Red Lake almost seems like a forgotten asset for investors of Goldcorp (NYSE:GG). Once the crown jewel of the company, it has lost some of its luster in recent years. It's hard to compete with the stable of newer and larger mines in Goldcorp's portfolio like Penasquito, Cerro Negro, and Pueblo Viejo.

But Goldcorp wouldn't be in the position that it's in today had it not been for its Red Lake Gold mine in Canada. In 1996, the mine was producing at an annual rate of 53,000 ounces at a cash cost of $360 an ounce. By 2001, it was producing 504,000 ounces at $59 an ounce. Since that time, the company has been able to build off of that strong foundation. Red Lake allowed Goldcorp to go out buy and build Penasquito, and Pueblo Viejo, and Cerro Negro, and all other assets in the company's…

Read more »