34 Page 32 Contd from pg 30 Penasquito Mine in Mexico and the achievement of production guidance at most mines in the portfolio nearly of fset previouslyreported production challenges at Los Filos and El Sauzal Mines in Mexico Despite record fourth quarter gold production continued weakness at Los Filos and startup issues at Eleonore left us short of full year pro duction guidance Most importantly we achieved Gold we produced gold with zero fatalities duced the number of injuries across our or ganization Another key accomplishment dur ing 2014 was the achievement of ini tial gold production at the three new growth projects that comprise the backbone of Goldcorp s growth pro W e were pleased to achieve commer cial production at Cerro Negro in Ar gentina as at Jan 1 2015 At Eleonore in Quebec we expect to address remaining startup issues early in the year in order to position the mine for strong sustained gold production The seamless integration of the Co chenour project into the operations of Red Lake in this year of transition is also a key priority during 2015 All three projects are wellpositioned for long term success and with their capital investment nearly complete we enter 2015 with an outstanding portfolio anchored by young low cost mines that are positioned to con beyond he said Other highlights in the report includ ed Allin sustaining costs total ap proximately 1045 per ounce in the fourth quarter of 2014 allin sustain ing costs decreased 6 to approxi mately 950 per gold ounce for 2014 Forecast 2015 gold production to grow approximately 20 to between 33 and 36 million ounces in line with previous company guidance after divestitures of Marigold and Wharf Mines Forecast 2015 allin sustaining costs expected between 875 and 950 per gold ounce Forecast 2015 capital spending ex pected to decrease to between 12 billion and 14 billion Commercial production achieved at Cerro Negro on January 1 2015 Eleonore commercial production ex The High Grade Zone is the back bone of the Red Lake operation with an average grade of more than two ounces of gold per tonne Recent investments in infrastructure and development have positioned this renowned mine for many more years of longterm sustainable production Exploration in 2015 will continue to focus on the highgrade HG Y oung discovery Rehabilitation of the 14Level access in the Campbell Complex is expected to enable dia mond drilling to take place from un Exploration will also continue in the High Grade Zone at depth and on fur ther testing of high Grade Zone deep of fsets Drilling will accelerate in the deeper portions of the Cochenour de posit and from the haulage drift to test new exploration tar g ets The T o wn of Red Lake is located within one of the world s most prolif ic gold camps located approximately 230 kilometres northwest of Dryden Ontario Goldcorp s active mining operation covers approximately 2335 hectares and is accessible by High way 105 which heads north from the T r ansCanada Highway Daily commercial air services connect the numerous local communities to both Thunder Bay and W i nnipeg Initial production at 3 new areas achieved reports Goldcorp Inc