GoldMinerPulse Report on Goldcorp Inc.: (NI) 43-101 Metal Valuation Report

Goldcorp Inc. (G)

Company Web Site: www.goldcorp.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-05-29. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
External Links: Yahoo News and Quotes  |  Yahoo Message Board (GG)  |  StockCharts  |  StockHouse
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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 In short, this report needs a major update as it is probably out of date on a few Goldcorp deals.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.

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Recent Production
2010 : 2010 Forecast is 2.6M ounces at a projected cost of $350 per ounce (by-product basis) and $450 per ounce (co-product basis).
2009 : Full year gold production over 2.4M ounces
Source(s): Production data source Goldcorp Delivers Record 2009 Gold Production; Peer-Leading Five-Year Growth Profile Extended news release, January 11, 2010.
Hedge Notes:
Gold and Copper: Quote from Goldcorp Inc · 40-F · For 12/31/07 · EX-99.1
Currently Goldcorp’s policy is to not hedge future gold sales, however, this policy may change in the future. Goldcorp has entered into copper hedging instruments to manage exposure to fluctuations in copper prices.
Silver: Quote from Silver Wheaton Corp · 6-K · For 9/27/06
Under Silver Wheaton’s existing Luismin agreement with Goldcorp, Silver Wheaton is entitled to purchase a 49% interest in production, development or exploration properties acquired by Goldcorp in Mexico until October 15, 2007. In connection with Goldcorp’s proposed acquisition of Glamis, Silver Wheaton has agreed to waive its right to acquire an interest in any of Glamis’ Mexican projects. In exchange for this waiver, Goldcorp has agreed to negotiate exclusively with Silver Wheaton, for a period of 180 days from the date of Goldcorp’s acquisition of Glamis, for the potential purchase by Silver Wheaton of a portion of the future production of silver to be mined from the Peñasquito Project. If Silver Wheaton and Goldcorp are not successful in entering into a silver purchase agreement on the Peñasquito Project during such time, Silver Wheaton will retain a right of first refusal on any future silver purchase agreements based on the Peñasquito Project, for so long as Goldcorp maintains at least a 20% interest in Silver Wheaton.
Luismin Agreement: Quote from February 13, 2006 News Release GOLDCORP TO AMEND SILVER PURCHASE AGREEMENT WITH SILVER WHEATON; INCREASING OWNERSHIP OF SILVER WHEATON TO 62%
Goldcorp and Silver Wheaton have agreed to amend the existing agreement, increasing the minimum number of ounces of silver to be delivered over the 25 year contract period by 100 million ounces, to 220 million ounces, and waiving any capital expenditure contributions previously required to be paid by Silver Wheaton. In consideration for these amendments, Silver Wheaton will issue to Goldcorp 18 million common shares, representing 9.8% of the outstanding shares of Silver Wheaton, and a US$20 million promissory note, increasing Goldcorp’s ownership to 62%, or 126 million common shares of Silver Wheaton. Goldcorp does not have any present intention to acquire ownership of, or control over, any additional securities of Silver Wheaton. The total consideration of US$150 million is equal to the approximate value of Silver Wheaton’s share of the future capital expenditures estimated over the remaining life of the existing agreement.

Luismin plans to increase its investment in exploration and development at the San Dimas mine, in order to improve ore production (gold and silver) at the mine by approximately 35% by 2009

