Full Description

Goldcorp Inc. (Goldcorp) is engaged in the acquisition, exploration, development and operation of precious metal properties. The Company’s principal product is gold. In addition to gold, the Company also produces silver and copper. It has gold mineral reserves at the Red Lake Gold Mines, the Porcupine Mine, the Musselwhite Mine, the Marigold Mine, the Wharf Mine, the El Sauzal Mine and the Nukay Mine; gold and silver mineral reserves at the Los Filos Mine, the San Dimas Mines and the Marlin Mine; gold and copper mineral reserves at the Alumbrera Mine; gold, silver and copper mineral reserves at the Pueblo Viejo Project, and gold, silver, lead and zinc mineral reserves at the Penasquito Project.

On September 25, 2008, Goldcorp completed its acquisition of Gold Eagle Mines Ltd. (Gold Eagle) (the Gold Eagle Acquisition). The Company’s acquisition of the Cochenour Deposit through the Gold Eagle Acquisition secures control of eight kilometers of strike length along the prolific Red Lake trend in Ontario, Canada. The Cochenour Deposit is southwest of the Red Lake Gold Mines and contiguous to the Cochenour-Willans project. Goldcorp Canada owns an approximate 66% equity interest, on an as-converted basis, in Terrane Metals Corp. (Terrane), an exploration and mine development company focused on the development of the Mt. Milligan copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada.

The Company’s properties in Canada and the United States include Red Lake Gold Mines, the Cochenour Deposit, the Porcupine Mine, as a joint venture, the Musselwhite Mine, as a joint venture, the Marigold Mine, the Wharf Mine, the Eleonore Project, the South Arturo Project and the Imperial Project. The Corporation’s properties in Mexico include the Los Filos Mine, the El Sauzal Mine, the San Dimas Mines, the Nukay Mine, the Penasquito Project and the Noche Buena Project. Goldcorp’s properties in the Central and South America region include the Alumbrera Mine, the Marlin Mine, the San Martin Mine, the Pueblo Viejo Project, the Cerro Blanco Project and the Escobal Project. During the year ended December 31, 2008, leaching was essentially completed at the San Martin Mine and closure procedures were initiated.

Red Lake Gold Mines, Canada

In 2008, the gold production from Red Lake Gold Mines amounted to 629,176 ounces of gold. The properties held by Red Lake Gold Mines cover approximately 2,335 hectares located in the Red Lake Mining Division within the District of Kenora in northwestern Ontario. The Red Lake Gold Mines’ properties are located in the Canadian Shield, approximately 180 kilometers north of Dryden, Ontario. The Red Lake Complex consists of 89 patented claims covering 1,254 hectares and the Campbell Complex consists of 77 mineral claims covering 1,084 hectares. In general, there are three types of mineralization zones encountered at the Red Lake Gold Mines’ properties, namely vein type ore, disseminated sulphide ore and replacement ore. In 2008, 692,436 feet of definition, delineation and exploration diamond drilling was conducted by Red Lake Gold Mines.

Los Filos Mine, Mexico

The Los Filos Mine consists of two open pit mines (Los Filos and Bermejal) with common process and ancillary facilities, which is wholly owned by Desarrollos Mineros San Luis, S.A. de C.V., a Mexican company indirectly wholly owned by the Corporation, and a small supplementary underground mine and milling facility owned by Compania Minera Nukay, S.A. de C.V, also a Mexican company indirectly wholly owned by the Corporation. All of these installations are located in the Nukay mining district of central Guerrero State, Mexico. The first gold pour at Los Filos took place in June 2007 and commercial production on January 1, 2008. Production during 2008, at Los Filos was 189,345 ounces of gold, and the supplementary underground operation produced 24,298 ounces of gold during 2008. The combined production at Los Filos, open pit and underground (which was previously known as the Nukay mine), was 213,643 ounces of gold.

The Los Filos Mine is located in the Nukay mining district of central Guerrero State in southern Mexico, approximately 230 kilometers south of Mexico City. Both the mine and the adjacent Nukay mining operations lie within the southern part of the Morelos National Mineral Reserve (Morelos Sur), which covers a total of 47,600 hectares and was formally controlled by the Consejo Recursos Minerales, an agency of the government of Mexico. The Los Filos Mine consists of 20 different concessions totaling 4,962 hectares within the municipality of Eduardo Neri, Guerrero, Mexico.

