McEwen Capital

McEwen Capital

October 23, 2006 17:16 ET

McEwen Capital: Leading Corporate Governance Authority Wants Goldcorp Vote

1,100 OTHER GOLDCORP SHAREHOLDERS DO TOO AWAITING THE COURT'S DECISION

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) - ROB MCEWEN, GOLDCORP'S LARGEST INDIVIDUAL SHAREHOLDER, is pleased to comment that the Ontario Teachers' Pension Plan (OTPP), an independent corporation with $96 billion in net assets and one of Goldcorp's largest shareholders also wants a shareholders' vote on the proposed Plan of Arrangement with Glamis Gold. OTPP issued a news release Friday October 20, 2006 stating that the "share dilution that will result from mergers like that of Goldcorp Inc. and Glamis Gold Ltd. should require shareholder approval."

OTPP Senior Vice-President, Public Equities, Brian Gibson stated in the release, "this is a matter of principle for shareholders" and that "the number of shares being issued by Goldcorp to acquire Glamis is roughly 66% of the number of Goldcorp shares outstanding today. We think this is well beyond the level where shareholder input should be sought."

Since the proposed Goldcorp and Glamis transaction was announced on August 31, 2006, Goldcorp's CEO has repeatedly stated that he had "talked to our 100 largest shareholders and we can't find one that wants a vote." However, the facts give a very different impression. Four of Goldcorp's top twenty shareholders want a vote and have either stated so publicly or filled out our "Support Form", or both. McEwen Capital has received more than 1,100 Support Forms representing Goldcorp shareholders holding over 27.0 million shares.

Also on Friday October 20, 2006, Rob McEwen had Goldcorp in the Ontario Superior Court with his Application for a Compliance Order requesting Goldcorp shareholders be given a VOTE on the Glamis deal.

"We are asking the Court to give us, the owners of Goldcorp, a vote. This fundamental right should have been respected and given to us by Goldcorp's Board of Directors. My court action should not be necessary! As owners, we are entitled, deserve and demand an opportunity to make an informed decision. It is unbelievable that Goldcorp's management and Board can say to us that there will be no information, no vote, no right of dissent and expect us to trust their judgment as they ram this $8.6 billion investment down our throats," said Rob McEwen.

If you have not yet filled out a Support Form, please visit www.robmcewen.com and Print, Complete, & Fax/Email/Mail it back to McEwen Capital!

Support what is RIGHT for you and all other owners of Goldcorp. Management and the Board need to hear loud and clear that their decision not to consult shareholders is totally wrong and will not be tolerated. We want a Vote!!

Contact Information

  • McEwen Capital
    Robert R. McEwen
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    or
    McEwen Capital
    Ian J. Ball
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    or
    McEwen Capital
    Stefan M. Spears
    (647) 258-0395 or Toll Free: 1-866-441-0690
    (647) 258-0408 (FAX)
    Email: info@mcewencapital.com