapari | Brazil | 6.13 | 2.46 | 0.49 | Peak | Australia | 2.08 | 6.53 | 0.44 | La Coipa (50.0%) | Chile | 10.14 | 1.32 | 0.43 | Wharf | United States | 4.16 | 1.10 | 0.15 | San Martin | Honduras | 4.43 | 0.75 | 0.11 | TOTAL GOLD | | | 39.75 |
SILVER | million tonnes | g Ag/t | million ounces | Peñasquito Mill | Mexico | 476.93 | 33.2 | 508.3 | Peñasquito Heap Leach | Mexico | 87.06 | 23.8 | 66.5 | San Dimas | Mexico | 4.32 | 388.2 | 53.8 | Marlin | Guatemala | 16.36 | 93.5 | 49.2 | Los Filos | Mexico | 202.65 | 5.8 | 37.9 | Pueblo Viejo (40.0%) | Dominican Republic | 71.71 | 16.3 | 37.5 | La Coipa (50.0%) | Mexico | 10.14 | 85.3 | 27.8 | Peak | Australia | 2.08 | 4.4 | 0.3 | TOTAL SILVER | | | 781.4 | COPPER | million tonnes | % Cu | million pounds | Alumbrera (37.5%)(2 | Argentina | 143.47 | 0.45% | 1,423 | Pueblo Viejo (40.0%) | Dominican Republic | 71.71 | 0.10% | 153 | Peak | Australia | 2.08 | 0.68% | 31 | TOTAL COPPER | | | 1,607 | LEAD | million tonnes | % Pb | million pounds | Peñasquito Mill | Mexico | 476.93 | 0.35% | 3,683 | Peak | Australia | 2.08 | 0.14% | 7 | TOTAL LEAD | | | 3,690 | ZINC | million tonnes | % Zn | million pounds | Peñasquito Mill | Mexico | 476.93 | 0.76% | 7,982 | Pueblo Viejo (40.0%) | Dominican Republic | 71.71 | 0.70% | 1,108 | Peak | Australia | 2.08 | 0.16% | 7 | TOTAL ZINC | | | 9,097 |
GOLDCORP INC.
MEASURED AND INDICATED RESOURCES(1),(2),(3),(7)
AS OF DECEMBER 31, 2006 Based on attributable ounces | GOLD | million tonnes | g Au/t | million ounces | Peñasquito Mill | Mexico | 271.20 | 0.30 | 2.62 | Pueblo Viejo (40.0%) | Dominican Republic | 9.87 | 2.69 | 0.85 | Red Lake | Canada | 3.19 | 17.68 | 1.81 | Los Filos | Mexico | 89.80 | 0.62 | 1.78 | Porcupine (51.0%) | Canada | 39.78 | 1.75 | 2.24 | Marigold (66.7%) | United States | 30.94 | 0.70 | 0.69 | Marlin | Guatemala | 3.36 | 2.00 | 0.22 | Alumbrera (37.5%) | Argentina | 9.00 | 0.37 | 0.11 | Musselwhite (68.1%) | Canada | 2.28 | 5.56 | 0.41 | Imperial Project | United States | 82.76 | 0.58 | 1.53 | Cerro Blanco | Guatemala | 2.52 | 15.64 | 1.27 | El Sauzal | Mexico | 6.35 | 0.70 | 0.14 | Nukay | Mexico | 0.26 | 5.78 | 0.05 | Peñasquito Heap Leach | Mexico | 37.20 | 0.13 | 0.16 | Amapari | Brazil | 6.98 | 2.98 | 0.67 | Peak | Australia | 3.35 | 3.96 | 0.43 | La Coipa (50.0%) | Chile | 11.47 | 0.99 | 0.36 | Dee (40%) | United States | 7.21 | 2.11 | 0.49 | San Nicolas (35%) | Mexico | 27.99 | 0.48 | 0.43 | San Martin | Honduras | 6.47 | 0.78 | 0.16 | TOTAL GOLD | | | 16.42 | SILVER | million tonnes | g Ag/t | million ounces | Peñasquito Mill | Mexico | 271.20 | 26.2 | 228.1 | Peñasquito Heap Leach | Mexico | 37.20 | 15.8 | 18.9 | Marlin | Guatemala | 3.36 | 71.5 | 7.7 | Los Filos | Mexico | 89.80 | 5.0 | 14.3 | Pueblo Viejo (40.0%) | Dominican Republic | 9.87 | 9.6 | 3.0 | La Coipa (50.0%) | Chile | 11.47 | 29.3 | 10.8 | San Nicolas (35.0%) | Mexico | 27.99 | 29.0 | 26.1 | Cerro Blanco | Guatemala | 2.52 | 72.0 | 5.8 | Peak | Australia | 3.35 | 6.7 | 0.7 | TOTAL SILVER | | | 315.4 | COPPER | million tonnes | % Cu | million pounds | Alumbrera (37.5%) | Argentina | 9.00 | 0.38% | 74 | San Nicolas (35.0%) | Mexico | 