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[NewsWhore]

The Pueblo Viejo Dominicana Corporation, owned by Barrick Gold, has announced the discovery of an additional five million ounces of gold, raising the known reserves of the Pueblo Viejo site to 18.1 million ounces, and making it one of the world's largest known gold reserves. The mine's former owner, Placer Dome, had estimated the cost of establishing an efficient extraction of gold at US$1.34 billion. The Barrick Gold estimate was pegged at US$2.1 to US$2.3 billion. Barrick is expected to employ 3,500 people during the construction phase and 1000 during the mine's 20-year lifespan. According to the project, the mine should produce between 575,000 and 600,000 ounces Troy per year at a cost of about US$290 per ounce.

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