GOLDCORP INC. announced record gold production for the 2009 year of over 2.4 million ounces, exceeding guidance that had been previously revised upward from 2.3 million ounces. Fourth quarter 2009 gold production totaled 601,000 ounces. The Company commented that the Los Filos mine is expected to remain the largest gold producer in Mexico in 2010. The mine will be an important driver of Goldcorp’s growth as commissioning of a crushing and agglomeration plant takes place during the first quarter of 2010. On December 31, 2009, Newstrike announced it has entered into a definitive share purchase agreement dated December 31, 2009 to acquire 21.2% of the Morelos Project from Desarrollos Mineros San Luis, S.A. de C.V. (“DMSL”), a wholly-owned subsidiary company of Goldcorp for a purchase price of not less than $52 million comprised of $44.5 million in cash and 15 million common shares in Newstrike. The Los Filos mine and the Morelos Project form part of the Guerrero Gold Belt (“GGB”) in Guerrero State. Newstrike controls a 100% interest in 81,330.04 contiguous hectares strategically located within the GGB. The GGB today has an inventory of over 12 million ounces of gold. Newstrike’s management team was instrumental in the discovery of over eight million of those gold ounces. This gold inventory continues to increase with ongoing exploration and/or mine development by all participants currently active in the area.
Source: CNN Money