TORONTO (Reuters) - Goldcorp Inc.'s (G.TO: Quote) former 
chairman said on Tuesday that he resigned from the top spot 
in part because he did not agree with the miner's strategy 
of going into debt to buy assets from Placer Dome Inc. 
(PDG.TO: Quote).

Rob McEwen, the Toronto financier known for transforming 
Goldcorp from a $50 million investment into North America's 
fourth-biggest gold producer, stepped down as chairman on 
October 31, the day Barrick Gold Corp. (ABX.TO: Quote) 
announced its $9.2 billion takeover bid for Placer.

As a side deal to Barrick's hostile offer, Goldcorp said it 
would buy $1.35 billion of Placer assets.

"My philosophy of gold mining is that ... you want it to be 
profitable, you want to be at the bottom of the cost curve, 
and I have avoided debt wherever possible," said McEwen, 
who was Goldcorp's chief executive before it merged with 
Wheaton River Minerals Ltd. earlier this year.

McEwen is now the CEO of a tiny gold explorer, U.S. Gold 
Inc. (USGL.OB: Quote). Ian Telfer, the former chief 
executive of Wheaton River, is Goldcorp's chief executive.

"Wheaton River grew very successfully through a series of 
acquisitions utilizing debt and acquiring properties (where 
their) timing was excellent," he said.

"Goldcorp grew organically. We avoided debt and we stayed 
at the bottom of the cost curve, and we were very 
successful growing," said McEwen, who holds a 3 percent 
stake in Goldcorp. "So you have two different approaches 
and, philosophically, I like organic growth. I like low 
costs and I like no debt."

Differences aside, McEwen voiced some support for Barrick's 
bid for Placer, which would see Goldcorp acquire certain 
Placer assets once the takeover is complete.

"It consolidates the Red Lake district, which has long been 
a goal of mine. Should it be successful, they will have a 
larger production base," he said. "I am sure they will find 
ways to reduce (the debt)."

Placer is reviewing Barrick's formal offer and has said it 
will reply before the end of the month. For now, it is 
advising shareholders not to act until the board has a 
chance to make an evaluation.