Cochenour development activities during 2009 include preparation of a study to determine the preferred alternative for accessing the Bruce Channel deposit. Under consideration are a shaft on Mac- Kenzie Island, a shaft on the mainland, or utilizing the company’s existing Cochenour shaft in conjunction with development of a new internal winze or high-speed underground access from the Goldcorp’s existing Red Lake complex. Goldcorp also has begun dewatering the existing Cochenour shaft, which will facilitate exploration of the Bruce Channel main zone. The company is targeting completion of a pre-feasibility study and commencement of shaft or winze development during 2010. Total investment for initial development during 2009, exclusive of a $6-million drilling budget, is estimated at $12 million.

Goldcorp describes the Cochenour project as an important step in the long-term optimization of its entire Red Lake asset portfolio. Other initiatives associated with this program include the ongoing expansion of the Red Lake mine, the assessment of possible open-pit mining opportunities, and the third-quarter 2009 completion of an exploration drift that will allow resumption of routine exploration and in-fill drilling in the Red Lake mine’s High Grade Zone for the first time in four years.