Goldcorp Inc. (NYSE:GG)(TSX:G) Conference Call

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06.12.04 16:12 #1 Goldcorp Inc. (NYSE:GG)(TSX:G) Conference Call
Goldcorp News Alert
TORONTO -- (Business Wire) -- Dec. 5, 2004

GOLDCORP INC. (NYSE:GG)(TSX:G) will be hosting a
conference call with Wheaton River Minerals Ltd. (AMEX:WHT)(TSX:WRM)
on Monday, December 6 at 11am Eastern Time to discuss the combination
of the two companies.

The conference call may be accessed by dialing the following
numbers:

- Local and international: 416-695-9757

- North American toll-free: 1-877-888-4210

A reply of this conference call can be accessed by calling:

- Local and international: 416-695-5275

- North American toll-free: 1-888-509-0081

Goldcorp's Red Lake Mine is the richest gold mine in the world.
The Company is in excellent financial condition: has NO DEBT, a Large
Treasury, positive Cash Flow and Earnings and pays a Dividend twelve
times a year! GOLDCORP is completely UNHEDGED and currently withholds
one-third of annual gold production in anticipation of higher gold
prices. Goldcorp's shares are listed on the New York and Toronto
Stock Exchanges under the trading symbols of GG and G, respectively
and its options trade on the American Stock Exchange (AMEX), the
Chicago Board of Options Exchange (CBOE) and the Pacific Stock
Exchange (PCX) in the United States and on the Montreal Exchange (MX)
in Canada.
Contacts:

Goldcorp Inc.
Ian J. Ball
Investor Relations
Phone: (416) 865-0326 or Toll Free: (800) 813-1412
Fax: (416) 361-5741
e-mail: info@goldcorp.com
website: www.goldcorp.com  
06.12.04 17:16 #2 Ein Artikel von Bloomberg über den Merger GG-.
Dec. 5 (Bloomberg) -- Goldcorp Inc., Canada's fourth-largest gold producer, agreed to buy Wheaton River Minerals Ltd. for C$2.59 billion ($2.17 billion) in stock to gain mines outside North America and a chief executive to succeed Robert McEwen.

Wheaton River investors will receive one Goldcorp share for every four shares held, the companies said today. That values Wheaton River at about C$4.29 a share, or almost 14 percent more than its closing price Dec. 3 on the Toronto Stock Exchange.

The combination ends Goldcorp's search to replace McEwen, 54, who said in September he planned to step down, and gives Wheaton River the partner it has sought since a previous merger fell through in July. Wheaton River's Ian Telfer, 58, will become CEO of Goldcorp and McEwen will be chairman.

``The question was a matter of succession,'' McEwen said in a telephone interview. ``Wheaton has a very entrepreneurial management team and Ian's had a great track record.''

Together, the companies will produce more than 1.1 million ounces of gold in 2005, Toronto-based Goldcorp said. That leaves Goldcorp still short of Kinross Gold Corp., which is Canada's third-biggest gold miner and expects to produce about 1.7 million ounces next year. Barrick Gold Corp. ranks No. 1 in Canada with production of more than 5 million ounces.

Addressing Issues

Wheaton River's plan to merge with Iamgold Corp. and trump Goldcorp as Canada's No. 4 gold producer was thwarted when Coeur d'Alene Mines Corp. mounted a hostile offer in May. Coeur d'Alene's bid failed and Iamgold found a new merger partner in Gold Fields Ltd., leaving Vancouver-based Wheaton River alone.

``This bid is good for Wheaton River shareholders,'' said David Baker, who helps manage $500 million in resources stocks at Baker Steel Capital Managers LLP in Sydney and doesn't own shares of either company. ``I doubt anyone else will make a bid.''

McEwen said the acquisition is attractive because it gives Goldcorp a way to boost output and reserves and diversify its production base without any increase in costs. Following the purchase, Goldcorp said its cash production costs will decline to less than $60 an ounce, the lowest of any company with output of at least 1 million ounces a year, from about $120 now.

Selling to Goldcorp will reduce Wheaton River's reliance on copper, which the company mines together with gold, and give it a foothold in North America. Wheaton River's main assets are in Argentina, Mexico and Australia. Goldcorp's biggest mine is in northern Ontario and it also produces in South Dakota.

``By combining the two companies we've addressed the issues in both,'' McEwen said.

February Completion

Wheaton River holders would swap 570.3 million shares of common stock. The company also has 22.5 million stock options that will be exchanged.

Goldcorp shares rose 10 cents to C$17.15 in Toronto Stock Exchange trading on Dec. 3. Wheaton River rose 6 cents, or 1.6 percent to C$3.76.

