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The Globe and Mail

Goldcorp sells stake in Osisko Mining for $530-million

Goldcorp Inc. has sold its 10.1 per cent equity interest in Osisko Mining Corp., representing approximately 38.6 million common shares.

The shares were sold at $13.75 a share and Vancouver-based Goldcorp says it expects to receive about $530-million in cash.

Goldcorp president and CEO Chuck Jeannes says the proceeds from the sale will be used to fund the development of Goldcorp's existing project pipeline.

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Osisko Mining is based in Montreal and is currently building the Canadian Malartic gold mine in the Abitibi mining district.

Commercial production is scheduled for the second quarter 2011.

Last December, an Australian court approved Goldcorp's purchase of Andean Resources Ltd. outstanding shares for $3.6-billion.

Goldcorp had signed an agreement to buy the U.S. gold miner, owner of the Cerro Negro gold project in Argentina, which contains an estimated 3.1 million ounces of gold and 25 million ounces of silver.

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