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GOLDCORP GOLD RESERVES INCREASE 23%

February 9, 2011

Toronto Stock Exchange: G                                                                    New York Stock Exchange: GG


(All Amounts in $US unless stated otherwise)

VANCOUVER, Feb. 9 /PRNewswire-FirstCall/ – GOLDCORP INC. (TSX: G, NYSE: GG) today announced that 2010 proven and probable gold reserves increased
by 23% to 60.1 million ounces, the seventh consecutive year that the
Company has increased gold reserves. Measured and indicated gold
resources also increased 13% to 25.7 million ounces in 2010. The
Company also reported one of the largest silver holdings in the sector
with proven and probable silver reserves and measured and indicated
silver resources of 1.3 billion ounces and 457.6 million ounces,
respectively.  

Highlights:

  • Recent vein discoveries at Cerro Negro nearly double gold reserves and
    resources.
      Higher grade resources at the Marianas and San Marcos veins drive an
    increase to a total 2.7 million ounces of measured and indicated gold
    resource and 720,000 ounces of inferred gold resource, in addition to
    the existing 2.1 million ounces of proven and probable gold
    reserves. Further growth at Cerro Negro is anticipated from the
    extension of open-ended mineralization in several veins as well as
    further expansion of recent drill intercepts and testing of several
    other identified surface targets. A feasibility study update analyzing
    a doubling of mill throughput is expected to be complete at the end of
    the first quarter.
  • Investments in mine development and infrastructure at Red Lake result in
    successful reserves growth. 
    Strong gold reserve additions in the High Grade Zone contributed to an
    overall increase in proven and probable gold reserves at Red Lake to
    over four million ounces.
  • First gold resource at Cochenour. An initial inferred gold resource of 2.7 million ounces has been
    derived from drilling of primarily the upper portions of the deposit. 
  • Initial gold reserve declared at Eleonore. Conversion of measured and indicated gold resources adds over three
    million ounces to proven and probable gold reserves. This reserve and
    the updated resource will form the basis for an updated pre-feasibility
    study by the end of February.
  • El Morro reserve and resource increases contribute further upside to
    world-class project in Chile.
     Proven and probable gold reserves increase 22% to 5.7 million ounces
    and proven and probable copper reserves increase 8% to 4.3 billion
    pounds (70% basis). 

The following accounts for the changes in gold reserves year over year:

Proven and probable reserves as of January 1, 2010     48.8  moz
Mined ounces during 2010 (including mining depletion)     (3.0)  
Discovered ounces and converted resources during 2010       6.9  
Net metal prices/engineering     0.5  
Acquisitions and dispositions       6.9  
Proven and probable reserves as of January 1, 2011     60.1 moz

“Strong growth in reserves and resources in 2010 underscores the
continued success of Goldcorp’s strategy to complement organic growth
in our existing districts with disciplined acquisitions,” said Chuck
Jeannes, President and Chief Executive Officer. “Of the gold ounces we
added through our drilling and planning efforts, we are particularly
pleased that investments in exploration and development to ensure the
long-term future of Red Lake and advance the Eleonore project have been
so successful. Strong execution of our exploration programs at these
operations and throughout the asset portfolio have resulted in this
growth in gold reserves at finding costs of less than $15 per gold
ounce.

“Among gold ounces we acquired during 2010, the updated resource at
Cerro Negro supports the accretive metrics of our acquisition of Andean
Resources as well as expectations for a significantly larger operation
and a long-lived source of high quality gold production for the
Company. An updated feasibility study based on more than a doubling of
the current 1,850 tonne per day throughput is planned to be released in
early April. An aggressive drilling program is underway that is
expected to further increase reserves and resources through expansion
of existing deposits as well as discoveries of new veins within this
significant land package.

“Goldcorp’s gold reserves have now increased in each of the last seven
years. Importantly, in both the last year and throughout the entire
seven-year period, our gold reserves have grown significantly not only
in absolute terms but also on a per share basis. This accretive growth
represents true value for our shareholders.”

2011 Reserve and Resource Outlook

Goldcorp expects to invest an additional $170 million in exploration in
2011, with the goal of adding new discoveries, expanding on existing
discoveries and further increasing reserves and resources.  Areas of
high potential for reserve and resource enhancement in 2011 include:

