Goldcorp Inc.
TSX : G
NYSE : GG

Goldcorp Inc.

November 01, 2006 19:47 ET

Goldcorp Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2006) - GOLDCORP INC. (TSX:G)(NYSE:GG) today announced an update on Robert McEwen's appeal and the 2006 outlook.

McEwen Application Update

The appeal brought by Robert McEwen was heard today in the Divisional Court of the Ontario Superior Court of Justice. At the conclusion of the hearing, the court indicated that the decision on the appeal would be rendered after the close of market on Monday, November 6, 2006. The Company expects to close the Glamis transaction shortly thereafter.

2006 Outlook Update

Goldcorp Inc. today revised its gold production guidance for the second half of 2006, primarily due to continuing lower than expected gold grades at Red Lake and Peak mines.

Goldcorp now expects to produce approximately 875,000 ounces of gold in the second half of 2006, reduced from previous guidance of 950,000 ounces. This translates to 1.75 million ounces on an annualized basis for 2006, a production increase of 54% over 2005. The Company expects to produce 160 million pounds of copper and 13.5 million ounces of silver in 2006.

Total cash costs are expected to be in line with previous guidance at less than $100 per ounce.

The company will provide gold production guidance for 2007 in mid December which will include the Glamis operations.

Goldcorp will release third quarter results after market close on Tuesday, November 14th, 2006. a conference call will be held Wednesday, November 15th at 11:00a.m. (ET) to discuss these results. You may join the call by dialing toll free 1-888-789-0150 or 416-695-9757 for calls from outside Canada and the US. The conference call will be recorded and you can listen to a playback of the call after the event by dialing 1-888-509-0081 or 416-695-5275. Pass code 632784. a live and archived audio webcast will be available on the website at www.goldcorp.com.

Goldcorp is one of the world's lowest-cost and fastest growing multi-million ounce gold producers with operations throughout the Americas and Australia. Gold production in 2006 is expected to be approximately 1.75 million ounces on an annualized basis, at total cash cost of less than US$100 an ounce. The Company does not hedge its gold production.

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 each of Goldcorp and Glamis. 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 and Glamis, respectively, 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., the section entitled "The Narrative Description of the Business - Risk Factors" in Glamis' Annual Information Form for the year ended December 31, 2005, also available on www.sedar.com, and the section entitled "Risk Factors" in Western Silver Corporation's Annual Information Form for the year ended September 30, 2005, also available on www.sedar.com. Although Goldcorp and Glamis have 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 and Glamis do 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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