Jeff Wilhoit - VP Investor Relations Chuck Jeannes - President and CEO Lindsay Hall - Chief Financial Officer George Burns - Chief Operating Officer Russell Ball - EVP Capital Project

Andrew Quail - Goldman Sachs Jorge Beristain - Deutsche Bank Patrick Chidley - HSBC Greg Barnes - TD Securities David Haughton - BMO Anita Soni - Credit Suisse Alec Kodatsky - CIBC

Good day, ladies and gentlemen. Welcome to the Goldcorp, Inc. 2014 First Quarter Conference Call for Thursday, May 1, 2014. Please be advised that this conference call is being recorded. I would now like to turn the meeting over to Mr. Jeff Wilhoit, Vice President, Investor Relations of Goldcorp. Please go ahead, Mr. Wilhoit.

Thank you and welcome everyone to the Goldcorp first quarter conference call. Among the senior management in the room with me today are Chuck Jeannes, President and Chief Executive Officer; Lindsay Hall, Chief Financial Officer; George Burns, Chief Operating Officer; and Russell Ball, Executive Vice President, Capital Project. For those of you participating on the webcast, we have included a number of slides to support this afternoon’s discussion. These slides are available on our website at www.goldcorp.com. As a reminder, we will be discussing forward-looking information that involves unique risks concerning the business, operations, and financial performance and condition of Goldcorp. Forward-looking statements include, but are not limited to, statements with respect to future metal prices, the estimation of mineral reserves and resources, the timing and amounts of estimated future production, cost of production, capital expenditures and cost and timing of the development of new deposits. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on forward-looking statements. With that, I will now turn the call over to Chuck Jeannes, President and CEO of Goldcorp.

Thank you Jeff. Hello everyone and thanks for joining us today. Goldcorp’s solid first quarter results underscore what we expect to be recurring themes in 2014; high quality production growth, excellent cost performance and strong progress towards completion of our three current growth projects. Continued execution in these areas positions us very well to deliver long-term value to our shareholder. Gold production in the quarter totaled 679,900 ounces at all-in sustaining costs of a very low $840 per ounce. Adjusted revenues were $1.2 billion with adjusted net earnings of $209 million and adjusted operating cash flow totaled $281 million. It was obviously an active quarter for us from an M&A standpoint with the withdraw of our Cisco bid overshadowing to successful divestures of non-core assets in the form of our share position incremental and our majority interest in the Marigold joint venture. While, I'm disappointed that we didn't get to the finish line on the Cisco deal I am absolutely convinced that we did the right thing in not increasing our offer to a level that we leave us unable to deliver appropriate returns for our shareholders. We have an outstanding portfolio of existing assets and we'll continue to be disciplined in the way we seek to enhance the portfolio going forward. We were please to confirm this morning that we're on track to meet our 2014 production guidance of between $2.95 million and $3.1 million ounces this year which now excludes the forecast of Marigold production. Despite the very low first quarter all-in sustaining cost result, we have maintained guidance for all in sustaining cash costs of between $950 and $1,000 per ounce owing to the somewhat lumpy nature of sustaining capital spending from quarter-to-quarter. We're also maintaining our 2014 capital expenditure guidance of between $2.3 billion and $2.5 billion. As always of course, we're working hard to be more efficient and to minimize capital spending as we go. We've improved our 2014 guidance on two other fronts, DD&A and tax rate, which Lindsay will address in a moment. Looking more closely at our five year growth profile. Forecast gold production growth of approximately 50% over the next two years, will be driven by three new mines coming online starting this year. All three projects remain on track with Cerro Negro just a couple months away from first coal. Just last week Lindsay and I were in Cerro Negro and we witness firsthand the great progress, the team there as may. Certainly expect Cerro Negro to be an outstanding gold mine for us for a very long time. Back in Canada, Eleonore is also advancing very well on schedule and on budget and we expect first gold as planned in the fourth quarter. And finally Cochenour is on track to provide an important supplement to our operations in the world class the Red Lake Camp. Russell will provide a more detail update on all of our projects in a moment. Slide 7, shows were all of these comes together. As we deliver low cost production from the existing lines, complete our capital spending on the new projects, and then see the new gold revenues coming into the picture, the result is free cash flow. Even that in assume $1,200 gold price for the rest of 2014, we expect free cash flow in the fourth quarter this year, the combination is sticking to our proven strategy and remaining discipline in the use of our shareholders capital. And of course, we expect that free cash flow to grow strongly in 2015 and beyond. Before turning things over to George Burns to review the operators. Goldcorp is holding it's Annual General Meeting today in Vancouver, where we expect to welcome Clem Pelletier to our Board of Directors. Clem is a resource industry veteron, both as a mine operator and the founder of an important engineering and environmental firm. Clem has received numerous awards and recognition for industry accomplishments, particularly in the area of environmental consulting. With Goldcorp's commitment to responsible environmental stewardship, Clem will certainly be an important addition to the Goldcorp team. Meanwhile the retirement of Dan Rovig from our Board marks the end of era of sorts, with Dan's leadership in Goldcorp and predecessor company Glamis Gold extending back to 1988. Since 2006, he served Goldcorp's Board with the utmost integrity and distinction and will be truly missed. And with that, I'll turn it over to George Burns.

