Toronto Stock Exchange:
G
New York Stock Exchange: GG
VANCOUVER, Dec. 13 /PRNewswire/ -
GOLDCORP INC. (TSX: G, NYSE: GG) and Andean Resources
Limited ("Andean") announced today the approval of the
Environmental Impact Assessment by the Santa Cruz province in
Argentina for the development and production of the Cerro Negro
gold project, a high-grade world-class deposit located on the
low-elevation Patagonian plains of southern Argentina. The permit
enables Goldcorp to commence mine construction immediately
following the transfer of ownership on December 30, 2010.
"The successful permitting of Cerro Negro is a
positive first step in what we expect will be an efficient and
straightforward construction process," said Chuck Jeannes, Goldcorp
President and Chief Executive Officer. "Cerro Negro's ideal
physical setting and easily accessible veins will result in
near-term, cash flow-accretive gold production at a relatively
small capital investment. Moreover, recent discoveries of
high grade veins and extensions of existing veins form the basis
for the analysis of a much larger gold production profile than
originally contemplated. We look forward to Cerro Negro's
development into Goldcorp's next cornerstone gold asset."
An update to Andean's July 2010 feasibility study is currently underway
that will reflect recent drilling success. The update, which
is expected to be completed at the end of the first quarter 2011,
is analyzing a doubling of mill capacity to approximately 4,000
tonnes per day to process ore mined concurrently from the Eureka
and Marianas vein systems. Detailed engineering and subsequent
permitting amendment efforts will follow immediately afterward.
The Cerro Negro site team in Argentina continues
to make good progress in advancing the project. The decline
into the high-grade Eureka vein, which will comprise the first
source of mill feed upon initial production in 2013, has reached
over 630 meters in length. Upgrades to the main access road
and camp expansion will commence early in 2011. Geotechnical
work for the mill and associated facilities will commence
shortly. Orders for long lead time items including the mills
and crushers will be placed following the completion of the
feasibility study update at the end of the first quarter of
2011.
Exploration plans for the first half of 2011
include in-fill and extension drilling of the San Marcos vein
discovered in late 2009 and the two Mariana veins (Central and
Norte) discovered in 2010. Several new prospect
areas with known gold mineralization have been identified within
the 215 square kilometer property and testing of these new vein
targets will commence in the second quarter of 2011. An
updated reserve and resource calculation for Cerro Negro will be
available in early February with Goldcorp's annual reserve and
resource update.
Key dates remaining under the timetable as
detailed in the transaction Scheme are as follows:
- December 16, 2010 - Record date
for Andean shareholders determining election of cash and
shares.
- December 30, 2010 - Scheme
implementation; consideration payable delivered to Andean
shareholders.
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.
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
the negative connotation thereof 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. All
forward-looking statements are developed based on assumptions about
such risks, uncertainties and other factors set at herein.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other 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; risks related to joint venture
operations; actual results of current exploration activities;
actual results of current reclamation activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; future prices of gold, silver, copper, lead
and zinc; possible variations in ore reserves, grade or recovery
rates; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes; delays in obtaining
governmental approvals or financing or in the completion of
development or construction activities and other risks of the
mining industry, 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, 2009 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. The
forward-looking statements contained in this press release are made
as of the date of this press release 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 Goldcorp's 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.
Copyright . 13 PR Newswire