VANCOUVER, Sept. 4, 2018 /PRNewswire/ - GOLDCORP
INC. (TSX: G, NYSE: GG) ("Goldcorp" or the "Company") is
pleased to report significant progress on key permitting and
project milestones which will contribute both to our five-year
20/20/20 plan to increase gold production and gold reserves by 20%,
while decreasing all-in sustaining costs per ounce by 20%, and to
our Beyond 20/20 growth opportunities.
"We continue to be impressed with our team's execution as we
advance projects on time and on budget through the permitting and
development process", said David
Garofalo, President and Chief Executive Officer of Goldcorp.
"Goldcorp provides its shareholders with meaningful value growth
opportunities over the next decade with reserve and production
growth and declining costs from existing mines, and the strongest
pipeline of potential large-scale new mines."
Goldcorp will hold a conference call related to our permitting
updates and for Responsible Investors and environmental, social and
governance (ESG) analysts on Thursday,
September 6, 2018 at 11:00 a.m.
Eastern time / 8:00 a.m. Pacific
time to discuss its ESG practices, and sustainability goals
described in the Company's 2017 Sustainability Report. Dial-in and
webcast details are available on our website.
Highlights
- At Borden, bulk sample
extraction began in August 2018, two
months ahead of schedule, with operating permits expected in the
fourth quarter of 2018. The mine electrification process is
underway, and commercial production remains on track for the second
half of 2019.
- The Century prefeasibility study remains on schedule for
completion in the fourth quarter of 2018, and the associated
project description has been submitted and is currently undergoing
a 20-day public comment period in order to move on to the next
stage of permitting.
- The Coffee project completed the adequacy review phase
of the permitting process with Yukon Environmental and
Socio-economic Assessment Board (YESAB) in August, 2018 and has now
entered a 30 to 60 day public comment period. Production is
still expected to commence in 2021.
- At Peñasquito, the Pyrite Leach Project has completed
construction with commissioning further accelerated to the third
quarter of 2018, two quarters ahead of schedule. First gold and
commercial production are expected in the fourth quarter.
Borden Project Continues to Advance; Ramp Development on
Schedule
At Borden (100% owned,
Canada), all mine infrastructure
to support production is in place. Ramp development has now reached
approximately 1.6 km in length with a depth of 300 m, and is on schedule.
Figure 1: Visual Review of Annual Mine Plan (Mine-Wide).
The bulk sample extraction began in August, two months ahead of
schedule, with a first zone of extraction on levels 225 and
240. The continuation of the exploration ramp is leading
toward level 420 m, which will be the
final phase of the bulk sample program. In 2018, the bulk sample
extraction will de-risk the project and allow for recovery of 4,000
ounces of gold, as well as learning and confirming the main
characteristics of the ore body such as rock stability, geology and
recoveries.
All operating permits are expected to be obtained by the fourth
quarter of 2018, allowing an increased pace of development along
with construction of the remaining critical mine infrastructure
including ventilation raise and secondary egress for the operation.
Permit applications for industrial sewage, air and water have been
through the 30-day Environmental Registry phase and are currently
being finalized. The next milestone will be receiving acceptance of
the mine closure plan, expected 45 days after the August 22, 2018 submission.
Figure 2: Borden Project Schedule & Milestones. Production
is subject to receipt of permits and positive feasibility
study.
Figure 3: Geographic overview of Borden Site.
The mine is expected to begin commercial production, as planned,
in the second half of 2019. Borden
is focused on using new technologies, including mine
electrification and full connectivity, with the goal of increasing
efficiency and enhancing safety. Currently, the exploration ramp is
using mainly electric vehicles. The fleet is composed of state of
the art mining equipment, automated battery/electric jumbos and
battery bolters. All services vehicles are electrified, including a
conventional grader which was converted into a battery-operated
unit.
Figure 4: Underground electrical equipment at Borden including; A. Battery/Electric
Development Jumbo (Sandvik DD422IE) B. Battery/Electric Mechanized
Bolter (McLean 975 Omnia Bolter)
C. Fully Electric Scoop / Underground Loader (Sandvik LH514E).
As a leader in mining innovation and adopter of clean
technology, Goldcorp has sought partnerships with suppliers,
Government, First Nations, associations and other mining companies.
For example, the Government of Ontario has agreed to invest $5 million into the deployment of the
all-electric fleet through its target greenhouse gas program.
With all-electric underground mine operations, Goldcorp
estimates that operating costs will be reduced by over $9 million per year due to the elimination of
approximately two million litres of diesel fuel, and with reduced
ventilation needs, a decrease of approximately 32,000 MWh of
electricity and a corresponding decrease in propane required to
heat the ventilation. Importantly, we expect a reduction in annual
green house gas emissions of more than 7,000 tons, or a seventy per
cent reduction over a baseline mine.
On June 6, 2018, Goldcorp
announced the signing of an Impacts and Benefits Agreement with
three First Nation communities with respect to the development and
operation of the Borden project.
The formal signing of the agreement follows successful negotiations
with Brunswick House First Nation, Chapleau Cree First Nation and
Chapleau Ojibwe First Nation, and is a milestone marking the first
time these three First Nation communities are involved with a
mining project.
Century Prefeasibility Nears Completion and its Associated
Project Description Has Been Submitted.
