Page 20 By Gregory Reynolds Consolidation of two key ore bodies is part of Goldcorp Inc s strategy for its operations in the Red Lake Mining District of Northwestern Ontario The Cochenour Project combines the existing workings of the historic Co chenour Mine with the Bruce Chan nel gold discovery As well the company has the nearby Red Lake Mine and Campbe ll Com plex operated under the name of the Red Lake Mines The CochenourBruce Channel de posit is locate d down dip from the Cochenour and is a key component of Goldcorp s consolidation plans in the Red Lake district A study of the overall project was completed in the fourth quarter of 2012 which has concluded that the centre of the Bruce Channel ore body is lower than previously expected necessitating the deepening of the Cochenour shaft by 245 metres and moving frst gold production into the frst half of 2015 Initial capital expenditures are es timated to be 540 million at Jan 1 2013 exclu ding the 108 million spent prior to 201 1 Following ramp up to full production forecast lifeof mine gold production from Cochen our is expected to be between 225000 250000 ounces per year As a result of 2012 drilling inferred resources increased to 325 million ounces of gold 905mt at 1 118gt as compared to 321 million ounces of gold at Dec 31 201 1 At June 30 2013 total project ex penditures since Jan 1 201 1 exclud ing investment tax credits are 268 million 258 million of which was spent and 10 million of which was committed Capital expenditu res ex cluding investment tax credit s during the three months ended June 30 2013 amounted to 20 million 42 million six months ended June 30 2013 These have been included in total ex penditures on mining interest s in Red Lake and consist mainly of explora tion construction of surface infra structure shaft slashing widening and sinking and development of the Cochenour Red Lake Haulage Drift Goldcorp is a leading gold producer engaged in the operation explora tion development and acqui sition of precious metal properties in Canada the United States Mexico and Central and South America The company s current sources of operating 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 At June 30 2013 the company s principal producing mining properties were comprised of the Red Lake Por cupine and Musselwhite gold mines in Canada the Penasquito goldsilver leadzinc mine and the Los Filos and El Sauzal gold mines in Mexico the Marlin goldsilver mine in Guatema la the Alumbrera goldcopper mine 375 interest in Ar gentina the Marigold 667 interest and Wharf gold mines in the United States and the Pueblo V iejo goldsilvercop per mine in the Dominican Republic 40 interest The company s signifcant develop ment projects at June 30 2013 were comprised of the Cerro Negro gold project in Ar gentina the Eleonore and Cochenour gold projects in Canada the El Morro goldcopper project 70 interest in Chile the Camino Rojo goldsilver project in Mexico and the Cerro Blanco gold silver project in Guatemala The company also owns a 270 eq uity interest in Primero Mining Corp a publicly traded company engaged in the production of precious metals with operations primarily the San Di mas goldsilver mine in Mexico and a 398 equity interest in T ahoe Re sources Inc a publicly traded com pany focused on the explora tion and development of resource properties with a principal objective to develop the Escobal silver project in Guate mala At the Red Lake Mine and Campbell Contd on pg 22 Goldcorp is pouring 540 million into Red Lake consolidation plan