  • Cerro Negro extensional drilling to expand open-ended mineralization at
    existing vein discoveries and exploration on new targets within the
    large, underexplored land package. Conversion of measured and indicated
    resources to reserves is expected to flow from completion of the
    updated feasibility study.
  • Following the environmental impact assessment approval at El Morro,
    commencement of the drill program to further delineate the pit at El
    Morro and expand on positive results from other targets.
  • Continued routine drilling of the High Grade Zone at Red Lake from the
    4199 exploration drift, with the goal of adding reserves to the 54
    level and adding gold resources below the 54 level.
  • Further drilling at the Cochenour project at Red Lake to grow and
    continue to define the current gold resource and test new adjacent
    target areas.
  • Refined block model and updated reserve model at Eleonore in advance of
    exploration shaft completion in 2012.
  • In-fill and expansion drilling of oxide ore and continued testing of
    sulphide systems at Penasquito satellites Camino Rojo and Noche Buena
    will accelerate development plans at both projects.  Testing new
    geophysics targets in the covered valley and exploration for additional
    high grade mineralization in mantos beneath the pit bottoms at
    Penasquito will also continue.
  • Expansion drilling, testing of new targets, and updated mine planning to
    reflect larger gold reserves and resources continue at Los Filos.
  • Extensional drilling to expand recent underground discoveries at Marlin
    in Guatemala and Musselwhite and Porcupine in Ontario.

Complete reserve and resource information for all metals, including
tonnage, grade and accompanying metals price assumptions has been
posted at www.goldcorp.com.  Summary reserve and resource data is as follows:

GOLDCORP INC.
GOLD AND SILVER RESERVES AND RESOURCES SUMMARY TABLE
As of December 31, 2010

Reserves Contained Gold (m oz) Contained Silver (m oz)
Proven 23.2 673.0
Probable 36.9 620.9
Proven & Probable 60.1 1,293.9
     
Resources    
Measured 2.7 28.9
Indicated 23.0 428.7
Measured & Indicated 25.7 457.6
Inferred 20.5 116.6

 

Complete reserve and resource estimates are as follows:

GOLDCORP INC.

PROVEN AND PROBABLE RESERVES((1),(4),(5),(6))

AS OF DECEMBER 31, 2010

Based on attributable ounces

GOLD million tonnes g Au/t million ounces
Penasquito Mill Mexico 1,421.41 0.40 18.17
Pueblo Viejo (40.0%) Dominican Republic 101.86 2.89 9.46
El Morro (70.0%) Chile 371.79 0.48 5.72
Los Filos Mexico 248.60 0.68 5.47
Red Lake Canada 9.93 12.89 4.12
Porcupine Canada 76.59 1.33 3.29
Eleonore Canada 12.48 7.56 3.03
Musselwhite Canada 10.54 6.24 2.12
Cerro Negro Argentina 7.14 9.03 2.07
Marigold (66.7%) United States 86.81 0.56 1.55
Marlin Guatemala 9.21 5.17 1.53
Alumbrera (37.5%) Argentina 106.50 0.39 1.33
Wharf United States 21.66 0.87 0.60
Dee (40.0%) United States 16.55 1.74 0.93
Penasquito Heap Leach Mexico 67.80 0.18 0.40
El Sauzal Mexico 5.79 1.48 0.27
TOTAL GOLD     60.06
SILVER million tonnes g Ag/t million ounces
Penasquito Mill Mexico 1,421.41 23.4 1,068.72
Marlin Guatemala 9.21 203.6 60.29
Pueblo Viejo (40.0%) Dominican Republic 101.86 18.0 58.92
Los Filos Mexico 248.60 5.1 40.97
Penasquito Heap Leach Mexico 67.80 16.8 36.55
Cerro Negro Argentina 7.14 89.3 20.50
Dee (40.0%) United States 16.55 8.3 4.39
Wharf United States 21.66 5.2 3.60
TOTAL SILVER     1,293.9
COPPER million tonnes % Cu million pounds
El Morro (70.0%) Chile 371.79 0.52% 4,282
Alumbrera (37.5%) Argentina 106.50 0.39% 912
Pueblo Viejo (40.0%) Dominican Republic 101.86 0.09% 213
TOTAL COPPER     5,406
LEAD million tonnes % Pb million pounds
Penasquito Mill Mexico 1,421.41 0.25% 7,275
TOTAL LEAD     7,275
ZINC million tonnes % Zn million pounds
Penasquito Mill Mexico 1,421.41 0.57% 17,575
TOTAL ZINC     17,575
GOLDCORP INC.

