Goldcorp's Minera Peñasquito Reaches Settlement With Cerro Gordo Ejido

(RTTNews) - Goldcorp Inc. (GG, G.TO) announced that its subsidiary, Minera Peñasquito, has reached a definitive court approved settlement with the Cerro Gordo Ejido relating to surface land rights to 600 hectares or approximately 1,483 acres of land located within the confines of the Peñasquito Mine site.

Minera Peñasquito negotiated an agreement for use of the land prior to the construction of the mine, however, in 2009 the Cerro Gordo Ejido commenced an action against Peñasquito in Mexico's agrarian courts challenging the land use agreement.

Following a series of legal proceedings, the agrarian courts ruled on June 18, 2013, that the land use agreement was null and ordered the land to be returned to the Cerro Gordo Ejido. The settlement reached fully resolves the dispute. Concurrently, Minera Peñasquito and the Cerro Gordo Ejido entered into a new thirty year surface land use agreement on commercial terms for the 600 hectares.

Peñasquito is the largest gold producer in Mexico with gold production expected to be between 700,000 and 750,000 ounces in 2015. The mine employs approximately 4,250 employees and contractors.