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NEWS RELEASE

Toronto, Canada
February 27, 1995

Goldcorp 1994 Consolidated Results

(All amounts in this news release are expressed in Canadian dollars except as noted otherwise.)

Goldcorp Inc. today reported record results for the year 1994:

Financial Results

Earnings for 1994 were $30.6 million, or $1.11 per share ($1.07 per share fully diluted) on revenues of $140.9 million. In 1993, earnings were $13.9 million, or 80 cents per share, on revenues of $119.2 million.

Earnings for the fourth quarter of 1994 were $1.9 million, or six cents per share, on revenues of $34.3 million. For the same period in 1993, earnings were $3.3 million, or 19 cents per share, on revenues of $32.5 million.

Cash flow from operations in 1994 was $35.6 million, or $1.29 per share ($1.24 per share fully diluted). In 1993, cash flow from operations was $25.7 million, or $1.47 per share. For the fourth quarter of 1994, cash flow from operations was $5.7 million, or 18 cents per share, compared to $8.6 million, or 49 cents per share, for the same period in 1993.

The 1994 results reflect the Reorganization, effective March 31, 1994, between Goldcorp and its affiliated companies, which resulted in the elimination of the minority interest in Dickenson Mines Limited and the extinguishment of the investment management agreement between Goldcorp and CSA Management Limited. The Reorganization principally involved combining the financial assets of Goldcorp with the operating assets of Dickenson and CSA's Goldcorp-related assets.

Other factors contributing to the improved results in 1994 were a 5% increase in the quantity of gold sold, a 16% increase in the realized gold price per ounce sold and a non-recurring after-tax gain of $20.2 million (70 cents per share fully diluted) realized on the sale of substantially all of the Company's investment in shares of Orvana Minerals Corporation.

Goldcorp's hedging program, conducted mainly through forward sales, enhanced revenues in 1994 and 1993. Gold sales in 1994 were 204,294 ounces at an average realized price of $545 (US$399) per ounce, compared to 194,169 ounces at an average realized price of $469 (US$364) per ounce in 1993. During 1994, the average market price for gold was $524 (US$384) per ounce, compared to $464 (US$360) per ounce in 1993. The Company intends to resume its gold hedging program at a price level it deems appropriate.

Gold Mining Operations

Operating profit in 1994 from gold mining operations increased by 45% to $19.2 million on revenues of $111.4 million, compared to $13.3 million on revenues of $91.4 million in 1993. Operating cash flow from gold mining operations (before changes in non-cash working capital) increased by 40% to $36.4 million, from $25.9 million in 1993.

Total gold production from the Red Lake Mine, the Wharf Mine and the Golden Reward Mine increased by 6% to 223,338 ounces from 211,539 ounces in 1993. Goldcorp's share of gold production in 1994 increased by 27% to 127,136 ounces from 99,981 ounces in 1993, largely due to a reduction in minority interest resulting from the Reorganization.

The average cash production cost per ounce in 1994 was $334 (US$244), compared to $312 (US$242) per ounce in 1993. Including cash production cost, royalties, severance taxes and non-cash costs, the total average cost was $436 (US$319) in 1994, compared to $404 (US$313) in 1993. Overall, the higher cash production cost at the Red Lake Mine more than offset cost reductions at the Golden Reward Mine.

The estimated total gold production from the Company's three gold mines is 202,000 ounces in 1995, of which Goldcorp's share is 117,000 ounces. The estimated average cash production cost is $312 (US$231) per ounce and average total cost is $435 (US$322) per ounce.

Red Lake Mine

In 1994, the Red Lake Mine recorded an operating profit of $4 million, compared to $4.7 million in 1993. Operating cash flow in 1994 was $5.2 million, compared to $5.4 million in 1993.

The mill throughput during 1994 was 318,000 tons of ore with an average head grade of 0.25 ounces of gold per ton and an average recovery rate of 81.4%. By comparison, in 1993, mill throughput was 335,000 tons of ore with an average head grade of 0.27 ounces of gold per ton and an average recovery rate of 80.3%. Consequently, gold production declined to 65,500 ounces in 1994 from 73,609 ounces in 1993. The cash production cost in 1994 was $444 (US$325) per ounce, compared to $386 (US$299) per ounce in 1993. The total cost in 1994, including cash production cost and non-cash costs, was $478 (US$350), compared to $413 (US$320) per ounce in 1993.

The lower throughput in 1994 resulted from the decision, early in the year, to reduce the number of stopes available for mining, in order to increase the rate of mine development. The higher level of mine development also partly contributed to the increase in unit cost in 1994. During 1994, underground development increased by 66% to 13,860 feet, from 8,360 feet in 1993, while underground diamond drilling increased by 35% to 110,000 feet, from 81,200 feet in 1993.

