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La Pacienca
Overview
The La Paciencia concession is 8,600 hectares (21,250 acres) in area and is located 10km west of the Pueblo Viejo gold deposit. Underlying rocks belong to the Los Ranchos formation, the same as Pueblo Viejo. The only recorded work on the property is stream sediment sampling with minor prospecting. Results indicate a presence of gold, copper and zinc mineralization. There has been no prospecting on the hill tops, where silicified mineralization such as in Pueblo Viejo, is expected to be found. Access to the property is from the main Duarte highway and secondary roads, approximately 1.5 hours from the capital city, Santo Domingo.Pueblo Viejo Mining Operations
In modern times, the Dominican government extracted 5.5 million ounces of gold from the Pueblo Viejo deposit between 1971 and 1984. They mined only the oxide facies of this 30 million ounce gold resource and when the sulfides were encountered, were unable to extract the gold. The deposit is presently owned by Barrick and Goldcorp (60/40). On February 27/08, Barrick submitted a feasibility study to the Dominican government, for the development of this gold resource. They projected 20.4 million ounces of gold, 117.3 million ounces of silver, 423.6 million pounds of copper and 2,700 million pounds of zinc to be mined over a 25 year mine life. The mine will create approximately 3,500 jobs and have a capital cost of 2.7 billion dollars.
Pueblo Viejo deposit is expected to produce 1 million ounces of gold per year for the first 5 years. Mines of this calibre can essentially be counted on 1 hand: Grasberg, Indonesia; Muruntau, Uzbekistan; Goldstrike, Nevada; and Yanacocha, Peru.
The Pueblo Viejo deposit is the largest capital development project in the DR. It has a net present value of approximately 20 billion dollars.
As a result of the plan to accelerate the expansion in processing capacity, a previously disclosed expansion capital of $0.3 billion will be brought forward such that pre-production capital is expected to be about $3.0 billion (100% basis).
For a slideshow on the development of the Barrick/Goldcorp Pueblo-Viejo mine development please visit http://www.barrick.com/Theme/Barrick/files/pueblo-viejo/01.html