27.99 | 1.33% | 819 | Pueblo Viejo (40.0%) | Dominican Republic | 9.87 | 0.05% | 12 | Peak | Australia | 3.35 | 1.17% | 87 | TOTAL COPPER | | | 992 | LEAD | million tonnes | % Pb | million pounds | Peñasquito Mill | Mexico | 271.20 | 0.27% | 1,622 | Peak | Australia | 3.35 | 0.14% | 11 | TOTAL LEAD | | | 1,633 | ZINC | million tonnes | % Zn | million pounds | Peñasquito Mill | Mexico | 271.20 | 0.64% | 3,805 | San Nicolas (35.0%) | Mexico | 27.99 | 1.84% | 1, 137 | Pueblo Viejo (40.0%) | Dominican Republic | 9.87 | 0.15% | 32 | Peak | Australia | 3.35 | 0.22% | 16 | TOTAL ZINC | | | 4,990 |
GOLDCORP INC.
INFERRED RESOURCES
AS OF DECEMBER 31, 2006 Based on attributable ounces | GOLD | million tonnes | g Au/t | million ounces | Peñasquito Mill | Mexico | 2,404.60 | 0.18 | 13.76 | Pueblo Viejo (40.0%) | Dominican Republic | 19.67 | 2.82 | 1.78 | Red Lake | Canada | 2.94 | 26.34 | 2.49 | Los Filos | Mexico | 71.49 | 0.62 | 1.42 | Porcupine (51.0%) | Canada | 26.10 | 1.89 | 1.59 | Marigold (66.7%) | United States | 122.53 | 0.43 | 1.68 | Marlin | Guatemala | 20.09 | 1.56 | 1.01 | San Dimas | Mexico | 17.27 | 3.17 | 1.76 | Musselwhite (68.1%) | Canada | 2.35 | 6.89 | 0.52 | Imperial Project | United States | 43.83 | 0.40 | 0.56 | Cerro Blanco | Guatemala | 1.35 | 15.31 | 0.67 | El Sauzal | Mexico | 60.35 | 0.26 | 0.50 | Nukay | Mexico | 4.09 | 5.61 | 0.74 | Peñasquito Heap Leach | Mexico | 172.00 | 0.07 | 0.39 | Amapari | Brazil | 1.92 | 2.47 | 0.15 | Peak | Australia | 1.99 | 6.50 | 0.42 | La Coipa (50.0%) | Chile | 0.42 | 0.79 | 0.01 | El Limon (21.2%) | Mexico | 6.50 | 3.27 | 0.68 | Dee (40%) | United States | 0.40 | 2.07 | 0.03 | San Nicolas (35%) | Mexico | 2.46 | 0.37 | 0.03 | San Martin | Honduras | 10.82 | 0.26 | 0.09 | TOTAL GOLD | | | 30.28 | SILVER | million tonnes | g Ag/t | million ounces | Peñasquito Mill | Mexico | 2,404.60 | 11.0 | 849.3 | San Dimas | Mexico | 17.27 | 320.8 | 178.1 | Peñasquito Heap Leach | Mexico | 172.00 | 5.8 | 31.8 | Marlin | Guatemala | 20.09 | 27.5 | 17.8 | Los Filos | Mexico | 71.49 | 5.4 | 12.4 | Pueblo Viejo (40.0%) | Dominican Republic | 19.67 | 4.2 | 2.7 | La Coipa (50.0%) | Chile | 0.42 | 35.6 | 0.5 | San Nicolas (35.0%) | Mexico | 2.46 | 23.8 | 1.9 | Cerro Blanco | Guatemala | 1.35 | 59.6 | 2.6 | Peak | Australia | 1.99 | 5.0 | 0.3 | TOTAL SILVER | | | 1,097.4 | COPPER | million tonnes | % Cu | million pounds | San Nicolas (35.0%) | Mexico | 2.46 | 1.28% | 69 | Pueblo Viejo (40.0%) | Dominican Republic | 19.67 | 0.03% | 13 | Peak (100%) | Australia | 1.99 | 0.53% | 23 | TOTAL COPPER | | | 106 | LEAD | million tonnes | % Pb | million pounds | Peñasquito Mill | Mexico | 2,404.60 | 0.10% | 5,389 | Peak | Australia | 1.99 | 0.07% | 3 | TOTAL LEAD | | | 5,392 | ZINC | million tonnes | % Zn | million pounds | Peñasquito Mill | Mexico | 2,404.60 | 0.29% | 15,638 | San Nicolas (35.0%) | Mexico | 2.46 | 1.43% | 78 | Pueblo Viejo (40.0%) | Dominican Republic | 19.67 | 0.02% | 10 | Peak | Australia | 1.99 | 0.08% | 4 | TOTAL ZINC | | | 15,729 |