MEASURED AND INDICATED RESOURCES((1),(2),(3),(4),(5),(7))

AS OF DECEMBER 31, 2010

Based on attributable ounces

GOLD million tonnes g Au/t million ounces
Porcupine Canada 89.81 1.41 4.06
Pueblo Viejo (40.0%) Dominican Republic 58.55 2.01 3.78
Camino Rojo Mexico 163.39 0.65 3.44
Cerro Negro Argentina 9.43 8.77 2.66
Penasquito Mill Mexico 280.60 0.27 2.40
Red Lake Canada 5.44 13.49 2.36
Los Filos Mexico 138.12 0.50 2.20
Cerro Blanco Guatemala 2.52 15.64 1.27
Noche Buena Mexico 71.75 0.42 0.96
Marigold (66.7%) United States 48.70 0.49 0.77
Eleonore Canada 1.36 10.95 0.48
Dee (40.0%) United States 9.70 1.48 0.46
San Nicolas (21.0%) Mexico 16.79 0.48 0.26
Musselwhite Canada 0.99 5.98 0.19
Wharf United States 6.28 0.93 0.19
El Sauzal Mexico 3.23 1.15 0.12
Marlin Guatemala 0.92 1.78 0.05
Penasquito Heap Leach Mexico 4.06 0.18 0.02
TOTAL GOLD     25.68
SILVER million tonnes g Ag/t million ounces
Penasquito Mill Mexico 280.60 30.0 270.38
Camino Rojo Mexico 163.39 11.6 60.70
Noche Buena Mexico 71.75 14.1 32.44
Los Filos Mexico 138.12 5.3 23.53
Pueblo Viejo (40.0%) Dominican Republic 58.55 11.8 22.18
Cerro Negro Argentina 9.43 61.8 18.74
San Nicolas (21.0%) Mexico 16.79 29.0 15.66
Cerro Blanco Guatemala 2.52 72.0 5.80
Dee (40.0%) United States 9.70 8.7 2.72
Marlin Guatemala 0.92 78.8 2.34
Penasquito Heap Leach Mexico 4.06 15.6 2.03
Wharf United States 6.28 5.4 1.09
TOTAL SILVER     457.6
COPPER million tonnes % Cu million pounds
San Nicolas (21.0%) Mexico 16.79 1.33% 491
Pueblo Viejo (40.0%) Dominican Republic 58.55 0.08% 106
TOTAL COPPER     598
LEAD million tonnes % Pb million pounds
Penasquito Mill Mexico 280.60 0.30% 1,886
Camino Rojo Mexico 163.39 0.00% 695
TOTAL LEAD     2,580
ZINC million tonnes % Zn million pounds
Penasquito Mill Mexico 280.60 1.01% 6,248
Camino Rojo Mexico 163.39 0.37% 1,339
San Nicolas (21.0%) Mexico 16.79 1.84% 682
TOTAL ZINC     8,269
GOLDCORP INC.

INFERRED RESOURCES((1),(2),(3),(4),(5),(7))

AS OF DECEMBER 31, 2010

Based on attributable ounces

GOLD million tonnes g Au/t million ounces
Eleonore Canada 12.25 10.60 4.17
Los Filos Mexico 224.43 0.53 3.82
El Morro Chile 96.29 0.99 3.06
Cochenour Canada 7.61 11.04 2.70
Red Lake Canada 3.23 16.77 1.74
Musselwhite Canada 4.59 5.76 0.85
Porcupine Canada 7.84 3.34 0.84
Cerro Negro Argentina 4.51 4.97 0.72
Cerro Blanco Guatemala 1.35 15.31 0.67
Camino Rojo Mexico 31.03 0.55 0.55
Marigold (66.7%) United States 28.19 0.48 0.43
Noche Buena Mexico 17.67 0.42 0.24
Penasquito Mill Mexico 40.79 0.17 0.22
Pueblo Viejo (40.0%) Dominican Republic 3.14 2.20 0.22
Marlin Guatemala 0.88 3.31 0.09
Dee (40.0%) United States 4.22 0.62 0.08
San Nicolas (21.0%) Mexico 1.47 0.37 0.02
Penasquito Heap Leach Mexico 1.74 0.12 0.01
El Sauzal Mexico 0.03 1.53 0.00
TOTAL GOLD     20.45
SILVER million tonnes g Ag/t million ounces
Los Filos Mexico 224.43 6.0 43.57
Penasquito Mill Mexico 40.79 30.8 40.41
Noche Buena Mexico 17.67 13.9 7.91
Camino Rojo Mexico 31.03 7.63 7.61
Marlin Guatemala 0.88 193.9 5.48
Cerro Negro Argentina 4.51 32.3 4.69
Cerro Blanco Guatemala 1.35 59.6 2.60
Pueblo Viejo (40.0%) Dominican Republic 3.14 18.1 1.83
San Nicolas (21.0%) Mexico 1.47 23.8 1.13
Penasquito Heap Leach Mexico 1.74 14.5 0.81
Dee (40%) United States 4.22 4.1 0.55
TOTAL SILVER     116.60
COPPER million tonnes % Cu million pounds
El Morro Chile 96.29 0.70% 1,486
San Nicolas (21.0%) Mexico 1.47 1.28% 41
Pueblo Viejo (40.0%) Dominican Republic 3.14 0.10% 7
TOTAL COPPER     1,534
LEAD million tonnes % Pb million pounds
Penasquito Mill Mexico 40.79 0.18% 165
Camino Rojo Mexico 31.03 0.09% 65
TOTAL LEAD     229
ZINC million tonnes % Zn million pounds
Penasquito Mill Mexico 40.79 0.38% 346
Camino Rojo Mexico 31.03 0.31% 215
San Nicolas (21.0%) Mexico 1.47 1.43% 47
TOTAL ZINC     608

