TSX: G NYSE: GG
(All amounts in $US unless stated otherwise)
VANCOUVER, Nov. 24, 2015 /CNW/ - GOLDCORP INC. (TSX:
G, NYSE: GG) today announced it has completed the previously
announced transaction to purchase New Gold Inc.'s ("New Gold")
(TSX: NGD, NYSE: NGD) 30% interest in the El Morro copper-gold
project in Chile. Goldcorp now owns 100% of the
project. Goldcorp paid New Gold $90
million in cash along with a 4% gold stream payable on
future gold production from the El Morro property. New Gold
will make ongoing payments of $400
per ounce of gold delivered under the contract for the initial
217,000 ounces, and thereafter will make ongoing payments of
$400 per ounce plus, commencing on
the first anniversary of the gold stream agreement, a 1% per annum
adjustment (compounded annually). At December 31, 2014, El Morro had proven and
probable gold reserves of 8.92 million ounces (100%
basis)1.
Subsequent to closing the New Gold transaction, Goldcorp also
announced that it completed the transaction with Teck Resources
Limited ("Teck") (TSX: TCK.A & TCK.B, NYSE: TCK) to combine
their respective interests in the El Morro and Relincho projects in
Chile into a 50/50 joint venture
with the interim name of Project Corridor.
About Goldcorp
Goldcorp is a leading gold producer focused on responsible
mining practices with safe, low-cost production throughout the
Americas. A portfolio of long-lived, high-quality assets
positions Goldcorp to deliver long-term value.
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1 Estimated in accordance with CIM Definition Standards
and National Instrument 43-101 as required by Canadian securities
regulatory authorities. For a breakdown and additional details on
tonnes, grade and ounces, see Goldcorp's 2014 Annual Information
Form.
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 Section 21E of the United States Securities
Exchange Act of 1934, as amended, Section 27A of the United States
Securities Act of 1933, as amended 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, 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 economic 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, 2014
available at www.sedar.com and the United States Securities and
Exchange Commission at www.sec.gov. 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 or incorporated by reference in this document, except in
accordance with applicable securities laws.
SOURCE Goldcorp Inc.