the Bruce Channel Deposit. A considerable amount of drilling had been done, but not in the density that would support a resource or a reserve. But we believe it should deliver something in the order of 5 million ounces of production," Lalonde says. The BCD will be mined from the former Cochenour Mine. " We're dewatering the old Cochenour shaft as we speak, and we expect to have it pumped out to the 2,050- foot level early in the New Year, at which time to explore the depth of the high- grade zone and to increase the mine's known reserves. In 2006 Goldcorp added the Campbell mine to the portfolio of property in the region and is embarking on a program of exploration. However, a completely new phase of development commenced in July 2008 when the company acquired the Bruce Channel Deposit ( BCD)- just five kilometers from Red Lake- from Gold Eagle Mines. " At the time we felt there was great potential for Goldcorp: Red Lake Gold Mine JANUARY 10 www. bus- ex. com 29

30 www. bus- ex. com JANUARY 10 we'll mobilize drills underground." A considerable amount of work lies ahead. Drilling will continue in order to establish the resource and finally the reserves of the BCD. Meanwhile, the Cochenour shaft will be upgraded next year, and the company is working to link the project with the Red Lake Mine by driving a 5- km tunnel between the two at a depth of 5,400 feet. The tunnel will carry a high- speed electric rail connection for transporting gold ore from the BCD to the processing plant at Red Lake. It will also provide ventilation for the mine and alternative access in case of emergency. In addition, the tunnel will punch straight through highly prospective gold- bearing ground around the Red Lake camp and will therefore act as an enormous exploration drift- a distinct benefit. " Concurrently with this, we are also going to drive a ramp from the bottom of the Cochenour shaft to access the ore in the BCD. From there we'll be able to drop the ore by gravity through a series of ore passes down to the 5,400- foot level so it can be hauled out to Red Lake," Lalonde says. It's very much a long- term project. It will take about four years to develop the mine to full production. Detailed engineering and costing are in progress, and the projected capital cost and production rate will be determined shortly. Investment at Red Lake, meanwhile, is set to continue at around $ 100 million annually in ongoing capital expenditure and exploration. " We will also be embarking on a program of deepening the Red "" We're dewatering the old Cochenour shaft as we speak, and we expect to have it pumped out to the 2,050- foot level early in the New Year, at which time we'll mobilize drills underground"