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Strategies & Market Trends : Alamos Gold -- Ignore unavailable to you. Want to Upgrade?

To: Chuca Marsh who wrote (2709)	5/29/2002 4:42:18 PM
From: Chuca Marsh	Respond to of 4470

Whoa, NEXT talk is LIVE with THIS NR just out talked about INCREASED RESERVES: Whoa it after hours to G is #1 now : 600 GPT zone, - Infill drilling of the High Grade Zone continued to confirm the richness of this orebody as it encountered 136 intercepts averaging 4.26 opt (146.1 gpt) over 5.6 ft (1.7 m). Individual results were as high as 19.04 opt (652.7 gpt) over 20.9 ft (6.37 metres). y: tradinup $$$$$ 29 May 2002, 04:35 PM EDT Msg. 721 of 721 Wednesday May 29, 4:30 pm Eastern Time Press Release SOURCE: Goldcorp Inc. Goldcorp Inc. - Impressive exploration results - Multiple zones of high grade encountered at depth within a 241 ft interval, including 3.53 oz/t Au over 58.0 ft! Deepest intersection of high grade mineralization to date - 4.40 oz/ton over 4.4 ft! (All dollar amounts in US$) TORONTO, May 29 /PRNewswire-FirstCall/ - GOLDCORP (GG:NYSE; G:TSX) is pleased to announce some very significant results for its first exploration update of 2002, which are highlighted below. - The first occurrence of multiple zones of high grade mineralization beneath the current HGZ reserves encountered 8 significant intersections within a 241 ft (74 m) interval including 3.53 ounces of gold per ton (opt) (121.0 grams per tonne (gpt)) over 58.0 feet (ft) (17.7 metres (m) below the limit of any previous exploration drilling! - The deepest intersection of the High Grade Zone (HGZ) to date encountered 4.40 opt (150.9 gpt) over 4.4 ft (1.3 m) at a vertical depth of 6850 feet (ft) (2088 metres (m)). - Extremely encouraging intersections of sulphide mineralization were encountered 300 ft (91 m) below the current limits of reserves and resources, including 1.50 opt (51.4 gpt) over 13.0 ft (4.0 m). - Intersections of sulphide mineralization in the Far East Zone were encountered 400 ft (121.9 m) further east than any previous results, with results of up to 1.12 opt (38.3 gpt) over 9.6 ft (2.9 m). - Infill drilling of the High Grade Zone continued to confirm the richness of this orebody as it encountered 136 intercepts averaging 4.26 opt (146.1 gpt) over 5.6 ft (1.7 m). Individual results were as high as 19.04 opt (652.7 gpt) over 20.9 ft (6.37 metres). Goldcorp is currently conducting a $12 million exploration program at its Red Lake Mine, which is the largest ever undertaken there. Exploration is the Research and Development of the mining industry and is vital for ensuring the future growth of mining companies. For 2002 Goldcorp made the strategic decision to reduce the production rate by 5% to accommodate the additional development work required to support this exploration effort. The goal of this work is to substantially expand reserves and resources to a level sufficient to increase the mine life and support an expansion of production. This exploration program is focused on four primary target areas, which are: 1) Depth extensions of the High Grade Zone (HGZ) from which all current production takes place; 2) depth extensions of the lower grade sulphide mineralization, which was the source of all mine production from 1948 to 1996; 3) a potential repeat sequence of Red Lake Mine style mineralization to the east in the Far East Zone; and 4) potential high grade mineralization 2500 ft (762 m) west of the HGZ in what is called the Western Complex Area. DEPTH EXTENSIONS OF HIGH GRADE ZONE (HGZ) First occurrence below current reserves of multiple zones - 8 zones of mineralization encountered over 241 ft, including 3.53 opt (121.0 gpt) over 58.0 ft. (17.7 m) Deepest intersection to date - 4.40 opt (150.9 gpt) over 4.40 ft (1.3 m). As a continuation of its exploration program of 2001, Goldcorp is exploring for depth extensions of the HGZ. To date this work has been focused on the Hanging Wall 5 (HW5) zone which is the highest grade zone and accounts for 25% of the high grade reserves. In 2002 our focus has been widened to determine the vertical continuity of the other zones which comprise the HGZ. The most recent exploration results continue to confirm the continuity and high grade nature of the HW5 Zone. However, the results from one drill hole (37L032) are of particular significance for two reasons. Firstly it encountered multiple (eight) zones of high grade and other mineralization over a total interval of 241 ft (74 m). This is the first occurrence of multiple zones of high grade mineralization beneath the current high grade reserves and was encountered below any previous exploration drilling. The highest grade of these intersections was 3.53 opt (121.0 gpt) over 58.0 ft (17.7 m). The other intersections included 3.81 opt (130.5 gpt) over 8.0 ft (2.4 m), 0.68 opt (23.2 gpt) over 12.5 ft (3.81 m), and 0.31 opt (10.7 gpt) over 15.5 ft (4.72 m). The second most significant factor of this drill hole, is that it obtained the deepest intersection to date of the HW5 Zone with an average grade of 4.40 opt (150.9 gpt) over 4.40 ft (1.3 m) at a vertical depth of 6850 ft (2088 m). The previous deepest intersection was 6763 ft (2061 m). These latest results are extremely encouraging as they indicate the potential to substantially increase high grade