Goldcorp's Peñasquito Dev. Mine project -
The Peñasquito property,
located in the mining state of Zacatecas, Mexico,
possesses flat topography and excellent proximity
to roads, power, rail, skilled labor and smelters.
It is composed of two main deposits called Peñasco
and Chile Colorado. At June 2006, proven and probable
gold reserves at Peñasquito totaled 9.98 million ounces.
Silver reserves were 575 million ounces while lead
and zinc totaled 1.67 million tonnes and 3.62 million
tonnes respectively.
Initial mine start up is expected in late 2008 with
full production reached by late 2009.
goldcorp.com
GOLDCORP INC. (TSX:G)(NYSE:GG) -
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 22, 2007) -
announced today that it has received all permits required
for full mine and mill construction and operation
of its Penasquito project in Zacatecas, Mexico.
Penasquito Mine -
is projected to be the largest mine in Mexico -
when full production is achieved.
Current reserves represent seventeen years of gold,
silver and zinc production.
The approvals granted include the primary project MIA
(Manifestacion de Impacto Ambiental) and the high
voltage transmission line MIA.
In addition, agreements with the municipality of Mazapil
are now in place that allow for construction of the mine
and routing of the transmission line feeding the project.
The Company has also received the CUS
(Cambio de Uso Suelo) for the project.
This authorizes a change of land use to allow
mining activities on the property.
Under previously granted construction permits, electric
power and water are established to the site, the airstrip
has been constructed, concrete foundations have been
poured for the site's medical and construction camp
facilities and preparation for mill construction
activities is underway.
The Company has also added construction management staff
for the project.
"The earlier-than-expected receipt of construction
and operating permits is a great milestone in the
development of this world-class project," said
Kevin McArthur, President and Chief Executive Officer.
"Combined with the anticipated second quarter start of
commercial production at Los Filos mine in Guerrero State,
2007 will be an important and exciting year for our
Luismin division in Mexico.
Goldcorp enjoys one of the strongest growth profiles
in the industry, but what truly differentiates the
Company is the amount of growth that will come from
strong, politically stable jurisdictions."
Goldcorp had planned for the completion of permitting
by mid-year 2007.
The project remains on schedule for initial production
from heap leaching of oxide ore by mid-year 2008 and
full operation of the mill and flotation circuit by
late 2009.
Proven and probable reserves currently contain
9.98 million ounces of gold,
575 million ounces of silver
and 3.62 million tonnes of zinc.
Exploration drilling to expand these reserves continues,
and the company expects to update reserves and resources
in the second quarter of 2007.
Goldcorp is one of the world's lowest-cost and fastest
growing multi-million ounce gold producers with
operations throughout the Americas.
FOR FURTHER INFORMATION PLEASE CONTACT:
Goldcorp Inc.
Melanie Pilon
Director, Investor Relations
(604) 696-3024
(604) 696-3001 (FAX)
Goldcorp Inc.
Jeff Wilhoit
(775) 827-4600
(775) 827-6992 (FAX)
Email: info@goldcorp.com
goldcorp.com
goldcorp.com
Website: www.goldcorp.com
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