Goldcorp Reports Second Quarter Results

VANCOUVER, BRITISH COLUMBIA, Jul 31 (MARKET WIRE) --
All Amounts in $US unless stated otherwise

GOLDCORP INC. (TSX: G)(NYSE: GG) today reported increased gold production
of 551,600 ounces for the quarter ended June 30, 2008. Adjusted net
earnings(1) in the quarter were $83.2 million, or $0.12 per share. A
non-cash foreign exchange loss on the revaluation of future income tax
liabilities led to a reported net loss of $9.2 million, or $0.01 per
share, for the second quarter.

Second Quarter 2008 Highlights:

- Revenues increased 19% versus the second quarter of 2007, to $631.7
million on gold sales of 556,200 ounces.

- Cash flow before changes in working capital(2) increased 49% to $226.3
million.

- Total cash costs of $308 per gold ounce(3), net of by-product copper
and silver credits.

- Cash margins increased 18% to $589 per gold ounce.

- Paid $32.0 million in dividends during the quarter.

- Increased 2008 exploration budget 20% to $180 million.

- Announced today an agreement to acquire Gold Eagle Mines Ltd.

"We are pleased to have met our cash cost expectations of $275 per ounce
in the first half of the year despite industry-wide cost pressures," said
Kevin McArthur, President and Chief Executive Officer. "Our low-cost
portfolio of mines provided strong cash flow growth in the first six
months amid a continued high gold price environment. However, gold
production was approximately 10% lower than expected, and some of the
factors causing the shortfall have continued into the third quarter.
While we expect improvements in the second half, the delayed gold
production, industry-wide cost pressures and a previously reported
shortfall in ounces at our Canadian mines have led to a revision of
guidance for 2008."

At Los Filos mine, 2008 production will be adversely affected by a ground
movement detected in mid-July on a portion of the heap leach pad. The
movement area has stabilized, and no leakage of solutions from the liner
system has been detected. Remediation efforts will interrupt the expected
production ramp-up in the second half of 2008 due to unloading of ore
from a portion of the pad.

Production at Marlin mine was impacted by previously-reported power
disruptions due to tampering with the mine's power line. Following the
initial loss of power to the site on June 11th, mining at the underground
and open pit continued, but ore processing was disrupted. Re-routing of
the power line was successfully completed, and power was restored to the
mine on July 26th. Milling of the stockpiled ore is now underway. The
Company succeeded in keeping its entire Marlin workforce on the active
payroll during the outage. Revenue-based tax and royalty payments that
had been interrupted as a result of the incident have now resumed. As one
of the country's largest taxpayers, Goldcorp's contributions to
Guatemala's economy have funded significant improvements to
infrastructure, community health programs and education in the region.

Following a first quarter mine sequencing issue that led to lower than
expected gold production at Red Lake, the mine finished the second
quarter with solid results. Development of ore loading facilities at the
new Number 3 shaft continues to progress toward the designed 6,000 tonnes
per day hoisting capacity, expected by the end of 2008. Coupled with
important underground infrastructure development, Red Lake will be
well-positioned for increased production and lower mining costs in 2009;
however, production is not expected to meet original 2008 projections.

The Company expects that the risks of continued cost pressures combined
with a revised gold production outlook will result in higher than
previously projected total cash costs for the year. Production guidance
for 2008 has been revised to 2.3 million to 2.4 million ounces of gold at
a total cash cost of less than $300 per ounce.

Financial Review

A realized gold price of $897 per ounce led to a 19% increase in revenues
in the second quarter, to $631.7 million compared to $528.8 million in
the second quarter of 2007. Gold sales for the quarter increased to
556,200 ounces at a total cash cost of $308 per ounce, compared with
536,900 ounces at a total cash cost of $166 per ounce in 2007. The
increase in total cash costs was due to a strengthening Canadian dollar,
increased labour and higher consumable costs. Total cash costs on a
co-product basis were $432 per ounce in the second quarter versus $304 in
the 2007 period.

