Goldcorp Inc.
TSX : G
NYSE : GG

Goldcorp Inc.

July 29, 2009 17:23 ET

Goldcorp Meets Production Targets, Cash Flow Increases 22% In The Second Quarter

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 29, 2009) - Goldcorp Inc. (TSX:G)(NYSE:GG) today reported gold production of 582,400 ounces for the second quarter, remaining on track for full-year guidance of 2.3 million ounces of gold produced. Adjusted net earnings(1) in the second quarter were $99.2 million, or $0.14 per share. A non-cash foreign exchange loss on the revaluation of future income tax liabilities led to a reported net loss of $231.6 million, or $0.32 per share.

Second Quarter Highlights

- Gold production increased 5% over the 2008 second quarter, to 582,400 ounces.

- Total cash costs(2) for the quarter were $310 per ounce on a by-product basis, and $299 per ounce for the first half of 2009.

- Total cash costs(2) on a co-product basis were $402 per ounce compared to $432 per ounce in the second quarter of 2008.

- Operating cash flows before changes in working capital(3) totaled $276.6 million or $0.38 per share, a 22% increase over the second quarter of 2008.

- Mechanical completion was achieved at the Penasquito project in Mexico.

- Completed a 2% convertible note offering with net proceeds of $839.7 million.

- Dividends paid amounted to $32.9 million.

"Goldcorp's low-cost operating structure again resulted in outstanding cash margins in the second quarter amid a continued robust gold price environment," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Gold production was solid throughout our mine portfolio, and we remain on track to meet our 2009 production and cash cost guidance. As well, two primary contributors to our five-year, 50% growth profile passed key milestones in the second quarter. At Penasquito, the on-time mechanical completion of the first sulphide processing line positions us for the sale of first concentrates from this world-class mine in the latter part of this year. At Red Lake, the completion of the 4199 exploration drift three months ahead of schedule will enable an early start to a drilling program aimed at converting existing gold resources to reserves and identifying new gold resources in the deep high grade zone. As our next generation of growth projects progresses into development, we were pleased to leverage our strong balance sheet through the sale of 2% convertible notes in the second quarter that brought proceeds of $840 million. This source of low-cost debt greatly enhances our funding flexibility as we invest in our future. This flexibility has paid immediate dividends in the form of an additional $88 million capital investment to address opportunities throughout our asset base, including earlier-than-expected drilling in the Red Lake high grade zone and the resumption of advanced exploration and development activities at Eleonore."

Financial Review

Gold sales in the second quarter, compared to the second quarter of 2008, increased to 564,800 ounces at a total cash cost of $310 per ounce on a by-product basis, and $402 per ounce on a co-product basis. On both a by-product and co-product basis, Goldcorp remains the lowest cost, highest margin senior gold producer in the industry.

Adjusted net earnings totaled $99.2 million, or $0.14 per share, compared to $83.2 million or $0.12 per share, in the second quarter of 2008. Adjusted net earnings primarily exclude the effect of a non-cash foreign exchange loss on revaluation of future income tax liabilities, but include the impact of non-cash stock option expenses, which amounted to approximately $0.02 per share for the quarter. Operating cash flow before non-cash working capital adjustments(3) increased 22% to $276.6 million compared to $226.3 million in last year's second quarter. Reported net loss in the quarter was $231.6 million compared to net loss of $9.2 million in the second quarter of 2008.

For the first six months ended June 30, 2009, revenues of $1.25 billion were consistent with the revenues in the first six months of 2008 as the 12% increase in gold production was offset by lower realized copper prices. On a by-product basis, total cash costs were $299 per ounce compared to a total cash cost of $274 per ounce in 2008. Total cash costs on a co-product basis were $377 per ounce in the first half versus $415 per ounce in the 2008 period.

