Goldcorp Inc.
TSX : G
NYSE : GG

Goldcorp Inc.

February 17, 2010 08:55 ET

Goldcorp Announces Sixth Consecutive Annual Increase in Gold Reserves

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2010) - (All Amounts in $US unless stated otherwise)

GOLDCORP INC. (TSX:G)(NYSE:GG) today announced that as of December 31, 2009 proven and probable gold reserves increased 5.3% to 48.8 million ounces and proven and probable silver reserves increased 4.2% to 1,300.0 million ounces. Measured and indicated gold resources increased 3.2% to 22.7 million ounces in 2009 and measured and indicated silver resources increased 38.3% to 598.1 million ounces. All increases are the result of Goldcorp's successful organic growth programs and do not include any ounces acquired during the year.

Highlights include:

- At Los Filos, a strong reserve increase in the Bermejal pit and a new gold reserve in the 4P area support plans for an efficient, integrated pit complex; the total increase amounts to over one million ounces.

- Additional information in Penasquito's Chile Colorado has identified 790,000 ounces of new proven and probable reserves: of which 389,000 ounces are due to new information supporting higher expected recoveries of certain low-lead content material.

- Recent exploration investment at Marigold's Red Dot area leads to 730,000 ounce reserve addition.

- Eleonore gold resource continues to grow in scope and quality; a pre-feasibility study is nearly complete to advance development.

- The recent Canplats and El Morro acquisitions are not included in these figures and are expected to further enhance total reserves and resources.



The following accounts for the changes in gold reserves year over year:

Proven and probable reserves as of January 1, 2009 46.3 moz
Mined ounces during 2009 (including mining depletion) (3.1)
Discovered ounces during 2009 5.6
----------------------------- ----
Proven and probable reserves as of January 1, 2010 48.8 moz


"Replacing gold reserves mined each year is the first objective of our exploration team, so we are pleased to have more than replaced reserves for the sixth consecutive year," said Chuck Jeannes, President and Chief Executive Officer. "This impressive track record is a testament to our dual focus on organic growth through exploration coupled with an opportunistic approach to M&A that places the primary emphasis on the quality of our gold reserves versus the simple quantity of overall gold ounces. Goldcorp is unique among gold mining peers in that practically all of our gold reserves are currently being actively mined or developed; in fact, every ounce of proven and probable gold reserves at Goldcorp-operated assets is contained at mines already in production or well-advanced in construction."

In 2009, Goldcorp invested $92 million into exploration, of which $59 million was capitalized. Finding costs for proven and probable plus measured and indicated gold ounces amounted to less than $15 per gold ounce.

Goldcorp expects to invest an additional $130 million in exploration in 2010, with the goal of further increasing reserves and resources. Following the recent acquisitions of Canplats Resources and the El Morro project this amount is expected to increase. Areas of high potential for reserve and resource enhancement in 2010 include:

- Continued drilling of the High Grade Zone at Red Lake from the 4199 exploration drift, with the goal of adding reserves in areas down to the 52 level and adding resources below the 52 level.

- Completing drilling and modeling to produce an initial resource for a potential surface operation at Red Lake.

- Drilling from underground at the Cochenour project at Red Lake for the first time will target the heart of the deposit to produce the initial gold resource. Mine development plans at Cochenour are well underway.

- Construction of the exploration shaft at Eleonore in Quebec will allow for more focused deep drilling in the north high grade area.

- In-fill drilling of oxide ore and continued testing of sulphide systems at Penasquito satellites Camino Rojo and Noche Buena will accelerate development plans at both projects.

- Testing of high grade and bulk underground resources at Penasquito will continue during 2010.

- Incorporating newly-discovered high grade zones at West Vero to expand reserves at the Marlin mine.

- Updating the feasibility study of the El Morro project to add reserves and commencing drilling programs focused on resource growth on the highly-prospective land package.