The Company reported a net loss of $9.2 million or $0.01 per share,
compared to net earnings of $2.9 million in the second quarter of 2007.
Adjusted net earnings totalled $83.2 million, or $0.12 per share,
compared to $95.3 million, or $0.14 per share, in 2007. Second quarter
2008 adjusted net earnings primarily exclude the effect of a non-cash
$98.4 million foreign exchange loss on revaluation of future income tax
liabilities. Cash flow from operations before working capital changes
increased 49% to $226.3 million, or $0.32 per share, from $152.2 million,
or $0.22 per share, in the second quarter of 2007.

For the first six months ended June 30, 2008, revenues increased 25% to
$1.26 billion compared to $1.0 billion in the first six months of 2007.
On a by-product basis, total cash cost was $274 per ounce compared to a
total cash cost of $192 per ounce in 2007. Total cash costs on a
co-product basis were $417 per ounce in the first half versus $296 per
ounce in the 2007 period.

Net earnings in the first six months of 2008 were $220.3 million or $0.31
per share, compared to net earnings of $108.5 million, or $0.15 per
share, in 2007. Adjusted net earnings totalled $247.9 million, or $0.35
per share, compared to $178.1 million, or $0.25 per share, in 2007.
Adjusted net earnings primarily exclude the effect of a non-cash foreign
exchange loss on revaluation of future income tax liabilities, the first
quarter gain on the sale of the Silver Wheaton shares, and an unrealized
non-hedge copper derivative loss. Cash flow from operations before
working capital changes increased 41% to $465.4 million, or $0.66 per
share, from $329.0 million, or $0.47 per share, in the first six months
of 2007.

Penasquito Project Update

During the second quarter, several major milestones were achieved at
Penasquito:

- The 400 kV El Salero substation and Penasquito substations were
energized, including the 69 kV Mine Loop and the Merrill Crowe plant.

- The concrete foundations for SAG Line 1 were completed. The mills for
Line 1 arrived on site and are currently being installed. At the tailings
facility the contractor continued with the priority to complete the water
reservoir by the fourth quarter to begin storing water for milling
operations in 2009.

- The first 70 cubic yard electric mining shovel commenced production in
June. The second shovel is now operational. There are currently 23 haul
trucks operating and three being assembled.

- Ten water wells in the Torres well field are now completed and ready
for pump installation. The fresh water pond was also completed. The
right-of-way for the water and power lines to the well field was secured
and the 36" pipeline is being installed.

- A metallurgical test program was initiated to determine flotation
recoveries for gold and silver telluride minerals that have been
classified as waste in the current open pit design. The program will be
completed by the end of the year.

- A concentrate transportation study evaluating railing, trucking, and a
combination of rail and trucking coupled with pumping concentrates, was
completed. The study confirmed that the truck transportation scenario as
modelled in the feasibility study is the most economic mode of
concentrate transportation.

Leaching of the first pad cell commenced in April. The oxide plant was
commissioned and the first gold, which is ancillary to the primary
operations, was poured on May 10th. Approximately 13 hectares were under
leach at June 30th. The first non-commercial production of 1,600 ounces
of gold and 91,600 ounces of silver was achieved in the quarter. The
oxide crushing plant was also completed and is now producing over-liner
product for the leach pad. Liner installation on the leach pad was
completed.

By the end of the second quarter at Penasquito, $801 million had been
spent and $341 million had been committed for a total of $1.142 billion
of the total capital cost estimate of $1.494 billion. Construction is on
schedule and budget.

Exploration and Development Update

Goldcorp remains the fastest growing and lowest cost senior gold
producer. Looking beyond its 50% growth target over the next five years,
a variety of opportunities highlight the Company's approach to
establishing dominant positions in strong gold districts. Given the
success to date of a number of high priority programs currently underway,
Goldcorp's Board of Directors today approved a 20% increase in the 2008
exploration budget from $150 million to $180 million. The additional $30
million will be invested in successful drilling programs underway at
mines and projects in Canada and Mexico. Included in this total is an
additional $11 million for exploration work in the Red Lake district
which would include Bruce Channel and Cochenour expenditures commencing
in October. Through the first half of 2008, company-wide exploration
expenditures amounted to $71.5 million, of which $43.7 million was
capitalized.