Thanks Chuck. Our operating teams provided a solid start to 2014, with an emphasis on safe profitable gold production. We continue to build momentum with our operating for excellence focused on cost containment, efficiency and productivity gains in pursuit of targeted cost savings this year. Cost savings are being realized through repartnering with our suppliers. We are also leveraging Goldcorp's growing global purchasing power by entering into alliances with major suppliers. At Red Lake, safe gold production totaled 95,000 ounces for the quarter at an all in sustaining costs of $954 per ounce. Productions affected by lower heading availability in the high-grade zone due to plan destressed activities, which are expected to be completed in the third quarter of 2014. Among our operating for excellence successes, the Red Lake team is seeing early benefits of a new shale based approach to mining, with flexible teams organized around specific areas of the mine. We initiated the process in a high grade zone for the end of last year, and we continue to roll it out throughout the mine in 2014. We expect this effort to result in improvements in productivities and efficiencies as well as reduced maintenance costs. Integration of Cochenour and Red Lake continues to be a primary focus and is progressing well. The dedicated team is in place with dual reporting to both operations and projects under our business co-owner model. Russell will add more specific progress on the Cochenour development in a moment. Exploration at Red Lake in the first quarters saw positive results from up punching drilling of a high grade zone which has returned high grades over substantial list. [Technical difficulty] continues to extend zone for higher elevation with the adjacent NXT zone coming into production late this year, drilling there is focused on expanding the zone and converting resources to reserves. At the HG Young exploration target going continues on the intersection of two mineralized structures that have demonstrated multi-ounce great potential. Operations at the Los Filos mine were suspended on April 1, 2014 following the failure to reach an agreement with the Carrizalillo Ejido on terms renew the occupancy agreement that expired on March 31, 2014. We’ve enjoyed the mutually beneficial partnership over the last eight years, negotiations with the Ejido authorities on a new sustainable occupancy agreement continue, and we believe an agreement will be reached. At Peñasquito first quarter safe gold production totaled 129,800 ounces at extremely low all in sustaining cost of $371 per ounce. Plant maintenance led to first quarter average mill throughput 102,448 tonnes per day with expected 2014 throughout to be on track to average a 110,000 tonnes per day. The team is making good progress on delivering efficiency and productivity gains and reducing bottlenecks throughout the operation. The Northern Well Field project is expected to begin construction mid-year with expected completion in mid 2015. We have developed contingency plans for fresh water production to ensure plant production continues as planned for 2014. Finally our Musselwhite team delivered a great first quarter with safe gold production of 74,900 ounces at low all-in sustaining cost of $787 per ounce. We also have an exciting exploration discovery in the West Limb, a new area that has the potential to significantly enhance the future of Musselwhite. With that I’ll turn the call over to Russell for a review of our projects.

