Goldcorp inc. officially inaugurates its Éléonore Mine, a world-class gold mine in Northern Québec

WEMINDJI, QC, July 31, 2015 /CNW Telbec/ - The Éléonore mine, located on the Eeyou Istchee James Bay territory in Northern Québec, was officially inaugurated today by Goldcorp Inc. (TSX: G, NYSE: GG) in  the presence of many dignitaries, including Pierre Arcand, Minister of Energy and Natural Resources, Minister responsible for the Plan Nord, and Minister responsible for the Côte-Nord region; Dr. Matthew Coon Come, Grand Chief of the Grand Council of the Crees (Eeyou Istchee); Christine Moore, Member of Parliament for Abitibi—Témiscamingue; Manon Cyr, Chair of the Eeyou Istchee James Bay Regional Government and Mayor of Chibougamau; Chief Dennis Georgekish of the Cree Nation of Wemindji; Ian Telfer, Goldcorp's Chairman of the Board; Chuck Jeannes, Goldcorp's President and Chief Executive Officer; and Guy Belleau, General Manager of Goldcorp's Éléonore Mine.

The asset was acquired by the company in 2006. In 2011, Goldcorp signed the Opinagow Collaboration Agreement with the Cree Nation of Wemindji, the Grand Council of the Crees (Eeyou Istchee) and the Cree Regional Authority, setting the framework for the mine's development based on genuine partnership, collaboration and respect.

Construction activities took place between 2011 and 2014. Goldcorp invested approximately US $2 billion throughout the construction phase, creating over 2,000 direct jobs.

In addition to its state of the art complex, Goldcorp has invested approximately US$130 million in public infrastructure, including the construction of 63 kilometers of access roads, 60 kilometers of power lines, an airport and telecommunication capabilities that will serve local communities and other mining exploration activities for years to come.

Ore is extracted using high-tech equipment and processes designed to maximize gold recovery. Innovative practices are being used to ensure a small ecological footprint and position Goldcorp as a leader in sustainable mining in Québec.

The first gold pour took place on October 1, 2014 and commercial production began on April 1, 2015. Upon ramp-up to full capacity in the first half of 2018, Éléonore is expected to produce between 500,000 and 600,000 ounces of gold per year over its productive mine life. Approximately 1,000 people are expected to be directly employed by Eleonore during ongoing operations. 

HIGHLIGHTS

Economic Impacts

• An investment of approximately US$2 billion for construction—95% of capital expenditures went to Québec-based companies
• Over 2,000 direct jobs created during the construction phase
• Approximately 1,000 people employed during ongoing operations
• Productive life: expected to be a minimum of 15 years based on the company's published 2014 reserve estimates (see www.goldcorp.com for additional details)

Production

• First gold pour on October 1, 2014
• In 2014, production reached 18,300 ounces of gold
• Commercial production declared April 1, 2015
• Upon ramp-up to full capacity in the first half of 2018, Éléonore is expected to produce between 500,000 and 600,000 ounces of gold per year over its productive mine life (see www.goldcorp.com for additional details)
• Creation of approximately 1,000 jobs
• Production shaft depth: 1,140 m

LOCATION

The Éléonore mine is located in the heart of the Eeyou Istchee James Bay territory in northern Québec 375 km from the Wemindji Cree Nation. 

The mine is accessible by a 1,410 km drive from Montréal and a 1,650 km drive from Québec City.

QUOTES

"Given the years of planning, partnering and investment, it's clear we're here because of the hard work of many -- including the leadership of the Cree, the support of communities in northern Québec, the Provincial and Federal Governments, along with so many people at Goldcorp and we're committed to growing our business here."

- Chuck Jeannes, President and CEO, Goldcorp

"We are proud to highlight the work of our people, who increase the value of Québec's underground resources with high-quality, dedicated business partners. Our entire team will help develop the full potential Éléonore has to offer and we will work to maximize the mine's economic benefits and sustainability, to the benefit of the community and all of Québec."

- Guy Belleau, Goldcorp's Éléonore Mine General Manager

"The Éléonore project is an excellent example of the promising projects we want in the area covered by the Plan Nord. Carried out in partnership with the local and Aboriginal communities, and implemented according to best practices, this project has generated significant benefits across Québec and will continue to do so for many years. Today's event demonstrates that our government is listening to investors and is firmly committed to Québec's economic recovery."

- Pierre Arcand, Minister of Energy and Natural Resources, Minister responsible for the Plan Nord, and Minister responsible for the Côte-Nord region

High-resolution photos and videos of the mine and the inauguration event are available on request for members of the media.

About GOLDCORP INC.

Goldcorp (TSX: G, NYSE: GG) is one of the world's fastest growing gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged. www.goldcorp.com

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SOURCE Goldcorp