Red Lake - Ontario, Canada

With the announced acquisition of Gold Eagle Mines Ltd. ("Gold Eagle"),
Goldcorp is consolidating 8 kilometres of strike length at Red Lake,
enhancing its position in the highest grade gold district in the world.
Exploration drilling continues to provide impressive results, leading to
eventual optimization of operations.

- Drilling continues to provide positive results in the Party Wall
between the former Campbell and Red Lake mines. Opportunities to
accelerate production from this area are under investigation. In addition
to the Party Wall, high grade gold assays in the Deep Campbell and Red
Lake zones indicate that deeper portions of the mine will continue to be
productive for several years. - The new Number 3 shaft is capable of
hoisting 6,000 tons per day, eliminating production bottlenecks that will
facilitate increased mining efforts on the lower grade footwall complex.

- Drilling continues to define a potential open pit resource above the
old underground workings and planning for this opportunity and others in
the district will lead to design and feasibility studies for a large new
mill.

- Subject to completion of the Gold Eagle acquisition, an accelerated
development schedule for the Cochenour and Bruce Channel deposits will
take advantage of synergies within the Red Lake camp.

- Drilling at the Rahill-Bonanza joint venture project is expected to
provide further opportunity for high grade gold production in the
district.

Musselwhite - Ontario, Canada

Drilling at Musselwhite mine over the last 18 months continues to provide
evidence for a new geologic paradigm that could result in significant
resource growth. Gold discoveries in the Pre-Cambrian banded iron
formation have extended known mineralization 2.3 kilometres along strike
as well as laterally in the Moose and Thunderwolves zones. The Company's
objective is to continue with exploration programs throughout this year
and to commence scoping of an enhanced operation in 2009.

Hollinger - Ontario, Canada

At the Hollinger project, the Company has identified high potential
underground targets at both ends of the Hollinger - McIntyre trend.
Additional exploration drilling will be focused on these areas, while
permitting will begin on an open pit development located within the
historic Hollinger area. Mining operations ceased in this area in 1968.

Eleonore Project, Quebec

Exploration of the Eleonore project has successfully expanded beyond the
original Roberto zone envelopes with the discovery of mineralized zones
to the north. In general, these zones are higher in grade than the
current resource, and drilling beyond 1,000 meters in depth is providing
consistent grades and thicknesses that support further investigation.

Progress is currently being made to expand the exploration and
feasibility work to include design, permitting and construction of a road
and power line into the project site, construction of a temporary
airstrip, enhancement of camp and office facilities and commencement of
an exploration shaft installation by year-end. The shaft will be utilized
to access underground platforms for deeper exploration drilling in the
central and northern sections of the ore body.

A new resource estimate will be completed by year-end, providing interim
data for feasibility completion in late 2009. The Company is confident
that Eleonore will be the next major gold mining project for its future
in Canada.

Penasquito, Mexico

Exploration progress at Penasquito in Zacatecas State has been
encouraging. The company recognizes Penasquito to be a world class
precious metals district and has worked to consolidate its land position
and to explore in areas close to the mine. Results to date indicate the
following:

- Continued drilling and metallurgical studies in the Penasco pit area
support the potential for a significant open pit reserves expansion in
2008. Flotation tests indicate that gold in tellurides is amenable to
flotation. Further test work is underway to confirm this thesis, which
may lead to re-classification of a certain tonnage of waste rock in the
current pit design to ore categories. Furthermore, subject to
confirmation work, this metallurgical breakthrough, combined with
additional drilling in the southwest corner of the pit, may materially
shift the economic pit limit, leading to further reserves increases.
Completion of this work is anticipated in time for the year-end reserves
summary.

