TSX: G NYSE: GG
VANCOUVER, July 25, 2014 /PRNewswire/ - GOLDCORP INC. (TSX: G, NYSE: GG) announced today that first gold production has been achieved at Cerro Negro, a high grade gold mine located in the Santa Cruz province of Argentina.
"We are very pleased to have first production on schedule and within our current capital cost guidance range from this world class mine," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Very importantly, this achievement was reached safely, with Cerro Negro in the midst of a run of over 4.1 million man hours without a lost time accident. This milestone signals not only the start of Cerro Negro's mine life, but also a period of sustained growth for Goldcorp. The team at Cerro Negro has done an outstanding job amid occasionally challenging circumstances and I congratulate them for this outstanding effort. We look forward to strong contributions from Cerro Negro to Goldcorp's overall performance for many years to come."
On July 25, the initial dore bar weighing approximately 100 kilograms was poured at the mine containing an estimated 317 ounces of gold. Overall, progress at the mine remains on track for declaration of commercial production by the end of the year. Production guidance for 2014 is expected to be between 130,000 and 180,000 ounces of gold. Initial capital costs have been reduced by $100 million and are now expected to be between $1.6 and $1.7 billion.Goldcorp is one of the world's fastest growing 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 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", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.