GoldMinerPulse Report: Goldcorp Inc. Metal Value

Goldcorp Inc. (G) NI 43-101 Metal Value Report

The Goldcorp Inc. website is at www.goldcorp.com.

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NOTE: The San Dimas Mine has been sold to Primero Mining Corp., August 6, 2010.

The Escobal deposit has been sold to Tahoe Resources per News Release June 8, 2010. Other pending sales by Goldcorp have NOT been factored in to this evaluation. Also, this Metal Valuation Report does NOT factor in the value of Goldcorp's holdings in Tahoe Resources. In short, this report needs a major update as it is probably out of date on a few Goldcorp deals. Dennis, June 8, 2010.

Note

Detailed power plans for the Red Lake area, to meet the needs of Goldcorp, Rubicon and others in the Red Lake area are covered in Through GOLDCORP CANADA Lts. and GOLDCROP INC. for Leave to Construct a 115 kV Electricity Transmission Line, and for Ancillary Orders, April 20, 2011.

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-04-06.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Goldcorp Inc. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$384.10
Average Ore Value per Tonne	US$78.41
Metal Value Leverage (MVL)	8.07
Market Capitalization as a Percentage of Metal Value	12.4%
Recent Closing Stock Price	C$47.25 [note 1]
Fully Diluted Share Count	814.09 M [note 2]
Percentage In Situ Proven + Probable Reserve	63%
Percentage In Situ Measured + Indicated Resource	22%
Percentage In Situ Inferred Resource	15%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	106.33 M oz
Average Gold Ore Grade	0.9 g/t
Market Capitalization per oz of Gold In Situ	US$364.22 ( C$361.75 )
Gold Equivalent Ounces Estimate	181.18 M oz
Market Capitalization per oz of Gold Equivalent	US$213.76 ( C$212.31 )

**Silver Specific Metrics**
Metric	Value on 2012-02-03
Silver Reserves + Resources	1.85 B oz
Average Silver Ore Grade	12.9 g/t
Market Capitalization per oz of Silver In Situ	US$20.92 ( C$20.77 )
Silver Equivalent Ounces Estimate	9.30 B oz
Market Capitalization per oz of Silver Equivalent	US$4.17 ( C$4.14 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted number of shares count taken from Goldcorp Fact Sheet (December 2010) plus an estimate for the additional shares added from the Andean Resource acquisition completed Dec 8, 2010.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Total Counts (reserves + resources)	106.33 M oz	1.85 B oz	3.57 M t	4.50 M t	12.35 M t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$3.89 / lb	$1.00640 / lb	$0.96490 / lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$225.43	$76.49	$37.65	$12.27	$32.27
Percentage of Total Metal Value	58.69%	19.91%	9.80%	3.20%	8.40%
Metal Value Percentage Proven + Probable	59%	71%	68%	79%	66%
Metal Value Percentage Measured + Indicated	22%	23%	12%	19%	32%
Metal Value Percentage Inferred	19%	6%	20%	2%	2%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	Copper	Lead	Zinc	PP%	MI%	I%
Penasquito Mill	Zacatecas, Mexico	$142.58 ( 37.1% )	US$66.60	20.94 M oz	1.38 B oz		4.47 M t	11.09 M t	80%	18%	2%
El Morro	Region III, Chile	$46.13 ( 12.0% )	US$80.23	8.80 M oz		2.61 M t			71%	0	29%
Pueblo Viejo	Sanchez Ramirez, Dominican Republic	$33.48 ( 8.7% )	US$166.64	13.47 M oz	83.00 M oz	141.68 K t			70%	28%	2%
Los Filos	Guerrero, Mexico	$28.78 ( 7.5% )	US$38.34	11.48 M oz	107.59 M oz				46%	20%	34%
Red Lake	Ontario, Canada	$17.43 ( 4.5% )	US$762.35	8.22 M oz					50%	29%	21%
Porcupine	Ontario, Canada	$17.36 ( 4.5% )	US$81.11	8.19 M oz					40%	50%	10%
Eleonore	Quebec, Canada	$16.30 ( 4.2% )	US$508.51	7.69 M oz					39%	6%	54%
Camino Rojo	, Mexico	$13.16 ( 3.4% )	US$55.10	3.96 M oz	68.55 M oz		34.46 K t	700.74 K t	0	86%	14%
Cerro Negro	Santa Cruz, Argentina	$13.16 ( 3.4% )	US$482.91	5.36 M oz	43.60 M oz				80%	7%	13%
Alumbrera	Catamarca, Argentina	$7.21 ( 1.9% )	US$55.09	1.34 M oz		415.35 K t			100%	0	0
San Nicolas	, Mexico	$6.75 ( 1.8% )	US$178.04	466.35 K oz		409.30 K t		556.36 K t	0	92%	8%
Musselwhite	Ontario, Canada	$6.69 ( 1.7% )	US$337.78	3.15 M oz					67%	6%	27%
Marlin	San Marcos, Guatemala	$6.37 ( 1.7% )	US$470.89	1.68 M oz	68.11 M oz				90%	3%	7%
Marigold	Nevada, USA	$5.86 ( 1.5% )	US$29.15	2.77 M oz					57%	28%	16%
Cochenour	Ontario, Canada	$5.65 ( 1.5% )	US$604.59	2.67 M oz					0	0	100%
Cerro Blanco	, Guatemala	$4.44 ( 1.2% )	US$934.63	1.93 M oz	8.42 M oz				0	66%	34%
Noche Buena	, Mexico	$4.23 ( 1.1% )	US$38.51	1.21 M oz	40.42 M oz				0	80%	20%
Dee	Nevada, USA	$3.28 ( 0.9% )	US$98.31	1.41 M oz	7.24 M oz				65%	33%	1%
Penasquito Heap Leach	Zacatecas, Mexico	$2.53 ( 0.7% )	US$27.94	422.58 K oz	39.47 M oz				93%	5%	2%
Wharf	South Dakota, USA	$1.88 ( 0.5% )	US$54.69	793.63 K oz	4.71 M oz				76%	24%	0
El Sauzal	Chihuahua, Mexico	$0.84 ( 0.2% )	US$75.60	396.41 K oz					70%	30%	0
El Limon	Guerrero, Mexico	$0.00 ( 0.0% )							0	0	0