Complete reserve and resource information for all metals, including tonnage, grade and accompanying metals price assumptions has been posted at www.goldcorp.com. Summary reserve and resource data is as follows:



GOLDCORP INC.
GOLD AND SILVER RESERVES AND RESOURCES SUMMARY TABLE
As of December 31, 2009

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Reserves Contained Gold (m oz) Contained Silver (m oz)
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Proven 21.3 709.3
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Probable 27.5 590.7
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Proven & Probable 48.8 1,300.0
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Resources
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Measured 2.7 4.9
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Indicated 20.0 593.1
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Measured & Indicated 22.7 598.1
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Inferred 19.6 459.9
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Complete reserve and resource calculations is as follows:

GOLDCORP INC.
PROVEN AND PROBABLE RESERVES(1),(4),(5),(6)
AS OF DECEMBER 31, 2009

Based on attributable ounces
---------------------------------------------------------------------------
GOLD million tonnes g Au/t million ounces
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Alumbrera (37.5%) Argentina 120.00 0.40 1.53
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Dee (40.0%) United States 14.31 1.86 0.86
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El Sauzal Mexico 5.81 1.77 0.33
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Los Filos Mexico 222.28 0.79 5.67
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Marigold (66.7%) United States 90.72 0.55 1.61
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Marlin Guatemala 13.45 4.78 2.07
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Musselwhite Canada 10.42 6.29 2.11
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Penasquito Heap Leach Mexico 72.50 0.17 0.40
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Penasquito Mill Mexico 1,144.76 0.47 17.42
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Porcupine Canada 57.63 1.50 2.79
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Pueblo Viejo (40.0%) Dominican Republic 100.78 2.93 9.50
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Red Lake Canada 8.44 12.58 3.42
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San Dimas Mexico 5.59 4.80 0.86
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Wharf United States 8.78 0.69 0.19
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TOTAL GOLD 48.75
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SILVER million tonnes g Ag/t million ounces
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Dee (40.0%) United States 14.31 9.0 4.1
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Los Filos Mexico 195.81 5.8 36.7
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Marlin Guatemala 13.45 163.0 70.5
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Penasquito Heap Leach Mexico 72.50 14.8 34.5
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Penasquito Mill Mexico 1,144.76 28.1 1,035.6
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Pueblo Viejo (40.0%) Dominican Republic 100.78 17.5 56.7
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San Dimas Mexico 5.59 338.9 60.9
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Wharf United States 8.78 3.6 1.0
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TOTAL SILVER 1,300.0
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COPPER million tonnes % Cu million pounds
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Alumbrera (37.5%) Argentina 120.00 0.39% 1,026
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Pueblo Viejo (40.0%) Dominican Republic 100.78 0.09% 202
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TOTAL COPPER 1,228
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LEAD million tonnes % Pb million pounds
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Penasquito Mill Mexico 1,144.76 0.29% 7,211
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TOTAL LEAD 7,211
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ZINC million tonnes % Zn million pounds
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Penasquito Mill Mexico 1,144.76 0.63% 15,930
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TOTAL ZINC 15,930
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GOLDCORP INC.
MEASURED AND INDICATED RESOURCES(1),(2),(3),(4),(5),(7)
AS OF DECEMBER 31, 2009

