Goldcorp: Au reserves up 9% to 43.3Moz in 2007 - Regional
Tuesday, February 19, 2008
Vancouverite major Goldcorp (TSX: G, NYSE:GG) reported that its proven and probable gold reserves increased 9% in 2007 to 43.4Moz, while proven and probable silver reserves jumped 37% to 1.07Boz.Increased gold reserves came on the addition of 3.1Moz at Goldcorp's Peñasquito project and 1.1Moz at the Los Filos mine, both in Mexico, as well as the acquisition of full ownership of the Porcupine and Musselwhite mines in Canada, which added another 2Moz. The effect of the acquisitions was somewhat offset by the disposition of the Amapari mine in Brazil and La Coipa in Chile.
Additionally, measured and indicated gold resources grew 30% to 21.3Moz in 2007, while measured and indicated silver resources surged 47% to 464Moz.
Goldcorp mined some 2.63Moz gold in 2007 but through a US$134mn exploration program "discovered" some 5.23Moz gold during the year, the company said.
Some US$150mn has been budgeted for exploration in 2008, the company said.
At end 2007, Goldcorp also held 1.49Blb (676,760t) copper, 13.8Blb zinc and 5.88Blb lead in proven and probable resources, and 831Mlb copper, 2.94Blb lead and 9.09Blb zinc in measured and indicated resources.
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