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Alumbrera

Latest NI43-101 Report: AN UPDATED TECHNICAL REPORT ON THE MINERAL RESERVES OF MINERA ALUMBRERA LTD., CATAMARCA, ARGENTINA
2009-02-13 (126 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Catamarca, Argentina. View the Alumbrera mine (owned jointly with Yamana Gold Inc. and Xtrata Copper) on a Google Map.

Average Ore Value (all estimate types): US$55.09

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.83	1.34 M oz	0.390 g/t	284.00 M t
Copper	$4.38	415.35 K t	3,900.000 g/t	284.00 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).
Resource quantities adjusted for ownership percentage of 37.5%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity

Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 37.5%.

Camino Rojo

Simultaneous access of both the top and bottom of the Bruce Channel ore body is being advanced through the widening of the existing Cochenour shaft and the continued construction of a 5-kilometer long rail haulage drift from the existing Red Lake underground workings. Ore from Bruce Channel will be transported via the high speed drift and processed at Red Lake�s existing Campbell milling facilities at a rate of approximately 1,500 tonnes per day. [Source: Goldcopr Expands Canadian Gold Growth Projects, February 24, 2011 News Release]

Latest NI43-101 Report: Cochenour
(0 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: , Mexico.

Average Ore Value (all estimate types): US$55.10

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.24	3.41 M oz	0.650 g/t	163.39 M t
Silver	$2.52	60.94 M oz	11.600 g/t	163.39 M t
Lead	$0.02	6.54 K t	40.000 g/t	163.39 M t
Zinc	$1.58	604.54 K t	3,700.000 g/t	163.39 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.16	548.70 K oz	0.550 g/t	31.03 M t
Silver	$0.31	7.61 M oz	7.630 g/t	31.03 M t
Lead	$0.08	27.93 K t	900.000 g/t	31.03 M t
Zinc	$0.25	96.19 K t	3,100.000 g/t	31.03 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Cerro Blanco

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: , Guatemala. View the Cerro Blanco project on a Google Map.

