Goldcorp Reports Ten-Fold Earnings Increase

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Goldcorp Reports Ten-Fold Earnings Increase to $98 Million on Gold Sales of 543,000 Ounces for Second Quarter

Monday August 15, 4:00 pm ET


VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 15, 2005--Goldcorp Inc. (TSX:G - News; NYSE:GG - News) is pleased to announce its second quarter results, highlights of which are:

- Net earnings increased to $98 million ($0.30 per share), compared with $9 million ($0.05 per share) in 2004. Included in the 2005 net earnings of $98 million is $52 million from the sale of gold bullion inventory;

- Operating cash flows increased to $164 million ($0.50 per share), compared with $12 million ($0.06 per share) in 2004.

- Gold production doubled to 281,000 ounces for the quarter, compared with 138,600 ounces in 2004;

- Gold sales were 543,100 ounces, including the sale of 275,700 ounces of gold bullion inventory held at the start of the quarter (2004 - 93,600 ounces);

- Total cash costs more than halved to $52 per ounce compared to $116 per ounce in 2004.

- Commissioning of Amapari mine commenced during the quarter, with production expected by the fourth quarter.

- With a cash balance of $421 million at June 30, 2005, in combination with the recently announced $500 million bank credit facility, the Company is well positioned to continue to grow by way of acquisition.

For the six months to June 30, 2005, net earnings increased to $128 million ($0.44 per share) compared with $27 million ($0.14 per share) in 2004, and operating cash flows increased to $244 million ($0.84 per share), compared with $8 million ($0.04 per share) in 2004. Gold production totalled 556,400 ounces in 2005 compared with 297,900 ounces in 2004. Gold sales increased to 760,600 ounces at a total cash cost of $64 per ounce, compared with 201,000 ounces at a total cash cost of $107 per ounce in 2004.

President and CEO Ian Telfer said, "The Company's spectacular quarterly results are indicative of the strengths of the Company, which include increasing gold production, very strong earnings and cash flows, and the lowest cash costs in the industry."

Goldcorp is the world's lowest-cost million-ounce gold producer with safe, profitable and sustainable mining operations throughout the Americas and in Australia. Production in 2005 is expected to exceed 1.1 million ounces at a cash cost of less than $60 per ounce. The company has a strong balance sheet, no outstanding debt and no hedging. Goldcorp expects a 40% increase in annual production to 1.6 million ounces of gold by 2007 due to organic growth, and the company also intends to grow through acquisition.

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A Goldcorp está a subir 2,4% para os 18,35 no Pré-Market, consequência dos excelentes resultados apresentados ontem após o fecho do mercado.

Ontem no After-Hours chegou a cotar nos 18,76.