Goldcorp reveals 31% increase in Penasquito gold

Goldcorp has announced a significant increase in its gold reserves at the Penasquito gold project in Zacatecas, Mexico.

Proven and probable gold reserves at the property are up by 31 per cent to 13.0 million ounces, while proven and probable silver reserves increased by 50 per cent to 864 million ounces.

Measured and indicated gold resources at Penasquito increased by 39 per cent to a total of 17.8 million ounces.

Meanwhile, at the Eleonore gold property in Quebec, Canada, the company revealed initial indicated gold resources of 1.8 million ounces at an average grade of 7.4 grams per tonne.

"These early results from our 2007 exploration program serve to underscore the importance of our organic growth strategy," said Goldcorp's Kevin McArthur.

"In addition to growing Penasquito's proven and probable gold reserves by 30 per cent, we have discovered a high grade manto/skarn zone at depth which validates our exploration model and could develop into an eventual underground mine.

"At Eleonore, we are very pleased with the initial mineral resource calculation of 1.8 million indicated and 0.9 million inferred gold ounces."

Goldcorp also announced that the first gold pour at the Los Filos property in Guerrero, Mexico, was completed on June 15th.

Last year the company doubled its reserves and resources from five million to ten million ounces of gold.