Wheaton River Minerals Ltd.

Wheaton River Minerals Ltd.
Goldcorp Inc.

Goldcorp Inc.

March 22, 2005 16:33 ET

Goldcorp Inc. and Wheaton River Minerals Ltd.: Goldcorp Acquires Bermejal Gold Deposit in Mexico; Acquisition to be Financed by Sale of Gold Bullion Inventory


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WHEATON RIVER MINERALS LTD.

TSX SYMBOL: WRM
AMEX SYMBOL: WHT



AND GOLDCORP INC.

TSX SYMBOL: G
NYSE SYMBOL: GG

MARCH 22, 2005 - 16:33 ET

Goldcorp Inc. and Wheaton River Minerals Ltd.:
Goldcorp Acquires Bermejal Gold Deposit in Mexico;
Acquisition to be Financed by Sale of Gold Bullion
Inventory

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2005) - Goldcorp
Inc. (TSX:G)(NYSE:GG), and Wheaton River Minerals Ltd.
(TSX:WRM)(AMEX:WHT) (together "Goldcorp"), are pleased to announce the
acquisition by their Mexican operating arm, Luismin, of the 2.4 million
ounce Bermejal Gold Deposit in Mexico for cash consideration of US$70
million. Closing of the acquisition, from Minera El Bermejal, S. de R.L.
de C.V. ("Minera Bermejal"), a joint venture of Industrias Penoles S.A.
de C.V. ("Penoles") and Newmont Mining Corporation ("Newmont"), is
expected by March 31, 2005.

In order to finance the acquisition, Goldcorp will sell its inventory of
gold bullion early in the second quarter of 2005. Furthermore, given
Goldcorp's intent to continue to grow by way of accretive acquisitions,
the Company intends to discontinue its previous practice of stockpiling
one third of its production from the Red Lake Mine.

Ian Telfer, President and Chief Executive Officer of Goldcorp, said,
"This transaction is a key step in consolidating control of the Guerrero
Gold Belt, a significant part of our growth strategy in Mexico. This
purchase increases Goldcorp's current measured and indicated mineral
resources in this district to nearly 6 million ounces of gold. The
immediate proximity to our Los Filos Gold Deposit will allow the use of
a joint processing facility for ore from both deposits, which will
provide considerable economies of scale. The acquisition of Bermejal
will turn our Los Filos project into the largest gold mining operation
in Mexico, with average annual production expected to exceed 300,000
ounces.

By financing this acquisition through the sale of our gold bullion
inventory, we are converting 240,000 ounces of gold in the bank vault
into 2.4 million ounces of gold in the ground. This is accretive by any
measure."

The Bermejal Gold Deposit is located 2 kilometres south of Goldcorp's
Los Filos Gold Deposit, where feasibility studies are nearing
completion. Testwork completed by both Minera Bermejal and Goldcorp
during due diligence indicates run of mine heap leaching is the
preferred processing method.

With the acquisition, the main design effect on the Los Filos
feasibility study will be a change in the proposed heap leach pad
location to a more central location in order to provide enough capacity
to process material from both open pittable deposits. Geotechnical and
design studies have already commenced on the new pad location. With the
majority of Bermejal ore run of mine heap leached, the already designed
Los Filos crushing / agglomeration plant will not change in scope.

Goldcorp plans to immediately commence further metallurgical,
geotechnical, and engineering studies towards developing both Bermejal
and Los Filos into one comprehensive mining operation.

Reserves and Resources for Goldcorp's interests in the Guerrero Gold
Belt are reported as follows;



GUERRERO GOLD BELT
MINERAL RESERVES AND RESOURCES(1,8)
(as of December 31, 2004)

------------------------------------------------------------------
Contained
Tonnage Gold
(million Grade (million
Project Classification tonnes) (g Au/t) ounces)
------------------------------------------------------------------
Bermejal (3) Indicated 93.60 0.79 2.37
------------------------------------------------------------------
Los Filos(4,5) Measured 20.67 0.81 0.54
------------------------------------------------------------------
Indicated 67.54 0.91 1.98
------------------------------------------------------------------
Nukay(4,6) Proven 0.42 4.73 0.07
------------------------------------------------------------------
Probable 0.77 4.65 0.12
------------------------------------------------------------------
Measured 0.04 5.31 0.01
------------------------------------------------------------------
Indicated 10.45 1.75 0.59
------------------------------------------------------------------
TOTAL Measured & Indicated (inclusive of mineral reserves) 5.68
------------------------------------------------------------------
Los Filos(4,5) Inferred 11.26 0.7 0.26
------------------------------------------------------------------
Nukay(4,6) Inferred 9.69 1.8 0.58
------------------------------------------------------------------
El Limon (2,4,7) Inferred 6.50 3.3 0.68
------------------------------------------------------------------
TOTAL Inferred 1.52
------------------------------------------------------------------