Stoping will continue throughout the mine, as numerous small, higher grade zones in the upper levels remain to be mined. In order to meet the longer term objectives of the mine, it is necessary to better define the ore reserve base prior to stoping. Approximately 130,000 feet of development drilling is planned over the next two years at a cost of $4 million. In addition, 15,000 feet of underground development is planned for 1995 above the 30 Level.

The Company has commenced a $6 million exploration program at the mine, which will include 200,000 feet of diamond drilling over the next two years. This program will be conducted between the 30 and 38 Levels and is the continuation of exploration drilling initiated in 1993 between the 30 and 34 Levels. Initial exploration results show strong continuity of gold bearing structures from the 30 and 34 Levels. Several good intersections have been encountered, which indicate that the mineralized structure around the 30 Level in the current mining area extends down to the 34 Level, and potentially deeper. Cross-cuts and drill stations are being developed in order to continue the drilling of mineralized zones. The Number Two Shaft, with 150 feet of vertical footage per level, provides access to these areas.

In order to facilitate this significant increase in development and exploration, the production rate is being reduced from 1,000 tons to 650 tons per day, which will result in budgeted gold output of 50,000 ounces in 1995, compared to 65,500 ounces produced in 1994. The workforce at the mine has consequently been reduced from 283 employees to 234 in February 1995. The 1995 budgeted cash production cost is $410 (US$305) per ounce and the total cost is $460 (US$340) per ounce.

The planned capital expenditures for the mine during 1995 are $8 million, comprising $2 million for equipment and $6 million for exploration and development expenditures.

Wharf Mine

In 1994, the Company recorded an operating profit of $16.3 million from the Wharf Mine, a 47% increase from $11.1 million a year earlier. The operating cash flow of $26.1 million in 1994 was 31% higher than the $19.9 million recorded in 1993.

The cash production cost of $266 (US$195) per ounce in 1994 was higher than $232 (US$180) per ounce in 1993, due to a lower grade of ore processed and a higher stripping ratio. The total cost per ounce was $395 (US$289) in 1994, compared to $357 (US$277) in 1993. During 1994, the quantity of ore processed increased to 4.4 million tons with an average grade of 0.030 ounces of gold per ton, compared to 4 million tons with an average grade of 0.033 ounces of gold per ton in 1993.

In 1995, the mine plans to process 4.3 million tons of ore, with an average grade of 0.029 ounces of gold per ton. The estimated gold production is 103,000 ounces at a cash production cost of $263 (US$195) per ounce and at a total cost of $397 (US$294) per ounce.

The 1995 planned capital expenditures include $1 million for equipment replacement, with a further $3.5 million for exploration and development.

Golden Reward Mine

In 1994, Goldcorp recorded an unexpected operating loss of $1 million from the Golden Reward Mine, compared to an operating loss of $2.5 million in 1993. The mine continued, however, to generate a positive operating cash flow in 1994, of which Goldcorp's recorded share increased significantly to $5.1 million from $0.6 million in 1993.

During the second half of 1994, shallow surface cracks appeared on the walls of East Liberty Pit. These cracks were not adverse to continued mining. However, a 100-year record rain storm in October caused additional surface cracks and exacerbated those that already existed. The occurrence of these cracks jeopardized the stability of the East Liberty Pit walls.

Mining at East Liberty Pit was discontinued and backfilling of the pit has stabilized the walls. As a consequence, permitted contained gold reserves have been reduced by approximately 170,000 ounces (Goldcorp's share was 102,000 ounces). Accordingly, Goldcorp recorded a charge of $1.8 million against its share of earnings from the Golden Reward Mine, which is attributable to its share of affected reserves.

In 1994, gold production at the Golden Reward Mine increased by 48% to 52,556 ounces, from 35,549 ounces in 1993 (Goldcorp's share of production was 31,534 ounces and 21,329 ounces, respectively). The 1994 cash production cost of $332 (US$243) per ounce was 23% lower than the $430 (US$333) per ounce in 1993. The total cost per ounce in 1994 was $491 (US$359), compared to $591 (US$458) in 1993. Cost savings from the purchase of the life-of-mine mining contract from the mining contractor in 1993 and a higher grade of ore processed resulted in higher production and a lower cost per ounce in 1994. During 1994, the quantity of ore processed increased to 1.8 million tons with an average grade of 0.040 ounces of gold per ton, compared to 1.5 million tons with an average grade of 0.033 ounces of gold per ton in 1993.

