Introduction Our Challenge will introduce you to a very high-grade gold deposit, our Red lake Mine. To illustrate this point, consider the three intersections: 83.5 ounces per ton (2,860 gpt) over 18.2 feet (5.5 m), 1.6 ounces per ton (54.8 gpt) over 107 feet (32.6 m) and 1.0 ounces per ton (34.3 gpt) over 6 feet (1.8 m). These intersections occurred in a single drill hole, 34L761, which was one of 70 drill holes containing 170 intercepts released by Goldcorp on December 1,1999. The average uncut grade of these intercepts was 4.23 ounces per ton (145.1 gpt) over an average width of 9.11 feet (2.81 m).

A remarkable aspect of this deposit is the consistent and high distribution of visible gold. Some 85% of all the drill core intersections of the High Grade Zone have visible gold. The following photograph of drill core provides a vivid example of this fact. It represents a part of an intersection drilled in 1999, from drill hole 34L808, that returned an uncut, assay value of 44.64 ounces per ton (1,529 gpt) over 8.4 feet (2.6 m). Figure . High Grade Zone Intersection; Drill Hole 34L808; 44.64 oz Au per ton over 8.4 feet. On March 29, 1995, Goldcorp Inc. announced the discovery of a new high-grade gold zone at the bottom of its Red Lake Mine. The first nine drill holes intersecting this new zone produced an average, uncut gold assay value of 9.1 ounces per ton (311.3 gpt) over an average intercept length of 7.6 feet (2.32 m). This discovery marked the beginning of an aggressive exploration program.

The exploration program has been spectacularly successful. It has resulted in Goldcorp's Red Lake Mine becoming one of the highest-grade gold deposits in the world! At December 31,1999 this discovery had grown into a proven and probable reserve estimated to be 2.3 million ounces (71,500 kg) of gold contained within 1.7 million tons (1.5 million tonnes) with an average, diluted, cut grade of 1.37 ounces per ton (46.9 gpt). We refer to these reserves as our High Grade Zone and referred to in the following text as HGZ. The reserves were estimated using a gold price of US$300 per ounce.

The reserves were independently audited and confirmed by Watts, Griffis and McQuat Limited, an international firm of consulting geologists and engineers. It is their opinion that the cutting factor Goldcorp has used to estimate its Red Lake Mine reserves is somewhat severe because the average diluted uncut grade is estimated to be 2.86 opt (97.9 gpt) and the uncut ounces to be 4.85 million ounces (150,850 kg).

The discovery occurred 48 years after the mine began production and at the time then the mine had a very high cash production cost per ounce and therefore a questionable future. The location and character of this discovery challenged conventional geological wisdom when it occurred, its genesis is yet to be fully understood and because the mine remains under-explored it affords considerable exploration potential.

The old Red Lake Mine has been demolished and a new mine is being built in it place today. A US$60 million capital expenditure is 53% completed. The mine will be commissioned this fall with commercial production scheduled to be in November 2000. It will have one of the lowest cash production cost per ounce of gold in the world!

In the first two years of production it will process the high grade ore at a rate of 600 ton per day (tpd)(545 tonnes per day) with a low recovery rate of 83% to produce an average annual production of 240,000 ounces (7,465 kg) at a cash production cost of US$88 per ounce. In the third year, 2003, the production rate will be increased to 1,000 tpd (907 tonnes per day) with an increased recovery rate of 95% to produce 475,000 ounces (14,774 kg) annually at a cash production cost of US$70 per ounce.

Goldcorp's Red Lake Mine is located in Canada, in the northwestern corner of the province of Ontario. It is on the Red Lake greenstone belt which consists of a typical Archean sequence of metavolcanics-metasedimentary rocks. The Red Lake gold district contains two operating gold mines and thirteen former producing mines. Together these mines have produced over 18 million ounces (559,861 kg) of gold since the start of mining in the area in the 1930's.

The largest and best known high-grade gold mine in the area is Placer Dome's Campbell Mine. To-date it has produced 10 million ounces. In 1996 it had the lowest cash production cost per ounce of gold in North America. It has long enjoyed a reputation for being one of the highest grade mines in the world. Goldcorp's Red Lake Mine which is located immediately to the east of the Campbell Mine has produced 3.2 million ounces. Goldcorp's Cochenour Mine is located immediately to the west of the Campbell mine and has produced 1.2 million ounces. Together these three mines account 80% of the district's production and possess the highest gold grades.

Goldcorp's Red Lake Mine past production and 1999 proven and probable reserves total more than 6 million ounces of gold (186,620 kg)! We are exploring for the next 6 million ounces! "the Challenge" is designed to stimulate a global brainstorming within the industry. It is open to any individual, teams or organizations in industry, academia or government agencies.

This database is the culmination of on-going exploration at Goldcorp's Red Lake Mine and represents our exploration efforts and present understanding of the deposit. We believe geologists all over the world will benefit from this knowledge, just as we stand to benefit from your insight and ideas. We therefore invite you to examine this data, to pick out the important clues that might lead to the discovery of another high-grade orebody within the Red Lake Mine property. We believe the chances of discovery are excellent.

We'll help you get started by offering "the Challenge" CD which contains this brief overview of the mine, a complete geological and drill hole database available for use with a time-limited version of Gemcom( (and as .csv files), and level plans and sections viewable with Adobe( Acrobat( Viewer (also supplied on the "the Challenge" CD). A complete listing of information is available in the Read Me.txt file.

The geological setting of this deposit is complex, challenging and fascinating! The Red Lake Mine continues to offer potential for more ore discovery as only a small portion of the property has been explored thus far.

So, good luck and have fun with it! Take "the Challenge" and win the gold!

To register now Click Here.