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Wednesday, 29th November 2006 (3504 views)

The Dominican Republic is proving hot for gold prospectors, with two new exploration companies joining the host of miners already hunting for precious metal in the Caribbean country.

Since Barrick Gold began redeveloping the formerly state-owned Pueblo Viejo mine in 2002, gold miners have been flocking to the Dominican Republic to get a piece of the action.

Now Canadian companies GlobeStar Mining Corporation and Everton Resources are to begin a major airborne geological survey on their properties in the central part of the country in the hope of striking it rich.

Thanks to the Dominican Republic's relative political stability and its forthcoming entry into the Central American Free Trade Agreement, increasing number of mining companies are heading there to scout for gold.

According to GlobeStar's chief executive Bill Fisher, the country's mining industry is "as busy as it's ever been".

"Gold price is high, copper price is high," he said. "The whole industry is just going 100 per cent. I hope we'll be mining [in the Dominica Republic] for 20 years."

 

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