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Market: TSX NYSE
Sector: Gold Mining
EPIC: G
Latest Price: 47.08  (-1.05% Descending)
52-week High: 55.30
52-week Low: 42.41
Market Cap: 38,085.10M
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Goldcorp
www.goldcorp.com

Goldcorp is one of the world's largest gold mining companies employing more than 9,000 people worldwide. Goldcorp has 16 operations and development projects focused throughout the Americas with over 70% of reserves in NAFTA countries.  

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Goldcorp expects to raise reserves estimates at Penasquito mine, Mexico

8th Dec 2008, 12:00 am by Andre Lamberti
Goldcorp expects to raise reserves estimates at Penasquito mine, Mexico

GoldCorp Inc said it anticipates a significant year-end increase in proven and probable reserves at the Penasquito project in Zacatecas, Mexico, following successful low-lead and other metallurgical testwork.

The first sulphide process line remains on track for commissioning during mid-2009 with concentrate production in the fourth quarter of 2009. The current capital estimate to mechanical completion is less than 10 percent above the original US$1.49 billion estimate.


Penasquito is a 100 percent owned development project that will be Mexico's largest open pit mine, GoldCorp said in a statement. The project consists of two open pits - Penasco and Chile Colorado.


The project is on track, with the feasibility study envisaging a heap leach operation, which started in 2008, followed by a 50,000 tonne per day milling operation in 2009, ramping up to 130,000 tonnes per day in 2010. Annual production over the life of mine, estimated at 19 years, is expected to ramp up to approximately 500,000 ounces of gold, 30 million ounces of silver and over 400 million pounds of zinc.


The June 2007 reserves amounted to 13.05 million ounces of proven and probable gold reserves, 4.73 million ounces of measured and indicated gold resources and 9.02 million ounces of inferred gold resources. In addition, Penasquito contains 863.9 million ounces of proven and probable silver reserves, 413.3 million ounces of measured and indicated silver resources and 509.9 million ounces of inferred silver resources. Significant quantities of zinc and lead will also add to the revenue base.

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