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Goldcorp Inc. (GG) and Glamis Gold Ltd. (GLG) announced today that they have agreed to combine in a US$21.3 billion transaction to create one of the world's largest gold mining companies. The new company will continue under the name Goldcorp Inc.

The acquisition of Glamis by Goldcorp is expected to be completed by way of a court approved Plan of Arrangement whereby each Glamis common share will be exchanged for 1.69 Goldcorp common shares representing a value of US$51.49 per share based upon the closing price of Goldcorp on August 30, 2006. After completion of the transaction, current Goldcorp shareholders will own approximately 60% of Goldcorp and current Glamis shareholders will own approximately 40%. It is expected that the transaction will close in November.

The combination has been approved by the boards of directors of Goldcorp and Glamis and will be subject, among other things, to the favourable vote of 66 2/3% of the Glamis common shares voted at a special meeting of shareholders called to approve the transaction.

The new Goldcorp will continue to be based in Vancouver and will have the best production growth profile among major gold companies, proven and probable reserves of approximately 41.1 million gold ounces, strong balance sheet and robust cash flow to finance growth and all gold reserves and production unhedged.