DAILY NEWS Jan 8, 2013 4:51 PM - 0 comments

GOLD: Goldcorp production to grow 70% by 2017

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TORONTO – The good news just keeps coming from Goldcorp. Not only did the company meet its 2012 production target of 2.39 million oz, but output is expected to rise 70% to between 4.0 million and 4.2 million oz by 2017.

President and CEO Chuck Jeannes expects the gold production to rise this year, especially as production ramps up at the Pueblo Viejo (40%) joint venture in the Dominican Republic (60% Barrick Gold). He said, " Pueblo Viejo represents the first leg of new gold growth as a result of our multi-year investment in new growth projects. Cerro Negro in Argentina remains positioned to be the next, adding substantial new gold production in 2014, with Éléonore expected to make a significant contribution in 2015. Our five-year gold production profile builds steadily over the next several years, culminating in forecast gold production growth of approximately 70% by 2017."

The production targets for 2013 add up to between 2.6 million and 2.8 million oz of gold. The largest operation is Red Lake where as many as 510,000 oz may be recovered. The list continues with Penasquito (400,000 oz), Los Filos (350,000 oz), 40% of Pueblo Viejo (435,000 oz), Porcupine (280,000 oz), Musselwhite (260,000 oz), Marlin (200,000 oz), 37.5% of Alumbrera (125,000 oz), 66.7% of Marigold (100,000 oz), El Sauzal (80,000 oz), and ends with Wharf (60,000 oz). Meanwhile, costs per ounce are expected to average approximately $500.

Goldcorp had yet more good news in that it is increasing its annual dividend by 11%. The January dividend is $0.05 per share. The company noted that it has increased its dividend by 233% since 2009.

To learn more about Goldcorp and its global operations, visit Goldcorp.com.

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