Toronto Stock Exchange: G New York Stock Exchange: GG GOLDCORP REVENUES INCREASE 62% VANCOUVER, BRITISH COLUMBIA, July 27, 2011 � GOLDCORP INC.

(TSX: G, NYSE: GG) today reported operating cash flows before working capital changes1of $717 million for the second quarter of 2011 based on gold production of 597,100 ounces at a total cash cost2 of $185 per ounce.�Adjusted net earnings from continuing operations3 in the quarter increased to $420 million, or $0.52 per share, compared to $199million, or $0.27 per share, in the second quarter of 2010.�Reported net earnings from continuing operations were $489million compared to $524million in the second quarter of 2010.� Second Quarter 2011 Highlights - Revenues increased 62% over the 2010 second quarter, to $1.3billion, on gold sales of 606,400 ounces.� - Operating cash flow before working capital changes increased 84% over the 2010 second quarter, to $717 million or $0.90per share. - Adjusted net earnings increased 111% over the 2010 second quarter, to $420 million or 0.52per share. - Average realized gold price increased 25% over the 2010 second quarter, to $1,516per ounce. - Cash costs totaled $185 per ounce on a by-product basis and $553 per ounce on a co-product basis.

- Dividends paid amounted to $82 million. - Quarter end cash balance of $1.4billion; net cash position of $516million. - Added to the NASDAQ OMX CRD Global Sustainability Index. �Due to strength throughout our mine portfolio in the first half of 2011 as well as steady progress on the development of our next generation of gold projects, Goldcorp�s long-term growth profile remains intact,� said Chuck Jeannes, Goldcorp President and Chief Executive Officer.��Our primary focus over the balance of the year is on the continued ramp-up at Pe�asquito.�Nine months after mine commissioning, we continue to see impressive sequential quarterly gains in metals grades, recoveries and production, and both 50,000 tonne-per-day processing lines have now exceeded nameplate capacity on numerous occasions.

The high pressure grinding roll circuit to increase designed throughput from 100,000 tonnes per day to 130,000 tonnes per day has been commissioned, but low pebble generation in the SAG mills continues to challenge efforts to feed that circuit at designed capacity.�In addition, the limited availability of material required to raise the tailings dam embankment contributed to inadequate quantities of reclaim water necessary for full-capacity operation of the milling circuit.�We expect to resolve both issues by the end of 2011 and Pe�asquito production in 2012 and beyond is not expected to be impacted by these issues.

Looking ahead to the balance of the year, these developments at Pe�asquito, combined with an expected shortfall at the Pueblo Viejo joint venture due to previously reported flooding issues and a small reduction at Musselwhite due to forest fires have led us to revise 2011 production guidance.� �Goldcorp remains well-positioned to benefit from near-record high metals prices.�Effective cost containment is blunting the effect of industry cost pressures, and continued strong by-product metals prices have led to improved cash costs for 2011.�Our portfolio of young, prospective mines continues to deliver the best gold margins in the industry and our advancing project pipeline will drive our 60% growth in gold production over the next five years.� To read the complete news release, please see our web site at http://www.goldcorp.com/_resources/news_releases/nr_2011_07_27.pdf
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