GOLD DEVELOPMENT: lonore project granted construction permit

QUEBEC - The Quebec Minister of Sustainable Development, Environment and Parks has issued a certificate of authorization for the construction of the Éléonore gold project belonging to Goldcorp of Vancouver. The project is located in the James Bay region and on track for a 2014 start-up.

The development plan outlines capital costs of $1.4 billion to bring Éléonore to full production at a rate of 600,000 oz of gold per year. An underground mine with a life of 15 years and 7,000-t/d mill will be built.

Goldcorp has advanced the exploration shaft to 588 metres of the full 725-metre depth. Completion is expected in the Q2 2012. The exploration ramp has reached 663 metres in length and diamond drilling stations will be set up for further resource evaluation. With receipt of the certificate, the company will proceed with the 1,400-metre-deep production shaft and related infrastructure, the mill, the 65-km access road and 120 kV electrical substation.

The Éléonore project has reserves of 12.5 million tonnes grading 7.56 g/t Au, or over 3.0 million oz. There are perhaps 480,000 oz more remaining in the measured and indicated category, or 12.2 million tonnes at 10.6 g/t Au. The project also has an inferred resource containing 4.2 million oz.

More information about Goldcorp and its Éléonore project is available at www.Goldcorp.com.