Thursday, 13th January 2005 (2655 views)

Toronto-based Goldcorp has boasted its biggest ever production figures in 2004, it has announced.

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.

Goldcorp also took a swipe at Glamis Gold, a Nevada-based miner which had launched a hostile takeover bid for the Canadian firm.

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.

Furthermore, some 32 per cent of Goldcorp's 2004 gold production, or 200,000 ounces, was withheld from sale.

"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.

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.

 

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