Goldcorp
Goldcorp to develop Cochenour gold project in Red Lake gold district
The project combines the existing workings of the historic Cochenour mine with the Bruce Channel gold discovery acquired by Gold Corp in the Gold Eagle transaction late last year. Goldcorp's Red Lake Mine produces approximately 600,000 ounces annually, with a total production of more than 11 million ounces to date.
"Cochenour is an important step in the optimization of long-term development plans for Goldcorp's entire Red Lake asset portfolio," the company said. "Other initiatives associated with this program include the ongoing expansion of the Red Lake mine, the assessment of possible open pit mining opportunities and the third quarter completion of the 4199 exploration drift, which will allow for a resumption of routine exploration and in-filling drilling in the high grade zone."
No mineral resource yet exists for Cochenour, but Goldcorp is sizing the project at 5 million ounces of gold and hopes to complete a pre-feasibility study and commence shaft development in 2010. The total cost for initial development this year, exclusive of the $6 million drilling budget, is estimated at $12 million.
Goldcorp President and CEO Chuck Jeannes explained that "this multi-year focus on optimizing our Red Lake assets will provide an important contribution to our growth profile over the long term."
Goldcorp also expects to invest $430 million this year in the Pueblo Viejo project, a joint venture with Barrick. The company will contribute $1.1 billion of the total initial capex of $2.7 billion for the Dominican Republic gold project. Goldcorp's share of gold production is anticipated to average 400,000 ounces annually at total cash costs of between $275 and $300 an ounce. The company's share of proven and probable gold reserves at Pueblo Viejo is nearly 9 million ounces.
Jeannes said, "We remain confident in our existing production and cash costs guidance of approximately 2.3 million ounces of gold at a total cash cost of $365 per ounce on a by-product basis and $400 per ounce on a co-product basis."
He noted that first-quarter 2009 gold production increased by 94,000 ounces compared to the same quarter a year ago "as nearly every mine met or exceeded internal forecasts."
"With approximately 90% of our first quarter revenue coming from gold sales, we were particularly pleased to see our strong gold production more than offset the impact of lower by-product metals prices," he added.
FINANCIALS
Goldcorp reported net earnings of $290.9 million or 40-cents per share for the first quarter of this year, a 27% increase over the first quarter of 2008 with net earnings of $229.5 million or 32-cents per share.
The company paid $32.9 million in dividends and reported $261 million in cash and equivalents.
Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.
Other Goldcorp articles
-
29/05/09 Goldcorp sees plenty of exploration potential around existing operations
-
08/01/09 Goldcorp reports record fourth quarter gold production
-
08/12/08 Goldcorp expects to raise reserves estimates at Penasquito mine, Mexico
Other Goldcorp news
-
18/02/10 Goldcorp proven and probable reserves increase, again
-
10/02/10 Goldcorp agrees to fund US$10 mln exploration program at Quaterra properties for stake in projects
-
21/01/10 Goldcorp CEO believes combination of new discoveries and management of current assets key to future success
-
12/01/10 Goldcorp targets 2.6 million ounces of gold in 2010
-
07/01/10 Goldcorp secures 70% interest in El Morro Copper-Gold Project through deal with New Gold
-
17/12/09 Goldcorp pledges US$10 mln to gain holding in Quaterra Resources’ Mexico properties
-
02/12/09 Goldcorp sells 21.2 % stake in Mexico's Morelos project for C$52 million
-
16/11/09 GoldCorp snaps up Camino Rojo Gold-Silver Property Through C$238m Canplats Acquisition
-
05/11/09 Goldcorp ups full year gold production guidance to 2.3-2.4 million ounces
-
16/10/09 Goldcorp's participation in Terrane Metals' Mt. Milligan Copper-Gold Project crucial - Haywood Securities
Investors interested in Goldcorp recently viewed
-
Ariana Resources (AIM: AAU)
-
Central China Goldfields (AIM: GGG)
-
CGA Mining Ltd. (ASX,TSX: .CGX)
-
Chaarat Gold (AIM: CGH)
-
Citigold Corporation (ASX: .CTO)
-
Cluff Gold (TSX / AIM: CFG )
-
Eaglecrest Explorations (TSX-V: .EEL)
-
Envirogold (ASX: .EVG)
-
Exco Resources Ltd (ASX: .EXS)
-
Exeter Resource Corporation (TSX| AMEX.NYSE: .XRC)
-
FRONTIER MINING (AIM: FML)
-
Gold Resource Corp (OTCBB: .GORO)
-
Golden Goliath (TSX: .GNG)
-
Golden Predator Royalty & Development Corp (TSX-V: GPD)
-
Golden State Resources (ASX: GDN)
-
Goldplat (AIM: GDP)
-
Hawthorne Gold (TSX-V: .HGC)
-
Kalahari Resources Inc. (TSX-V: .KLA)
-
KEFI MINERALS (AIM: KEFI)
-
Kent Exploration Inc (TSX-V: .KEX)
-
Knick Exploration (TSX-V: KNX)
-
Kryso Resources (AIM: KYS)
-
Lydian International (TSX: .LYD)
-
Medusa Mining (TSX / AIM / ASX : MLL)
-
Mercator Gold (AIM: MCR)
-
Minefinders Corporation (TSX: .MFL)
-
Minera IRL (AIM: MIRL)
-
Nevsun Resources (TSX, AMEX: .NSU)
-
NioGold Mining Corporation (TSX-V: .NOX)
-
NORSEMAN GOLD (AIM / ASX: NGL / NGX)
-
Orosur Mining Inc. (TSX-V / AIM: OMI)
-
OXUS GOLD (AIM: OXS)
-
Pan African Resources (AIM: PAF)
-
Patagonia Gold (AIM: PGD)
-
PERSIAN GOLD (AIM: PNG)
-
Plato Gold Corp (TSX-V: .PGC)
-
Republic Gold (ASX: RAU)
-
Rubicon Minerals (TSX | NYSE.AMEX: RBY: .RMX)
-
Sacre-Coeur Minerals (TSX: SCM)
-
Solomon Gold (AIM: SOLG)
-
Sunridge Gold Corp (TSX-V: .SGC)
-
Timmins Gold Corp (TSX-V: .TMM)
-
Vatukoula Gold Mines (AIM: VGM)
-
Victoria Gold Corp (TSX-V: .VIT)