Average Ore Value (all estimate types): US$934.63

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.69	1.27 M oz	15.640 g/t	2.52 M t
Silver	$0.24	5.83 M oz	72.000 g/t	2.52 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.41	664.51 K oz	15.310 g/t	1.35 M t
Silver	$0.11	2.59 M oz	59.600 g/t	1.35 M t

Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Cerro Negro

Latest NI43-101 Report: Cerro Negro Gold Project Santa Cruz Province, Argentina NI 43-101 Technical Report on Updated Feasibility Study
2011-04-05 (208 pages).

Updates: Goldcorp Announces Expansion Of Cerro Negro Project; Proven And Probable Gold Reserves Double, April 5, 2011.

Project Location: Santa Cruz, Argentina.

Average Ore Value (all estimate types): US$482.91

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.03	4.26 M oz	10.190 g/t	13.00 M t
Silver	$1.49	36.08 M oz	86.320 g/t	13.00 M t

Estimate notes: See Table 17-13: Probable Mineral Reserve Statement, Effective Date 5 April 2011, Sophie Bergeron, Ing. on p. 162 of 208 of the December 2010 Technical Report.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.80	375.36 K oz	2.500 g/t	4.67 M t
Silver	$0.12	2.84 M oz	18.900 g/t	4.67 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.53	722.10 K oz	4.980 g/t	4.51 M t
Silver	$0.19	4.68 M oz	32.300 g/t	4.51 M t

Estimate notes:

Cochenour

Latest NI43-101 Report: Red Lake Gold Operation, Ontario, Canada NI 43-101 Technical Report
2011-03-30 (187 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Ontario, Canada in the Red Lake mining region.

Average Ore Value (all estimate types): US$604.59

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.37	2.53 M oz	10.800 g/t	7.30 M t

Estimate notes: See Table 1-2: Inferred Mineral Resource Statement, Cocheneur Complex, Effective Date 31 December 2010, Chris Osiowy, P.Geo. on p. 19 of 187 of the March 2011 Technical Report.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.28	131.06 K oz	13.150 g/t	310.00 K t

Estimate notes: See Table 1-3: Inferred Mineral Resource Statement, Western Discovery Zone, Effective Date 30 November 2004, Chris Osiowy, P.Geo. on p. 19 of 187 of the March 2011 Technical Report.

Dee

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Nevada, USA in the Carlin Belt mining region. View project on a Google Map.

Average Ore Value (all estimate types): US$98.31

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.96	925.85 K oz	1.740 g/t	41.38 M t
Silver	$0.18	4.42 M oz	8.300 g/t	41.38 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).
Resource quantities adjusted for ownership percentage of 40.0%.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.98	461.56 K oz	1.480 g/t	24.25 M t
Silver	$0.11	2.71 M oz	8.700 g/t	24.25 M t

Estimate notes: See Probable note.
Resource quantities adjusted for ownership percentage of 40.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.04	20.25 K oz	0.670 g/t	2.35 M t
Silver	$0.00	114.84 K oz	3.800 g/t	2.35 M t

Estimate notes: See Probable note.
Resource quantities adjusted for ownership percentage of 40.0%.

El Limon

Updates: Reserves & Resources update as of December 31, 2008 taken from www.goldcorp.com/investors/reserves_resources/ (March 2009).

Project Location: Guerrero, Mexico in the Guerrero Gold Belt mining region. View the Los Filos mine on a Google Map.

El Morro

Latest NI43-101 Report: El Morro Copper�Gold Project Atacama Region, Chile NI 43-101 Technical Report
2010-02-16 (157 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Region III, Chile. View the El Morro project on a Google Map.

Average Ore Value (all estimate types): US$80.23

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$12.16	5.74 M oz	0.480 g/t	531.13 M t
Copper	$20.37	1.93 M t	5,200.000 g/t	531.13 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).
Resource quantities adjusted for ownership percentage of 70.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.50	3.06 M oz	0.990 g/t	137.56 M t
Copper	$7.10	674.03 K t	7,000.000 g/t	137.56 M t

Estimate notes: See Measured + Indicated above.
Resource quantities adjusted for ownership percentage of 70.0%.

