Goldcorp on Eleonore from today's Goldcorp second quarter NR>
As our next generation of growth projects progresses into development, we were pleased to leverage our strong balance sheet through the sale of 2% convertible notes in the second quarter that brought proceeds of $840 million. This source of low-cost debt greatly enhances our funding flexibility as we invest in our future. This flexibility has paid immediate dividends in the form of an additional $88 million capital investment to address opportunities throughout our asset base, including earlier-than-expected drilling in the Red Lake high grade zone and the resumption of advanced exploration and development activities at Éléonore.”
Positive exploration drilling continued at Éléonore in Quebec. Strong assay results in the deep mineralized zone to the north continued to support ongoing work on an internal prefeasibility study planned for the end of 2009. Environmental and social impact assessment work is continuing.