Based on attributable ounces
---------------------------------------------------------------------------
GOLD million tonnes g Au/t million ounces
---------------------------------------------------------------------------
Alumbrera (37.5%) Argentina 2.25 0.24 0.02
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Cerro Blanco Guatemala 2.52 15.64 1.27
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Dee (40.0%) United States 2.04 1.64 0.11
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El Sauzal Mexico 3.46 1.25 0.14
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Eleonore Canada 8.22 11.92 3.15
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Escobal Guatemala 6.97 0.63 0.14
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Los Filos Mexico 45.85 0.95 1.40
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Marigold (66.7%) United States 25.52 0.53 0.44
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Marlin Guatemala 1.73 1.23 0.07
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Musselwhite Canada 1.54 5.45 0.27
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Noche Buena Mexico 45.51 0.36 0.53
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Penasquito Heap Leach Mexico 7.75 0.13 0.03
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Penasquito Mill Mexico 471.52 0.29 4.42
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Porcupine Canada 117.87 1.34 5.07
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Pueblo Viejo (40.0%) Dominican Republic 42.84 2.07 2.86
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Red Lake Canada 4.01 15.94 2.06
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San Nicolas (35.0%) Mexico 27.99 0.48 0.43
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Wharf United States 9.82 0.91 0.29
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TOTAL GOLD 22.68
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SILVER million tonnes g Ag/t million ounces
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Cerro Blanco Guatemala 2.52 72.0 5.8
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Dee (40.0%) United States 2.04 7.1 0.5
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Escobal Guatemala 6.97 580.3 130.1
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Los Filos Mexico 30.64 5.9 5.8
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Marlin Guatemala 1.73 47.6 2.7
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Noche Buena Mexico 45.51 12.6 18.4
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Penasquito Heap Leach Mexico 7.75 8.6 2.1
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Penasquito Mill Mexico 471.52 25.7 388.9
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Pueblo Viejo (40.0%) Dominican Republic 42.84 11.5 15.8
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San Nicolas (35.0%) Mexico 27.99 29.0 26.1
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Wharf United States 9.82 6.2 1.9
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TOTAL SILVER 598.1
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COPPER million tonnes % Cu million pounds
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Alumbrera (37.5%) Argentina 2.25 0.29% 14
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Pueblo Viejo (40.0%) Dominican Republic 42.84 0.07% 70
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San Nicolas (35.0%) Mexico 27.99 1.33% 820
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TOTAL COPPER 904
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LEAD million tonnes % Pb million pounds
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Penasquito Mill Mexico 471.52 0.26% 2,738
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TOTAL LEAD 2,738
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ZINC million tonnes % Zn million pounds
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Penasquito Mill Mexico 471.52 0.87% 9,082
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San Nicolas (35.0%) Mexico 27.99 1.84% 1,137
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TOTAL ZINC 10,219
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GOLDCORP INC.
INFERRED RESOURCES(1),(2),(3),(4),(5),(7)
AS OF DECEMBER 31, 2009

Based on attributable ounces
---------------------------------------------------------------------------
GOLD million tonnes g Au/t million ounces
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Cerro Blanco Guatemala 1.35 15.31 0.67
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Dee (40.0%) United States 0.94 0.67 0.02
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El Sauzal Mexico 0.03 1.26 0.00
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Eleonore Canada 15.03 12.93 6.25
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Escobal Guatemala 13.15 0.53 0.22
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Los Filos Mexico 151.25 0.87 4.23
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Marigold (66.7%) United States 45.45 0.53 0.78
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Marlin Guatemala 2.06 3.19 0.21
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Musselwhite Canada 3.92 5.92 0.75
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Noche Buena Mexico 19.29 0.39 0.24
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Penasquito Mill Mexico 146.98 0.25 1.19
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Porcupine Canada 7.14 3.66 0.84
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Pueblo Viejo (40.0%) Dominican Republic 7.05 1.93 0.44
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Red Lake Canada 3.46 19.39 2.16
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San Dimas Mexico 15.17 3.31 1.61
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San Nicolas (35.0%) Mexico 2.46 0.37 0.03
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TOTAL GOLD 19.63
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SILVER million tonnes g Ag/t million ounces
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Cerro Blanco Guatemala 1.35 59.6 2.6
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Dee (40%) United States 0.94 3.8 0.1
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Escobal Guatemala 13.15 443.4 187.5
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Los Filos Mexico 78.45 6.1 15.5
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Marlin Guatemala 2.06 153.9 10.2
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Noche Buena Mexico 19.29 3.2 2.0
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Penasquito Mill Mexico 146.98 17.3 81.6
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Pueblo Viejo (40.0%) Dominican Republic 7.05 17.6 4.0
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San Dimas Mexico 15.17 317.1 154.6
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San Nicolas (35.0%) Mexico 2.46 23.8 1.9
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TOTAL SILVER 459.9
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COPPER million tonnes % Cu million pounds
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Pueblo Viejo (40.0%) Dominican Republic 7.05 0.04% 6
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San Nicolas (35.0%) Mexico 2.46 1.28% 69
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TOTAL COPPER 75
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LEAD million tonnes % Pb million pounds
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Penasquito Mill Mexico 146.98 0.24% 790
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TOTAL LEAD 790
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ZINC million tonnes % Zn million pounds
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Penasquito Mill Mexico 146.98 0.50% 1,619
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San Nicolas (35.0%) Mexico 2.46 1.43% 78
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TOTAL ZINC 1,697
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Numbers may not add up due to rounding

Goldcorp EOY09 Reserve and Resource Reporting Notes:

(1) All Mineral Reserves and Mineral Resources have been calculated in
accordance with the standards of the Canadian Institute of Mining,
Metallurgy and Petroleum and National Instrument 43-101, or the
AusIMM JORC equivalent.

