Page 12 Contd on pg 13 By Gregory Reynolds Goldcorp Inc reports development of its huge new gold mine in the James Bay Region of Quebec is on track to see its frst production in late 2014 The deposit is a major gold discov ery in a relatively unexplored area in Quebec locate d in the core of what Goldcorp belie ves to be a promising new gold district in North America Proven and probable gold reserves at Eleonore at Dec 31 2012 were 303 million ounces 1248mt at 756gt Initial capital expenditures were esti mated to be 175 billion as at Jan 1 2013 At June 30 2013 total project expen ditures since Jan 1 201 1 excluding investment tax credits and capitalized interest were 12 billion 979 mil lion of which was spent and 237 mil lion of which was committed Capital expenditures excludi ng capi talized interest and investment tax credits during the three months ended June 30 2013 amounted to 161 mil lion 284 million six months ended June 30 2013 Forecast average lifeofmine gold production from Eleonore at full pro duction is approximately 600000 ounces per year The Eleonore project is one of the sig nifcant projects in the Goldcorp de velopment pipeline and a key compo nent of its next generation of growth projects Goldcorp is a leading gold producer engaged in the operation explora tion development and acquisition of precious metal properties in Canada the United States Mexico and Cen tral and South America The company owns all or a part of 1 1 producing mines and several lar ge development projects The company s current sources of op erating cash fows are primarily from the sale of gold silver copper lead and zinc Goldcorp is one of the world s fastest growing senior gold producers Gold corp s strategy is to provide its share holders with superior returns from high quality assets Goldcorp has a strong balanc e sheet its lowcost gold production is located in safe jurisdictions in the Americas and it remains 100 unhedged In early July forest fres near the Eleonore prompted evacuation of the employees at the site In addition certain develo pment activiti es were halted for the last two weeks of June due to a general strike of the construc tion sector in the province of Quebec workers returned to the site in the frst week of July Management is currently evaluating the impact of the above on the con struction schedule with potential for minor impacts expected A 201 1 prefeasibility study update for Eleonore calls for robust lowcost gold production in the heart of one of the most attractive mining jurisdic tions in the world In conjunction with refnements to earlier technical work the new development plan details a doubling of the plant throughput to 7000 tonnes per day contributing to an average of more than 600000 ounces of gold production per year The deposit remains open at depth and future exploration success creates the potential for further gold produc tion upside The development plan detailed ac cessing the Roberto deposit through two shafts and in December 2012 the production shaft sinking com menced Under ground exploration drilling from the recently completed Gaumond exploration shaft will ac celerate in 2013 enabling further def inition drilling of the deep portion of the Roberto deposit to proceed Following several years of construc tive discussions the Cree Nation of W emindji the Grand Council of the Crees Eeyou Istchee and the Cree Regional Authority entered into a binding Collaboration Agreement with the Eleonore project The agree ment was completed through partner shipbuilding and extensive discus sions It aligns the various interests in the project s success and seeks to ensure that the Crees will receive fair and eq uitable fnancial benefts It protects the environment while supporting the Crees social and cultural practices in a spirit of continued collaboration and establishe s shared responsibili ties in critical issues of environmen tal stewardship community develop ment local employment and small business development Goldcorp hopes to use this agreement as a tem Goldcorp s 175 billion new Quebec mine on track for late 2014 pr oduction