Goldcorp Cash Flow Increases 35% In The Third Quarter; Strong Production Increase Of 11% And Cash Cost Performance Lead To Increased 2009 Guidance

November 4, 2009

VANCOUVER, British Columbia – Goldcorp Inc. (TSX: G, NYSE: GG) today reported gold production of 621,100 ounces for the third quarter at a total cash cost of $295 per ounce. Adjusted net earnings1 in the third quarter were $140.6 million, or $0.19 per share, while reported net earnings totalled $114.2 million.

Third Quarter Highlights

Gold production increased by 11% over the 2008 third quarter, to 621,100 ounces.

Total cash costs2 for the quarter were $295 per ounce on a by-product basis, and $297 per ounce year to date.

Total cash costs2 on a co-product basis were $384 per ounce compared to $380 per ounce year to date.

Operating cash flows before changes in working capital3 totaled $321.1 million or $0.44 per share, a 35% increase over the third quarter of 2008.

Dividends paid amounted to $32.9 million.

Peñasquito concentrate production ramp-up on schedule; concentrate shipments commence.

Full-year gold production guidance revised upward; cash cost guidance also improves.
“Consistent with our 2009 theme of execution throughout our operations, Goldcorp’s gold production and cash costs were again very strong in the third quarter,” said Chuck Jeannes, Goldcorp President and Chief Executive Officer. “Red Lake experienced an outstanding quarter, driven by excellent results in the High Grade zone and continued productivity enhancements. Also in Ontario, Porcupine’s quarterly gold production was its best in almost three years. Marlin in Guatemala and Los Filos in Mexico were also important contributors to our quarterly results, with the Los Filos open pit operation achieving record quarterly gold production. We saw continued success among our next generation of growth drivers as well. At Peñasquito, I am pleased to report that shipments of both lead and zinc concentrates began this week. Achieving this important milestone supports our continued confidence in the outlook for this world-class operation. Also advancing impressively is the Cochenour project in the Red Lake camp. Development will begin to accelerate, as a plan is now in place detailing the best way to access the deposit. Cochenour is a key component of our development plans in the prolific Red Lake district, and upon completion it will be an important contributor to our growth profile at Red Lake for many years to come.”

“Our strong performance through the first nine months of the year has led us to revise our production guidance, to approximately 2.4 million gold ounces at a total cash cost of approximately $300 per ounce on a by-product basis and less than $400 per ounce on a co-product basis. Gold prices have exhibited continued strength and sustainability above $1,000 per ounce, and with our production and cash costs trending positively, the stage is set for continued strength in cash flow and profitability through the end of the year and beyond.”

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