Net earnings in the first six months of 2009 were $59.3 million or $0.08 per share, compared to net earnings of $220.3 million, or $0.31 per share, in 2008. Adjusted net earnings totaled $264.9 million, or $0.36 per share, compared to $247.9 million, or $0.35 per share, in 2008. Adjusted net earnings primarily exclude the effect of a non-cash foreign exchange loss on revaluation of future income tax liabilities. Cash flow from operations before working capital changes(3) increased 19% to $551.5 million, or $0.76 per share, from $465.4 million, or $0.66 per share, in the first six months of 2008.

Operations Review

The focus at Red Lake mine in Ontario remained on development and exploration advances to provide greater mining flexibility in future years. Gold production at Red Lake in the second quarter totaled 125,700 ounces at a total cash cost of $326 per ounce compared to gold production of 149,600 ounces at a total cash cost of $339 in the second quarter of 2008. The 4199 exploration drift was completed during the quarter and two drills are now drilling from this new platform in an effort to convert existing resources to reserves and add new resources at depth in the high grade zone for the first time in four years. Also in the Red Lake district, dewatering of the Cochenour shaft continued in the second quarter with completion targeted for year-end.

A 44% increase in gold production at Musselwhite in Ontario over the 2008 second quarter underscored the growing importance of this mine to Goldcorp's production profile. Gold production totalled 71,900 ounces while cash costs fell to $508 per ounce as mining focused in higher grade sections of the orebody. Mining activity in the second half of 2009 is expected to track in line with previously forecast 2009 production of 235,000 ounces of gold. The Porcupine mine in Ontario delivered a 5th consecutive quarter of improved cash costs as the Pamour open pit operations wind down, reporting strong operating cash flows from the production of 77,700 ounces of gold.

At Los Filos, in Guerrero state, gold production was 58,500 ounces at a total cash cost of $510 per ounce. El Sauzal's production of 53,100 ounces was in line with the forecasted production decrease consistent with its declining mine life. At San Dimas, strong gold and silver grades and major operating cost savings drove production of 27,100 gold ounces in the second quarter at a total cash cost of $309 per ounce. Production of 63,000 ounces of gold and 884,900 ounces of silver at Marlin in Guatemala was consistent with plan.

At the closed San Martin mine in Honduras, reclamation efforts continued with minimal disruptions. The political situation continues to be monitored closely in order to ensure the safety of personnel at the San Martin mine and foundation as they pursue closure activities and community development initiatives.

Project Update

On July 13, 2009 Goldcorp announced the mechanical completion of the first sulphide process line (Line 1) at the Penasquito project in Zacatecas, Mexico. The sale of first concentrates from Penasquito is expected late in the second half of 2009 on the way to anticipated commercial production on January 1, 2010. Construction of the second sulphide process line (Line 2) is well underway and progressing toward planned completion in the third quarter of 2010. Many of the components are already on site, including the motors and shells for the second SAG mill and for the two additional ball mills. Completion of construction of Line 2 and the high pressure grinding rolls circuit is expected in the fourth quarter of 2010, allowing for a ramp-up to mill's full 130,000 tonnes per day capacity. For video clips showing start-up and operation of the Line 1 mills as well as the latest photographs from the site, please visit www.goldcorp.com and click on Operations/Penasquito.

Positive exploration drilling continued at Eleonore in Quebec. Strong assay results in the deep mineralized zone to the north continued to support ongoing work on an internal prefeasibility study planned for the end of 2009. Environmental and social impact assessment work is continuing.

In the Dominican Republic, the Company expects to invest approximately $430 million in the Pueblo Viejo project in 2009. Development of the project continued to track on budget and on schedule for initial gold production in the fourth quarter of 2011 at a total initial capital cost of $2.7 billion or $1.1 billion for Goldcorp's account. Goldcorp's 40% share of gold production in the first five full years of the mine's life is expected to average approximately 400,000 ounces at total cash costs of between $275 and $300 per ounce. Goldcorp's share of proven and probable gold reserves at Pueblo Viejo amounts to 8.96 million ounces.

