Goldcorp Receives Penasquito Construction and Operating Permitsadmin
GOLDCORP INC. announced 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.
Cautionary Note Regarding Forward Looking Statements Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, silver and copper, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Goldcorp to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the 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 and copper, as well as those factors discussed in the section entitled “General Development of the Business – Risks of the Business” in Goldcorp’s Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. and Goldcorp’s Annual Information Form on file with the securities regulatory authorities in Canada. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially, 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.
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: firstname.lastname@example.org
Source: Goldcorp Inc.