El Sauzal

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Chihuahua, Mexico. View project on a Google Map.

Average Ore Value (all estimate types): US$75.60

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.58	275.51 K oz	1.480 g/t	5.79 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.25	119.42 K oz	1.150 g/t	3.23 M t

Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.00	1.48 K oz	1.530 g/t	30.00 K t

Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Eleonore

Latest NI43-101 Report: Mineral Resource Estimation Eleonore Gold Project, Quebec
2007-08-09 (102 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Quebec, Canada. View the Eleonore project on a Google Map.

Average Ore Value (all estimate types): US$508.51

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.43	3.03 M oz	7.560 g/t	12.48 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.02	478.79 K oz	10.950 g/t	1.36 M t

Estimate notes: See Indicated note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.85	4.17 M oz	10.600 g/t	12.25 M t

Estimate notes: See Indicated note.

Los Filos

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Guerrero, Mexico in the Guerrero Gold Belt mining region. View the Los Filos mine on a Google Map.

Average Ore Value (all estimate types): US$38.34

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$11.52	5.44 M oz	0.680 g/t	248.60 M t
Silver	$1.68	40.76 M oz	5.100 g/t	248.60 M t

Estimate notes:

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.71	2.22 M oz	0.500 g/t	138.12 M t
Silver	$0.97	23.54 M oz	5.300 g/t	138.12 M t

Estimate notes: See Proven + Probable note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.11	3.82 M oz	0.530 g/t	224.43 M t
Silver	$1.79	43.29 M oz	6.000 g/t	224.43 M t

Estimate notes: See Proven + Probable note.

Marigold

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Nevada, USA. View the Marigold open pit gold mine on a Google Map.

Average Ore Value (all estimate types): US$29.15

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.31	1.56 M oz	0.560 g/t	130.15 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).
Resource quantities adjusted for ownership percentage of 66.7%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.63	767.21 K oz	0.490 g/t	73.01 M t

Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 66.7%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.92	435.04 K oz	0.480 g/t	42.26 M t

Estimate notes: See www.goldcorp.com/investors/reserves_resources/.
Resource quantities adjusted for ownership percentage of 66.7%.

Marlin

Latest NI43-101 Report: Marlin Gold Operation, Department of San Marcos, Guatemala NI 43-101 Technical Report
2010-12-31 (131 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: San Marcos, Guatemala. View the Marlin mine on a Google Map.

Average Ore Value (all estimate types): US$470.89

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.25	1.53 M oz	5.170 g/t	9.21 M t
Silver	$2.49	60.29 M oz	203.600 g/t	9.21 M t

Estimate notes: See Table 1-2: Proven and Probable Mineral Reserves Summary Table; Effective Date 31 December 2010, A. Tripp P.Eng. on p. 17 of 131 in the December 2010 Technical Report.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.11	52.76 K oz	1.780 g/t	922.00 K t
Silver	$0.10	2.34 M oz	78.800 g/t	922.00 K t

Estimate notes: See Table 1-1: Marlin Project Measured Mineral Resource Statement, Effective Date December 31, 2010, A. Tripp, P.Eng. on p. 15 of 131 in the December 2010 Technical Report.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.20	93.54 K oz	3.310 g/t	879.00 K t
Silver	$0.23	5.48 M oz	193.900 g/t	879.00 K t

Estimate notes: Measured + Indicated note.

Musselwhite

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Ontario, Canada. View Musselwhite mine on a Google Map.

Average Ore Value (all estimate types): US$337.78

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.48	2.11 M oz	6.240 g/t	10.54 M t

Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.40	190.34 K oz	5.980 g/t	990.00 K t

Estimate notes: See Proven + Probable note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.80	850.01 K oz	5.760 g/t	4.59 M t

Estimate notes: See Proven + Probable note.

Noche Buena

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: , Mexico.