(2) All Mineral Resources are reported exclusive of Mineral Reserves.

(3) Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.

(4) Reserves and Resources are reported as of December 31, 2009, with the
following conditions or exceptions:
(1) Reserves and Resources for Pueblo Viejo are as per information
provided by Barrick.
(2) Resources for San Nicolas are as per information provided by
Teck Cominco (2001 Study).

(5) Qualified Persons for the Mineral Reserve and Mineral Resource
estimates as defined by National Instrument 43-101 are as follows:
(1) Red Lake Stephane Blais, P.Eng., Red Lake Gold Mines
(2) San Dimas Reynaldo Rivera, MAusIMM, Luismin S.A. de C.V.
(3) Los Filos Reynaldo Rivera, MAusIMM, Luismin S.A. de C.V.
(4) Alumbrera Julio Bruna Novillo, MAusIMM, Minera Alumbrera Ltd.
(5) Wharf Ken Nelson, MMSA, Wharf Mine
(6) Porcupine Stephen Price, P.Geo., Porcupine Gold Mines
(7) Musselwhite Tim Sanford, P. Eng., Musselwhite Mine
(8) Pueblo Viejo Patrick Stephenson, FAusIMM, AMC Mining Consultants
(Canada) Ltd.
(9) Penasquito Robert H. Bryson, MMSA
(10) Marigold Patricia A. Maloney, P.Eng., Marigold Mining Co.
(11) El Sauzal Steven Ristorcelli, P.Geol., Mine Dev. Assoc.
(12) Marlin Andrew Tripp, P.Eng., Marlin Mine
(13) Escobal Maryse Belanger, P. Geo., Goldcorp Inc.
(14) Eleonore Eric Chen, P. Geo., Goldcorp Inc.

(6) Mineral Reserves are estimated using appropriate recovery rates and
US$ commodity prices of $825 per ounce of gold, $13 per ounce of
silver, $2.00 per pound of copper, $0.60 per pound of lead, and $0.80
per pound of zinc, unless otherwise noted below:
(1) Alumbrera $919/oz gold and $1.80/lb copper
(2) Pueblo Viejo $825/oz gold, $14.00/oz silver, $2.00/lb copper

(7) Mineral Resources are estimated using US$ commodity prices of $925 per
ounce of gold, $15 per ounce of silver, $2.25 per pound of copper,
$0.70 per pound of lead, and $0.90 per pound of zinc, unless otherwise
noted below;
(1) Pueblo Viejo $900/oz gold, $15.00/oz silver, $2.25/lb copper
(2) San Nicolas $300/oz gold, $5.00/oz silver, $0.90/lb copper,
$0.50/lb zinc
(3) Alumbrera $700/oz gold and $2.50/lb copper

Cautionary Note to United States Investors Concerning Estimates of Measured,
Indicated and Inferred Resources: These tables use the terms "Measured",
"Indicated" and "Inferred" Resources. United States investors are advised
that while such terms are recognized and required by Canadian regulations,
the United States Securities and Exchange Commission does not recognize
them. "Inferred Mineral Resources" have a great amount of uncertainty as to
their existence, and as to their economic and legal feasibility. It cannot
be assumed that all or any part of an Inferred Mineral Resource will ever
be upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or other
economic studies. United States investors are cautioned not to assume that
all or any part of Measured or Indicated Mineral Resources will ever be
converted into Mineral Reserves. United States investors are also cautioned
not to assume that all or any part of an Inferred Mineral Resource exists,
or is economically or legally mineable.


Maryse Belanger, Director Technical Services of Goldcorp, who is a "qualified person" as such term is defined under National Instrument 43-101, has reviewed and approved the contents of this press release.

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. 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" "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or the negative connotation thereof 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" or the negative connotation thereof. All forward-looking statements are developed based on assumptions about such risks, uncertainties and other factors set at herein.
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. The forward-looking statements contained in this press release are made as of the date of this press release and, accordingly, are subject to change after such date. Except as otherwise indicated by Goldcorp, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of Goldcorp's operating environment. 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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