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Lead Zinc
    Penasquito Mill MX $127.51 68% 26% 6% 22.88 M oz     1.51 B oz          4.90 M t     12.05 M t
    El Morro CL $34.73 0 94% 6% 6.41 M oz          2.30 M t
    Pueblo Viejo DO $24.54 74% 23% 4% 12.78 M oz     57.09 M oz     123.51 K t
    Los Filos MX $20.72 51% 12% 37% 11.28 M oz     57.71 M oz
    Eleonore CA $15.98 0 34% 66% 9.40 M oz
    Porcupine CA $14.79 32% 58% 10% 8.70 M oz
    Red Lake CA $12.96 45% 27% 28% 7.63 M oz
    Represa MX $12.22 0 88% 12% 4.03 M oz     68.34 M oz          635.57 K t     602.70 K t
    Alumbrera AR $7.57 99% 1% 0 1.56 M oz          474.53 K t
    San Nicolas MX $6.39 0 93% 7% 451.03 K oz          394.98 K t          538.05 K t
    Marlin GT $6.22 87% 3% 10% 2.35 M oz     83.33 M oz
    Musselwhite CA $5.31 67% 9% 24% 3.12 M oz
    Marigold US $4.78 57% 15% 28% 2.81 M oz
    Cerro Blanco GT $3.51 0 66% 34% 1.93 M oz     8.42 M oz
    Noche Buena MX $1.85 0 75% 25% 768.62 K oz     20.42 M oz
    Penasquito Heap Leach MX $1.71 93% 7% 0 428.65 K oz     36.64 M oz
    Dee US $1.60 98% 0 2% 875.99 K oz     4.26 M oz
    Wharf US $0.90 40% 60% 0 482.08 K oz     2.97 M oz
    El Sauzal MX $0.80 70% 30% 0 470.90 K oz
    El Limon MX $0.00 0 0 0
    San Martin HN $0.00 0 0 0
    Nukay MX $0.00 0 0 0
    Imperal US $0.00 0 0 0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver Copper Lead Zinc
    Metal Totals 98.35 M oz     1.84 B oz     3.29 M t     5.53 M t     13.19 M t
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz     $3.46130 per lb     $0.96240 per lb     $0.94810 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $167.20     $49.35     $34.12     $15.95     $37.46
    Percentage of Total Metal Value 54.98%     16.23%     11.22%     5.25%     12.32%
    PP% | MI% | I% 49% | 33% | 19%     66% | 27% | 7%     17% | 77% | 6%     60% | 33% | 7%     55% | 39% | 7%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$304.09
    Average Ore Value per Tonne    US$55.57
    Metal Value Leverage (MVL)    6.94
    Market Capitalization as % of Metal Value    14.4%
    Recent Stock Price    C$46.18   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    736.00 M    ( Fully diluted number of shares count taken from Goldcorp Fact Sheet (May 2010). )
    PP% | MI% | I%    49% | 38% | 13%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    0.822 g/t
    Market Capitalization
    per oz of Gold In Ground    $328.06   US$  |   345.60   C$
    Gold Eq Oz Estimate    178.86 M oz   ( 98.35 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $180.38   US$  |   190.03   C$
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    22 g/t
    Market Capitalization
    per oz of Silver In Ground    $17.49   US$  |   18.42   C$
    Silver Eq Oz Estimate    11.37 B oz   ( 1.84 B oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $2.84   US$  |   2.99   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Goldcorp Secures Key Strategic Asset Near Peñasquito With Closing Of Canplats Resources Acquisition, February 4, 2010.
Resources from the Canplats Camino Rojo property are listed as Represa under Goldcorp for the February 5, 2010 update.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Goldcorp Inc. is complete pending a final internal review.

