Santo Domingo.– Goldcorp announced that Barrick Gold Corporation today submitted a feasibility study and Project Notice to the Government of the Dominican Republic to proceed with the Pueblo Viejo project.

Pueblo Viejo is one of the largest undeveloped gold assets in the world. Through the Pueblo Viejo Dominicana Corporation (PVDC), Goldcorp owns 40% of the project, with Barrick, the operator, owning 60%.

On February 21, Barrick provided an updated production schedule and capital spending estimate for Pueblo Viejo. Goldcorp's 40% share of pre-production capital is expected to be about $1.08 billion, reflecting an increase in project throughput to 24,000 tonnes per day versus 18,000 tonnes per day described previously.

The proposed increase in throughput grows Goldcorp's share of gold production to approximately 400,000 ounces per year in the first five full years of production at a total cash cost of approximately $250 per ounce. Cash cost estimates do not include the potential benefit of a zinc recovery circuit, which continues to be evaluated. The construction period to first gold production is expected to be about three and a half years.

"We congratulate Barrick and the Dominican Government for continued progress on this important project," said Kevin McArthur, Goldcorp President and Chief Executive Officer. "Pueblo Viejo matches up very well with our strategy of focusing on long-lived gold assets in the Americas. We continue to enjoy a great working relationship with our operating partner and fully support them in moving the project forward."

Goldcorp is the lowest-cost and fastest growing multi-million ounce gold producer with operations throughout the Americas.