| 1 | All Mineral Reserves and Mineral Resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent. | | 2 | All Mineral Resources are reported exclusive of Mineral Reserves. | | 3 | Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. | | 4 | Reserves and Resources are reported as of December 31, 2006, with the following conditions or exceptions; | | 1 | Reserves and Resources for Penasquito are as reported by the former owner, Glamis Gold Corp., in their press release of June 21, 2006. | | 2 | Reserves and Resources for Cerro Blanco and the Imperial Project are as reported by the former owner, Glamis Gold Corp., in their press releases of February 13, 2006. | | 3 | Reserves and Resources for Alumbrera are reported as of June 30, 2006. | | 4 | Reserves and Resources for Pueblo Viejo are as reported by Barrick, in their press release of February 22, 2007. | | 5 | Reserves and Resources for El Limon are reported as of November 3, 2004.
| | 5 | Qualified Persons for the Mineral Reserve and Mineral Resource estimates as defined by the National Instrument 43-101 are as follows: | | 1 | Red Lake Gold Mines | Stephan Blais, P.Eng., Red Lake Gold Mines | | Dean Crick, P.Geo., Red Lake Gold Mines | | 2 | San Dimas | Reynaldo Rivera, MAusIMM, Luismin S.A. de C.V. | | 3 | Nukay | Reynaldo Rivera, MAusIMM, Luismin S.A. de C.V., | | 4 | Los Filos | Mike Hester, P.E., Independent Mining Consultants | | Pamela de Mark, P.Geo., Snowden Mining Consultants | | Andy Ross, P.Geo., Snowden Mining Consultants | | Reynaldo Rivera, MAusIMM, Luismin S.A. de C.V., | | 5 | El Limon | James N. Grey, P.Geo., Teck Cominco Ltd. | | Al Samis, P.Geo., Teck Cominco Ltd. | | 6 | Alumbrera | Luis Rivera, MAusIMM, Minera Alumbrera Ltd. | | 7 | Peak | Eric Strom, P.Eng., Peak Gold Mines | | Rex Berthelsen, MAusIMM, Peak Gold Mines | | 8 | Amapari | Trevor Jones, MAusIMM, MPBA | | 9 | Wharf | Michael Kociumbas, P.Geo., Watts Griifis McOuat Ltd. | | Ross McFarlane, P.Eng., Watts Griffis McOuat Ltd. | | 10 | Porcupine | Stephen Price, P.Geo., Porcupine Joint Venture | | Alastair Still, P.Geo, Porcupine Joint Venture | | Imola Götz, P.Eng., Porcupine Joint Venture | | 11 | Musselwhite | Andrew Cheatle, P.Geo., Musselwhite Mine | | Tim Sanford, P.Eng., Musselwhite Mine | | 12 | La Coipa | Andres Guaringa, MAusIMM, Mantes de Oro | | 13 | Pueblo Viejo | as per Barrick February 22, 2007 press release | | 14 | Penasquito | as per Glamis June 21, 2006 press release | | 15 | Marigold | Neil B. Prenn, P.Eng. Mine Dev. Assoc. | | 16 | El Sauzal | Neil B. Prenn, P.Eng. Mine Dev. Assoc. | | 17 | Marlin | Neil B. Prenn, P.Eng. Mine Dev. Assoc. | | 18 | San Martin, Honduras | Neil B. Prenn, P.Eng. Mine Dev. Assoc. | | 19 | Cerro Blanco | as per Glamis February 13, 2006 press release | | 20 | Imperial Project | as per Glamis February 13, 2006 press release | | 21 | Dee Project | as per Barrick Gold of North America Technical Report, Jan. 2007 | | 22 | Corporate Overview | Randy V.J. Smallwood, P.Eng., Bob H. Bryson, Goldcorp Inc. | | | | | | 6 | Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $450 per ounce of gold, $7 per ounce of silver, $1.25 per pound of copper, $0.30 per pound of lead, and $0.60 per pound of zinc, unless otherwise noted below; | | 1 | $400 / oz gold | Alumbrera, partial Los Filos, partial Marigold | | 2 | $425 / oz gold | partial Los Filos | | 3 | $500 / oz gold | Wharf | | 4 | $1.00 / lb copper | Alumbrera | | 5 | $0.35 / lb lead | Peak | | 6 | $0.80 / lb zinc | Peak | | 7 | $475 / oz gold | Pueblo Viejo | | 8
