Goldcorp Delivers Record 2009 Gold Production

 

VANCOUVER, BC - Goldcorp Inc. reported record gold production for the 2009 year of over 2.4 million ounces, exceeding guidance that had been previously revised upward from 2.3 million ounces. Fourth quarter 2009 gold production totaled 601,000 ounces.

Chuck Jeannes, President and Chief Executive Officer said, "At Penasquito in Mexico, ore processing throughput rates for the first sulphide processing line (Line 1) are now at operational production levels while excellent progress continues to be made toward completion and ramp-up of the second sulphide processing line (Line 2) in the third quarter of 2010. Production of both lead and zinc concentrates have ramped up consistent with expectations and commercial production remains on track for the third quarter."

Goldcorp also provided production and cash cost guidance for the 2010 year. The Company expects to produce approximately 2.6 million ounces of gold at a total cash cost of approximately $350 per ounce on a by-product basis and $450 per ounce on a co-product basis. The overall forecast production increase in 2010 is broad-based, featuring increases at nearly every mine in the portfolio.

At Red Lake in Ontario, exploration drilling off the 4199 drift during 2009 has confirmed that the High Grade zone continues at depth. In addition to continuing mine development, the focus in 2010 will be increasing mill throughput toward available capacity. This initiative is expected to lead to a strong increase in gold production at the world's richest gold mine.

In Timmins, Ontario, successful exploration drilling at the Hoyle Pond underground operation has demonstrated improving gold grades and the extension of several gold structures at depth. This success is spurring new investments in mine development to position the revitalized Porcupine mine complex for long-term success. The Company will pursue a deep winze (shaft) development to access new zones at Hoyle Pond while enhancing operational flexibility. Continued processing of low-grade stockpiled ore at Porcupine is expected to decrease 2010 gold production compared to 2009.

At Musselwhite in Ontario, exploration will continue to test high-potential lateral targets and extension of existing gold structures. Added mining flexibility will enable increased ore tonnage throughput, which is expected to result in a strong increase in gold production in 2010.

The Los Filos mine in Guerrero state, Mexico is expected to remain the largest gold producer in Mexico in 2010. The mine will be an important driver of Goldcorp's growth as commissioning of a crushing and agglomeration plant takes place during the first quarter of 2010. A production decrease is forecast at El Sauzal as the mine nears the end of its life. The priority at El Sauzal over its remaining three-year mine life will focus on maintaining low costs and optimizing operations.

The recent track record of production growth is expected to continue in 2010 at Marlin in Guatemala as the mine moves into the heart of the orebody over the next several years. The discovery of a new gold and silver vein structure in the West Vero area is expected to provide an important new supplement to the mine's long term growth profile.

The pace of construction continues to accelerate at Pueblo Viejo, the 40% owned gold project in the Dominican Republic operated by Barrick, which owns the remaining 60%. The project team is evaluating additional opportunities to maximize this large project, including a potential increase in throughput.

The company’s address is Suite 3400, 666 Burrard Street, Vancouver, BC V6C 2X8, (604) 696-3000, fax: (604) 696-3001.