Thanks George. Good day to those on the call. Overall, a good quarter on the project development side. We continued advance our three growth projects and most importantly that progress was achieved safely. The positive trend on progress and safety continued in April. Turning to slide 13, at Cerro Negro in Argentina we remained on schedule for first gold around mid-year. Commissioning efforts are well underway, numerous systems have been [signed out] and transferred operations. We continue to expect to produce between a 130,000 and 180,000 ounces of gold this year. The initial capital cost estimated between $1.6 billion and $1.8 billion remains unchanged. We continue to see a tailwind related to the peso devaluation in January. Although this has been partially offset by increased inflation, currently running at between 30% and 35% a year. At the process front the focus has been on driving to first fleet completion and we were approximately 87% completed at the end of the quarter. The commissioning and operating teams are working well together and I believe that teamwork is key to ensuring smoother ramp up to commercial production in the fourth quarter. In terms of mining, the old stockpile at quarter end reached approximately 410,000 tons and average grade 9.8 grams gold and 183 grams to ton silver. Progress in the mine this quarter was negatively impacted by the planned transition to undermining that transition is now behind us. I saw that preliminary month end surveys for April earlier this morning and happy to report that we developed approximately 800 meters above this 765 meters budgeted and the highest monthly development rate ever at Cerro Negro. So hats off to the team on the ground. In addition preliminary cost numbers reflect a significant reduction in development costs per meter. So while we had a challenging quarter due to the planned transition to undermining. We are already seeing the benefits and expect a significant reduction in development costs going forward. Exploration activities remain suspended and we have had a number of positive discussions recently with the provincial leadership and we look forward to resolving our differences and getting back to exploring in Cerro Negro as soon as possible. We continue to believe the District represents one of our best exploration opportunities. On slide 14, the picture show a portion of the temporary generators and related substation located near Marianas mine. In the event that energization of our 132 KV transmission line is delayed, we have a temporary power solution that we believe would still allow us to meet the planned ramp up schedule through roughly the end of August and into maybe September. Slide 15, shows the thickness over to the left and the CCD tank undergoing hydrostatic testing to the right. The plant is coming together nicely and we are excited about the prospect of introducing fees later this quarter. Turning to Éléonore in Quebec on slide 16, initial gold production remains on track for the fourth quarter and in line with our previous initial capital cost guidance of between $1.8 billion and $1.9 billion. We expect gold production of between 40,000 and 60,000 ounces this year and somewhere between 575,000 and 625,000 ounces a year upon ramp up to nameplate capacity currently anticipated to occur in the first half of 2018 although we are evaluating options to accelerate that time. At quarter end engineering on the process plant was essentially complete and construction was approximately 73% complete. Significant progress was made on the support infrastructure including tailings management, space backfill, and order treatment plant and maintenance facility. At the mine the exploration ramp reached 4,688 meters corresponding to a depth of 725 meters below surface and the production shaft is approximately 30% complete at a depth of 735 meters. Stock development has commenced and production drilling is now underway with a small stockpile on surface of approximately 25,000 tons of ore at quarter end. Exploration drilling continues to be focused on the lateral extension of the lower mine with 20,000 meters of underground drilling completed this quarter. We continue to derisk the deposit and look forward to significant resource to reserve conversion at year end based on drill results today. Slide 17, includes a number of recent photos. Conveyors that transport or between the primary and the secondary crushing facilities, carbon regeneration area, a general view of the plants and related infrastructure and the order reclaim area. The spring finally having made its way up to Eleonore, I'm confident that (inaudible) and the team will deliver this world class mine safely and in line with our guidance. Turning to slide 18. At Cochenour, initial gold production remains on track for the fourth quarter, previously disclosed capital costs at $496 million. The shaft reached its final depth of 1,116 meters or roughly 3,600 feet during the quarter and development of the ramp decline to the 4,000 foot level commenced. The haulage drift was approximately 90% complete at quarter end and is on track to be completed in the third quarter. A dedicated integration team was established and is focused on integrating Cochenour into the existing Red Lake operation. In the exploration side, drilling continues on the Bruce Channel deposit with four drills on site at quarter-end and we expect that the 9 drills on site and drilling by the end of the year. Early results confirm the geologic model and we have intersected the deposit right where it was model to gain positive news on that front. Taking a moment to celebrate success and turning to slide 19, in march we made a significant milestone for the project, when we completed the sinking of the shaft. A key component of the mine ventilation system which is a not the critical path for exploration and development at Cochenour. On slide 20, we move to Camino Rojo in Mexico, approximately 50 kilometers Southeast of our Penasquito mine. Following a very successful 2013 drilling program, we announced a significant increase in the resource to almost 12 million ounces. In addition, the metallurgical testing program continues to improve our understanding in this complex, but large and growing ore body and with a dedicated cross functional and no experience study team now in place. We expect to commence the pre-feasibility study in the third quarter. Our final slide covers El Morro a project in Chile that we slowed down in mid 2013 in response to sharply lower metal prices and ongoing legal challenges to our environmental license probably known as the RCA. I am pleased to announce that earlier this week The Court of Appeals in Copiapo in unanimous decision dismissed the three claims that we before. While the court decision as appealable to the Supreme Court we believe this decision is a step forward for the El Morro project. The legal process does not in any way effect our willingness to establish open and transparent dialogue with indigenous communities and other groups close to the project in order for us to be able to develop El Morro in responsible and transparent manner for the benefit of all our stakeholders. With that I will turn it over to Lindsay for this quarter’s financial review.

