Peñasquito Fully Permitted

- Goldcorp reported on Jan. 22, 2007, that it has received all permits required for full mine and mill construction, and operation of its Peñasquito project in Zacatecas, Mexico. The Peñasquito mine is projected to be the largest mine in Mexico when in full production, with average annual production of 387,500 oz of gold, 22.8 million oz of silver, and 137,000 mt of zinc over a 17-year mine life.

Goldcorp had planned completion of permitting for Peñasquito 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 oz of gold, 575 million oz of silver, and 3.62 million mt of zinc. Exploration drilling to expand these reserves continues, and the company expects to update reserves and resources in the second quarter of 2007.