*Numbers may not add up due to rounding

Goldcorp December 31, 2010 Reserve and Resource Reporting Notes:
       
1 All Mineral Reserves and Mineral Resources have been calculated in
accordance with the standards of the Canadian Institute of Mining,
Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM
JORC equivalent.
2 All Mineral Resources are reported exclusive of Mineral Reserves.
3 Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.
4 Reserves and Resources are reported as of December 31, 2010, with the
following conditions or exceptions:
  1

2

3

Reserves and Resources for Pueblo Viejo are as per information provided
by Barrick Gold Corporation.

Reserves and Resources for Dee are as per information provided by
Barrick Gold Corporation.

Resources for San Nicolas are as per information provided by Teck
Resources Limited (2001 Study).

5 Qualified Persons for the Mineral Reserve and Mineral Resource estimates
as defined by National Instrument 43-101 are as follows:
  1 Alumbrera Julio Bruna Novillo, MAusIMM, Minera Alumbrera Ltd.  
  2 Cerro Negro Steven Ristorcelli, P.Geol., Mine Dev. Assoc  
  3 El Morro Maryse Belanger, P. Geo., Sophie Bergeron, Ing. Goldcorp Inc.  
  4 Eleonore Eric Chen, P. Geo., Luc Joncas, Ing., Goldcorp Inc.  
  5 El Sauzal Steven Ristorcelli, P.Geol., Mine Dev. Assoc.  
  6 Los Filos Guillermo Pareja, P. Geo., Goldcorp Inc., John Nilsson, P.Eng.,Nilsson
Mining Services.
 
  7 Marigold Patricia A. Maloney, P.Eng., Marigold Mining Co.  
  8 Marlin Andrew Tripp, P.Eng., Marlin Mine  
  9 Musselwhite Rohan Millar, P. Geo., Bob MacDonald, P.Eng., Musselwhite Mine  
  10 Penasquito Guillermo Pareja, P.Geo., Peter Nahan, P. Eng., Goldcorp Inc.  
  11 Porcupine Stephen Price, P.Geo.,Imola Gotz, P.Eng., Porcupine Gold Mines  
  12 Pueblo Viejo Patrick Stephenson, FAusIMM, AMC Mining Consultants (Canada) Ltd.  
  13 Red Lake Chris Osiowy, P.Geo, Stephane Blais, P.Eng., Red Lake Gold Mines  
  14 Wharf Ken Nelson, MMSA, Wharf Mine  
       
6 Mineral Reserves are estimated using appropriate recovery rates and US$
commodity prices of $950 per ounce of gold, $15 per ounce of silver,
$2.00 per pound of copper, $0.70 per pound of lead, and $0.80 per pound
of zinc, unless otherwise noted below:
  1 Alumbrera $1,040/oz gold and $2.80/lb copper  
  2 Pueblo Viejo $975/oz gold, $15.50/oz silver, $2.00/lb copper  
7 Mineral Resources are estimated using US$ commodity prices of $1,100 per
ounce of gold, $17 per ounce of silver, $2.50 per pound of copper,
$0.85 per pound of lead, and $0.90 per pound of zinc, unless otherwise
noted below;
  1 Pueblo Viejo $1,100/oz gold, $16.50/oz silver, $2.50/lb copper  
  2 San Nicolas $300/oz gold, $5.00/oz silver, $0.90/lb copper, $0.50/lb zinc

Cautionary Note to United States Investors Concerning Estimates of
Measured, Indicated and Inferred Resources:
These tables use the terms “Measured”, “Indicated” and “Inferred”
Resources. United States investors are advised that while such terms
are recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize them. “Inferred
Mineral Resources” have a great amount of uncertainty as to their
existence, and as to their economic and legal feasibility. It cannot be
assumed that all or any part of an Inferred Mineral Resource will ever
be upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
other economic studies. United States investors are cautioned not to
assume that all or any part of Measured or Indicated Mineral Resources
will ever be converted into Mineral Reserves. United States investors
are also cautioned not to assume that all or any part of an Inferred
Mineral Resource exists, or is economically or legally mineable.

Maryse Belanger, Director Technical Services of Goldcorp, who is a
“qualified person” as such term is defined under National Instrument
43-101, has reviewed and approved the contents of this press release.

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, 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. 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.


Source: newswire



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