GOLD MINES SOLD – Goldcorp unloads Peak and Amapari

VANCOUVER - GOLDCORP has announced plans to sell both its Peak mine in Australia and its Amapari mine in Brazil. The deal is worth US$300 million: US$200 million in cash and US$100 million in shares of PEAK GOLD, the operating company and the new name for GPJ Ventures. The issuance of shares will give Goldcorp a 24% interest in Peak Gold.

The Peak mine, located in New South Wales, has an annual output of 120,000 oz of gold and 4.6 million lb of copper. Total cash cost of production during 2005 was US$228/oz. The deposit contains about 1.0 million oz of gold.

The Amapari mine was commissioned in the second half of 2005, but proven and probable gold reserves at Amapari have been revised downward to 485,000 contained ounces. The production rate will be 95,000 oz in 2007. At US$463/oz, Amapari was Goldcorps most expensive producer during the first nine months of 2006.

Several current job openings are listed on the Peak website, www.PeakGold.com.au.