reserves and resources, should these additional zones of mineralization prove to have more substantial vertical and lateral continuity. DEPTH EXTENSIONS OF SULPHIDE MINERALIZATION Intersections up to 1.50 opt (51.4 gpt) over 13.0 ft (4.0 m), 300 ft beneath resources Sulphide mineralization was the sole source of production at the Red Lake Mine from 1948 to 1996 contributing 3.2 million ounces of gold to a vertical depth of 4400 ft (1341 m). This mineralization is typically lower grade, with the reserve grade of past production being 0.42 opt (14.4 gpt). This mineralization has previously been encountered in isolated drill holes to a vertical depth of 7200 ft (2195 m). The primary goal of the current exploration program is to attempt to establish continuity of the sulphide mineralization beneath previously mined areas in order to identify sufficient reserves to contribute to expand production at the Red Lake Mine. We have discovered that within the previously mined sulphide mineralization a number of zones of substantially higher grade existed. Extending this type of mineralization to depth therefore offers us a number of exciting alternatives to increase production as it could be mined in bulk or more selectively, depending on its extent and the prevailing gold price. 2002 exploration to date has intersected this mineralization over a vertical extent of 800 ft (244 m) and a lateral distance of 500 ft (152 m). The results of this work have been very encouraging, with a number of potentially economic intersections being obtained. The most significant of these were 1.50 opt (51.4 gpt) over 13.0 ft (4.0 m) and 0.44 opt (15.0 gpt) over 10.3 ft (3.1 m). The mineralization was encountered 300 ft (91.4 m) below the current sulphide resources and therefore suggests improved continuity of this mineralization. We continue to be excited over the long term potential of the sulphide mineralization. FAR EAST ZONE Mineralization extended 400 ft (122 m) east of the previous limits Intersections up to 1.12 opt (38.3 gpt) over 9.6 ft (2.93 m) The Far East Zone is believed to have the potential to host a repeat sequence of the mineralization contained in the Red Lake Mine, including both high grade and lower grade sulphide types. In 2002 it is being explored from surface and from underground, from the 16 Level (2400 ft or 732 m below surface), the 26 Level (3900 ft or 1189 m below surface) and the 34 Level (5100 ft or 1555 m below surface). Initial results for 2002 from the 16 Level are very encouraging. This work was able to test the Far East Zone over a vertical extent of 1000 ft (305 m) and a lateral distance of 700 ft (213 m). These results include a number of highly anomalous intersections and the most easterly intersection of gold mineralization to date in the Far East Zone, 400 ft (122 m) to the east of the previous most easterly intersection. Among the more significant intersections were 1.12 opt (38.3 gpt) over 9.6 ft (2.93 m) and 0.65 opt (22.3 gpt) over 19.7ft (6.0 m). Mineralization in the Far East Zone has now been encountered over a vertical extent of 5400 ft (1646 m) and a lateral distance of 1900 ft (579 m). HIGH GRADE ZONE INFILL DRILLING 136 intercepts averaging 4.26 opt (146.1 gpt) over 5.6 ft (1.7 m) Year to date 2002 drilling has continued to confirm the continuity and distribution of the high grade reserves and resources. This work encountered 136 intersections which averaged 4.26 opt (146.1 gpt) across 5.6 ft (1.7 m) and continued to highlight the tremendous value of the Red Lake Mine and the extremely high grade nature (richness) of this gold mineralization. Among the most impressive results were intersections of 19.04 opt (652.7 gpt) over 20.9 ft (6.4 m) and 17.21 opt (590.1 gpt) over 13.6 ft (4.2 m). SUPPORT FOR RESEARCH AND DEVELOPMENT BEING REWARDED As previously stated, Goldcorp views exploration as the research and development of the mining industry. The decision to reduce production at the Red Lake Mine to support the current increased exploration program has been rewarded with these initial extremely encouraging results. With much of the necessary development work having been completed, Goldcorp anticipates being able to provide exploration updates for the remainder of the year more frequently. QUALIFIED PERSON These results have been prepared under the guidance of Gilles Filion, P.Eng. (OIQ), Vice President of Exploration, who is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of this data. All samples were analyzed by either Chemex Laboratories Ltd. Of Mississauga, Ontario or SGS XRAL Laboratories of Red Lake, Ontario. In 2001, Goldcorp was the most profitable North American gold company, on a per share basis. Its Red Lake mine is believed to be the richest gold mine in the world. The company is in excellent financial condition, with no debt and positive free cash flow and earnings. Goldcorp is North America's largest unhedged gold company, which allows its shareholders to participate fully in a rising gold price environment. Goldcorp's shares are listed on the New York and Toronto Stock Exchanges under the trading symbols of GG and G, respectively and its options trade on the American Stock Exchange (AMEX) and the Chicago Board of Options Exchange (CBOE). SOURCE: Goldcorp Inc. (Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)