McEwen said Goldcorp wants to complete the deal by February. Goldcorp needs two-thirds of Wheaton River's shares tendered to go ahead with the purchase.

Goldcorp hired GMP Securities Ltd. as financial adviser and Fraser Milner Casgrain LLP for legal work. Wheaton River's financial adviser was Merrill Lynch & Co. Its legal adviser was Davies Ward Phillips & Vineberg LLP.  
06.12.04 17:39 #3 Goldcorp to buy Wheaton River
Goldcorp to buy Wheaton River
By CBS MarketWatch
Last Update: 8:27 AM ET Dec. 6, 2004  
          §E-mail it | Print | Alert | Reprint | RSS

SAN FRANCISCO (CBS.MW) -- Shares of Wheaton River Minerals rallied in pre-open trading Monday after Canada's Goldcorp said it had reached an agreement in principal to buy the company in an all-stock deal valued at about $2 billion.

mehr:

hxxp://www.marketwatch.com/news/yhoo/...993C%2D4F7F%2D8CD3%2D704915F7DF2D%7D  
06.12.04 17:50 #4 Gold Merger!
In Canada, Goldcorp Inc. and Wheaton River Minerals said late Sunday they had struck a $2.4-billion merger deal to create a company with more than 1.1 million ounces of gold production a year.

aus:

           
Story§
North American markets weigh impact of Saudi Arabia attack, gold merger

James Dalziel
Canadian Press

December 6, 2004

hxxp://www.canada.com/businesscentre/...c32c8b79-556f-40cc-9e82-c073900c3456  
06.12.04 19:04 #5 Analysts give cautious nod to Goldcorp,Wheaton .
Analysts give cautious nod to Goldcorp,Wheaton deal

Mon Dec 6, 2004 10:46 AM ET
(Amounts in U.S. dollars unless noted)

By Nicole Mordant

VANCOUVER, British Columbia , Dec 6 (Reuters) - Analysts gave a tentative thumbs up on Monday to Goldcorp's (G.TO: Quote, Profile, Research) $2 billion planned takeover of Wheaton River Minerals (WRM.TO: Quote, Profile, Research) saying the price looked fair but that Goldcorp's investors might be less keen on the surprise but friendly union.

"If there is any risk in the deal it's from the Goldcorp side of the aisle," said Victor Flores, an analyst at HSBC Securities in New York.

mehr:

hxxp://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?dui­d=mtfh34926_2004-12-06_15-46-10_n06694088_newsml  
06.12.04 19:50 #6 Ian Telfer bei dem Conference Call
VANCOUVER, British Columbia , Dec 6 (Reuters) - A third of Wheaton River Minerals Ltd.'s (WRM.TO) biggest shareholders are in favor of a friendly takeover by Canadian gold rival Goldcorp Inc. (G.TO) , said Wheaton's chief executive, who will become CEO of the combined company.
"In speaking to many of our major shareholders ... I have talked to 30-35 percent, every single one of them has indicated that they will support this transaction," said Ian Telfer on a conference call on Monday.

Telfer said he supported Goldcorp's dividend policy as well as its practice of holding back a third of its mined gold to sell later when it expects the gold price will be higher.  
06.12.04 19:56 #7 Rückblick auf die heutige Conference Call
The following is a review of some of the new material that came out in today's merger conference call which was hosted by both Rob McEwen and Ian Telfer. After reviewing the material from the press release, the following was discussed:

- McEwen is expecting at least a double or triple for GG's stock over the coming couple years as a result of its combination with WHT
- GG's production will increase by 82% with much lower costs next year
- The combined balance sheet will be very strong with over USD $500 million in the bank
- According to McEwen, Wheaton is "a mean cash flow machine".
- The new company will have "no peer" in the gold sector.
- The new company will have 2 world class properties: Red Lake and Alumbrera
- This transaction will push copper down to 20% of revenues in 2006 which is very comparable to NEM, PDG and other significant mining companies.
- The DD process will take place over the next 21 days
- Agreements and the takeover document will go out by Christmas -- 66% of shares need to be tendered to complete the deal.
- 30-35% of Wheaton shareholders have already said they are on-side with the deal as of this morning (in conversations with Ian Telfer since last night)
- The merger process will wrap-up by the end of January
- Ian is committed to being the CEO going forward.
- Dividends will continue; although, the exact amount is yet to be determined. However, Ian suggested they probably wouldn't go down in the near term.
- The policy of holding gold will continue and the Red Lake mine will continue to hold back a percentage of production to save taxes and build value.
- Beyond the $500 million in the bank, Wheaton also has its $300 million line of credit and over $300 million in marketable securities.
- The focus of the new company will be on gold, not other metals; however, multi-metal mines are acceptable if the revenues from other metals stays around 20%
- Wheaton was "thrilled" to get a chance to join with Goldcorp, since they are very superior to IamGold or CDE.
- Ian feels that the multiples for the new company will be much higher than is currently the case for WHT, since the copper ratio is being greatly reduced.
- The construction of Amapari is "going forward like a house on fire".
- Nothing will change with respect to Silver Wheaton.
- The Wheaton warrants will be converted into 1/4 as many GG warrants at 4 times the strike price: this is a neutral impact on the warrants, which will be very deep in the money as "new" GG warrants.
- The new company will have a profit margin per ounce that is 3 times that of the majors.
- GG had been approached by other suitors, but the addition of WHT added more value.
- Ian views the merger as a merger of equals.
- After the 21 day DD period, there is no out for GG; therefore, if there is a bid for GG after this time period, it would need to be a bid for the combined company.
- Ian believes that GG's multiples will improve over where they are today after the acquisition.
- The emphasis for acquisitions is on "production that is accretive".
- The optimal size would be around 2 million ounces.
- The shaft deepening at Red Lake is moving forward very well.
- The geographical focus will remain on the Americas when looking at potential acquisitions.
- Although a share buyback is not a current priority, it is possible if there is extra cash down the road.
- NO NEW SHARES WILL BE ISSUED as acquisitions are completed.  
06.12.04 20:20 #8 GG/WHT A Win-Win Deal
New company to remain as Goldcorp with NYSE listing, which are both important assets according to Ian Telfer.

McEwen would never issue warrants, and the remaining warrants go from WHT’s 175 mil to GG’s 44 mil after the 1:4 reduction with same expiration date but at $1.65x4 = $6.60 for a share of GG.

GG current shares at 190 mil and WHT’s 570/4 =143 mil shs, + 44 mil warrants to shares gives total of approx 377 mil shs for the new Goldcorp.

There is no WHT or GG shareholder vote required.

WHT shareholders need to tender 2/3 of shares to validate the deal.

WHT Mailing before Christmas followed by 21 days DD and merger validation determined by Jan 30/05.

35% of the major shareholders already have endorsed the deal. Several analysts phone-called in during the CC with congratulations.

The new GG will have a total of US$1 billion of cash, bullion and bank–line credit including $300 mil value for SilverWheaton, which will become SilverGoldcorp!

Rob McEwen stays on as Chairman with CEO Ian Telfer as CEO and COO will be Russell Barwick of WHT Managing Director. Ian Telfer specifically requested that McEwen remain as Chairman as part of the deal.

GG Dividends to continue as current as well as withholding gold to continue to build bullion holdings.

Focus will be for increased gold production going forward while being comfortable with 20% copper revenue similar to NEM and PDG.

If additional funds are needed for a major gold acquisition SilverGoldcorp would be considered for sale before the bullion holdings valued at +$70 mil

Ian Telfer stated that 2mil opy gold is the ideal size for the new GG. The current projection is 1.5 mil opy by 2006/7 period when the Red Lake expansion shaft is completed.

McEwen will stay on as Chairman and expects the new Goldcorp to double and perhaps triple in PPS. McEwen is expecting the POG to reach $850 in 6 years

The new Goldcorp will have gold proven and probable reserves of 10.5 mil ozs and an additional 9.5 mil ozs resources for a total of 20 mil ozs as of Dec/2004.
 
06.12.04 21:24 #9 Wheaton says biggest investors back Goldcorp d.
UPDATE 1-Wheaton says biggest investors back Goldcorp deal

Mon Dec 6, 2004 02:08 PM ET
(Recasts with conference call. Amounts in U.S. dollars unless noted)

By Nicole Mordant

VANCOUVER, British Columbia , Dec 6 (Reuters) - A third of Wheaton River Minerals Ltd.'s (WRM.TO) biggest shareholders are in favor of a takeover by Goldcorp Inc. (G.TO), Wheaton's chief executive said on Monday, a day after the two Canadian gold producer's unveiled a surprise but friendly $2 billion union.

"In speaking to many of our major shareholders ... I have talked to 30-35 percent, every single one of them has indicated that they will support this transaction," said Ian Telfer, who will become CEO of what will be the world's eighth largest gold miner.

mehr:

hxxp://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?dui­d=mtfh38505_2004-12-06_19-08-51_n06182039_newsml  
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