- Drilling beneath the open pit limits continues to provide encouragement
for the possibility of an underground mine at Penasquito. A program of
nine vertical holes to test bulk mineable concepts is underway, expected
to be completed by year-end.

- Drilling in the Nochebuena project, 5 kilometres to the north of
Penasquito continues to provide encouraging results. An oxide horizon has
been outlined, supporting potential for a sizeable heap leach operation.

- Feasibility work to install in-pit crushing and conveying has
continued, with a goal to reduce the number of haul trucks and the
associated fuel, tire and maintenance costs. In conjunction with the
above and a potential underground mine, the feasibility of a large power
plant for Penasquito is also being investigated.

Guatemala

Progress is underway with underground development of the Cerro Blanco
project in southeast Guatemala. Early work is designed to confirm quartz
vein geometry and to test underground conditions while feasibility work
is completed for the mine and for development of the adjacent geothermal
power opportunity. Drilling continues at the nearby Escobal discovery,
and continued good results support a growing expectation for synergies
with the Cerro Blanco project. An optimized project of scale could
provide significant benefits to the Company's Guatemala business plan and
provide a new source of investment revenue and clean power generation for
the country.

Gold Eagle Acquisition

Goldcorp also announced today an agreement to acquire, through a friendly
plan of arrangement, all outstanding shares of Gold Eagle. Gold Eagle's
principal asset is the world class Bruce Channel gold discovery which is
contiguous to Goldcorp's Cochenour deposit at Red Lake. This transaction
will enable Goldcorp to capitalize on its extensive exploration and
operations expertise in the Red Lake district and its considerable human
resources as well as mining and related infrastructure at its Red Lake
mine.

This release should be read in conjunction with Goldcorp's second quarter
2008 MD&A report on the Company's website, www.goldcorp.com, in the
"Investors" section under "Financials".

A conference call will be held today at 10:00 a.m. (PDT) to discuss
second quarter results as well as details of today's announcement of the
Gold Eagle acquisition. Participants may join the call by dialing toll
free 1-866-226-1799 or 416-641-6129 for calls from outside Canada and the
US. A recorded playback of the call can be accessed after the event until
August 29, 2008 by dialing 1-800-408-3053 or 416-695-5800 for calls
outside Canada and the US. Passcode: 3264804. A live and archived audio
webcast will also be available at www.goldcorp.com.

Goldcorp is the lowest-cost and fastest growing multi-million ounce gold
producer with operations throughout the Americas. Its gold production
remains 100% unhedged.

(1) Adjusted net earnings is a non-GAAP measure. The Company believes
that, in addition to conventional measures prepared in accordance with
GAAP, the Company and certain investors use this information to evaluate
the Company's performance. Accordingly, it is intended to provide
additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP.
Refer to page 26 of the second quarter 2008 MD&A for a reconciliation of
adjusted net earnings to reported net earnings.

(2) Operating cash flow before working capital adjustments is a non-GAAP
measure which the Company believes provides a better indicator of the
Company's ability to generate cash flow from its mining operations. Cash
provided by operating activities reported in accordance with GAAP was
$184.7 million in the second quarter of 2008.

(3) The Company has included a non-GAAP performance measure, total cash
cost per gold ounce, throughout this document. The Company reports total
cash costs on a sales basis. In the gold mining industry, this is a
common performance measure but does not have any standardized meaning,
and is a non-GAAP measure. The Company believes that, in addition to
conventional measures, prepared in accordance with GAAP, certain
investors use this information to evaluate the Company's performance and
ability to generate cash flow. Accordingly, it is intended to provide
additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP.

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,
copper, zinc and lead, 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, zinc and lead 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. FINANCIAL TABLES FOLLOW

The accompanying notes form an integral part of these unaudited
consolidated financial statements (available on www.goldcorp.com).