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Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Penasquito Mill	MX	$127.51	68%	26%	6%	22.88 M oz	1.51 B oz		4.90 M t	12.05 M t
El Morro	CL	$34.73	0	94%	6%	6.41 M oz		2.30 M t
Pueblo Viejo	DO	$24.54	74%	23%	4%	12.78 M oz	57.09 M oz	123.51 K t
Los Filos	MX	$20.72	51%	12%	37%	11.28 M oz	57.71 M oz
Eleonore	CA	$15.98	0	34%	66%	9.40 M oz
Porcupine	CA	$14.79	32%	58%	10%	8.70 M oz
Red Lake	CA	$12.96	45%	27%	28%	7.63 M oz
Represa	MX	$12.22	0	88%	12%	4.03 M oz	68.34 M oz		635.57 K t	602.70 K t
Alumbrera	AR	$7.57	99%	1%	0	1.56 M oz		474.53 K t
San Nicolas	MX	$6.39	0	93%	7%	451.03 K oz		394.98 K t		538.05 K t
Marlin	GT	$6.22	87%	3%	10%	2.35 M oz	83.33 M oz
Musselwhite	CA	$5.31	67%	9%	24%	3.12 M oz
Marigold	US	$4.78	57%	15%	28%	2.81 M oz
Cerro Blanco	GT	$3.51	0	66%	34%	1.93 M oz	8.42 M oz
Noche Buena	MX	$1.85	0	75%	25%	768.62 K oz	20.42 M oz
Penasquito Heap Leach	MX	$1.71	93%	7%	0	428.65 K oz	36.64 M oz
Dee	US	$1.60	98%	0	2%	875.99 K oz	4.26 M oz
Wharf	US	$0.90	40%	60%	0	482.08 K oz	2.97 M oz
El Sauzal	MX	$0.80	70%	30%	0	470.90 K oz
El Limon	MX	$0.00	0	0	0
San Martin	HN	$0.00	0	0	0
Nukay	MX	$0.00	0	0	0
Imperal	US	$0.00	0	0	0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Metal Totals	98.35 M oz	1.84 B oz	3.29 M t	5.53 M t	13.19 M t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$3.46130 per lb	$0.96240 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$167.20	$49.35	$34.12	$15.95	$37.46
Percentage of Total Metal Value	54.98%	16.23%	11.22%	5.25%	12.32%
PP% \| MI% \| I%	49% \| 33% \| 19%	66% \| 27% \| 7%	17% \| 77% \| 6%	60% \| 33% \| 7%	55% \| 39% \| 7%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$304.09
Average Ore Value per Tonne	US$55.57
Metal Value Leverage (MVL)	6.94
Market Capitalization as % of Metal Value	14.4%
Recent Stock Price	C$46.18 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	736.00 M ( Fully diluted number of shares count taken from Goldcorp Fact Sheet (May 2010). )
PP% \| MI% \| I%	49% \| 38% \| 13%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	0.822 g/t
Market Capitalization per oz of Gold In Ground	$328.06 US$ \| 345.60 C$
Gold Eq Oz Estimate	178.86 M oz ( 98.35 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$180.38 US$ \| 190.03 C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	22 g/t
Market Capitalization per oz of Silver In Ground	$17.49 US$ \| 18.42 C$
Silver Eq Oz Estimate	11.37 B oz ( 1.84 B oz are in ground)
Market Capitalization per oz of Silver Equilavent	$2.84 US$ \| 2.99 C$

See terms for more about GoldMinerPulse metrics.

Alumbrera - ^top^

(NI) 43-101 Report:

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

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

Project Location: Catamarca, Argentina

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

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.62 1.54 M oz 0.400 g/t 320.00 M t
Copper $4.85 468.00 K t 3,900.000 g/t 320.00 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).
Resource quantities adjusted for ownership percentage of 37.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.62	1.54 M oz	0.400 g/t	320.00 M t
Copper	$4.85	468.00 K t	3,900.000 g/t	320.00 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010). Resource quantities adjusted for ownership percentage of 37.5%.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.03 17.36 K oz 0.240 g/t 6.00 M t
Copper $0.07 6.53 K t 2,900.000 g/t 6.00 M t
Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 37.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.03	17.36 K oz	0.240 g/t	6.00 M t
Copper	$0.07	6.53 K t	2,900.000 g/t	6.00 M t
Estimate notes: See Proven + Probable note. Resource quantities adjusted for ownership percentage of 37.5%.

Cerro Blanco - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: , Guatemala

Map View: View the Cerro Blanco project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.15 1.27 M oz 15.640 g/t 2.52 M t
Silver $0.16 5.83 M oz 72.000 g/t 2.52 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.15	1.27 M oz	15.640 g/t	2.52 M t
Silver	$0.16	5.83 M oz	72.000 g/t	2.52 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.13 664.51 K oz 15.310 g/t 1.35 M t
Silver $0.07 2.59 M oz 59.600 g/t 1.35 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.13	664.51 K oz	15.310 g/t	1.35 M t
Silver	$0.07	2.59 M oz	59.600 g/t	1.35 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Dee - ^top^

(NI) 43-101 Report:

Title:
Date: (0 pages)

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

Project Location: Nevada, USA / Mining Region: Carlin Belt

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.45 855.74 K oz 1.860 g/t 35.78 M t
Silver $0.11 4.14 M oz 9.000 g/t 35.78 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.
Resource quantities adjusted for ownership percentage of 40.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.45	855.74 K oz	1.860 g/t	35.78 M t
Silver	$0.11	4.14 M oz	9.000 g/t	35.78 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/. Resource quantities adjusted for ownership percentage of 40.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.03 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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.03	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 - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Guerrero, Mexico / Mining Region: Guerrero Gold Belt

Map View: View the Los Filos mine on a Google Map.

