Goldcorp to Expand Peñasquito Mine in Mexico

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Researched by Industrial Info Research Latin America (Córdoba, Argentina)--For the Canadian-based mining company Goldcorp Incorporated (TSX:G) (Vancouver, British Columbia), Mexico has become an important key for the future. In 2011, Goldcorp's three operations in Mexico accounted for 40% of the company's total gold production. Gold production will only increase with a total investment of approximately $400 million, thanks to mining projects Camino Rojo and Noche Buena, which are both extensions of the Peñasquito Mine located in Zacatecas State.

The Peñasquito Mine began operations in 2010, and has a mine life estimated to be 23 years. Considered one of the largest gold-producing mines in the world, it is the most important operation for the company today. It also provides the largest amount of cash flow worldwide. With more than 100,000 tons per day, the mine produced 253,000 ounces of gold in 2011, and is expected to generate a total production of 425,000 ounces of gold by the end of 2012.

Camino Rojo, a gold and silver project, is a satellite operation that will increase production capacity of Peñasquito, and it could be operational in the fourth quarter of 2013. The project area contains 2.8 million ounces of gold and 52.6 million ounces of silver in measured resources.

Regarding the Noche Buena project, recent studies have confirmed a profitable operation that also will contribute to long-term production of the Peñasquito Mine. Measured resources are approximately 1 million ounces of gold and 32.4 ounces of silver. Currently, the company continues with exploration programs to expand high-grade gold resources. Noche Buena could be operational in 2015.

Goldcorp has operations in more than 10 countries. Besides Peñasquito, the company operates two other mines in Mexico: Los Filos, in the state of Guerrero, and El Sauzal, in the state of Chihuahua. Together with the La Herradura mine from Fresnillo PLC, these are the most important gold-producing mines in Mexico.

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