Thanks Russell. Financially a real good start to 2012, solid productions from our operations and another quarter of low all-in sustaining costs. Gold sales in the first quarter were 684,000 ounces compared to 725,000 ounces in the prior quarter. Total biproduct cash costs were $507 per ounce compared with $467 in the prior quarter and was below our 2014 annual guidance of between $550 and $600 impacted positively by higher than anticipated biproduct metal sales credits. We realized an average gold price of $1,297 per ounce during the quarter versus the LME’s average above $1,294. All-in sustaining costs for the quarter were $840 per ounce as compared to $810 per ounce in the prior quarter. Excluding Marigold the sale of which was completed shortly after the quarter end our all-in sustaining costs were $828 per ounce for the quarter versus $794 per ounce in the fourth quarter of 2013. Our annual guidance for all-in sustaining costs of between $950 and a $1,000 per ounce of gold remains unchanged. The details of the all-in sustaining cost calculation are disclosed on page 40 of our MD&A. Reported net earnings for the first quarter amounted to $98 million, while adjusted net earnings totaled $209 million or $0.26 per share compared to $74 million or $0.09 per share in the fourth quarter of 2013. The increase in adjusted net earnings is primarily due to the negative impact of booking the Mexican tax rate change from 28% to 30% in Q4 2013, partially offset by lower sales volumes in the first quarter of 2014. The calculated adjusted net earnings we made the following adjustments to our reported earnings. We deducted the gain on disposition of Primero of $80 million add back to non-cash foreign exchange losses on the translation of deferred income tax assets and liabilities of $106 million from the book income tax provision as well as the foreign exchange losses on our capital projects of $21 million. The detailed calculation of our adjusted net earnings is disclosed on page 42 of our MD&A. Consistent with previous quarters we did not make adjustment to non-cash share based compensation expense which amounted to $24 million or $0.03 per share. The income tax provision included in our reported earnings for the first quarter has an implied tax rate of a negative 8%. The effective tax rate included in our adjusted earnings for the quarter is 8%, which was much less than the anticipated 41%. The difference for the most part results from the tax recovery related to the foreign exchange losses on U.S. dollar denominated debt in Argentina arising from the weakening of the Argentine peso in the quarter and is the primary factor the reduction of our previous effective tax rate guidance of 41% for 2014. Given the favorable tax recovery related to the Argentine foreign exchange losses we are re-guiding the effective tax rate for 2014 to be 26% for the year, which incorporates an effective rate of 36% over the next nine months. Turning to provisional pricing, we had a positive provisional pricing of $4 million of Penasquito and negative provisional pricing of $1 at Alumbrera. Q1, 2014 provisional pricing at Penasquito will reflect 77,700 ounces of gold price at $1,292 per ounce, 4.9 million ounces of silver at $19.97 per ounce, 48 million pounds of zinc, priced at $0.90 per pound and 33 million pounds of lead priced at $0.93 per pound. While Alumbrera will reflect 20,800 ounces of gold priced at $12.95 per ounce and 16.7 million pounds of copper priced at $3.02 per pound. During the quarter the company generated adjusted operating cash flows of $281 million or $0.35 per share, including in these cash flows as is usual in the first quarter of every year, is the true up of cash taxes at our Red Lake mine, which is operated through a partnership with a January 31st, fiscal year end. The partnership results in 12 months of prior period taxable income being included in the first quarter cash taxable income, which this year amounted to approximately $57 million or $0.07 per share. Basically, we're just recognizing the increase in the cash tax expense and a late reduction in the deferred tax expense that we had been accruing in 2013. We invested $541 million at our operating mines and projects and paid $122 million in dividend this quarter. Of the $541 million, 75% was spending related to our capital projects, $141 million and $202 million at Cerro Negro and Eleonore respectively. Consistent with our portfolio strategy optimization, we disposed of our investment in Primero for a total proceeds of $201 million and successfully closed the sale of Marigold mine to Several Standard Resources on April 4, 2014 proceeds of $188 million. So for the quarter taking our cash flows also dispositions proceeds less the capital expenditures and the dividend payment, there was basically no met movement in our cash position. As noted in our first quarter MD&A, we have updated our full year 2014 guidance for production of between 2.95 million to 3.10 million ounces of gold following the divestiture of Marigold. Deprecation is now expected $350 per ounce lower than our previous guidance of $385 per ounce due primarily to the 2013 fourth quarter impairment at Alhambra and as previously mentioned the overall affective tax rate for the remainder of the year is expected to be 36%. With $2.7 billion of debt representing less than 12% of enterprise value, liquidity of a $2 billion revolver the completion during the coming fourth quarter of a full year new capital spend that will brought on stream three major new mines that will help grow both our gold production to some 4 million ounces and our cash flows, I am very confident that we are financially well positioned. As evidenced by our actions we remain financially discipline on the reinvestment of these growing free cash flows. We are committed to delivering shareholder value while maintaining a strong investment grade credit rating ownership. With that I will turn it back to the Paul, the operator for Q&A session.