El Morro - ^top^

(NI) 43-101 Report:

Title: El Morro Copper–Gold Project Atacama Region, Chile NI 43-101 Technical Report
Date: 2010-02-16 (157 pages)

Updates: New Gold Reserves and Resources Press Release, January 25, 2010. and Goldcorp Completes Acquisition Of 70% Interest In El Morro Project

Project Location: Region III, Chile

Map View: View the El Morro project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $10.47 6.16 M oz 0.490 g/t 558.41 M t
Copper $22.29 2.15 M t 5,500.000 g/t 558.41 M t
Estimate notes: Measured + Indicated are inclusive of Proven + Probable. See New Gold Reserves and Resources Press Release, January 25, 2010.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$10.47	6.16 M oz	0.490 g/t	558.41 M t
Copper	$22.29	2.15 M t	5,500.000 g/t	558.41 M t
Estimate notes: Measured + Indicated are inclusive of Proven + Probable. See New Gold Reserves and Resources Press Release, January 25, 2010. Resource quantities adjusted for ownership percentage of 70.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.43 252.52 K oz 0.180 g/t 62.34 M t
Copper $1.54 148.36 K t 3,400.000 g/t 62.34 M t
Estimate notes: See Measured + Indicated above.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.43	252.52 K oz	0.180 g/t	62.34 M t
Copper	$1.54	148.36 K t	3,400.000 g/t	62.34 M t
Estimate notes: See Measured + Indicated above. Resource quantities adjusted for ownership percentage of 70.0%.

El Sauzal - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Chihuahua, Mexico

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.56 330.63 K oz 1.770 g/t 5.81 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.56	330.63 K oz	1.770 g/t	5.81 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 $0.24 139.05 K oz 1.250 g/t 3.46 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.24	139.05 K oz	1.250 g/t	3.46 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.00 1.22 K oz 1.260 g/t 30.00 K t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.00	1.22 K oz	1.260 g/t	30.00 K t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Eleonore - ^top^

(NI) 43-101 Report:

Title: Mineral Resource Estimation Eleonore Gold Project, Quebec
Date: 2007-08-09 (102 pages)

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

Project Location: Quebec, Canada

Map View: View the Eleonore project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $5.36 3.15 M oz 11.920 g/t 8.22 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.36	3.15 M oz	11.920 g/t	8.22 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $10.62 6.25 M oz 12.930 g/t 15.03 M t
Estimate notes: See Indicated note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$10.62	6.25 M oz	12.930 g/t	15.03 M t
Estimate notes: See Indicated note.

Imperal - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: , USA

Los Filos - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Guerrero, Mexico / Mining Region: Guerrero Gold Belt

Map View: View the Los Filos mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $9.60 5.65 M oz 0.790 g/t 222.28 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.60	5.65 M oz	0.790 g/t	222.28 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $0.98 36.51 M oz 5.800 g/t 195.81 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.98	36.51 M oz	5.800 g/t	195.81 M t
Estimate notes: See Proven + Probable note.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.38 1.40 M oz 0.950 g/t 45.85 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.38	1.40 M oz	0.950 g/t	45.85 M t
Estimate notes: See Proven + Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $7.19 4.23 M oz 0.870 g/t 151.25 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.19	4.23 M oz	0.870 g/t	151.25 M t
Estimate notes: See Proven + Probable note.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $0.16 5.81 M oz 5.900 g/t 30.64 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.16	5.81 M oz	5.900 g/t	30.64 M t
Estimate notes: See Proven + Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $0.41 15.39 M oz 6.100 g/t 78.45 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.41	15.39 M oz	6.100 g/t	78.45 M t
Estimate notes: See Proven + Probable note.

Marigold - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Nevada, USA

Map View: View the Marigold open pit gold mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.73 1.60 M oz 0.550 g/t 136.01 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).
Resource quantities adjusted for ownership percentage of 66.7%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.73	1.60 M oz	0.550 g/t	136.01 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010). Resource quantities adjusted for ownership percentage of 66.7%.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.74 434.86 K oz 0.530 g/t 38.26 M t
Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 66.7%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.74	434.86 K oz	0.530 g/t	38.26 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 $1.32 774.46 K oz 0.530 g/t 68.14 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.
Resource quantities adjusted for ownership percentage of 66.7%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.32	774.46 K oz	0.530 g/t	68.14 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/. Resource quantities adjusted for ownership percentage of 66.7%.

