TSX: G NYSE: GG
VANCOUVER, March 13, 2015 /CNW/ - GOLDCORP INC.
(TSX: G, NYSE: GG) today announced the completion of the
previously announced acquisition of Probe Mines Limited
("Probe").
Probe's principal asset is the 100%-owned Borden Gold project
located near Chapleau, Ontario, approximately 160 kilometers
west of Goldcorp's Porcupine mine. The highly-prospective Borden
Gold project currently has reported underground constrained
indicated resources of 1.6 million ounces of gold (9.3Mt @ 5.39g/t)
and inferred resources of 0.4 million ounces of gold (3Mt @
4.37g/t) at a 2.5g/t gold cut-off grade. The deposit remains open
down plunge. The deposit is located within a large land package
comprising 70 kilometers of contiguous claims in a geologic setting
not previously thought to host gold deposits.
"The acquisition of Probe and the Borden Gold project is
consistent with Goldcorp's ongoing strategy of enhancing our
portfolio by providing a new source of low-cost, high quality gold
production for our Porcupine mine thereby leveraging the important
investments we have already made in people, infrastructure and
stakeholder partnerships," said Chuck
Jeannes, Goldcorp President and Chief Executive Officer. "In
addition, Borden is a new
discovery that remains open, and is located in a very prospective
new district. We look forward to immediately advancing exploration
efforts in this area."
Probe shareholders overwhelmingly voted in favour of the plan of
arrangement pursuant to which they were issued 13,264,133 Goldcorp
common shares and 31,368,363 common shares (the "Probe Metals
Shares") in Probe Metals Inc. ("Probe Metals"), a new exploration
company containing Probe's mineral properties in the Ring of Fire
in Northern Ontario, as well as
C$15 million in cash and certain
other assets currently owned by Probe. The Probe Metals Shares are
expected to commence trading on the TSX Venture Exchange ("TSXV")
on or about March 17, 2015 under the
ticker symbol "PRB". Goldcorp now owns 6,177,846 Probe Metals
Shares, or 19.7% of the outstanding Probe Metals Shares, and looks
forward to supporting Probe Metals in the execution of its business
plan. A copy of the early warning reports filed by Goldcorp
in connection with the purchase of the Probe Shares and the Probe
Metals Shares will be available on the SEDAR website at
www.sedar.com under Probe's and Probe Metals' profiles,
respectively, or by contacting Goldcorp at the number shown
below.
About Goldcorp Inc.
Goldcorp is one of the world's fastest growing gold producers.
Its low-cost gold production is located in safe jurisdictions in
the Americas and remains 100% unhedged.
Cautionary Note Regarding Forward Looking
Statements
This press release contains "forward-looking statements", within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation,
concerning the business, operations and financial performance and
condition of Goldcorp Inc. ("Goldcorp"). Forward-looking statements
include, but are not limited to, statements with respect to the
anticipated benefits of the acquisition of Probe to Goldcorp, the
timing of de-listing of the Probe Shares and trading of the Probe
Metals Shares , the development of the Borden project, future price of gold, silver,
copper, lead and zinc, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines,
hedging practices, currency exchange rate fluctuations,
requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation
expenses, timing and possible outcome of pending litigation, title
disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes" or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Forward-looking statements are made based upon certain
assumptions and other important factors that, if untrue, could
cause the actual results, performances or achievements of Goldcorp
to be materially different from future results, performances or
achievements expressed or implied by such statements. Such
statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which Goldcorp will operate in the future, including
the price of gold, anticipated costs and ability to achieve goals.
In respect of the forward-looking statements concerning the
anticipated timing for delisting of the Probe Shares and listing
and trading of the Probe Metals Shares, Goldcorp has provided them
in reliance on certain assumptions that they believe are reasonable
at this time, including assumptions as to the Goldcorp and Probe
Metals to receive, in a timely manner, the regulatory approvals.
Certain important factors that could cause actual results,
performances or achievements to differ materially from those in the
forward-looking statements include, among others, the risk that the
Probe Share may not be delisted and the Probe Metals Shares may not
begin trading when planned, gold price volatility, discrepancies
between actual and estimated production, mineral reserves and
resources and metallurgical recoveries, mining operational and
development risks, litigation risks, regulatory restrictions
(including environmental regulatory restrictions and liability),
activities by governmental authorities (including changes in
taxation), currency fluctuations, the speculative nature of gold
exploration, the global economic climate, dilution, share price
volatility, competition, loss of key employees, additional funding
requirements and defective title to mineral claims or property.
Although Goldcorp has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other important factors that may cause the
actual results, level of activity, performance or achievements of
Goldcorp to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
the risk that the Probe Shares may not be de-listed and the Probe
Metals Shares may not begin trading when planned; the benefits
expected from the arrangement not being realized; risks related to
the integration of acquisitions; risks related to international
operations, including economic and political instability in foreign
jurisdictions in which Goldcorp operates; risks related to current
global financial conditions; risks related to joint venture
operations; actual results of current exploration activities;
environmental risks; future prices of gold, silver, copper, lead
and zinc; possible variations in ore reserves, grade or recovery
rates; mine development and operating risks; accidents, labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; risks related to
indebtedness and the service of such indebtedness, as well as those
factors discussed in the section entitled "Description of the
Business – Risk Factors" in Goldcorp's annual information form for
the year ended December 31,
2013 available at www.sedar.com. Although Goldcorp has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Forward-looking
statements are made as of the date hereof and accordingly are
subject to change after such date. Except as otherwise indicated by
Goldcorp, these statements do not reflect the potential impact of
any non-recurring or other special items or of any dispositions,
monetizations, mergers, acquisitions, other business combinations
or other transactions that may be announced or that may occur after
the date hereof. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of our operating environment. Goldcorp does
not undertake to update any forward-looking statements that are
included in this document, except in accordance with applicable
securities laws.
SOURCE Goldcorp Inc.