Based upon improved metals markets and added liquidity from the recent convertible note financing, the Company has completed a mid-year capital review and decided to accelerate development of certain projects. An additional $88 million of capital expenditures have been approved, bringing the total forecasted capital spend for the year to approximately $1.5 billion. These projects include acceleration of exploration of the deep high grade zone at Red Lake following early completion of the 4199 drift, the reactivation of advanced exploration activities at Eleonore including road access and a power line to the site, and an additional $14 million of exploration expenditures at various mines and projects.

This release should be read in conjunction with Goldcorp's second quarter 2009 unaudited MD&A report on the Company's website, www.goldcorp.com, in the "Investors" section under "Financials".

A conference call will be held on July 30, 2009 at 10:00 a.m. (PDT) to discuss the second quarter results. Participants may join the call by dialing toll free 866-226-1792 or 416-340-8530 for calls from outside Canada and the US. A recorded playback of the call can be accessed after the event until August 30, 2009 by dialing 800-408-3053 or 416-695-5800 for calls outside Canada and the US. Passcode: 7423354. A live and archived audio webcast will also be available at www.goldcorp.com.

Goldcorp is the lowest-cost and fastest growing multi-million ounce gold producer with operations throughout the Americas. Its gold production remains 100% unhedged.

(1) Adjusted net earnings is a non-GAAP measure. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 35 of the 2009 second quarter MD&A for a reconciliation of adjusted earnings to reported net earnings.

(2) The Company has included a non-GAAP performance measure, total cash cost per gold ounce, throughout this document. The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 36 of the 2009 second quarter MD&A for a reconciliation of total cash costs to reported operating expenses.

(3) Operating cash flows before working capital changes and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company's ability to generate cash flow from its mining operations. Cash provided by operating activities reported in accordance with GAAP was $263.7 million in the second quarter ended June 30, 2009.

Cautionary Note Regarding Forward-Looking 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, copper, zinc and lead, 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 achievement of 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 Gold Eagle's business, properties and assets with Goldcorp, 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, zinc and lead as well as those factors discussed in the section entitled "General Development of the Business - Risks of the Business" in Goldcorp's Form 40-F on file with the Securities and Exchange Commission in Washington, D.C. and Goldcorp's Annual Information Form on file with the securities regulatory authorities in Canada. Although Goldcorp has 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.

Readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, please refer to Goldcorp's website, www.goldcorp.com.

FINANCIAL STATEMENTS TO FOLLOW


SUMMARIZED FINANCIAL HIGHLIGHTS
(in millions of United States dollars, except per share and per ounce
 amounts)

                                                         Three Months Ended
                                                               June 30
                                                          2009         2008
---------------------------------------------------------------------------

Gold produced (ounces)                                 582,400      553,200
Gold sold (ounces)                                     564,800      556,200
Copper produced (thousands of pounds)                   32,600       24,600
Copper sold (thousands of pounds)                       32,900       29,800
Silver produced (ounces)                             2,795,000    1,884,600
Silver sold (ounces)                                 2,053,400    1,932,300
Average realized gold price (per ounce)            $       927  $       897
Average London spot gold price (per ounce)         $       922  $       896
Average realized copper price (per pound)          $      2.73  $      3.93
Average London spot copper price (per pound)       $      2.12  $      3.83
Average realized silver price (per ounce)          $      7.81  $      9.12
Average London spot silver price (per ounce)       $     13.76  $     17.18
Total cash costs - by-product (per gold ounce)     $       310  $       308
Total cash costs - co-product (per gold ounce)     $       402  $       432
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Production Data:

Red Lake 
 gold mines:  Tonnes of ore milled                     200,100      185,300
              Average mill head grade (grams per
               tonne)                                       21           26
              Gold ounces produced                     125,700      149,600
              Total cash cost per ounce - by
               product                             $       326  $       339
Porcupine
 mine:        Tonnes of ore milled                   1,007,700      901,300
              Average mill head grade (grams per
               tonne)                                     2.68         2.61
              Gold ounces produced                      77,700       70,500
              Total cash cost per ounce - by
               product                             $       436  $       652
Musselwhite
 mine:        Tonnes of ore milled                     340,900      324,300
              Average mill head grade (grams per
               tonne)                                     6.94         5.00
              Gold ounces produced                      71,900       50,100
              Total cash cost per ounce - by
               product                             $       508  $       644
San Dimas
 mine:        Tonnes of ore milled                     172,000      150,200
              Average mill head grade (grams per
               tonne) - gold                              5.04         4.15
              Average mill head grade (grams per
               tonne) - silver                             241          264
              Gold ounces produced                      27,100       19,500
              Silver ounces produced                 1,263,900    1,210,900
              Total cash cost per ounce - by
               product                             $       309  $       597
              Total cash cost per ounce - co
               product                             $       309  $       597
Los Filos
 mine:        Tonnes of ore mined                    5,886,000    5,592,500
              Tonnes of waste removed                6,788,100    4,569,000
              Tonnes of ore processed                6,013,400    5,725,700
              Average grade processed (grams per
               tonne)                                     0.61         0.60
              Gold ounces produced                      58,500       58,500
              Total cash cost per ounce - by
               product                             $       510  $       470
El Sauzal
 mine:        Tonnes of ore mined                      630,700      614,500
              Tonnes of waste removed                  925,700      896,900
              Tonnes of ore milled                     544,000      516,500
              Average mill head grade (grams per
               tonne)                                     3.22         4.32
              Gold ounces produced                      53,100       67,700
              Total cash cost per ounce - by
               product                             $       185  $       149
Marlin mine:  Tonnes of ore milled                     540,800      373,400
              Average mill head grade (grams per
               tonne) - gold                              4.04         4.41
              Average mill head grade (grams per
               tonne) - silver                              81           87
              Gold ounces produced                      63,000       51,300
              Silver ounces produced                   884,900      673,700
              Total cash cost per ounce - by
               product                             $       250  $       176
              Total cash cost per ounce - co
               product                             $       359  $       326
Alumbrera
 mine:        Tonnes of ore mined                    2,950,800    1,910,400
              Tonnes of waste removed                5,555,700    7,084,300
              Tonned of ore milled                   3,753,000    3,508,000
              Average mill head grade (grams per
               tonne) - gold                              0.53         0.47
              Average mill head grade (%) -
               copper                                     0.47%        0.41%
              Gold ounces produced                      46,900       40,900
              Copper (thousands of pounds)
               produced                                 32,600       24,600
              Total cash cost per ounce - by
               product                             $      (559) $      (808)
              Total cash cost per ounce -
               co product                          $       406  $       458
Marigold
 mine:        Tonnes of ore mined                    2,044,500    1,861,500
              Tonnes of waste removed                5,105,100    4,158,600
              Tonnes of ore processed                2,044,500    1,861,500
              Average grade processed (grams per
               tonne)                                     0.50         0.56
              Gold ounces produced                      19,500       25,200
              Total cash per ounce - by product    $       725  $       654
Wharf mine:   Tonnes of ore mined                      582,200      838,000
              Tonnes of ore processed                  680,000      677,900
              Average grade processed (grams per
               tonne)                                     0.85         1.24
              Gold ounces produced                      18,700       15,000
              Total cash per ounce - by product    $       596  $       448
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Financial Data:

Cash flow from operating activities (before
 changes in non-cash working capital)              $     276.6  $     226.3
Net loss                                           $    (231.6) $      (9.2)
Loss per share - basic                             $     (0.32) $     (0.01)
Adjusted net earnings per share - basic            $      0.14  $      0.12
Weighted average number of shares outstanding
 (000's)                                               730,539      710,774
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CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(US dollars in millions, except for share and per share amounts - Unaudited)