Since mining operations at Los Filos and Bermejal began during the year ended December 31, 2005, exploration drilling has focused on targets outside the Los Filos and Bermejal deposits. The primary target of interest is called the 4P. The target consists of four areas: Creston Rojo, Zona 70, Conchita and El Grande. The 4P project is located along the ridge in the west part of the Los Filos intrusive. During 2008, 107 holes were drilled, 53 were diamond holes and 54 were done by reverse circulation. During 2008, a total of 22.1 million tons of ore with an average grade of 0.615 grams of gold per ton and 22.5 million tons of waste were mined from the Los Filos pits. A total of 437,195 contained gold ounces were mined during 2008.

Penasquito Project, Mexico

The Penasquito Project is an open pit mining operation with two separate process facilities for oxide ore and sulphide ore. The Penasquito Project is in development and construction has begun. The oxide ore is processed through a heap leach/Merrill-Crowe facility that started operating in February 2008. The first gold pour at the Penasquito Project from the oxide circuit was on May 10, 2008. Goldcorp owns, through its wholly owned Mexican subsidiary, Minera Penasquito, S.A. de C.V. (Minera Penasquito), 100% of the mineral rights to a large area covering approximately 39,000 hectares located in the north-eastern portion of the State of Zacatecas in north-central Mexico (the Penasquito Property).

Drilling has focused on the exploration of three principal areas: the original Chile Colorado Zone, the Brecha Azul Zone (Azul Breccia, Northeast Azul NE and Luna Azul) and the Penasco Zone (including El Sotol). As of December 31, 2008, 969 drill holes totaling 528,748 meters have been drilled. Drill data up to and including hole #GP-594 (for which final assays were received on November 28, 2008) have been used to estimate mineral resources. A total of 801 drill holes within the mineralized zone were selected for geological modeling and mineral resource estimation. A total of 22,417 ounces of gold and 1,354,843 ounces of silver were produced at Minera Penasquito in 2008, which represents an average recovery of 27.8% of the total gold ounces and 12.7% of silver ounces placed on the leach pad.

The Noche Buena Project is a mid-stage exploration project that was acquired by the Corporation as part of the Penasquito Project. Noche Buena is located in north-eastern Zacatecas state, Mexico 20 kilometers northwest of the town of Conception de Oro and four kilometers north of Minera Penasquito. The property comprises a porphyritic granodiorite-quartz monzonite porphyry intrusive complex. Both sulfide and deep oxide mineralization are present. The drilling database consists of 60 diamond drill holes (10 of which were drilled by a previous owner) totaling 32,500 meters.

Marlin Mine, Guatemala

The Marline Mine is 100% owned by Montana Explorada de Guatemala, S.A., a wholly owned subsidiary of the Company. It is located in the northern section of the province of San Marcos in the municipality of San Miguel Ixtahuacan in western Guatemala, approximately 140 kilometers northwest of the capital, Guatemala City. The project consists of one 200 hectare exploitation concession and 10,000 hectares of exploration concession. Approximately 550 small properties have been purchased by the Company. In 2008, exploration continued to focus activities on the West Vero zone, West Marlin extension and the Coral drift. As of December 31, 2008, 7,601 meters of drilling were carried out at West Vero, consisting of 17 holes, 7,346 meters of drilling were carried out at West Marlin, consisting of 19 holes, and 316 meters of drift were completed in the Coral drift, as well as 519 meters of drilling in one hole to reach the Coral zone. In 2008, the Marlin Mine produced 241,367 ounces of gold and 3,212,594 ounces of silver.

Pueblo Viejo Project, Dominican Republic

Pueblo Viejo is located in the central part of the Dominican Republic on the Caribbean island of Hispanola in the province of Sanchez Ramirez and covers an area of 3,200 hectares. The project is 15 kilometers west of the provincial capital of Cotui and approximately 100 kilometers northwest of the national capital of Santo Domingo. The main port facility in the Dominican Republic is Haina in Santo Domingo. Other port facilities are located at Puerto Plata, Boca Chica and San Pedro de Macoris.