The Century (100% owned, Canada) prefeasibility study is on schedule to
be completed in the fourth quarter of 2018 and the feasibility
study by the first quarter of 2020. The submitted Project
Description has successfully met the criteria for the Prescribed
Information for a Description of a Designated Project
Regulation, in accordance with the Canadian Environmental
Assessment Agency (CEAA) 2012 requirements and is now undergoing a
20-day public comment period. Baseline field studies and modelling
are underway to support the permitting process.
Figure 5: Simplified Flow Sheet for Century.
Figure 6: Century Project Integrated Schedule and Timeline.
Production is subject to receipt of permits and positive
feasibility study.
A series of trade-off studies to improve mining and processing
efficiencies were completed to present the single go forward option
which then became the basis for the prefeasibility study. Trade-off
studies completed included: truck and shovel capacity, co-mingling
of tailings with waste rock (Eco-Tails), filtered tails, thickened
tails, conveying of rock from the pit, autonomous haulage and
optimized process plant design.
Coffee Gold Project Deemed 'Adequate' and Moving into Public
Consultation followed by Screening
The Coffee Gold Project (100% Owned, Canada) has been deemed adequate by the Yukon
Environmental and Socio-economic Assessment Board (YESAB) in
August 2018. This is positive step
forward though the first stage of the permitting process outlined
within the Yukon Environmental and Socio-economic Assessment Act
(YESAA). Public consultation begins immediately.
The Coffee Gold Project continues to advance engineering,
exploration and permitting activities with production expected to
commence in 2021.
On April 30, 2018, Goldcorp and
Tr'ondëk Hwëch'in (TH) announced that the parties had entered into
a Collaboration Agreement relating to the Coffee gold project. The
Agreement represents a significant milestone towards building a
long-term relationship and is a critical step towards delivering
economic opportunities for TH and its citizens through the
development of the Coffee Gold Project in the Yukon.
Figure 7: Coffee Project Timeline and Key Milestones. Production
is subject to receipt of permits and positive feasibility
study.
Pyrite Leach Project at Peñasquito Remains Ahead of Schedule
and Under Budget
At Peñasquito (100% owned, Mexico), the Pyrite Leach Project is now fully
constructed and is undergoing pre-commissioning together with
area-based commissioning. First gold and commercial production are
expected in the fourth quarter of 2018.
The Carbon Pre-flotation component of the project is now
allowing Peñasquito to process ore which was previously considered
uneconomic, including significant amounts already in stockpiles.
The project was completed under budget in the second quarter of
2018 and has been operational since May
2018. With a focus on safety and reliability, PLP has been
delivered with zero Lost Time Incidents and an All Injury Frequency
Rate of 0.09.
Figure 8: Arial View of Pyrite
Leach Project.
About Goldcorp
Goldcorp is a senior gold producer focused on responsible mining
practices with safe, low-cost production from a high-quality
portfolio of mines.
Scientific and technical information contained in this news
release was reviewed and approved by Ivan
Mullany, FAusIMM, Senior Vice President, Technical Services
for Goldcorp, and a "qualified person" as defined by National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the United States Exchange Act of
1934, as amended, the United States Private Securities
Litigation Reform Act of 1995, or in releases made by the United
States Securities and Exchange Commission, all as may be amended
from time to time, and "forward-looking information" under the
provisions of applicable Canadian securities legislation,
concerning the business, operations and financial performance and
condition of Goldcorp. Forward-looking statements include, but are
not limited to, the future price of gold, silver, zinc, copper and
lead, the estimation of mineral reserves and mineral resources, the
realization of mineral reserve estimates, the timing and amount of
estimated future production, costs of production, targeted cost
reductions, capital expenditures, free cash flow, costs and timing
of the development of new deposits, success of exploration
activities, permitting and certification time lines, hedging
practices, currency exchange rate fluctuations, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, health,
safety and diversity initiatives, 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 words such as "plans", "expects" , "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" , "believes", or variations or comparable
language of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "should",
"might" or "will", "occur" or "be achieved" or the negative
connotation thereof.
Forward-looking statements are necessarily based upon a number
of factors and assumptions 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 Goldcorp's
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 mineral resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions (including environmental regulatory restrictions and
liability), changes in national and local government legislation,
taxation, controls or regulations and/or change in the
administration of laws, policies and practices, expropriation or
nationalization of property and political or economic developments
in Canada, the United States, Mexico, Argentina, the Dominican Republic, Chile or other jurisdictions in which the
Company does or may carry on business in the future, delays,
suspension and technical challenges associated with capital
projects, higher prices for fuel, steel, power, labour and other
consumables, 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 believes its expectations are based upon
reasonable assumptions and 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:
future prices of gold, silver, zinc, copper and lead; mine
development and operating risks; possible variations in ore
reserves, grade or recovery rates; 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;
actual results of current reclamation activities; environmental
risks; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the mining industry; risks associated
with restructuring and cost-efficiency initiatives; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; risks related to the
integration of acquisitions; 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 most recent annual information form available
on SEDAR at www.sedar.com and on EDGAR 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 disposition,
monetization, merger, acquisition, other business combination or
other transaction 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 Goldcorp's operating environment. Goldcorp
does not intend or undertake to publicly update any forward-looking
statements that are included in this document, whether as a result
of new information, future events or otherwise, except in
accordance with applicable securities laws.
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SOURCE Goldcorp Inc.