Goldcorp Announces Secondary Offering of Silver Wheaton Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2008) - GOLDCORP INC. (TSX:G)(NYSE:GG) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and GMP Securities L.P., with Macquarie Capital Markets Canada Ltd. and Genuity Capital Markets as co-bookrunners, pursuant to which the underwriters have agreed to purchase from Goldcorp, on a bought deal basis, 108,000,000 common shares of Silver Wheaton Corp. at a price of C$14.50 per Common Share for aggregate gross proceeds to Goldcorp of C$1,566,000,000. The offering represents the sale of all of Goldcorp's remaining interest in Silver Wheaton and Silver Wheaton will not receive any proceeds from the offering.

The share sale is consistent with Goldcorp's commitment to simplifying its corporate structure and strengthening its balance sheet. The proceeds from the transaction provide Goldcorp with the financial flexibility to fund an expected 50% growth in gold production over the next five-year period and will provide financial flexibility for future growth opportunities. Capital spending over the next five years is expected to be over US$3.9 billion, including funding completion of the Penasquito, Eleonore and Cerro Blanco projects as well as providing sustaining capex at operating mines. Not included in this figure is the possible construction of the Pueblo Viejo project in the Dominican Republic (Barrick 60%, Goldcorp 40%) which remains under feasibility review.

The offering is being made pursuant to a short form prospectus filed with the securities regulators in each of the provinces of Canada and under the multi-jurisdictional disclosure system in the United States.

A preliminary short form prospectus relating to the securities has been filed with the securities regulators in each of the provinces of Canada and a registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. A copy of the prospectus relating to the Offering may be obtained from Marilia Costa, Macquarie Capital Markets Canada Ltd., Suite 3100, 181 Bay Street, Toronto, ON M5J 2T3; (416) 848-3662.

The Offering is scheduled to close on or about February 14, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.

Goldcorp is the world's fastest growing and lowest-cost multi-million ounce gold producer with operations throughout the Americas. Gold production and reserves from the Company's strong portfolio of mines and projects remains 100% unhedged.