| $8.50 / oz silver
| Pueblo Viejo
| | | | | | 7 | Mineral Resources are estimated using appropriate recovery rates and US$ commodity prices of $525 per ounce of gold, $8 per ounce of silver, $1.50 per pound of copper, $0.43 per pound of lead, and $0.86 per pound of zinc, unless otherwise noted below; | | 1 | $300 / oz gold | San Nicolas | | 2 | $400 / oz gold | El Limon | | 3 | $410 / oz gold | Alumbrera | | 4 | $648 / oz gold | Penasquito | | 5 | $5 / oz silver | San Nicolas | | 6 | $10.08 / oz silver | Penasquito | | 7 | $0.90 / lb copper | San Nicolas | | 8 | $1.10 / lb copper | Alumbrera | | 9 | $0.35 / lb lead | Peak | | 10 | $0.50 / lb zinc | San Nicolas | | 11 | $0.80 / lb zinc | Peak | | 12 | $425 / oz gold | Cerro Blanco |
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: These tables use the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. |
Production and Cash Costs Gold production in 2006 increased 49 percent to 1.69 million ounces while total cash costs were $33 per ounce. For the fourth quarter ended December 31, 2006, gold production was 587,800 ounces at a total cash cost of $160 per ounce. Assuming the successful sale of the Company’s Peak and Amapari mines, Goldcorp’s forecast gold production for 2007 is approximately 2.6 million ounces at an estimated cash cost of less than $150 per ounce. Production and cash cost data for 2006 on a mine-by-mine basis are as follows: Mine | Gold Production (ounces) | Total Cash Cost (US$ per ounce) | Red Lake | 592,900 | 195 | Musselwhite | 113,500 | 349 | Porcupine | 99,700 | 430 | San Dimas | 208,400 | 131 | El Sauzal1 | 63,600 | 97 | Marlin1 | 42,300 | 113 | San Martin1 | 9,700 | 427 | Alumbrera | 240,200 | (1,176) | Amapari | 84,200 | 524 | La Coipa | 28,300 | (243) | Wharf | 63,000 | 340 | Marigold1 | 24,900 | 308 | Peak | 122,600 | 215 | | | | Total | 1,693,300 | $ 33 |
1 Includes production only as of November 4, 2006, the closing date of transaction with Glamis Gold. On March 8, 2007, Goldcorp will release its financial results for the fourth quarter and full year 2006. A conference call will be held at 2:00 p.m. ET to discuss these results. Participants may join the call by dialing toll free 1-888-789-0156 or (416) 695-9753 for calls from outside Canada and the US. Goldcorp is one of the world’s lowest cost and fastest growing multi-million ounce gold producers with operations throughout the Americas. 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 and copper, 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, 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: Jeff Wilhoit
Vice President, Investor Relations
Goldcorp Inc.
Telephone: (604) 696-3074
Fax: (604) 696-3001 | Melanie Pilon
Director, Investor Relations
Goldcorp Inc.
Telephone: 604-696-3024
Fax: (604) 696-3001 |
e-mail: info@goldcorp.com
website: www.goldcorp.com
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