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(US dollars in millions, except for share and per share amounts -
Unaudited)

Three Months Ended Six Months Ended
June 30 June 30
2008 2007 2008 2007
--------------------------------------------------------------------------

Revenues $ 631.7 $ 528.8 $ 1,258.4 $ 1,003.0
--------------------------------------------------------------------------
Operating expenses 318.9 234.1 577.4 449.6
Depreciation and depletion 119.9 108.0 231.1 208.7
--------------------------------------------------------------------------

Earnings from mine operations 192.9 186.7 449.9 344.7
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Corporate administration (1) 41.4 39.9 66.5 65.6
Exploration 15.3 10.9 27.8 17.8
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Earnings from operations 136.2 135.9 355.6 261.3
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Other income (expense)
Interest and other income 9.1 1.8 18.8 6.3
Interest expense and
finance fees (0.6) (12.7) (6.2) (26.5)
Share of income (loss)
of equity investee 0.1 (0.6) 3.9 (0.6)
Loss on foreign exchange (91.2) (102.9) (157.8) (46.2)
Non-hedge derivative loss (0.7) (26.9) (32.3) (35.2)
Gain (loss) on
securities, net - 11.9 (1.5) 9.1
Gain on sale of Peak and
Amapari mines - 40.2 - 40.2
Gain on disposition of
Silver Wheaton shares - - 292.5 -
Dilution (loss) gain (0.7) 6.5 1.4 6.7
--------------------------------------------------------------------------
(84.0) (82.7) 118.8 (46.2)
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Earnings from continuing
operations before taxes and
non-controlling interests 52.2 53.2 474.4 215.1
Income and mining taxes (61.6) (50.8) (245.2) (82.8)
Non-controlling interests 0.2 (11.4) (8.9) (23.8)
--------------------------------------------------------------------------
Net (loss) earnings from
continuing operations (9.2) (9.0) 220.3 108.5
Net earnings from
discontinued operations - 11.9 - 19.3
--------------------------------------------------------------------------
Net (loss) earnings $ (9.2) $ 2.9 $ 220.3 $ 127.8
--------------------------------------------------------------------------
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(1) Stock option expense
(a non-cash item) is included
in corporate administration $ 15.3 $ 18.5 $ 19.7 $ 24.9

(Loss) earnings per share
from continuing operations
Basic $ (0.01) $ (0.01) $ 0.31 $ 0.15
Diluted (0.01) (0.01) 0.31 0.15

(Loss) earnings per share
Basic $ (0.01) $ 0.00 $ 0.31 $ 0.18
Diluted (0.01) 0.00 0.31 0.18

Weighted-average number
of shares outstanding
(in thousands)
Basic 710,774 704,044 709,740 703,830
Diluted 710,774 708,962 714,479 709,421

CONSOLIDATED BALANCE SHEETS
(US dollars in millions - Unaudited)

June 30 December 31
2008 2007
--------------------------------------------------------------------------
Assets
Current
Cash and cash equivalents $ 1,160.8 $ 510.8
Marketable securities 29.0 25.8
Accounts receivable 166.1 154.5
Income and mining taxes receivable 12.8 43.3
Future income and mining taxes 13.5 10.7
Inventories and stockpiled ore 221.6 191.4
Other 60.3 15.3
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Current assets 1,664.1 951.8
Mining interests 15,042.6 16,452.8
Deposits on mining interest expenditures 174.7 -
Goodwill 761.8 815.6
Silver interests - 385.3
Stockpiled ore 91.1 76.2
Other long-term investments 215.2 228.0
Other 62.6 42.5
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$ 18,012.1 $ 18,952.2
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Liabilities
Current
Accounts payable and accrued liabilities $ 280.7 $ 277.3
Current portion of long-term debt - 28.6
Current derivative instrument liability 22.4 15.5
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303.1 321.4
Income and mining taxes payable 31.5 33.5
Future income and mining taxes 4,132.2 3,858.3
Long-term debt - 1,036.3
Reclamation and closure cost obligations 265.7 261.3
Other 17.4 13.2
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4,749.9 5,524.0
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Non-controlling interests 47.8 449.6
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Shareholders'Equity
Common shares, share purchase warrants,
and stock options 12,028.1 11,930.4
Retained earnings 1,046.5 890.1
Accumulated other comprehensive income 139.8 158.1
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1,186.3 1,048.2
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13,214.4 12,978.6
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$ 18,012.1 $ 18,952.2
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(US dollars in millions - Unaudited)

