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Goldcorp Inc (2)
Symbol G
Shares Issued 813,190,774
Close 2014-07-24 C$ 29.27
Market Cap C$ 23,802,093,955
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Goldcorp produces first gold at Cerro Negro

2014-07-25 13:20 ET - News Release

Mr. Chuck Jeannes reports

CERRO NEGRO ACHIEVES FIRST GOLD PRODUCTION

First gold production has been achieved at Goldcorp Inc.'s Cerro Negro, a high-grade gold mine located in the Santa Cruz province of Argentina.

"We are very pleased to have first production on schedule and within our current capital-cost-guidance range from this world-class mine," said Chuck Jeannes, Goldcorp president and chief executive officer. "Very importantly, this achievement was reached safely, with Cerro Negro in the midst of a run of over 4.1 million man-hours without a lost time accident. This milestone signals not only the start of Cerro Negro's mine life, but also a period of sustained growth for Goldcorp. The team at Cerro Negro has done an outstanding job amid occasionally challenging circumstances, and I congratulate them for this outstanding effort. We look forward to strong contributions from Cerro Negro to Goldcorp's overall performance for many years to come."

On July 25, the initial dore bar weighing approximately 100 kilograms was poured at the mine, containing an estimated 317 ounces of gold. Over all, progress at the mine remains on track for declaration of commercial production by the end of the year. Production guidance for 2014 is expected to be between 130,000 ounces and 180,000 ounces of gold. Initial capital costs have been reduced by $100-million and are now expected to be between $1.6-billion and $1.7-billion.

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