Goldcorp Agrees to Acquire Andean Resources for Approximately $3.6 Billion

Published: 10/05/2010

On September 3, 2010, Goldcorp Inc. and Andean Resources Limited (“Andean”) announced an agreement whereby Goldcorp will acquire, through a scheme of arrangement under Australian law, all of the outstanding shares of Andean. The total consideration for the purchase of 100% of the fully diluted shares of Andean is approximately $3.6 billion. Under the Arrangement, each common share of Andean will be exchanged for (i) 0.14 common shares of Goldcorp (the “Share Consideration”) or (ii) a cash payment in the amount of $6.50, subject to an aggregate maximum cash consideration of $1 billion.

Andean’s principal asset is the 100%-owned Cerro Negro gold project, an advanced-stage, high-grade vein system located in the Santa Cruz province of Argentina. Comprising 215 square kilometers, Cerro Negro currently has reported indicated resources of 2.54 million ounces of gold and 23.56 million ounces of silver. Inferred resources total 523,000 ounces of gold and 3.12 million ounces of silver.

Cassels Brock is acting for Goldcorp Inc.