(All Amounts in U.S. dollars unless stated otherwise)
Feb. 3, 2014
(TSX: G, NYSE: GG)
today announced that the Company and their joint venture partner Barrick Gold Corporation ("Barrick") have entered into a Purchase and Sale Agreement (the "Agreement") to sell their respective interests in the Marigold mine in
Humboldt County, Nevada
to Silver Standard Resources Inc. (NASDAQ: SSRI, TSX: SSO). Under the terms of the agreement, Goldcorp and Barrick will receive total consideration of
in cash, subject to certain closing adjustments. Marigold is a joint venture operation between Goldcorp who is the operator and 66.7% partner and Barrick who is the 33.3% partner.
The transaction is the result of a joint sale process whereby Goldcorp and Barrick invited multiple parties to conduct due diligence and put forth offers to purchase Marigold.
"This transaction is consistent with Goldcorp's ongoing strategy of disciplined portfolio management with an emphasis on creating value for shareholders through the focus on core assets," said
, President and Chief Executive Officer of Goldcorp. "Marigold has been an important contributor to the growth of Goldcorp and we are pleased that a company with the capabilities of Silver Standard will be taking on this operation. We will work closely with them to ensure a smooth transition."
The agreement is subject to customary closing conditions and is expected to close in
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.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements", within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, and 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 Inc. ("Goldcorp"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, 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", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "seeks", "anticipates", "believes" or variations or comparable language of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might", or "will", "occur" or "be achieved" or the negative connotation thereof.