Goldcorp Inc.
TSX : G
NYSE : GG

Goldcorp Inc.

December 02, 2009 09:01 ET

Goldcorp Announces Agreement for Sale of Minority Interest in Morelos Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2009) - Goldcorp Inc. (TSX:G)(NYSE:GG) today announced that its wholly-owned subsidiary company, Desarrollos Mineros San Luis, S.A. de C.V. ("DMSL"), has entered into an agreement with Newstrike Capital Inc. (TSX-V NEX: NES.H) ("Newstrike") for the sale of DMSL's 21.2% interest in the Morelos gold project in Mexico for consideration of not less than CDN$52 million comprised of CDN$44.5 million in cash and 15 million common shares in the capital of Newstrike. Completion of the transaction is subject to a financing condition in favour of Newstrike, completion of legal and financial due diligence, and other customary terms and conditions. Gleichen Resources Ltd. holds a right of first refusal to acquire DMSL's interest in the Morelos Project which is exercisable for a period of 90 days from the date it is advised of the terms of the agreement with Newstrike. Goldcorp expects the transaction to close in early 2010.

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 press release 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, 2008 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.

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