Goldcorp Inc.
TSX : G
NYSE : GG

Goldcorp Inc.

November 15, 2006 16:27 ET

Goldcorp Announces Secondary Offering via "Bought Deal"

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) -

Not for distribution to United States newswire services or for dissemination in the United States.

GOLDCORP INC. (TSX:G)(NYSE:GG) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P. (the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, from Goldcorp, 18,000,000 common shares (the "Common Shares") of Silver Wheaton Corp. ("Silver Wheaton") at a price of $12.70 per Common Share (the "Issue Price") for aggregate gross proceeds to Goldcorp of $228,600,000 (the "Offering"). The Offering represents the sale of approximately 14% of Goldcorp's interest in Silver Wheaton.

Silver Wheaton will not receive any proceeds from the Offering. A preliminary short form prospectus to qualify the Offering for distribution to the public will be filed with securities regulatory authorities on or before November 21, 2006.

The Common Shares under this Offering will be offered by way of a short form prospectus in all of the provinces of Canada and in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

The Offering is scheduled to close on or about December 7, 2006 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.

Goldcorp is one of the world's lowest cost and fastest growing multi-million ounce gold producers with operations throughout the Americas and Australia.

Ian Telfer Chairman of Goldcorp said "this sale is in response to increasing demand by investors for shares of Silver Wheaton. Goldcorp has no current intentions to sell any additional shares of Silver Wheaton following this transaction."

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. 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, 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", or "believes", or variations of such words and phrases or state 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 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, 2005, available on www.sedar.com, and Form 40-F for the year ended December 31, 2005 on file with the United States Securities and Exchange Commission in Washington, D.C. 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.

Contact Information