Thank you very much. (Operator Instructions) And our first question is from Andrew Quail from Goldman Sachs. Please go ahead, your line is open. Andrew Quail - Goldman Sachs: Thanks, Chuck, Lindsay, George, Russell and Jeff. Congratulations on a very strong quarter, guys. Just a few questions from me. On El Morro, obviously positive news this week. Chuck, does it sit right behind Camino Rojo now is that being, is there sort of, is that being up in the pipeline for exploration spend?

Thanks Andrew and good morning as well. It doesn't really change anything in terms of where it sits, it's just another advancement in the project. And unfortunately we expect that there will be another appeal of this resolution. And so we're not through the legal process yet. But as we said at the last Investor Day just few weeks ago, there are new looks at the placement and the nature of the infrastructure at the project that we're undertaking such that we're essentially back in a pre-feasibility study mode at El Morro. And so we'll have to work through that and we'll update there as we get through it. Andrew Quail - Goldman Sachs: Right. And just on the portfolio optimization process, are you guys is there any other sort of assets I know you've been quite active this quarter sort of with some divestments. Is there any other assets or investments you think that it could come sort of as we head into the middle of 2014?

If there was, I couldn't tell you. Look we as you know have always been active in looking to enhance the overall quality of our portfolio and that has been done through both adding new high quality assets and divesting of some non-core assets and we'll continue to look to do that regularly as we always have. Andrew Quail - Goldman Sachs: Okay. Lindsay one for you, just on that 106 million bucks, just can you just (inaudible) and just give us little bit more of an explanation, I know it’s not easy to do and it’s hard to forecast is there any sort of more color you can give us on that sort of that unrealized foreign exchange loss?

Yes, what you are talk about Andrew if I have got year right is that in our reported earnings… Andrew Quail - Goldman Sachs: Yes.

…is that very lower effective tax cost by like we said we have U.S. nominated loans that we used to funds to build Cerro Negro and with the weakening pace in the quarter in Argentina that creates a loss, tax loss for us in Argentina and we tax affected at the Argentina rate. Andrew Quail - Goldman Sachs: Okay. Yes that makes sense. Thanks guys.

Thanks Andrew.

