Goldcorp Inc.

Goldcorp Inc.

October 31, 2005 00:01 ET

Goldcorp Announces Appointment of Doug Holtby as Chairman and Resignation of Robert McEwen as a Director and Chairman

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2005) - Goldcorp Inc. (TSX:G)(NYSE:GG) announced today the resignation of Robert R. McEwen as Chairman and as a director of Goldcorp, on October 29, 2005.

Doug Holtby, a current director of Goldcorp, has been appointed as Chairman to replace Mr. McEwen. Mr. Holtby has been a director of Goldcorp (and its predecessor, Wheaton River) since June 2003, and has served as the chair of the audit committee of Goldcorp and Wheaton River. Mr. Holtby is President and CEO of two private investment companies, Arbutus Road and MKC Capital. Mr. Holtby was formerly President, CEO and Director of WIC Western International Communications Ltd.

Mr. McEwen stated, "Since giving up the CEO role in February 2005 following the merger with Wheaton River, I have been actively investigating new business endeavours and have assumed the role of Chairman & CEO of two junior exploration companies. Today, I am actively engaged in the progress of building these companies along with the McEwen Centre for Regenerative Medicine at the University Health Network in Toronto.

For the past 19 years, Goldcorp has been my passion. I am proud of its employees, its growth and its unique brand. I believe it is superbly positioned to remain very profitable and continue to deliver returns to its shareholders."

The Board acknowledges Mr. McEwen's contributions in guiding the company over the past 19 years and wishes him the same success in his future endeavours.

Goldcorp is the world's lowest cost and fastest growing million ounce gold producer. Gold production in 2005 is expected to exceed 1.1 million ounces at a cash cost of less than US$60 per ounce.

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. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver and copper, 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, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. 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 and copper; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, 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, 2004. 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 incorporated by reference herein, except in accordance with applicable securities laws.

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