Vancouver, British Columbia — Goldcorp Inc. [[GG]] — Today announced record fourth quarter gold production of 692,000 ounces. Gold production for the 2008 year exceeded 2.3 million ounces, meeting previously issued guidance.

Goldcorp’s year-end unaudited financial statements are expected to be released on February 19, 2009. The calculation of operating costs for 2008 has not yet been completed, but total cash costs are “expected to meet previous 2008 guidance of approximately $300 per ounce of gold on a by-product basis,” as mentioned in the statements made by the company.

“Goldcorp completed 2008 with production momentum, financial strength and a strong, well-funded growth pipeline in safe jurisdictions,” said Chuck Jeannes, President and Chief Executive Officer. “Our top priorities in the year ahead are meeting or exceeding operational targets … continuing the development of an asset portfolio that is expected to deliver 50% growth in gold production over the next five years.”

Goldcorp also provided production and cash cost guidance for the 2009 year. The Company expects to produce approximately 2.3 million ounces of gold at a total cash cost of approximately $365 per ounce on a by-product basis and $400 per ounce on a co-product basis. Goldcorp’s forecast production increases at most of Goldcorp’s mines but are expected to be offset by significant planned declines at Alumbrera and El Sauzal.

According to Goldcorp, “the strong cash flows, debt-free balance sheet and an undrawn $1.5 billion credit facility will fund key near-term growth projects … Spending at certain longer-term growth projects will be temporarily deferred while these key projects are developed.”

The Company is currently evaluating opportunities to contain input costs and minimize foreign exchange risk through the hedging of both oil and currencies.