Thank you. The next question is from Jorge Beristain from Deutsche Bank. Please go ahead your line is open sir. Jorge Beristain - Deutsche Bank: Good morning, Jorge Beristain with Deutsche Bank. I guess my question is for Chuck. We potentially saw last week the merger of your number one and two largest competitors in the gold sector and I’m just wondering if what your views are in response to what shareholders are asking of the gold sector now growth has almost become less valued I guess in the last year, whereas per share metrics are increasingly in focus and that does seem to be one of the potential drivers of a mega deal in the gold sector was to drive lower cost and increase earnings per share. So my question is does that change in any way Goldcorp’s thinking in terms of how you could best drive earnings per share growth and maybe take the paddle a little bit off your aggressive growth rate and as the margin shift to perhaps a share buyback strategy, and or increasing of the dividend as that seems to be more of the per share metrics that investors are wanting of gold stock lately.

Well great question, Jorge thanks. Look all of our efforts have always been focused on growth and improvement on a per share basis. We’ve certainly not been trying to do this on an absolute basis, but it’s always per share. And so if you look at what the combination of this period of spending is bringing us is per share cash flow growth, it’s an improved balance sheet, and it’s this free cash flow that will then allow us to do things like increase the dividend. We’ve been pretty good I think over the course of the last several years and steadily moving dividend up and we did it in a way that was sustainable and then that as soon as the gold price dropped a bit we didn’t have to cut that back and we certainly would look to continue to do that going forward and along with the use of that free cash flow to find other investments to continue to find ways to grow cash flow on a per share basis. So nothing that our peers are doing or might do has anything to do with that overarching strategy and we are going to stick with it. Jorge Beristain - Deutsche Bank: Okay. Thank you and I just also wanted to congratulate you guys on having the discipline to not have taken your bid for a Cisco to appoint where it would have been dilutive on a per share basis.

Thanks, Jorge.

Thank you. Next question is from Patrick Chidley from HSBC. Please go ahead, your line is open. Patrick Chidley - HSBC: Hello everybody. Just a question on the Cisco and what the obviously your bit has expire. Can you confirm that you're no longer interested and therefore that's completely out of the picture or if changes to what's going on with the other bit does that have an impact on what you might be thinking?

All right. I can predict the future, I fully expect that other bit to close I think that's the common thinking and they will be often running with that assets. So our mines are focused on other things as we described getting these added efficiencies in our operations and bringing the new mines on tracking continuing to look for ways to add value. So our thinking is past that asset at this point. Patrick Chidley - HSBC: And so in terms of looking at forward new acquisition and I guess because of you did bid for Cisco not mean that presumably that you'd be interested in doing something else, if there was something else. Do you think about political risk again here in terms of trying to get something in North America as more of a priority now?

No, I think we always said number one, we've always look at the opportunity for acquisitions as they present themselves in the market and we've done a lot of deals over the years. Political risks is one of the factors that we look at and certainly not the only one and we'll continue to use the same prism to analyze opportunities out there and the way that we have in the past. Patrick Chidley - HSBC: So would that better you prefer to look through a cost lane as oppose say political risks, so you could find a better asset in Argentina than you probably go for that versus a low quality asset in North America.

I wouldn’t draw that conclusion, I just said that political risk is one of the factors. I mean obviously cost and ultimately return on the investments to you shareholders are the key factors and then how you risk adjust those things based on political risk and other things all go into the mix but they are not exclusive of each other by any means. Patrick Chidley - HSBC: Okay, all right. Thanks Chuck.

Thanks.

Thank you. The next question is from Greg Barnes from TD Securities. Please go ahead. Your line is open. Greg Barnes - TD Securities: Yes, thank you. Chuck and/or Russell, your sustaining CapEx, and I recognize it’s lumpy, it’s very low in Q1. But the trend of the past year on a quarterly basis has been dramatically lower. So just wondering what you are doing to achieve that and what you think the correct number on a per ounce basis is going forward?

Maybe I will start by saying -- I said this before and I just like to repeat it, that I love the all in sustaining cost metric, I think it’s much more representative of the true cost of doing business in our industry. But the thing that everybody needs to understand is that sustaining capital is not spent on a unit basis like per ton or per ounce, it’s spent when this projects happen whether it’s buying a new truck or an engine overhaul or whatever the case maybe. So it just tends to be lumpy based on the way it’s scheduled during the course of the year. Having said that, George and his team on the sustaining capital side and Russell and his team on a project capital side are working extremely hard to find efficiencies wherever we can and reduce that spending. And maybe George, I just pass it over to you to talk a little bit about those efforts that you're looking at in sustaining capital reduction.