Marlin - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: San Marcos, Guatemala

Map View: View the Marlin mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.51 2.07 M oz 4.780 g/t 13.45 M t
Silver $1.89 70.49 M oz 163.000 g/t 13.45 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.51	2.07 M oz	4.780 g/t	13.45 M t
Silver	$1.89	70.49 M oz	163.000 g/t	13.45 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 $0.12 68.41 K oz 1.230 g/t 1.73 M t
Silver $0.07 2.65 M oz 47.600 g/t 1.73 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.12	68.41 K oz	1.230 g/t	1.73 M t
Silver	$0.07	2.65 M oz	47.600 g/t	1.73 M t
Estimate notes: See Proven + Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.36 211.28 K oz 3.190 g/t 2.06 M t
Silver $0.27 10.19 M oz 153.900 g/t 2.06 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.36	211.28 K oz	3.190 g/t	2.06 M t
Silver	$0.27	10.19 M oz	153.900 g/t	2.06 M t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Musselwhite - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Ontario, Canada

Map View: View Musselwhite mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.58 2.11 M oz 6.290 g/t 10.42 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.58	2.11 M oz	6.290 g/t	10.42 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 $0.46 269.84 K oz 5.450 g/t 1.54 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.46	269.84 K oz	5.450 g/t	1.54 M t
Estimate notes: See Proven + Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.27 746.10 K oz 5.920 g/t 3.92 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.27	746.10 K oz	5.920 g/t	3.92 M t
Estimate notes: See Proven + Probable note.

Noche Buena - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: , Mexico

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.90 526.74 K oz 0.360 g/t 45.51 M t
Silver $0.49 18.44 M oz 12.600 g/t 45.51 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.90	526.74 K oz	0.360 g/t	45.51 M t
Silver	$0.49	18.44 M oz	12.600 g/t	45.51 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.41 241.87 K oz 0.390 g/t 19.29 M t
Silver $0.05 1.98 M oz 3.200 g/t 19.29 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.41	241.87 K oz	0.390 g/t	19.29 M t
Silver	$0.05	1.98 M oz	3.200 g/t	19.29 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Nukay - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Guerrero, Mexico / Mining Region: Guerrero Gold Belt

Map View: View the Nukay Mill on a Google Map.

Penasquito Heap Leach - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Zacatecas, Mexico

Map View: View the Penasquito site works on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.67 396.26 K oz 0.170 g/t 72.50 M t
Silver $0.92 34.50 M oz 14.800 g/t 72.50 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.67	396.26 K oz	0.170 g/t	72.50 M t
Silver	$0.92	34.50 M oz	14.800 g/t	72.50 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 $0.06 32.39 K oz 0.130 g/t 7.75 M t
Silver $0.06 2.14 M oz 8.600 g/t 7.75 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.06	32.39 K oz	0.130 g/t	7.75 M t
Silver	$0.06	2.14 M oz	8.600 g/t	7.75 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Penasquito Mill - ^top^

(NI) 43-101 Report:

Title: PEÑASQUITO PROJECT TECHNICAL REPORT Concepción del Oro District, Zacatecas State, México
Date: 2009-03-10 (144 pages)

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

Project Location: Zacatecas, Mexico

Map View: View the Penasquito site works on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $29.41    17.30 M oz     0.470 g/t     1.14 B t
   Silver $27.67    1.03 B oz     28.100 g/t     1.14 B t
   Lead $9.57    3.32 M t       2,900.000 g/t     1.14 B t
   Zinc $20.48    7.21 M t       6,300.000 g/t     1.14 B t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$29.41	17.30 M oz	0.470 g/t	1.14 B t
Silver	$27.67	1.03 B oz	28.100 g/t	1.14 B t
Lead	$9.57	3.32 M t	2,900.000 g/t	1.14 B t
Zinc	$20.48	7.21 M t	6,300.000 g/t	1.14 B t
Estimate notes: See www.goldcorp.com/investors/reserves_resources/.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $7.47    4.40 M oz     0.290 g/t     471.52 M t
   Silver $10.42    389.60 M oz     25.700 g/t     471.52 M t
   Lead $3.53    1.23 M t       2,600.000 g/t     471.52 M t
   Zinc $11.65    4.10 M t       8,700.000 g/t     471.52 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.47	4.40 M oz	0.290 g/t	471.52 M t
Silver	$10.42	389.60 M oz	25.700 g/t	471.52 M t
Lead	$3.53	1.23 M t	2,600.000 g/t	471.52 M t
Zinc	$11.65	4.10 M t	8,700.000 g/t	471.52 M t
Estimate notes: See Proven + Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $2.01    1.18 M oz     0.250 g/t     146.98 M t
   Silver $2.19    81.75 M oz     17.300 g/t     146.98 M t
   Lead $1.02    352.75 K t       2,400.000 g/t     146.98 M t
   Zinc $2.09    734.90 K t       5,000.000 g/t     146.98 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.01	1.18 M oz	0.250 g/t	146.98 M t
Silver	$2.19	81.75 M oz	17.300 g/t	146.98 M t
Lead	$1.02	352.75 K t	2,400.000 g/t	146.98 M t
Zinc	$2.09	734.90 K t	5,000.000 g/t	146.98 M t
Estimate notes: See Proven + Probable note.