For 1995, the Golden Reward Mine is expected to break even and generate an operating cash flow at the same level as 1994, based on the gold price of US$375 per ounce. The 1995 budgeted gold production is 48,000 ounces (Goldcorp's share is 29,000 ounces) at a cash production cost of $304 (US$225) per ounce and a total cost of $521 (US$386) per ounce. The throughput planned in 1995 is 1.7 million tons of ore with an average grade of 0.038 ounces of gold per ton.

Expenditures of $4.3 million (Goldcorp's share is $2.6 million) are planned for 1995, mainly for mine development and definition drilling.

Clinton Project

The Clinton Project, adjoining the east side of the currently permitted Wharf Mine, has estimated contained gold reserves of one million ounces, all of which are amenable to open pit mining. Work on the permit applications for development of the project is expected to be completed in late 1996. The proximity of the Clinton Project to existing treatment and mining facilities will be beneficial to the future development of this deposit.

Industrial Mineral Operations

In 1994, combined revenues from Havelock Lime and Saskatchewan Minerals increased by 6% to $29.5 million from $27.8 million in 1993. Operating profit was $6.5 million in 1994, compared to $7.1 million in 1993. Operating cash flow was $8.6 million in 1994, compared to $9.1 million in 1993.

The industrial mineral operations benefitted from the weak Canadian dollar as 64% of 1994 revenues was from export sales of industrial mineral products. This favourable factor, however, was more than offset by higher operating costs, which resulted in lower operating profit and cash flow in 1994.

Sales forecasts for processed sodium sulphate and lime products for 1995 are consistent with 1994 levels.

Investment Portfolio

The strong market for gold bullion and gold related securities that began in early 1993 and ended in the first half of 1994 allowed Goldcorp the opportunity to realize substantial gains on its investments in certain gold securities, particularly during 1994.

During 1994, the Company realized pre- tax gains of $39 million ($21.7 million after tax), consisting of a gain of $36.3 million on the sale of 6,090,000 shares of Orvana Minerals Corporation and $2.7 million on the sale of other investments. In 1993, pre-tax net gains were $11.5 million.

At December 31, 1994, the Company's remaining investment portfolio in gold securities had an aggregate market value of $25.4 million, which exceeded the carrying book value by 51%, or $8.6 million. These holdings remain as available sources of additional capital for future mine expansion and joint venture opportunities.

Reserves

At December 31, 1994, the aggregate contained gold reserves at the Red Lake Mine, the Wharf Mine and the Golden Reward Mine was 3,487,000 ounces, compared to a total of 4,058,000 ounces in 1993.

At December 31, 1994, Goldcorp's share of the estimated contained gold reserves from the Red Lake Mine, the Wharf Mine and the Golden Reward Mine was 2,222,000 ounces. These reserves include permitted reserves of 1,612,000 ounces and 610,000 ounces of unpermitted reserves. A gold price of US$375 per ounce was used to calculate these reserves.

Goldcorp's share of total gold reserves at December 31, 1994 increased by 22% from 1,823,000 at December 31, 1993, principally as a result of the merger of Goldcorp and Dickenson Mines in March 1994 and the accompanying reduction in minority interests in the reserves.

Included in this news release are a summary of 1994 consolidated results, a summary of gold reserves and condensed consolidated financial statements for 1994.

For further information, please contact:

Rolando C. Francisco
Senior Vice President and
Chief Financial Officer

(416) 865-0326

Stock Symbols:

TSE ("G.A", "G.B")
ME ("G.A", "G.B")
AMEX ("GDL.A", "GDL.B")


Goldcorp Inc.
Share of Permitted Contained Gold Reserves

		As at December 31, 1994		As at December 31, 1993     
		Tons   Grade  Contained         Tons   Grade  Contained
              of ore  per ton ounces gold      of ore per ton ounces gold
             (millions)       (thousands)     (millions)      (thousands)    

Red Lake Mine
 Proven        1.10     0.320     352            1.26   0.320     403
 Probable      1.48     0.300     444            1.70   0.300     510
 Possible      1.00     0.340     340            1.00   0.290     290
               3.58             1,136            3.96           1,203

Wharf Mine
 Proven       25.30     0.028     708           26.20   0.029     760
 Probable      2.40     0.024      58            2.40   0.023      55
 Possible      3.00     0.026      78            4.60   0.024     110
              30.70               844           33.20             925

Golden Reward Mine
 Proven        2.79     0.038     106            5.74   0.042     241
 Probable      0.20     0.028       6            0.93   0.057      53
 Possible      1.00     0.057      57            2.49   0.041     102
               3.99               169            9.16             396

Total Permitted Gold Reserves   2,149                           2,524

Goldcorp's Share of
Permitted Gold Reserves
 Red Lake Mine
   (1994 - 100%; 1993 - 69.3%)  1,136                             834

 Wharf Mine
   (1994 - 50.3%; 1993 - 39.6%)   425                             364

 Golden Reward Mine
   (1994 - 30.2%; 1993 - 23.7%)    51                              93