Sure. So, I mean with the change in metal prices, our focus has been to ensure that sustaining capital makes sense at market prices. So we found opportunities in the last year, basically to cut out lower grade production that couldn't support sustaining capital. So, that's one thing that’s brought sustaining capital down. And then with Russell joining our team, we have a lot bigger focus on our project execution in sustaining capitals part of that. So, being better at executing on sustaining capital, eliminating capital that's really not adding a lot of value to shareholders is where we've seen some benefits. And the other thing I'd add is our operating for excellence focus. We're trying to find ways to do things more efficiently and productively and that includes capital. So, to give you a slight example at Red Lake, we've got a bore hole hoisting project, a sustaining capital project at the bottom of the mine. And in the last six months the team has found more effective way to get ventilation and to get material movement at the bottom of the mine and we're going to cut out some sustaining capital as a result of that. So, we've got everybody focused on. Greg Barnes - TD Securities: The sustaining capital number this year is around $1 billion. I know production is going up. But do you think that $1 billion number is a per-year, the total number? I know again, Chuck, it's lumpy. Can that level be sustained?

So, this is George, we’re not giving a specific number. If you look at Eleonore and Cerro Negro coming on stream. I mean these are underground mines that are going to require additional sustaining development, particularly as we ramp them up. So, in terms of the total number, yes I see that number needing the increase with these growth projects coming into full year production in 2015. But on a per ounce for other sort of unit metrics, I expect that to actually improve because these are higher quality lower cost producers coming on stream.

Greg, maybe just adding to that little, if you look at Cerro Negro we had deferred some capital into ‘15, so we’ll have that spend and we're also developing the mine so we have a little bit of that carry over. At Éléonore will only be at 7,000 by the end of ‘17. So you will see another couple of years of significant development, not in a plant but in the underground. Greg Barnes - TD Securities: Sure, okay. And then just one more question just switching Lindsay, I know that you drew down 600 million on the line this past quarter and you placed in current debt, I’m just wondering why it’s in current debt, not long term debt?

Yes, one feature of the convertible line -- revolving line of credit, if I draw down, I can -- we pay it back for 30 days it’s just how it’s structured, so just over quarter end, we did draw money down during March to move it around the various entities we have just to set some loans up between internal organizations. So, we had to keep it outstanding over quarter end, but that 600 million that is drawn from the revolver at March 31 has been refunded shortly after quarter end out of the $1 billion of the cash balance that is at March 31st. Greg Barnes - TD Securities: I see, okay. Thanks Lindsay.

Thank you. The next question is from David Haughton from BMO. Please go ahead, your line is open. David Haughton - BMO: Hi yes, hi Chuck and team thank you for the update. Two operational questions possibly for George, the first is one Los Filos. Given that you’ve got the suspension of mining date, can we just assume no production other than whatever happens to the legacy leaching?

Yes, so… David Haughton - BMO: Go ahead.

Sorry David. Yes, essentially we’ve stopped the entire operation, the drain down of the pond has continued. We’ve done some recirculation just to maintain pond levels. So yes, essentially production stopped. And negotiations are ongoing and we’ve got good confidence that we’ll come to a mutually beneficial agreement fairly soon and restart. David Haughton - BMO: Okay. So, your expectation is that by the end of the quarter you should be able to get back into a producing status with a satisfactory resolution with the Ejidos?

For sure. I’d be very disappointed if we don’t settle this by the end of the quarter end. We’re making some progress and good confidence that it’s in the best interest of our Ejido partners and go forward to get this settle quickly. David Haughton - BMO: Okay. Another question with regards to operation, so far at Peñasquito you seem to come up with some pretty [gauge] in the -- well across board basically and especially in the base metal. Is that something that you would expect to continue with the pace of mining that you’re in at the moment or would you expect some changes through the course of the year?