                                   Three Months Ended      Six Months Ended
                                          June 30               June 30
                                      2009       2008       2009       2008
---------------------------------------------------------------------------
Revenues                         $   628.6  $   631.7  $ 1,253.4  $ 1,258.4
---------------------------------------------------------------------------
Operating expenses                   303.5      318.9      562.1      577.4
Depreciation and depletion           127.8      119.9      254.1      231.1
---------------------------------------------------------------------------
Earnings from mine operations        197.3      192.9      437.2      449.9
---------------------------------------------------------------------------
Corporate administration (1)          35.5       41.4       65.5       66.5
Exploration                            6.5       15.3       14.6       27.8
---------------------------------------------------------------------------
Earnings from operations             155.3      136.2      357.1      355.6
---------------------------------------------------------------------------
Other income (expenses)
 Interest and other income
  (expenses)                          (4.7)       9.1       (5.0)      18.8
 Interest expense and finance
  fees                               (24.0)      (0.6)     (24.5)      (6.2)
 Share of income of equity
  investee                               -        0.1          -        3.9
 Loss on foreign exchange           (326.3)     (91.2)    (209.6)    (157.8)
 Gain (loss) on non-hedge
  derivatives, net                     8.7       (0.7)       9.7      (32.3)
 Gain (loss) on securities, net        0.1          -        0.4       (1.5)
 Gain on disposition of Silver
  Wheaton shares                         -          -          -      292.5
 Dilution gains (loss)                   -       (0.7)      (0.7)       1.4
---------------------------------------------------------------------------
                                    (346.2)     (84.0)    (229.7)     118.8
---------------------------------------------------------------------------
Earnings (loss) before taxes and
 non-controlling interests          (190.9)      52.2      127.4      474.4
  Income and mining taxes            (41.5)     (61.6)     (68.6)    (245.2)
  Non-controlling interests            0.8        0.2        0.5       (8.9)
---------------------------------------------------------------------------
Net earnings (loss)              $  (231.6) $    (9.2) $    59.3  $   220.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------

(1) Stock based compensation
    expense (non-cash item)
    included in corporate
    administration               $    12.4  $    15.3  $    21.9  $    19.7

Net earnings (loss) per share
  Basic                          $   (0.32) $   (0.01) $    0.08  $    0.31
  Diluted                        $   (0.32) $   (0.01) $    0.08  $    0.31

Weighted average number of
 shares outstanding (000's)
  Basic                            730,539    710,774    730,147    709,740
  Diluted                          730,539    710,774    736,259    714,479


The accompanying notes form an integral part of these unaudited interim
consolidated financial statements (available on www.goldcorp.com).


CONSOLIDATED BALANCE SHEETS
(US dollars in millions - Unaudited)

                                                          June     December
                                                            30           31
                                                          2009         2008
---------------------------------------------------------------------------
Assets
 Cash and cash equivalents                        $      866.0 $      262.3
 Marketable securities                                    12.9         10.1
 Accounts receivable                                     212.0        178.6
 Income and mining taxes receivable                       35.2         15.6
 Future income and mining taxes                            4.6          3.3
 Inventories and stockpiled ore                          285.9        226.2
 Other                                                    82.5         66.2
---------------------------------------------------------------------------
Current assets                                         1,499.1        762.3
Mining interests                                      17,560.6     17,062.5
Deposits on mining interest expenditures                 176.3        229.3
Goodwill                                                 761.8        761.8
Stockpiled ore                                            89.6         92.6
Investments                                              198.3         71.9
Other                                                     23.8         28.4
---------------------------------------------------------------------------
                                                  $   20,309.5 $   19,008.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Liabilities
 Accounts payable and accrued liabilities         $      330.5 $      294.0
 Income and mining taxes payable                         200.9            -
 Future income and mining taxes                           39.4        181.5
 Current portion of long-term debt                        12.5            -
---------------------------------------------------------------------------
Current liabilities                                      583.3        475.5
Income and mining taxes payable                           10.4         28.0
Future income and mining taxes                         3,444.3      3,203.9
Long-term debt                                           705.4          5.3
Reclamation and closure cost obligations                 275.2        273.1
Other                                                     24.2         12.7
---------------------------------------------------------------------------
                                                       5,042.8      3,998.5
---------------------------------------------------------------------------
Non-controlling interests                                 50.3         51.2
---------------------------------------------------------------------------
Shareholders' Equity
Common shares, share purchase warrants, stock
 options and convertible senior notes                 12,836.5     12,625.2

Retained earnings                                      2,230.5      2,237.0
Accumulated other comprehensive income                   149.4         96.9
---------------------------------------------------------------------------
                                                       2,379.9      2,333.9
---------------------------------------------------------------------------
                                                      15,216.4     14,959.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                  $   20,309.5     19,008.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------


The accompanying notes form an integral part of these unaudited interim
consolidated financial statements (available on www.goldcorp.com).


