Just an observation which I found to be a little odd IMO. Could it be possible that they are working together behind closed doors?

AJMO

From Cypress web site under McKenzie Island Gold Project

In September 2008, Goldcorp Inc. (TSX: G) announced it acquired Gold Eagle Mines Ltd. (TSX: GEA). Under the Plan of Arrangement, shareholders of Gold Eagle received at their election and subject to proration either C$13.60 in cash or 0.292 of a share of Goldcorp or any combination thereof, for each Gold Eagle share they held. Gold Eagle's principal asset is the Bruce Channel gold discovery which is situated along the prolific Red Lake Trend, adjacent to the east of Cypress' McKenzie Island property and immediately southwest of Goldcorp's past-producing Cochenour-Willan Mine.

The Bruce Channel Discovery (BCD) is located approximately 800 metres beneath the shallow Bruce Channel waterway that separates McKenzie Island from the Mainland.

Friday, May 08, 2009

Goldcorp to develop Cochenour gold project in Red Lake gold district

by Dorothy Kosich, Mineweb.net

RENO, NV - Goldcorp announced Thursday that it would develop the Cochenour gold project at the Red Lake gold district in Ontario.

The project combines the existing workings of the historic Cochenour mine with the Bruce Channel gold discovery acquired by Gold Corp in the Gold Eagle transaction late last year. Goldcorp's Red Lake Mine produces approximately 600,000 ounces annually, with a total production of more than 11 million ounces to date.

"Cochenour is an important step in the optimization of long-term development plans for Goldcorp's entire Red Lake asset portfolio," the company said. "Other initiatives associated with this program include the ongoing expansion of the Red Lake mine, the assessment of possible open pit mining opportunities and the third quarter completion of the 4199 exploration drift, which will allow for a resumption of routine exploration and in-filling drilling in the high grade zone."

No mineral resource yet exists for Cochenour, but Goldcorp is sizing the project at 5 million ounces of gold and hopes to complete a pre-feasibility study and commence shaft development in 2010. The total cost for initial development this year, exclusive of the $6 million drilling budget, is estimated at $12 million.

Goldcorp President and CEO Chuck Jeannes explained that "this multi-year focus on optimizing our Red Lake assets will provide an important contribution to our growth profile over the long term."