Barrick Gold Advances Feasibility Study for Pueblo Viejo Gold Mine in the Dominican Republic

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Researched by Industrial Info Resources (Sugar Land, Texas). According to representatives of Barrick Gold Corporation (NYSE:ABX ), one of the world’s largest gold producers, the Pueblo Viejo project feasibility study review and optimization work are to be completed before February 2008.

Pueblo Viejo Project, located northwest of Santo Domingo in Dominican Republic, is expected to have average annual life of mine production of 600,000 ounces. Its proven reserves stand at 18.1 million ounces of gold, 2.6 billion pounds of zinc, 353 million pounds of copper and 88 million ounces of silver. The Toronto based company, Barrick Gold, acquired Pueblo Viejo through its acquisition of Placer Dome Inc at $10, 4 billion in March 2006. Fourty percent of the Caribbean project is currently owned by Goldcorp (NYSE:GG ) and the remaining 60% by Barrick. The environmental impact assessment for the mine facility has already been approved and even though a construction decision is still pending, total investment has been estimated in $2.3 billion.

Barrick is currently improving Pueblo Viejo’s feasibility study previously performed by Placer Dome. PDVC (Pueblo Viejo Dominicana Corportation), a joint venture between Barrick and Goldcorp, is to notify the Dominican government its construction intentions by February 2008. On July 22, 2007, Rodrigo Rivas, Barrick’s Corporate Business Manager, presented the PDVC to the Dominican-Canadian Chamber of commerce in Santo Domingo and announced that once construction begins, it will take three years for the Pueblo Viejo project to be completed.

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