Pueblo Viejo Project Moves Forward-

SANTO DOMINGO - Pueblo Viejo Dominicana Corporation (PVDC), a company jointly owned by Barrick Gold Corporation (60%) and Goldcorp Inc. (40%), reported that it has submitted a feasibility study and the project notice to the Government of the Dominican Republic in order to proceed with the Pueblo Viejo project. Pueblo Viejo is a $2.7 billion gold mining project located about 100 kilometers northwest of Santo Domingo in the Sanchez Ramirez province and would represent the largest foreign investment in the country. Currently, there are several hundred Dominicans working at the project site who have already contributed to the success of the project.
"We are very pleased with the progress made by our employees, our partner Goldcorp Inc., and importantly, the Government of the Dominican Republic," said Greg Wilkins, Barrick President and Chief Executive Officer. "We look forward to continuing the constructive discussions that are expected to lead to the significant generation of jobs, economic and social development, and environmental protection measures."
The Pueblo Viejo feasibility study includes the following estimates: ¥ 3,500 jobs are expected to be created during a construction period of about three and a half years, and over 1,000 jobs are expected to be created during the subsequent period of the mine's operation - currently estimated to be about 25 years; ¥ Construction capital is expected to be approximately $2.7 billion which represents an increase from the $2.1-$2.3 billion estimate of February 2007 - this primarily reflects a throughput rate increase to 24,000 tonnes per day (tpd) from 18,000 tpd; and ¥ Production is projected to be almost one million ounces of gold per year during the first full five years of production.
It is anticipated that Pueblo Viejo will generate substantial additional revenues for the Dominican Republic, and Dominican companies will also benefit from becoming suppliers. The project also envisions plans to clean up historic environmental damage from a previous operation and a comprehensive environmental management plan to address future operations in a responsible fashion and in accord with high environmental standards.
Total proven and probable reserves for Pueblo Viejo at December 31, 2007 were estimated to be 20.4 million ounces1 of gold with 423.6 million pounds of copper and 117.3 million ounces of silver contained within the gold reserves (100 per cent basis).
Barrick's address is 161 Bay Street, Suite 3700, P.O. Box 212, Toronto  M5J 2S1, (416) 861-9911, fax: (416) 861-2492. Goldcorp's address is Suite 3400, 666 Burrard Street, Vancouver, BC V6C 2X8, (604) 696-3000, fax: (604) 696-3001.