TORONTO (miningweekly.com) - Canada's second-biggest gold-miner, Goldcorp, increased its proven and probable reserves of the yellow metal by 5,3% last year, to 48,8-million ounces.

Measured and indicated gold resources rose 3,2% year-on-year, to 22,7-million ounces.

Goldcorp also increased its silver reserves to 1,3-billion ounces, up 4,2% compared with 2008, and measured and incidated silver resources jumped 38,3%, to 598,1-million ounces.

All the increases were as a result of internal exploration work, and did not include any acquisitions, the company said.

Goldcorp has mines in Canada, Argentina, the US, Mexico, Honduras and Guatemala.

The increase to the total gold reserves included 3,1-million mined ounces during 2009, including mining depletion and 5,6-million discovered ounces during the year.

The company said it added more than one-million ounces of gold reserves at its Los Filos mine, in Mexico, and identified 790 000 oz of new proven and probable reserves at the new Penasquito operation, among others.

"Replacing gold reserves mined each year is the first objective of our exploration team, so we are pleased to have more than replaced reserves for the sixth consecutive year," said CEO Chuck Jeannes.

"This impressive track record is a testament to our dual focus on organic growth through exploration, coupled with an opportunistic approach to mergers and acquisitions that places the primary emphasis on the quality of our gold reserves versus the simple quantity of overall gold ounces."

Goldcorp spent $92-million on exploration in 2009 and plans to increase spending to at least $130-million this year.

The company announced on Tuesday evening it had completed the acquisition of a 70% interest in the El Morro project, in Chile, from New Gold, in which it had exercised an option to buy the stake from  Xstrata.

The transaction closed, despite a legal challenge from larger rival Barrick Gold.

Also this month, Goldcorp closed its acquisition of junior Canplats Resources, giving it ownership of the Camino Rojo gold/silver project, located about 50 km south-east of Goldcorp's Penasquito mine.

The company will likely increase its exploration budget for 2010 to include plans for El Morro and Camino Rojo, it said in a statement.

Goldcorp shares rose 0,77% on Wednesday morning, to C$40,39 apiece by 10:18 in Toronto.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.