CONSOLIDATED STATEMENTS OF CASH FLOWS
(US dollars in millions - Unaudited)

                                   Three Months Ended      Six Months Ended
                                          June 30               June 30
                                      2009       2008       2009       2008
---------------------------------------------------------------------------
Operating Activities
Net earnings (loss)              $  (231.6) $    (9.2) $    59.3  $   220.3
Reclamation expenditures              (6.5)      (5.3)     (10.7)      (8.5)
Items not affecting cash
  Depreciation and depletion         127.8      119.9      254.1      231.1
  Accretion on convertible senior
   notes                               2.0          -        2.0          -
  Stock based compensation expense    12.4       15.3       21.9       19.7
  Share of income of equity
   investee                              -       (0.1)         -       (3.9)
  Unrealized loss (gain) on
   non-hedge derivatives              (5.9)      (9.8)      (6.8)      13.7
  Loss (gain) on securities, net      (0.1)       0.1       (0.4)       1.0
  Gain on disposition of Silver
   Wheaton shares                        -          -          -     (292.5)
  Dilution loss (gain)                   -        0.7        0.7       (1.4)
  Future income and mining taxes      37.7       17.8        7.5      126.4
  Non-controlling interests           (0.8)      (0.2)      (0.5)       8.9
  Transaction costs on convertible
   senior notes expensed              18.6          -       18.6          -
  Unrealized loss on foreign
   exchange and other                323.0       97.1      205.8      150.6
Change in non-cash working
 capital                             (12.9)     (41.6)      10.3      (64.4)
---------------------------------------------------------------------------
  Cash provided by operating
   activities                        263.7      184.7      561.8      401.0
---------------------------------------------------------------------------
Investing Activities
Expenditures on mining interests    (260.0)    (252.9)    (520.2)    (447.6)
Deposits on mining interest
 expenditures                        (91.4)     (50.3)    (185.6)    (174.7)
Proceeds from disposition of
 Silver Wheaton shares, less cash        -          -          -    1,505.1
Purchase of securities               (46.2)         -      (67.7)         -
Other                                  1.3       (3.1)       1.6       (3.6)
---------------------------------------------------------------------------
  Cash provided by (used in)
   investing activities             (396.3)    (306.3)    (771.9)     879.2
---------------------------------------------------------------------------
Financing Activities
Debt borrowings                    1,125.1          -    1,329.1          -
Debt repayments                     (355.0)         -     (460.0)    (645.0)
Transaction costs on convertible
 senior notes                        (22.8)         -      (22.8)         -
Common shares issued, net             21.8       39.4       32.2       79.8
Dividends paid to common
 shareholders                        (32.9)     (32.0)     (65.8)     (63.9)
---------------------------------------------------------------------------
  Cash provided by (used in)
   financing activities              736.2        7.4      812.7     (629.1)
---------------------------------------------------------------------------
Effect of exchange rate changes
 on cash and cash equivalents          1.6        6.1        1.1       (1.1)
---------------------------------------------------------------------------
Increase (decrease) in cash and
 cash equivalents                    605.2     (108.1)     603.7      650.0
Cash and cash equivalents,
 beginning of period                 260.8    1,268.9      262.3      510.8
---------------------------------------------------------------------------
Cash and cash equivalents, end
 of period                       $   866.0  $ 1,160.8  $   866.0  $ 1,160.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------

The accompanying notes form an integral part of these unaudited interim
consolidated financial statements (available on www.goldcorp.com).

To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20090729-PenasquitoL.gif

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