Well if you step back and look at the five year plan, definitely the overall grades of Peñasquito come up and we’re going to sustain those higher grades. There are going to be fluctuations quarter-to-quarter as a phase finishes and the next phase gets into the top of the ore body. So you will see some quarter-to-quarter fluctuations each year but yes, we’re looking -- we’re in the core of the ore body overall and we’re looking for -- to sustain these sort of grades over the five year plan. David Haughton - BMO: And sticking with the 110,000 tonnes a day average for the year suggests somewhat about that for the balance of the year and you've got sufficient order to be able to accommodate that kind of throughput?

Yes, that's correct, I mean the first quarter, we had a little bit more maintenance on grinding circuit than normal and we're on track to average that 110 for the year and we do have sufficient water. David Haughton - BMO: Okay. Thank you very much.

Thanks Dave.

Thank you. Next question is from Anita Soni from Credit Suisse. Please go ahead. Your line is open. Anita Soni - Credit Suisse: Hi, good morning guys or actually afternoon at this point. So just continuing on the Peñasquito question in terms of the strip ratio is that pattern George of sort of getting to the top I think I noticed in the prior first quarter with the 3.3 and top up a little bit to 3. Can we expect that to trend down over the course for the year as well?

Yes. Well, we average three in the first quarter for the year, I’ve to look for that number right now, 3.3 for the year. So you're going to see again some fluctuation in that number, dependent where we're at on the phases of push back. Anita Soni - Credit Suisse: Okay. And then in terms of the Red Lake, how do you expect cost to evolve over the course of the year?

All I can tell you is we’re comfortable with our guidance, we have overall the portfolio had a great first quarter and we're comfortable going to hit our guidance that we put out at the beginning of the year.

Maybe just to a follow-up on that, if we do the math that means that we do expect as you talked about earlier with the completion of the distress activity, so production will come up a little bit. So on per ounce basis, you'll see those costs come down.

Correct. Anita Soni - Credit Suisse: And then just on Musselwhite, the grades are pretty good if you get into linked zone, and you’re actually running quite above the I think the annual run rate there. Do you expect the grades to continue at that level and the tonnage that you put through?

We’re focused on that right now. We’ve done some things proactively to reduce dilution, got increased cable bolting going on. And that actually started last year, we’re now seeing the benefits of it. On top of that the link zone, we’re kind of in the heart of that part of links ore body and we’re seeing some positive reconciliation in that area. And that contrasts with last year when we were in this kind of the periphery part of the line zone where the lower grade areas and we were bit disappointed. And so we’re looking at that right now. There is some upside at Musselwhite on grade and stay tuned we’ll update you next quarter. Anita Soni - Credit Suisse: Sure. And one last question for Lindsay, at (inaudible) will you be receiving a dividend from them?

Hopefully, if they declare one. Anita Soni - Credit Suisse: No, I didn’t mean -- basically as you do with your Alhambra and your other equity interest?

That’s correct. I think what you’re getting at Anita, we haven’t really -- when we explain things to you or the market we proportionally consolidate Alhambra, we won’t do that for (inaudible) with this equity account and take the dividend. Anita Soni - Credit Suisse: All right. Thank you.

Thanks Anita.

Thank you. The next question is from Alec Kodatsky from CIBC. Please go ahead. Your line is open. Alec Kodatsky - CIBC: Thanks. Good afternoon everyone.

Hi Alec. Alec Kodatsky - CIBC: Just had a quick question on the Northern Well Field, do you have all of the required permitting and regulatory things square way at this point?

So I mean that’s the reason for the delay and that construction is we were padding up a [few sense] on land agreements and permits and we're confident we're going to have that construction started around mid-year. Alec Kodatsky - CIBC: Okay. So I was just sort of curious if there is, I would assume with the adjustment in the time lines, you're obviously getting a bit more clarity and feel a bit more comfortable with that. But, just curious if there is anything else outstanding. So that's great, thanks.

Thanks Alec.

Thank you. There are no further questions registered at this time. I would now like to turn the meeting back to Mr. Chuck Jeannes

Well, thanks very much and thanks to everyone for joining us today. We look forward to speaking with you again this summer and updating you on what I'm confident will be strong progress towards all of the objectives we have for the year. So, thank you very much. Good bye.

Thank you. The conference has now ended. Please disconnect your lines at this time. And we thank you for your participation.