Notes :
1. Mineral Reserves and Resources reported above have been calculated
as of December 31, 2004 in accordance with the standards of the
Canadian Institute of Mining, Metallurgy and Petroleum National
Instrument 43-101.
2. Data shown is Goldcorp's share of Mineral Resources.
3. The Bermejal Mineral Resource was estimated by Penoles, the
current operator of the project, and was included as the "Mezcala"
indicated resource by Newmont in their News Release dated February
3, 2005. The Bermejal Mineral Resource is reported using a 0.35
g Au/t cutoff and a US$400 gold price. The resource estimate was
audited and verified by Gary Giroux, P.Eng. of Giroux Consultants,
a Qualified Person under National Instrument 43-101 guidelines.
4. The Los Filos, Nukay, and El Limon Mineral Reserves and Resources
were reported by Wheaton in their News Release dated March 7,
2005.
5. The Los Filos Mineral Resource was estimated by Neil Burns, P.Geo.
of Snowden Mineral Industry Consultants, a Qualified Person under
National Instrument 43-101 guidelines. The Mineral Resource is
wholly contained within an optimization shell using a US$400 gold
price, and includes crush/leach resources of 51.5 million measured
and indicated tonnes grading 1.28 grams of gold per tonne for a
total of 2.12 million ounces.
6. The Nukay Mineral Reserves and Mineral Resources and were
estimated by Gary Giroux, P.Eng. of Micon Consultants, a Qualified
Person under National Instrument 43-101 guidelines. The reserves
and resources were estimated using a US$375 gold price and
appropriate cut-offs.
7. The El Limon Mineral Resource was estimated by James N. Grey,
P.Geo. and Al Samis, P.Geo., both of Teck Cominco Ltd. and
Qualified Persons under National Instrument 43-101 guidelines. The
Mineral Resource is wholly contained within an optimization shell
using a US$400 gold price.
8. Mineral Resources which are not Mineral Reserves do not
demonstrate economic viability.


In February 2005, Goldcorp announced that its offer for Wheaton River
was successful and this merger is expected to be finalized in April
2005. The combined company, which continues as Goldcorp under the
direction of Wheaton River management, creates the world's lowest cost
million ounce gold producer, with 2005 gold production expected to
exceed 1.1 million ounces of gold at a cash cost of less than US$60 per
ounce. By 2007, gold production is expected to grow to over 1.5 million
ounces. The combined company has a strong balance sheet with over US$500
million in cash and gold bullion, and no debt.

Cautionary Statements

Safe Harbor Statement under the United States Private Securities
Litigation Reform Act of 1995: Except for the statements of historical
fact contained herein, the information presented constitutes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including but not limited to those with respect to the price
of gold, silver and copper, the timing and amount of estimated future
production, costs of production, reserve determination and reserve
conversion rates involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of Wheaton or Goldcorp to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks
related to the integration of acquisitions, risks related to
international operations, risks related to joint venture operations, the
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 and copper, as well as those factors discussed in
the section entitled "Risk Factors" in the Form 40-F for each company on
file with the U.S. Securities and Exchange Commission in Washington,
D.C. Although Wheaton and Goldcorp have attempted to identify important
factors that could cause actual results to differ materially, 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.

This news release uses the terms "Measured", "Indicated" and "Inferred"
Resources. United States investors are advised that, while such terms
are recognized and required by Canadian regulations, the U.S. Securities
and Exchange Commission does not recognize them. "Inferred 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 Resource" will ever be upgraded to a higher
category. Under Canadian rules, estimates of Inferred Resources may not
form the basis of feasibility or other economic studies. U.S. investors
are cautioned not to assume that all or any part of Measured or
Indicated Resources will ever be converted into Reserves. U.S. investors
are also cautioned not to assume that all or any part of an Inferred
Mineral Resource exists, or is economically or legally mineable.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Goldcorp Inc.
    Julia Hasiwar
    Director, Investor Relations
    (604) 696-3011
    (604) 696-3001 (FAX)
    info@goldcorp.com
    www.goldcorp.com