Toronto Stock Exchange: G
New York Stock Exchange: GG
(All Amounts in $US unless stated otherwise)
VANCOUVER, Dec. 16, 2011 /PRNewswire/ - GOLDCORP INC. (TSX: G, NYSE: GG) today announced the approval of the amended Environmental Impact Assessment (EIA) by Provincial authorities in the province of Santa Cruz for the development and construction of the Cerro Negro gold project, a high-grade deposit located on the low-elevation Patagonian plains of southern Argentina. With production expected to average approximately 550,000 ounces of gold in its first five full years in production, Cerro Negro is well-positioned as Goldcorp's next cornerstone gold mine."The receipt of approvals following a straightforward permitting process with the Santa Cruz provincial authorities is a major milestone," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "The Cerro Negro team will now immediately advance full construction and continue what has been an impressive pace of development progress. Cerro Negro's low capital cost and cash flow-accretive gold production beginning in 2013 forms an important component of Goldcorp's peer-leading five-year growth profile. Moreover, significant vein extensions and new vein discoveries underscore the potential for further expansion of the long-term production profile at this exciting project." The approval of the amended EIA allows for construction of the plant with throughput increased from 1,850 tonnes per day to 4,000 tonnes per day and the concurrent development and mining of three underground vein deposits: Eureka, Mariana Central and Mariana Norte. Development of Eureka has advanced on schedule, and development of Mariana Central and Mariana Norte will now commence immediately. In conjunction with an investor tour, the Company provided an update of development and 2011 exploration highlights on December 5, 2011. The release is available under the 'Investor Resources-News' section at www.goldcorp.com. Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.