Goldcorp secures construction permit for Cerro Negro project
December 14 2011 - 6:45AM
PR Newswire (Canada)
Toronto Stock Exchange: G New York Stock Exchange: GG (All Amounts
in $US unless stated otherwise) VANCOUVER, Dec. 16, 2011 /CNW/ -
GOLDCORP INC. today announced the approval of the amended
Environmental Impact Assessment (EIA) by Provincial authorities in
the province of Santa Cruz for the development and construction of
the Cerro Negro gold project, a high-grade deposit located on the
low-elevation Patagonian plains of southern Argentina. With
production expected to average approximately 550,000 ounces of gold
in its first five full years in production, Cerro Negro is
well-positioned as Goldcorp's next cornerstone gold mine. "The
receipt of approvals following a straightforward permitting process
with the Santa Cruz provincial authorities is a major milestone,"
said Chuck Jeannes, Goldcorp President and Chief Executive Officer.
"The Cerro Negro team will now immediately advance full
construction and continue what has been an impressive pace of
development progress. Cerro Negro's low capital cost and cash
flow-accretive gold production beginning in 2013 forms an important
component of Goldcorp's peer-leading five-year growth
profile. Moreover, significant vein extensions and new vein
discoveries underscore the potential for further expansion of the
long-term production profile at this exciting project." The
approval of the amended EIA allows for construction of the plant
with throughput increased from 1,850 tonnes per day to 4,000 tonnes
per day and the concurrent development and mining of three
underground vein deposits: Eureka, Mariana Central and Mariana
Norte. Development of Eureka has advanced on schedule, and
development of Mariana Central and Mariana Norte will now commence
immediately. In conjunction with an investor tour, the Company
provided an update of development and 2011 exploration highlights
on December 5, 2011. The release is available under the
'Investor Resources-News' section at www.goldcorp.com. Goldcorp is
one of the world's fastest growing senior gold producers. Its
low-cost gold production is located in safe jurisdictions in the
Americas and remains 100% unhedged. Cautionary Note Regarding
Forward-Looking Statements This press release contains
"forward-looking statements", within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of
Goldcorp Inc. ("Goldcorp"). Forward-looking statements include, but
are not limited to, statements with respect to the future price of
gold, silver, copper, lead and zinc, the estimation of mineral
reserves and resources, the realization of mineral reserve
estimates, the timing and amount of estimated future production,
costs of production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities,
permitting time lines, hedging practices, currency exchange rate
fluctuations, requirements for additional capital, government
regulation of mining operations, environmental risks, unanticipated
reclamation expenses, timing and possible outcome of pending
litigation, title disputes or claims and limitations on insurance
coverage. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative
connotation thereof. Forward-looking statements are made based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performances or achievements of
Goldcorp to be materially different from future results,
performances or achievements expressed or implied by such
statements. Such statements and information are based on
numerous assumptions regarding present and future business
strategies and the environment in which Goldcorp will operate in
the future, including the price of gold, anticipated costs and
ability to achieve goals. Certain important factors that could
cause actual results, performances or achievements to differ
materially from those in the forward-looking statements include,
among others, gold price volatility, discrepancies between actual
and estimated production, mineral reserves and resources and
metallurgical recoveries, mining operational and development risks,
litigation risks, regulatory restrictions (including environmental
regulatory restrictions and liability), activities by governmental
authorities (including changes in taxation), currency fluctuations,
the speculative nature of gold exploration, the global economic
climate, dilution, share price volatility, competition, loss of key
employees, additional funding requirements and defective title to
mineral claims or property. Although Goldcorp has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Forward-looking statements are subject to known and
unknown risks, uncertainties and other important factors that may
cause the actual results, level of activity, performance or
achievements of Goldcorp to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to the integration of
acquisitions; risks related to international operations, including
economical and political instability in foreign jurisdictions in
which Goldcorp operates; risks related to current global financial
conditions; risks related to joint venture operations; actual
results of current exploration activities; environmental risks;
future prices of gold, silver, copper, lead and zinc; possible
variations in ore reserves, grade or recovery rates; mine
development and operating risks; accidents, labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities; risks related to
indebtedness and the service of such indebtedness, as well as those
factors discussed in the section entitled "Description of the
Business - Risk Factors" in Goldcorp's annual information form for
the year ended December 31, 2010 available at www.sedar.com.
Although Goldcorp has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking statements, 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. Forward-looking statements are
made as of the date hereof and accordingly are subject to change
after such date. Except as otherwise indicated by Goldcorp,
these statements do not reflect the potential impact of any
non-recurring or other special items or of any dispositions,
monetizations, mergers, acquisitions, other business combinations
or other transactions that may be announced or that may occur after
the date hereof. Forward-looking statements are provided for
the purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of our operating environment. Goldcorp does
not undertake to update any forward-looking statements that are
included in this document, except in accordance with applicable
securities laws. SOURCE Goldcorp Inc. Image with caption:
"Goldcorp's Cerro Negro Project, Santa Cruz, Argentina (CNW
Group/Goldcorp Inc.)". Image available at:
http://photos.newswire.ca/images/download/20111216_C7465_PHOTO_EN_8328.jpg
Goldcorp Inc. CONTACT: Jeff WilhoitVice President, Investor
RelationsGoldcorp Inc.Telephone: (604) 696-3074Fax: (604)
696-3001E-mail: info@goldcorp.comwebsite: www.goldcorp.com
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