Three Months Ended Six Months Ended
June 30 June 30
2008 2007 2008 2007
--------------------------------------------------------------------------

Operating Activities
Net (loss) earnings from
continuing operations $ (9.2) $ (9.0) $ 220.3 $ 108.5
Reclamation expenditures (5.3) (0.2) (8.5) (2.0)
Items not affecting cash
Depreciation and depletion 119.9 108.0 231.1 208.7
Stock option expense 15.3 18.5 19.7 24.9
Share of (income) loss
of equity investee (0.1) 0.6 (3.9) 0.6
Non-hedge derivative
(gain) loss (9.8) 17.7 13.7 31.1
Loss (gain) on
securities, net 0.1 (11.9) 1.0 (9.1)
Gain on sale of Peak and
Amapari mines - (40.2) - (40.2)
Gain on disposition of
Silver Wheaton shares - - (292.5) -
Dilution loss (gain) 0.7 (6.5) (1.4) (6.7)
Future income and
mining taxes 17.8 (36.0) 126.4 (55.3)
Non-controlling interests (0.2) 11.4 8.9 23.8
Unrealized foreign
exchange loss and other 97.1 99.8 150.6 44.7
Change in non-cash
working capital (41.6) (31.4) (64.4) (96.9)
--------------------------------------------------------------------------
Cash provided by operating
activities of continuing
operations 184.7 120.8 401.0 232.1
--------------------------------------------------------------------------
Cash provided by
operating activities of
discontinued operations - 13.5 -
33.7--------------------------------------------------------------------------

Investing Activities
Mining interests (252.9) (223.6) (447.6) (364.4)
Deposits on mining
interest expenditures (50.3) - (174.7) -
Proceeds from dispositions
of mining interests - 192.9 - 216.9
Silver purchase interests - (57.7) - (57.7)
Proceeds from disposition
of Silver Wheaton shares,
less cash - - 1,505.1 -
Purchase of investments - (6.9) - (10.6)
Proceeds from sale of
investments - 21.1 - 21.1
Restricted cash received - - - 65.0
Other (3.1) 13.8 (3.6) 6.9
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Cash (used in) provided
by investing activities
of continuing operations (306.3) (60.4) 879.2 (122.8)
--------------------------------------------------------------------------
Cash used in investing
activities of
discontinued operations - (0.8) - (1.4)
--------------------------------------------------------------------------

Financing Activities
Long-term debt borrowings - 740.0 - 740.0
Long-term debt repayments - (940.0) (645.0) (1,125.0)
Common shares issued, net 39.4 5.2 79.8 7.6
Shares issued by
subsidiaries to
non-controlling interests - 23.7 - 26.4
Dividends paid to
common shareholders (32.0) (31.7) (63.9) (63.3)
--------------------------------------------------------------------------
Cash provided by (used)
in financing activities 7.4 (202.8) (629.1) (414.3)
--------------------------------------------------------------------------

Effect of exchange rate
changes on cash and
cash equivalents 6.1 0.4 (1.1) 0.6
--------------------------------------------------------------------------

(Decrease) increase in
cash and cash equivalents (108.1) (129.3) 650.0 (272.1)
Cash and cash equivalents,
beginning of period 1,268.9 383.5 510.8 526.3
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Cash and cash equivalents,
end of period $ 1,160.8 $ 254.2 $ 1,160.8 $ 254.2
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Contacts:
Goldcorp Inc.
Jeff Wilhoit
Vice President, Investor Relations
(604) 696-3074
(604) 696-3001 (FAX)
Email: info@goldcorp.com
Website: www.goldcorp.com

Copyright 2008, Market Wire, All rights reserved.

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