Goldcorp $57M underwriting closes, mine development begins. Expected to be amongst the 10 lowest cost producers worldwide. CSA owns two shares of Goldcorp for each share of CSA. Exploration continues to further expand reserves at Red Lake.
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Attention Business Editors:
Red Lake development underway
Dynatec Corporation and Hatch Associates Awarded Key Contracts
TORONTO, May 13 /CNW/ - GOLDCORP INC. (TSE/ME: G.A., G.B; NYSE: GG.A, GG)
is pleased to announce the award of two key contracts for the development of
its Red Lake Mine to two internationally recognized mining and engineering
contractors.
Dynatec Corporation will be responsible for the underground development
and construction contract. The contract involves 20,000 feet of underground
development and infrastructure upgrades at the Red Lake Mine. Dynatec has
recently built the Ken Snyder Mine owned by Franco-Nevada and Euro-Nevada and
its involvement continues as the mine operator.
Hatch Associates will be responsible for the detailed engineering design
and procurement of the surface processing plant. Hatch Associates provides
comprehensive consulting, engineering, technology, and project and
construction management to the global mining and metallurgical industries. Its
programs and projects under management have an aggregate value in excess of
Cdn$7 billion, and include the Dry Grinding and Roasting project for Barrick
Gold Corporation's Goldstrike Mine.
Development of the Red Lake Mine will take 18 months to complete.
Commercial production is expected to begin in the fourth quarter of 2000 at an
annual production rate of 240,000 ounces at an average cash production cost of
US$88 per ounce.
Goldcorp is a North American-based gold producer. In addition to its
high-grade Red Lake Mine, Goldcorp owns and operates the Wharf gold mine
located in the Black Hills of South Dakota, and industrial mineral mines
located in Saskatchewan and New Brunswick.
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For further information: please contact: Robert R. McEwen, Chairman and
Chief Executive Officer, (416) 865-0326
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