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Goldcorp Inc.

TICKER:  NYSE:GG, TSX:G
DESCRIPTION:  Goldcorp is now the world's lowest-cost, million-ounce gold producer. The acquisition of Wheaton River Minerals Ltd. has increased gold production, gold reserves and resources and given the company one of the fastest growth curves in the industry. It has strengthened Goldcorp's already solid balance sheet and lowered production costs per ounce even further. Goldcorp is in excellent financial condition. It has no debt, a large treasury, strong cash flow and earnings and pays a dividend 12 times per year. Goldcorp is completely unhedged.
WEBSITE:  http://www.goldcorp.com/
MAX Options Two Properties in British Columbia Premier Announces Annual General Meeting of Shareholders (AGM) to Take Place with Presentation Sched Halo Commences Drilling at West Red Lake

The information below is based on the most recent information we have received from analysts and the companies participating in The Gold Report. We encourage you to visit the company's web site for updates.

"Mexico's ever-expanding gold mining industry is on target for another banner year in 2010. In fact, output is expected to jump by an additional 880,000 ounces next year to nearly 2.5 million ounces, representing an approximately 50% increase over 2009's projected figures (which have yet to be announced).

Much of the additional output will come from the ramping-up of production at the world-class gold/silver Penasquito mine in Zacatecas State. Owned by the world's fifth largest gold producer, Vancouver-based Goldcorp, Inc., the mine was commercialized last October and is expected to start yielding up to 500,000 ounces of gold per annum."
- Marc Davis, BNW News (01/20/10)

"Of course, many mining properties are very remote and it often means long rides on bad roads to reach them. Add the travel time to and from Mexico and you could spend four days to see a single project. Goldcorp Inc. (NYSE:GG; TSX:G) had a great way to go about it. They'd arrange a tour of three or four of their Mexican mines and charter private aircraft to make the trip efficient, send out invitations and fill up the planes with analysts. I saw an opportunity to adapt that model and visit several different companies' properties on a single trip. Hence, Due Diligence Tours."
- The Gold Report Interview with Trey Wasser (01/08/10)

"Just a quick follow up to yesterday's Morning Note on the Newmont/Fresnillo bid for Canplats. Obviously Canplats was much higher yesterday (a stock I own in my retirement account). We think Goldcorp will respond within the 5 day window with a bid for Canplats.

Canplats must be worth a lot more to GG than the Newmont/Fresnillo JV. . .The market seems very interested in all the players in this opera. Goldcorp, Canplats and Quaterra were all up significantly yesterday."
- Michael Berry, Morning Notes (12/24/09)

"Goldcorp has grown into a legacy stock. It's still making discoveries, some increasingly wonderful assets at Peñasquito now, plus Red Lake in Northern Ontario, Porcupine, Musselwhite and Los Filos and a number of others. Every time Goldcorp makes a discovery, it solidifies the base and tends to create value, even if it doesn't add quite as much as you'd get with an incubator stock making a discovery."
- The Gold Report Interview with Michael Berry (12/15/09)

"Last week, Goldcorp announced highlights from its successful $110 million 2009 exploration program, which highlighted potential at a number of key operations, including Red Lake, Penasquito, Porcupine, Musselwhite and Los Filos. Strong exploration results and several high-grade drill intercepts indicate the potential for reserve/resource additions at a number of key operations, which increased our 5%/peak NAVPS estimate by approximately 5%. Based on the tone of this release, we have increased our expectations of reserve additions at Red Lake (to 4 Moz grading 20 g/t from 1.6 Moz grading 17 g/t), Porcupine (+0.5 Moz), and Los Filos (+0.75 Moz) and increased the size of the Escobal resource by 35%. As a result, our 5%/$1,100 peak gold NAV (prior to this week when we raised our peak Au/Ag deck and adjusted our commodity prices) had increased by approximately 5% (largely on increased Red Lake assumptions) to $25.37 from $24.23. Our target price was revised to US$48.25 (from US$47.00) and reflected a multiple of 1.90x (previously 1.95x) to our revised 5%/$1,100 peak gold NAV. We maintained our HOLD rating based on relative valuation."
- Precious Metals Weekly (11/30/09)

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