Goldcorp Achieves Record Adjusted Earnings  

VANCOUVER, BC  Goldcorp inc. reported record adjusted net earnings1 in the quarter increased to $459 million, compared to $244 million, in the third quarter of 2010. Net earnings were $336 million compared to $721 million in the third quarter of 2010. Operating cash flows before working capital changes2 were $681 million for the third quarter of 2011 based on gold production of 592,100 ounces at a total cash cost3 of $258 per ounce.

"Our record third quarter results illustrate the earnings power of sustained high gold prices in combination with Goldcorp's low-cost gold production profile," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "With solid third quarter performance from several key mines and substantially increased production expected in the fourth quarter, we remain on track to achieve our full-year gold production target of between 2.50-2.55 million ounces. A particularly strong performer was Marlin in Guatemala, which had record production in the third quarter. Porcupine in Ontario also exceeded production expectations in addition to continued exploration success. We are also pleased to report that progress at Peûasquito on the supplemental ore feed system and tailings facility improvements remains on track for ramp-up to full 130,000 tonnes per day throughput to resume by the end of this year toward full capacity by the end of the first quarter of 2012.

"Within our industry-best growth project pipeline, the rate of progress has been equally impressive. Cerro Negro in Argentina remains on schedule for first production in 2013 and significant new vein extensions underscores the potential for further expansion of the long-term production profile at this cornerstone asset.  Development is also accelerating at our two advanced-stage Canadian gold projects Äonore in Quebec is progressing impressively toward first gold production in 2014, and Cochenour in Red Lake is on schedule for a similar 2014 start-up  El Morro in Chile also took a significant step forward with the completion of the technical work on the feasibility study update, confirming the project's potential as an important component of our longer-term growth profile. In the near-term, the Pueblo Viejo joint venture in the Dominican Republic is positioned for first gold production in mid-2012.

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