GOLDCORP
ANNOUNCES MANAGEMENT APPOINTMENTS
Vancouver,
BC, March 7, 2006 - Ian
Telfer, President and CEO of Goldcorp Inc. (NYSE:GG,
TSX:G) (“Goldcorp”) is
pleased to announce the following management appointments.
Mr.
Peter
Barnes, Executive Vice-President and Chief Financial
Officer of Goldcorp, will
be appointed Chief Executive Officer and a Director
of Silver Wheaton (AMEX, TSX
:SLW), effective April 20, 2006. Mr. Barnes has participated
in the creation of
Silver Wheaton and will now provide full time leadership
going forward.
Goldcorp’s Directors and Management wish to thank Peter Barnes
for his
contribution to the success of Goldcorp and we are
confident that Peter and his
team will take Silver Wheaton to the next stage in
its evolution as a major
silver mining company.
We
are
also pleased to announce that Lindsay Hall, former
Executive Vice-President and
Chief Financial Officer of Placer Dome Inc., will
be appointed Executive
Vice-President and Chief Financial Officer of Goldcorp,
effective April 19,
2006. Mr. Hall is a Chartered Accountant with strong
financial credentials,
which include being Vice-President of Finance at
West Coast Transmission, Chief
Financial Officer of Westcoast Gas Transmission,
Chief Financial Officer of Duke
America in Houston, and Treasurer of Duke Energy
Inc. We are pleased that
Lindsay has joined our team and are confident that
he can provide financial
leadership for Goldcorp in the years ahead.
Julio
Carvalho was appointed to the position of Executive
Vice-President of Central
and South America in January of this year. Mr. Carvalho
was a senior executive
with Rio Tinto in Brazil for over 30 years, and more
recently the President of
Canico Brazil, which was just acquired by CVRD for
$1 billion. Mr. Carvalho will
be based in Goldcorp’s Rio de Janeiro office to oversee our growing South
American projects, which include Amapari, Alumbrera,
La Coipa and Pueblo Viejo.
We welcome Mr. Carvalho to the Goldcorp team and
we are confident that he has
all the skills needed to guarantee our success in
Central and South
America.
Goldcorp
is the world’s lowest cost and fastest growing multimillion ounce
gold producer.
Annualized gold production in 2006 is expected to
be approximately 2 million
ounces at a cash cost of less than $150 per ounce
and Goldcorp remains unhedged.
2007 gold production is forecast to reach almost
2.4 million ounces at a cash
cost of less than $175 per ounce.
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 similar
Canadian legislation. Forward-looking statements
include, but are not limited
to, statements with respect to the future price of
gold, silver and copper, 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, currency
exchange rate fluctuations, requirements for additional
capital, government
regulation of mining operations, environmental risks,
unanticipated reclamation
expenses, 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” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or variations of such
words and phrases or state that certain actions,
events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are subject to known and
unknown risks, uncertainties
and other factors that may cause the actual results,
level of activity,
performance or achievements of Goldcorp to be materially
different from those
expressed or implied by such forward-looking statements,
including but not
limited to: risks related to the integration of acquisitions;
risks related to
international operations; risks related to joint
venture operations; actual
results of current exploration activities; actual
results of current reclamation
activities; conclusions of economic evaluations;
changes in project parameters
as plans continue to be refined; future prices of
gold, silver and copper;
possible variations in ore reserves, grade or recovery
rates; failure of plant,
equipment or processes to operate as anticipated;
accidents, labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals
or financing or in the completion of development
or construction activities, as
well as those factors discussed in (a) the section
entitled “Description of the
Business - Risk Factors” in Goldcorp’s annual information form for the year
ended December 31, 2004, and (b) the section entitled
“Description of the
Business - Risk Factors” in Wheaton River Minerals Ltd.’s annual information
form for the year ended December 31, 2004. Although
Goldcorp has attempted to
identify important factors that could cause actual
results to differ materially
from those contained in forward-looking statements,
there may be other factors
that cause results not to be as anticipated, estimated
or intended. There can be
no assurance that such statements will prove to be
accurate, as actual results
and future events could differ materially from those
anticipated in such
statements. Accordingly, readers should not place
undue reliance on
forward-looking statements. Goldcorp does not undertake
to update any
forward-looking statements that are incorporated
by reference herein, except in
accordance with applicable securities laws.
For
further information, including a copy of the early
warning report of Goldcorp to
be filed on www.sedar.com
within
two business days of this news release, please contact:
Julia
Hasiwar
Director,
Investor Relations
Goldcorp
Inc.
1560-200
Burrard Street
Vancouver,
British Columbia, V6C 3L6
Telephone:
1800-567-6223
Fax:
(604) 696-3001
Email:
info@goldcorp.com
Website:
www.goldcorp.com