Porcupine - ^top^

(NI) 43-101 Report:

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

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

Project Location: Ontario, Canada

Map View: View Porcupine joint venture operation on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $4.73 2.78 M oz 1.500 g/t 57.63 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.73	2.78 M oz	1.500 g/t	57.63 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 5.08 M oz 1.340 g/t 117.87 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.63	5.08 M oz	1.340 g/t	117.87 M t
Estimate notes: See Proven + Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.43 840.18 K oz 3.660 g/t 7.14 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.43	840.18 K oz	3.660 g/t	7.14 M t
Estimate notes: See Proven + Probable note.

Pueblo Viejo - ^top^

(NI) 43-101 Report:

Title: Pueblo Viejo Project Province of Sanchez Ramirez, Dominican Repulbic 43-101 Technical Report and Qualified Person's Review
Date: 2005-10-26 (169 pages)

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

Project Location: Sanchez Ramirez, Dominican Republic

Map View: View the Pueblo Viejo mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $16.14    9.49 M oz     2.930 g/t     251.95 M t
   Silver $1.00    37.26 M oz     11.500 g/t     251.95 M t
   Copper $0.94    90.70 K t       900.000 g/t     251.95 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).
Resource quantities adjusted for ownership percentage of 40.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$16.14	9.49 M oz	2.930 g/t	251.95 M t
Silver	$1.00	37.26 M oz	11.500 g/t	251.95 M t
Copper	$0.94	90.70 K t	900.000 g/t	251.95 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010). Resource quantities adjusted for ownership percentage of 40.0%.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $4.85    2.85 M oz     2.070 g/t     107.10 M t
   Silver $0.42    15.84 M oz     11.500 g/t     107.10 M t
   Copper $0.31    29.99 K t       700.000 g/t     107.10 M t
Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 40.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.85	2.85 M oz	2.070 g/t	107.10 M t
Silver	$0.42	15.84 M oz	11.500 g/t	107.10 M t
Copper	$0.31	29.99 K t	700.000 g/t	107.10 M t
Estimate notes: See Proven + Probable note. Resource quantities adjusted for ownership percentage of 40.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.74    437.46 K oz     1.930 g/t     17.63 M t
   Silver $0.11    3.99 M oz     17.600 g/t     17.63 M t
   Copper $0.03    2.82 K t       400.000 g/t     17.63 M t
Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 40.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.74	437.46 K oz	1.930 g/t	17.63 M t
Silver	$0.11	3.99 M oz	17.600 g/t	17.63 M t
Copper	$0.03	2.82 K t	400.000 g/t	17.63 M t
Estimate notes: See Proven + Probable note. Resource quantities adjusted for ownership percentage of 40.0%.

Red Lake - ^top^

(NI) 43-101 Report:

Title: THE RED LAKE GOLD MINES PROPERTY RED LAKE MINING DIVISION NORTHERN ONTARIO
Date: 2006-11-17 (0 pages)

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

Project Location: Ontario, Canada

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $5.80 3.41 M oz 12.580 g/t 8.44 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.80	3.41 M oz	12.580 g/t	8.44 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 $3.49 2.06 M oz 15.940 g/t 4.01 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.49	2.06 M oz	15.940 g/t	4.01 M t
Estimate notes: See Proven + Probable note.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $3.67 2.16 M oz 19.390 g/t 3.46 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.67	2.16 M oz	19.390 g/t	3.46 M t
Estimate notes: See Proven + Probable note.

