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Thursday, 13th January 2005 (4229 views)

Toronto-based Goldcorp has boasted its biggest ever production figures in 2004, it has announced.<br/><br/>The gold company said production at its Red Lake gold mine in northwestern Ontario was 628,000 ounces in 2004, up four per cent from the previous year, CBC News reports.<br/><br/>Goldcorp also took a swipe at Glamis Gold, a Nevada-based miner which had launched a hostile takeover bid for the Canadian firm.<br/><br/>The record figures were, Goldcorp said, 2.7 times the production of Glamis Gold, which offered shares valued at $3.4 billion dollars in its buy-out efforts.<br/><br/>Furthermore, some 32 per cent of Goldcorp's 2004 gold production, or 200,000 ounces, was withheld from sale.<br/><br/>"Interestingly, this amount is equal to 85 per cent of Glamis' 2004 production. Goldcorp now holds 221,000 ounces of gold in the bank!" the firm boasted.<br/><br/>Goldcorp, which is considering a proposed merger with Vancouver-based Wheaton River Minerals, said its fruitful exploration at Red Lake has allowed it to boost its expected gold production by a total of 125,000 ounces over the next five years.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7556988"/>

 

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