 Total                          1,612                           1,291

Goldcorp Inc.
Share of Unpermitted Contained Gold Reserves

		As at December 31, 1994		As at December 31, 1993     
		Tons   Grade   Contained        Tons  Grade    Contained
              of ore  per ton ounces gold     of ore per ton ounces of gold
             (millions)       (thousands)    (millions)        (thousands)    

Wharf Mine
(Clinton Project)
 Proven        25.00    0.030      750         23.60   0.032     755
 Probable       4.60    0.020       92          4.20   0.019      80
 Possible       6.70    0.027      181          9.80   0.024     235
               36.30             1,023         37.60           1,070

Golden Reward Mine
 Proven         4.11    0.040      164          3.22   0.041     132
 Probable       0.12    0.024        3          0.28   0.036      10
 Possible       3.70    0.040      148          7.49   0.043     322
                7.93               315         10.99             464

Total Unpermitted Gold Reserves  1,338                         1,534

Goldcorp's Share of
Unpermitted Gold Reserves
 Wharf Mine
   (1994 - 50.3%; 1993 - 39.6%)    515                           422

 Golden Reward Mine
   (1994 - 30.2%; 1993 - 23.7%)     95                           110

 Total                             610                           532

Goldcorp Inc.
1994 Consolidated Results Summary

			Three months ended		Year ended    
                           December 31,                December 31,
                           1994    1993                1994    1993 

Financial Results (in thousands of
Canadian dollars except per share amounts)
   Revenues             $ 34,295 $ 32,549            $140,943 $119,167
 Earnings from operations  4,272    5,154              20,403   13,165
 Earnings for the period   1,938    3,333              30,587   13,885
 Cash flow from operations 5,701    8,550              35,561   25,658
 Earnings per share
   Basic                    0.06     0.19                1.11     0.80
   Fully diluted            0.06     0.19                1.07     0.80
 Cash flow per share from operations
   Basic                    0.18     0.49                1.29     1.47
   Fully diluted            0.18     0.49                1.24     1.47

Weighted Average Number of
Shares Outstanding (in thousands)
 Basic                    31,110   17,412              27,667   17,418
 Fully diluted            31,356   17,412              28,980   17,418

Gold Production (ounces)
 Red Lake Mine            16,213   18,872              65,500   73,609
 Wharf Mine               26,507   28,127             105,282  102,381
 Golden Reward Mine       11,721   10,700              52,556   35,549
                          54,441   57,699             223,338  211,539

Goldcorp's Share
of Production             33,080   26,619             127,136   99,981

Average Cost Per Ounce
of Gold Sold (U.S. dollars)
  Cash production cost      $264     $235                $244     $242
  Royalties and 
  severance taxes             12       16                  17       15
  Non-cash costs              66       60                  58       56
                            $342      $311               $319     $313

Goldcorp Inc.
Condensed Consolidated Financial Statements
(in thousands of Canadian dollars)

					As at December 31, 
                                 	  1994      1993  
    Condensed Balance Sheets
     Current assets                  $ 137,443  $  99,163
     Mining interests, net             166,406    158,085
     Deposits for reclamation costs      3,202      3,019
     Other assets                        4,456      7,471
                                     $ 311,507  $ 267,738
    
     Current liabilities             $  46,871  $  40,620
     Long-term debt                     26,479     39,848
     Provision for reclamation costs
       and other liabilities             1,801      1,476
     Deferred income taxes               8,969      2,873
     Minority interest                  42,078     58,174
     Shareholders' equity              185,309    124,747
                                     $ 311,507  $ 267,738
    
                                      Year Ended December 31,
                                          1994       1993  
    Condensed Statements of Earnings
     Revenues                        $ 140,943  $ 119,167
     Expenses                          120,540    106,002
     Earnings from operations           20,403     13,165
     Other income, net                  42,456     11,096
     Earnings before taxes and minority
       interest                         62,859     24,261
     Income and mining taxes            24,645      4,665
     Earnings before minority interest  38,214     19,596
     Minority interest                  (7,627)    (5,711)
     Earnings for the year           $  30,587  $  13,885
    
    Condensed Statements of Cash Flows
     Net cash provided by operating
       activities                    $  35,561     $  25,658
     Net cash provided by (used in) investing
       activities                       (7,755)       12,260
     Net cash provided by (used in) financing
       activities                       11,366       (11,889)
     Effect of exchange rate changes on
       cash                              1,224           544
     Increase in cash and short-term
       investments                      40,396        26,573
     Cash and short-term investments
       at beginning of year             49,812        23,239
     Cash and short-term investments
       at end of year                $  90,208     $  49,812

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