VANCOUVER, BRITISH COLUMBIA, Jul 04 (MARKET WIRE) --
GOLDCORP INC. (TSX: G)(NYSE: GG) today announced that the Marlin mine in
Guatemala has experienced power interruptions as a result of tampering
with lines supplying power to the mine site, resulting in periodic idling
of the mill facility. Mining activities at the underground and open pit
have been largely unaffected and ore continues to be stockpiled on site.
The interference with the operation of the power line is being carried
out by a landowner with whom Goldcorp has an existing right-of-way
agreement since 2004. The agreement provides monetary compensation in
exchange for access for the passage and proper maintenance of the power
line. In keeping with its commitment to the Voluntary Principles on
Security and Human Rights, Goldcorp has made extensive efforts to work
cooperatively with the landowner, including a provision for additional
compensation as requested, attempts to re-route power lines and through
mediation with the third party independent Human Rights Ombudsman for
Guatemala. Goldcorp continues to seek an equitable solution and is
working with local and national officials in Guatemala to resolve this
issue as quickly and fairly as possible.
Goldcorp's primary concern is for the safety of the residents, its
employees and other individuals in the vicinity of the power line's
route. The 69 Kv line carries electrical loads that can result in fire,
severe injuries and death in the event of improper contact. Unplanned
power outages at the mine site can also have severe safety consequences
for Goldcorp employees.
About Marlin Mine
Marlin mine is expected to produce approximately 250,000 ounces of gold
per year and approximately 4 million ounces of silver per year over its
mine life. Goldcorp is the largest single employer in the region,
employing over 800 Guatemalans and paying among the highest wages in the
country. On average, the mine generates weekly tax receipts to the
Guatemalan government of approximately US$355,000. In addition, weekly
royalty receipts of approximately US$78,000 are split equally between the
Guatemalan government and the local municipality of San Miguel
Ixtahuacan. For San Miguel Ixtahuacan, receipt of royalty payments has
resulted in substantial infrastructure improvements in the area,
including roads, public works, and reliable power. Tax and royalty
payments have been delayed as a result of the power issue. For more
information on Goldcorp's community relations activities in Guatemala,
please visit the website 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.
Cautionary Note Regarding Forward-Looking Statements
This presentation contains "forward-looking statements", within the
meaning of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of Goldcorp
Inc. ("Goldcorp"). Forward-looking statements include, but are not
limited to, statements with respect to the future price of gold, silver,
copper, lead and zinc, the estimation of mineral reserves and resources,
the realization of mineral reserve estimates, the timing and amount of
estimated future production, costs of production, capital expenditures,
costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, hedging practices,
currency exchange rate fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, timing and possible outcome of
pending litigation, title disputes or claims and limitations on insurance
coverage. Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate",
"believes" or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of Goldcorp to be materially different from those expressed
or implied by such forward-looking statements, including but not limited
to:
risks related to the integration of acquisitions; risks related to
international operations; risks related to joint venture operations;
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, copper, lead and zinc; possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes; delays
in obtaining governmental approvals or financing or in the completion of
development or construction activities and other risks of the mining
industry, as well as those factors discussed in the section entitled
"Description of the Business - Risk Factors" in Goldcorp's annual
information form for the year ended December 31, 2006 available at
www.sedar.com. Although Goldcorp has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking statements, 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 does not undertake to update any
forward-looking statements that are included in this document, except in
accordance with applicable securities laws.
Contacts:
Goldcorp Inc.
Jeff Wilhoit
Vice President, Investor Relations
(604) 696-3074
(604) 696-3001 (FAX)
Email: info@goldcorp.com
Website: www.goldcorp.com
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