ÉLÉONORE

PROJECT SUMMARY

History | Employees

Goldcorp, under Opinaca, completed the purchase of the Éléonore property at the end of March 2006.

History

The first recording of exploration work on the Éléonore property dates back to 1964 when Noranda Exploration discovered and drill tested a copper showing located within the Ell Lake diorite intrusion (a significant geological feature on the property). This copper showing is located approximately 6 km southwest of the Roberto Deposit and is included within Goldcorp’s Éléonore Property. At that time, Noranda judged that results were insufficient to pursue exploration in this remote location and the project was abandoned.

In 2001, Virginia Gold Mines’ (“Virginia”) regional reconnaissance work in the area led to the “re-discovery” and evaluation of Noranda’s Ell Lake showing; among other findings, Virginia recognized that gold was associated with copper mineralization. Virginia’s 2002 - 2003 exploration program led to the discovery of angular boulders of intensely altered meta-sediments grading up to 22.9 ppm in gold. The following year, Virginia traced back the gold bearing boulders glacial train to an outcrop located some 6km northeast. This outcrop became the Roberto Deposit after an aggressive exploration drilling program by Virginia was initiated in September 2004. Virginia continued drilling until December 2005.

After completion of its due-diligence, Goldcorp entered in to a binding agreement with Virginia and completed the transaction in late March 2006.  Starting on April 1, 2006 Goldcorp-Opinaca’s project team took over management of all site activities, doubled the drilling meterage done on the property, confirmed the mineralization continuity within the previously identified zones, and extended the limit of the deposit laterally and at depth. The deposit is still open at depth and laterally.

Early exploration camp at Éléonore

Employees

To support the exploration program, up to 100 permanent and contractual employees as well as consultants are working year-round on the property; approximately 20% of the workforce is from the Cree Nation of Wemindji.

Éléonore site view, looking east - January 2007