Average Ore Value (all estimate types): US$38.51

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.05	968.86 K oz	0.420 g/t	71.75 M t
Silver	$1.34	32.53 M oz	14.100 g/t	71.75 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.51	238.60 K oz	0.420 g/t	17.67 M t
Silver	$0.33	7.90 M oz	13.900 g/t	17.67 M t

Penasquito Heap Leach

Latest NI43-101 Report: Penasquito Polymetallic Operation Zacatecas State Mexico NI 43-101 Technical Report
2010-12-31 (137 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Zacatecas, Mexico. View the Penasquito site works on a Google Map.

Average Ore Value (all estimate types): US$27.94

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.83	392.37 K oz	0.180 g/t	67.80 M t
Silver	$1.51	36.62 M oz	16.800 g/t	67.80 M t

Estimate notes: See Table 1-2: Mineral Reserve Statement, Effective Date 31 December 2010, Peter Nahan, AusIMM. on p. 16 of 137 of the December 2010 Technical Report.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.05	23.50 K oz	0.180 g/t	4.06 M t
Silver	$0.08	2.04 M oz	15.600 g/t	4.06 M t

Estimate notes: See Table 1-1: Mineral Resource Statement, Effective Date 31 December 2010, Guillermo Pareja, P.Geo.; on p. 15 of 137 in the December 2010 Technical Report.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	6.71 K oz	0.120 g/t	1.74 M t
Silver	$0.03	811.16 K oz	14.500 g/t	1.74 M t

Estimate notes:

Penasquito Mill

Latest NI43-101 Report: Penasquito Polymetallic Operation Zacatecas State Mexico NI 43-101 Technical Report
2010-12-31 (144 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Zacatecas, Mexico. View the Penasquito site works on a Google Map.

Average Ore Value (all estimate types): US$66.60

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$38.75	18.28 M oz	0.400 g/t	1.42 B t
Silver	$44.18	1.07 B oz	23.400 g/t	1.42 B t
Lead	$9.68	3.55 M t	2,500.000 g/t	1.42 B t
Zinc	$21.17	8.10 M t	5,700.000 g/t	1.42 B t

Estimate notes: See Table 1-2: Mineral Reserve Statement, Effective Date 31 December 2010, Peter Nahan, AusIMM. on p. 16 of 137 in the December 2010 Technial Report.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.16	2.44 M oz	0.270 g/t	280.60 M t
Silver	$11.18	270.64 M oz	30.000 g/t	280.60 M t
Lead	$2.29	841.80 K t	3,000.000 g/t	280.60 M t
Zinc	$7.41	2.83 M t	10,100.000 g/t	280.60 M t

Estimate notes: See Table 1-1: Mineral Resource Statement, Effective Date 31 December 2010, Guillermo Pareja, P.Geo.; on p. 15 of 137 of the December 2010 Technial Report.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.47	222.94 K oz	0.170 g/t	40.79 M t
Silver	$1.67	40.42 M oz	30.820 g/t	40.79 M t
Lead	$0.20	73.42 K t	1,800.000 g/t	40.79 M t
Zinc	$0.41	155.00 K t	3,800.000 g/t	40.79 M t

Estimate notes: See Measured + Indicated note.

Porcupine

Latest NI43-101 Report: Review of Porcupine Joint Venture Operation Ontario, Canada NI 43-101 Technical Report
2006-08-28 (240 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Ontario, Canada. View Porcupine joint venture operation on a Google Map.

Average Ore Value (all estimate types): US$81.11

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.94	3.28 M oz	1.330 g/t	76.59 M t

Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.63	4.07 M oz	1.410 g/t	89.81 M t

Estimate notes: See Proven + Probable note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.78	841.89 K oz	3.340 g/t	7.84 M t

Estimate notes: See Proven + Probable note.

Pueblo Viejo

Latest NI43-101 Report: PUEBLO VIEJO GOLD PROJECT DOMINICAN REPUBLIC TECHNICAL REPORT
2011-03-29 (183 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Sanchez Ramirez, Dominican Republic. View the Pueblo Viejo mine on a Google Map.

