Gold Corp takes over lams Gold for $8.6 BN

CANADIAN miner Goldcorp Inc. has agreed to purchase the Nevada-based gold producer Glamis Gold Ltd. for $8.6 billion in a friendly takeover bid, which will lead to the creation of one of the world�s largest gold mining companies. The new company will continue under the name Goldcorp Inc. The new company will have a combined market value of $21.3 billion, and proven and probable reserves of approximately 41.1 million gold ounces.

According top Goldcorp chief executive officer Ian Telfer, who will continue as chairman of the new company the combination of Goldcorp and Glamis will create a world class low-cost gold producer in the Americas with industry-leading growth from an exciting portfolio of development projects.

Following a completion of the transaction in November, Goldcorp�s current shareholders will own approximately 60 per cent of the new company, while current Glamis shareholders will own approximately 40 per cent.