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Goldcorp Increases Gold Reserves Again

Goldcorp has reported its sixth consecutive yearly increase in gold reserves stemming from the company's organic growth.
Author:

NEW YORK (

TheStreet

) --

Goldcorp

(GG)

has reported its sixth consecutive yearly increase in gold reserves stemming from the company's organic growth programs.

The gains were achieved on the back of a strong reserve increase in the Bermejal pit at Goldcorp's Los Filos mine in southern Mexico, as well as a new gold reserve there. The total increase amounts to more than one million ounces.

In addition, Goldcorp crowed that it identified 790,000 ounces of new proven and probable reserves at its Chile Colorado open pit in the Peñasquito property in Zacatecas, Mexico.

All in all, as of Dec. 31, Goldcorp's proven and probable gold reserves increased 5.3% to 48.8 million ounces and proven and probable silver reserves increased 4.2% to 1.3 billion ounces. None of these increases include ounces acquired during the year.

Gold stocks are trading in mixed territory as

many precious-metals miners prepare to release fourth-quarter results this week and next

. Goldcorp stock has inched up 0.9% to $38.70 in morning trading.

Meanwhile,

Barrick Gold

TST Recommends

(ABX)

has added 2.1% at $38.20, and

Kinross

(KGC) - Get Report

is flat at $18.80, up 0.1%.

Yamana Gold

(AUY) - Get Report

has edged down 0.2% to $10.80.

-- Reported by Andrea Tse in New York

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