Goldcorp Inc.

Goldcorp Inc.

February 24, 2005 17:46 ET

Rob Passes the Reins to Ian-Ian Telfer Appointed Goldcorp CEO-Rob McEwen Remains as Chairman of the Board


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GOLDCORP INC.

TSX SYMBOL: G
NYSE SYMBOL: GG

FEBRUARY 24, 2005 - 17:46 ET

Rob Passes the Reins to Ian-Ian Telfer Appointed
Goldcorp CEO-Rob McEwen Remains as Chairman of the
Board

TORONTO, ONTARIO--(CCNMatthews - Feb. 24, 2005) - GOLDCORP INC.
(TSX:G)(NYSE:GG) announced today that the Board of Directors has
appointed Ian Telfer as Chief Executive Officer (CEO) and a Director of
Goldcorp. Mr. Telfer, is the Chairman and CEO of Wheaton River Minerals
Ltd., and will now lead the merged company. Goldcorp's new CEO has more
than 20 years of experience in the precious metals business and among
many successes, is well known as a business leader with a keen sense for
growth opportunities through acquisition and the ability to rapidly
build shareholder value.

In addition, Rob McEwen became the non-executive Chairman of Goldcorp.
Mr. McEwen had been the company's Chairman and CEO for the past 18
years. He is well known for developing the Red Lake Mine into one of the
richest, most successful gold mines in the world today.

"We share the same vision for Goldcorp, the same passion for the mining
industry and we are resolutely focused on enhancing shareholder value in
the future. As Chairman, I am very pleased to announce Ian's appointment
as Goldcorp's CEO! The company is well-positioned to be the 'go-to'
stock in the industry," McEwen stated.

"The successful merger of Goldcorp and Wheaton River makes Goldcorp the
lowest-cost, million-ounce gold producer in the world. We have
extraordinary assets not only in our mines, but in our people", said Ian
Telfer, Goldcorp CEO. "We are integrating our strengths in people,
processes and operations to ensure Goldcorp continues to maximize
shareholder value, enhance our production growth profile and our balance
sheet. I am looking forward to our great future and leading Goldcorp to
the next level of success," Telfer added.

On February 10, 2004, Goldcorp announced that its shareholders had voted
overwhelmingly in favour of the Wheaton River transaction and on
February 14, 2005, Wheaton River shareholders tendered the two-thirds
minimum shares required to meet the merger bid condition to combine
Goldcorp and Wheaton River. The full merger is expected to be completed
by mid April, 2005.

NEW BOARD STRUCTURE

Pursuant to the acquisition agreement between Goldcorp and Wheaton
River, the size of the Goldcorp Board has been expanded to 10 members
with five Goldcorp directors being selected by Mr. Telfer and five
Wheaton River directors being selected by Mr. McEwen. In addition to Mr.
McEwen, (Chair), and Mr. Telfer, the Goldcorp Board is now comprised of:

David Beatty: A director of Goldcorp and its predecessor companies since
1994, Mr. Beatty is a Professor of Strategy and Director of the Clarkson
Centre for Business Ethics at the University of Toronto. He also serves
on a number of Boards and is a resident of Toronto, Ontario, Canada.

John Bell: A director of Wheaton River Minerals, Bell has been Canadian
Ambassador to Brazil, the Ivory Coast, High Commissioner to Malaysia and
a special advisor to the Canadian Minister of Foreign Affairs, Mr. Bell
is currently chair of Coast Cranberries and an independent director of
Taiga Forest Products.

Larry Bell: A director of Wheaton River Minerals, Mr. Bell is
non-executive Chair of the Board of Directors of BC Hydro and Powerex.
He is also a Director of International Forest Products and Shato
Holdings Ltd. and is Chairman of the University of British Columbia
Board of Governors.

Doug Holtby: Doug 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., as well as, a Trustee/Director for CanWest Communications, ROB.TV
and CKVU.

Brian Jones: A director of Goldcorp and its predecessor companies since
1990, Mr. Jones is the President and Chief Executive Officer of New
Heights International Inc.. He is also a director of several
corporations and a resident of St. Louis, Missouri, U.S.A.

Antonio Madero: A director of Wheaton River Minerals, Madero is the
Chairman of the Board and CEO of SANLUIS Corporation. Mr. Madero is a
member of the International Advisory Board of J.P. Morgan Chase; Global
Counselor of The Conference Board; Executive Committee on University
Resources at Harvard University; David Rockefeller Centre for Latin
American Studies; Harvard Member of The Trilateral Commission and a
Director of Alfa, Grupo Financiero Scotiabank Inverlat, ING Mexico, C.
Posadas, Deere & Company and the National Museum of Art.

Dr. Don Quick: Dr. Quick has been a director of Goldcorp and its
predecessor since 1996. He is a private investor and a resident of
Hamilton, Ontario, Canada.

Michael Stein: A director of Goldcorp and its predecessor companies
since 1994, Mr. Stein is the Executive Chair of CAP REIT. He is also
Chairman and Chief Executive Officer of the MPI Group, a private
investment company and a resident of Toronto, Ontario, Canada.

Both Chairman McEwen and CEO Telfer thanked departing Goldcorp Board
Members Ronald M. Goldsack, Stuart Horne and James Hutch for their
contributions and service to the company.

HIGHLIGHTS OF THE MERGED GOLDCORP INCLUDE:

- Production - 2005 gold production expected to be in excess of 1.1
million ounces at a total cash cost of less than US$60 per ounce.

- Growth - organic - production expected to grow by 36% to 1.5 million
ounces of gold by 2007.

- Balance Sheet - strong balance sheet with over US$500 million in cash
and gold bullion, with no debt.

- Reserves - proven and probable reserves of 10.5 million ounces plus
additional measured and indicated resources of 9.5 million ounces as of
December 31, 2003, all of which are unhedged.

- Liquidity - combined daily average trading liquidity of over US$60
million.

- Market Capitalization - expected to be approximately US$5 billion.
Goldcorp is now the world's lowest cost, million ounce gold producer.
The acquisition of Wheaton River Minerals Ltd. has increased gold
production, gold reserves and resources and given us one of the fastest
growth curves in the industry. It has strengthened our already solid
balance sheet and lowered production costs per ounce even further. The
Company is in excellent financial condition: has NO DEBT, a LARGE
TREASURY, positive Cash Flow and Earnings and pays a DIVIDEND twelve
times a year! GOLDCORP is completely UNHEDGED. Goldcorp's shares are
listed on the New York and Toronto Stock Exchanges under the trading
symbols of GG and G, respectively and its options trade on the American
Stock Exchange (AMEX), the Chicago Board of Options Exchange (CBOE) and
the Pacific Stock Exchange (PCX) in the United States and on the
Montreal Exchange (MX) in Canada.



Corporate Office:

145 King Street West Wheaton River Minerals Ltd.
Suite 2700 Waterfront Centre
Toronto, Ontario 1560-200 Burrard Street
M5H 1J8 Vancouver, British Columbia V6C 3L6


FORWARD-LOOKING STATEMENTS

This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein, including without limitation, statements
regarding potential mineralization and reserves, exploration results and
future plans and objectives of Goldcorp Inc., are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to
differ materially from Goldcorp expectations are disclosed under the
heading "Risk Factors" and elsewhere in Goldcorp documents filed from
time to time with the Toronto Stock Exchange, The United States
Securities and Exchange Commission and other regulatory authorities.

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