Leading Corporate Governance Authority Wants Goldcorp Vote.1,100 Other Goldcorp Shareholders Do Too Awaiting the Court's Decision TORONTO -- ROB MCEWEN Rob McEwen is Chairman and CEO of US Gold Corporation and Lexam Explorations and was the founder and former Chairman and CEO of Goldcorp, which is the world’s lowest cost million ounce gold producer. , GOLDCORP'S LARGEST INDIVIDUAL SHAREHOLDER, is pleased to comment that the Ontario Teachers' Pension Plan The Ontario Teachers' Pension Plan (OTPP), commonly referred to as Teachers', is the organization responsible for administering pensions for public school teachers of Ontario. The OTPP also invests the plan's pension fund. (OTPP OTPP Ontario Teachers' Pension Plan (Canada) OTPP Other Than Private Passenger (commercial insurance business) ), an independent corporation with $96 billion in net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. and one of Goldcorp's largest shareholders also wants a shareholders' vote on the proposed Plan of Arrangement with Glamis Gold Glamis Gold Ltd. was a Reno, Nevada based gold producer with operations in the Americas. In 2006 they expected to produce 620,000 ounces of gold at a total cash cost of US$190 per ounce. They remained 100% unhedged. On 31 August 2006, Goldcorp acquired Glamis Gold for $8. . OTPP issued a news release Friday October 20, 2006 stating that the "share dilution that will result from mergers like that of Goldcorp Inc. and Glamis Gold Ltd. should require shareholder approval." OTPP Senior Vice-President, Public Equities, Brian Gibson stated in the release, "this is a matter of principle for shareholders" and that "the number of shares being issued by Goldcorp to acquire Glamis is roughly 66% of the number of Goldcorp shares outstanding today. We think this is well beyond the level where shareholder input should be sought." Since the proposed Goldcorp and Glamis transaction was announced on August 31, 2006, Goldcorp's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. has repeatedly stated that he had "talked to our 100 largest shareholders and we can't find one that wants a vote." However, the facts give a very different impression. Four of Goldcorp's top twenty shareholders want a vote and have either stated so publicly or filled out our "Support Form", or both. McEwen Capital has received more than 1,100 Support Forms representing Goldcorp shareholders holding over 27.0 million shares. Also on Friday October 20, 2006, Rob McEwen had Goldcorp in the Ontario Superior Court with his Application for a Compliance Order requesting Goldcorp shareholders be given a VOTE on the Glamis deal. "We are asking the Court to give us, the owners of Goldcorp, a vote. This fundamental right should have been respected and given to us by Goldcorp's Board of Directors. My court action should not be necessary! As owners, we are entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: , deserve and demand an opportunity to make an informed decision. It is unbelievable that Goldcorp's management and Board can say to us that there will be no information, no vote, no right of dissent and expect us to trust their judgment as they ram this $8.6 billion investment down our throats," said Rob McEwen. If you have not yet filled out a Support Form, please visit www.robmcewen.com and Print, Complete, & Fax/Email/Mail it back to McEwen Capital! Support what is RIGHT for you and all other owners of Goldcorp. Management and the Board need to hear loud and clear that their decision not to consult shareholders is totally wrong and will not be tolerated. We want a Vote!! For further information: or to express your support, please contact: Robert R. McEwen, Ian J. Ball or Stefan M. Spears, McEwen Capital Corporation, 99 George Street George Street may refer to: People:
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