Greatest Deposit of Not Developed Deposits of Gold in the World

MINING
The gold reserves increase in Cotuí
Jairon Severino - 2/23/2007 10:06: 00 p.m.

SANTO DOMINGO. - Old Town Dominican Corporation (PVDC) informed that through an intense program of explorations and perforations during the last year it identified five million additional ounces of gold, elevating the total of proven and probable reserves to 18,1 million ounces altogether.

According to a report of the mining company, the finding locates to Old Town between gold the greater not developed deposits of the world, whereas it affirms that the updated costs of construction of the project are now considered between US$2,100 and 2.300 million, which would locate it between the greatest foreign investments in the history of Dominican Republic. The miner informed that she recently received the approval of his Study of Impacto Ambiental (EIA) on the part of the Secretariat of of Environment.

According to she explained, in the 2007 plans include to finish to basic engineering and the beginning of the engineering of details, along with the solution of pending subjects and the obtaining of additional permissions.

Being based on the present mining plan, Old Town could produce between 575, 000 and 600.000 ounces of gold to the year, to an effective cost of US$285.00 to US$295.00 the ounce. The company hopes that the mine lasts 20 years. Along with the gold production, the design of the project incorporates plans to recover zinc, receives and silver.

A recent visit from a Real Estate Developer from Puerto Plata to discuss the Kingsly real estate spoke of one of the worlds greatest deposit of gold, that would bring a great deal of cash flow into the Dominican Republic was recently discovered in the D.R. I comfirmed his report.