Toronto Stock Exchange: G New York Stock Exchange: GG
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(All Amounts in $US unless stated otherwise)
VANCOUVER, Feb. 8 /PRNewswire-FirstCall/ - GOLDCORP INC.
(TSX: G, NYSE: GG) today announced that it has sold its 10.1%
equity interest in Osisko Mining Corporation ("Osisko"),
representing approximately 38.6 million common shares. The shares
were sold on an underwritten block trade basis, at a gross price of
C$13.75 per share. Goldcorp expects
to receive cash proceeds of approximately C$530 million.
"The sale of our investment in Osisko highlights Goldcorp's
continued success in redeploying internal capital from non-core
assets to fund our leading growth profile," said Chuck Jeannes, Goldcorp President and Chief
Executive Officer. "The transaction reinforces our disciplined
approach to maintaining an investment grade balance sheet. The
proceeds from this sale will be used to fund the development of
Goldcorp's existing project pipeline. With over $1 billion in cash and forecast cash flows of
nearly $2.5 billion at current metal
prices in 2011, we have the required liquidity to fund our
exceptional growth profile. We have appreciated our relationship
with Osisko and congratulate management for their delivery of
shareholder value over the past few years."
The syndicate was lead by Canaccord Genuity and UBS Securities
Canada and included RBC Capital Markets, Scotia Capital, Bank of
America Merrill Lynch, GMP Securities and Macquarie Capital Markets
Canada.
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.
This press release is not an offer of securities for sale in
the United States. The Osisko
common shares sold have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered
or sold in the United States
absent registration or an applicable exemption from
registration.
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 b. 8 PR Newswire