Represa - ^top^

(NI) 43-101 Report:

Title: Technical Report Preliminary Assessment based on Report Titled “Technical Assessment of Camino Rojo Project Zacatecas, Mexico”
Date: 2009-11-30 (149 pages)

Updates: News Release: Goldcorp Secures Key Strategic Asset Near Peñasquito With Closing Of Canplats Resources Acquisition , February 4, 2010.

Project Location: Zacatecas, Mexico / Mining Region: Concepciòn del Oro

Map View: View the Camino Rojo Represa deposit on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $5.89    3.47 M oz     0.660 g/t     163.39 M t
   Silver $1.62    60.73 M oz     11.560 g/t     163.39 M t
   Lead $1.74    604.54 K t       3,700.000 g/t     163.39 M t
   Zinc $1.44    506.51 K t       3,100.000 g/t     163.39 M t
Estimate notes: See Goldcorp Secures Key Strategic Asset Near Peñasquito With Closing Of Canplats Resources Acquisition
0.2 g/t Au Cut-off with 0.3 grams gold per tonne for sulphide resources

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.89	3.47 M oz	0.660 g/t	163.39 M t
Silver	$1.62	60.73 M oz	11.560 g/t	163.39 M t
Lead	$1.74	604.54 K t	3,700.000 g/t	163.39 M t
Zinc	$1.44	506.51 K t	3,100.000 g/t	163.39 M t
Estimate notes: See Goldcorp Secures Key Strategic Asset Near Peñasquito With Closing Of Canplats Resources Acquisition 0.2 g/t Au Cut-off with 0.3 grams gold per tonne for sulphide resources

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.95    558.68 K oz     0.560 g/t     31.03 M t
   Silver $0.20    7.61 M oz     7.630 g/t     31.03 M t
   Lead $0.09    31.03 K t       1,000.000 g/t     31.03 M t
   Zinc $0.27    96.19 K t       3,100.000 g/t     31.03 M t
Estimate notes: See Measured + Indicated notes.

San Nicolas - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: , Mexico

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.72    421.77 K oz     0.480 g/t     78.09 M t
   Copper $3.77    363.49 K t       13,300.000 g/t     78.09 M t
   Zinc $1.43    502.87 K t       18,400.000 g/t     78.09 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).
Resource quantities adjusted for ownership percentage of 35.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.05    29.26 K oz     0.370 g/t     7.03 M t
   Copper $0.33    31.49 K t       12,800.000 g/t     7.03 M t
   Zinc $0.10    35.18 K t       14,300.000 g/t     7.03 M t
Estimate notes: See Indicated note.
Resource quantities adjusted for ownership percentage of 35.0%.

Wharf - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: South Dakota, USA

Map View: View Wharf open pit gold mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.33 194.78 K oz 0.690 g/t 8.78 M t
Silver $0.03 1.02 M oz 3.600 g/t 8.78 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 $0.49 287.31 K oz 0.910 g/t 9.82 M t
Silver $0.05 1.96 M oz 6.200 g/t 9.82 M t
Estimate notes: See Proven + Probable note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.95	558.68 K oz	0.560 g/t	31.03 M t
Silver	$0.20	7.61 M oz	7.630 g/t	31.03 M t
Lead	$0.09	31.03 K t	1,000.000 g/t	31.03 M t
Zinc	$0.27	96.19 K t	3,100.000 g/t	31.03 M t
Estimate notes: See Measured + Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.72	421.77 K oz	0.480 g/t	78.09 M t
Copper	$3.77	363.49 K t	13,300.000 g/t	78.09 M t
Zinc	$1.43	502.87 K t	18,400.000 g/t	78.09 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010). Resource quantities adjusted for ownership percentage of 35.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.05	29.26 K oz	0.370 g/t	7.03 M t
Copper	$0.33	31.49 K t	12,800.000 g/t	7.03 M t
Zinc	$0.10	35.18 K t	14,300.000 g/t	7.03 M t
Estimate notes: See Indicated note. Resource quantities adjusted for ownership percentage of 35.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.33	194.78 K oz	0.690 g/t	8.78 M t
Silver	$0.03	1.02 M oz	3.600 g/t	8.78 M t
Estimate notes: December 31, 2009 Reserves & Resources web page (viewed May 2010).

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.49	287.31 K oz	0.910 g/t	9.82 M t
Silver	$0.05	1.96 M oz	6.200 g/t	9.82 M t
Estimate notes: See Proven + Probable note.