Average Ore Value (all estimate types): US$166.64

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$20.06	9.46 M oz	2.890 g/t	254.65 M t
Silver	$2.44	58.95 M oz	18.000 g/t	254.65 M t
Copper	$0.97	91.67 K t	900.000 g/t	254.65 M t

Estimate notes: See Table 2 Pueblo Viejo Mineral Reserves, December 2010 on p. 9 of 183 in the March 2011 Technical Report.
Resource quantities adjusted for ownership percentage of 40.0%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.02	3.78 M oz	2.010 g/t	146.40 M t
Silver	$0.92	22.22 M oz	11.800 g/t	146.40 M t
Copper	$0.49	46.85 K t	800.000 g/t	146.40 M t

Estimate notes: See Table 1 Pueblo Viejo Mineral Resources, December 2010 on p. 9 of 183 in the March 2011 Technical Report.
Resource quantities adjusted for ownership percentage of 40.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.47	223.51 K oz	2.200 g/t	7.90 M t
Silver	$0.08	1.84 M oz	18.100 g/t	7.90 M t
Copper	$0.03	3.16 K t	1,000.000 g/t	7.90 M t

Estimate notes: See Measured + Indicated note.
Resource quantities adjusted for ownership percentage of 40.0%.

Red Lake

Bayfield Vetnrues Corp. has an excellent webpage on the Red Lake, Ontario, Gold camp. The page includes photos of the visible gold in the Red Lake gold mine which are shown here as thumbnails. Click on a thumbnail for a more detailed view.

The Proven + Probable reserves plus Measured + Indicated resources were 6.06M oz in the 2008 Annual Report. The 2009 and 2010 production exceed 600,000 ounces per year yet the Proven + Probable reserves plus Measured + Indicated resources at the end of December 2010 exceed 6.5M oz. And this is from a mine that has produced well over 20M ounce since mining started more than 50 years ago.

[Source: Red Lake Gold Camp webpage at www.bayfiedlventures.com (viewed online October, 2010]

Latest NI43-101 Report: Red Lake Gold Operation, Ontario, Canada NI 43-101 Technical Report
2011-03-30 (187 pages).

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: Ontario, Canada. View project on a Google Map.

Average Ore Value (all estimate types): US$762.35

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.73	4.12 M oz	12.890 g/t	9.94 M t

Estimate notes: See Table 1-4: Mineral Reserve Statement, Red Lake Operation, Effective Date 31 December 2010, Stephane Blais, P. Eng. on p. 20 of 187 of the March 2011 technical report.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.00	2.36 M oz	13.490 g/t	5.44 M t

Estimate notes: See Table 1-1: Measured, Indicated and Inferred Mineral Resource Statement, Red Lake Operation, Effective Date 31 December 2010, Chris Osiowy, P.Geo. on p. 19 of 187 of the March 2011 technical report.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.69	1.74 M oz	16.770 g/t	3.23 M t

Estimate notes: See Measured + Indicated note.

San Nicolas

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: , Mexico.

Average Ore Value (all estimate types): US$178.04

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.92	431.85 K oz	0.480 g/t	79.95 M t
Copper	$3.92	372.18 K t	13,300.000 g/t	79.95 M t
Zinc	$1.35	514.89 K t	18,400.000 g/t	79.95 M t

Estimate notes: Goldcorp Gold Reserves Increase 23% (viewed February 2011).
Resource quantities adjusted for ownership percentage of 35.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.07	34.50 K oz	0.370 g/t	8.29 M t
Copper	$0.39	37.12 K t	12,800.000 g/t	8.29 M t
Zinc	$0.11	41.47 K t	14,300.000 g/t	8.29 M t

Estimate notes: See Indicated note.
Resource quantities adjusted for ownership percentage of 35.0%.

Wharf

Updates: Goldcorp Gold Reserves Increase 23% (viewed February 2011).

Project Location: South Dakota, USA. View Wharf open pit gold mine on a Google Map.

Average Ore Value (all estimate types): US$54.69

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.28	605.86 K oz	0.870 g/t	21.66 M t
Silver	$0.15	3.62 M oz	5.200 g/t	21.66 M t

Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.40	187.77 K oz	0.930 g/t	6.28 M t
Silver	$0.05	1.09 M oz	5.400 g/t	6.28 M t

Estimate notes: See Proven + Probable note.

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