GoldQuest reports new gold discovery in Dominican projects

PICHARDO · #1 03-11-2008, 12:49 PM

Can it be said that too many mining projects are being taken in the DR and very little said on the environmental impact of such big projects?

About two moths ago I was sitting with some folks in a biz trip return to DR and they both turned out to be big shots on a Canadian/French firm exploring potential oil reserves in the DR. As allowed during the conversation, it wasn't a matter of if, but quality and difficulty on the economic front to ROI in the wells.

The oil found so far is heavy sour crude and the quantity is not feasible for large scale production like Mexico or Venezuela. The main idea is that it could at worst; serve the needs of the DR 100% and some medium quantity for export markets. But the amount of investment to ROI is not quite there.

They're confident, given the recent geological samples and surveys, that the DR owns some commercial reserves; the hard part is finding the sweet spot to drill. It takes a great deal of work to get gasoline out of this kind of oil at a profit...

dms3611 · #2 03-11-2008, 01:35 PM

.....name me one gold mining operation that is currently extracting anything here or has extracted anything in the last 6 years. Other than nickel with one producer here in the DR, please give me any other example of metals mining being done here currently or in the past 6 years. Lots of talk...not lots of action.

"If its not grown, it has to be mined".

PICHARDO · #3 03-11-2008, 01:49 PM

Quite the contrary!

Mercury, Amber, Onyx, Limestone, Travertine, Marble, Copper, Larimar, Iron, Gold, Ferronickel, Silver Dore, Bauxite, Natural Gypsum, Salt, etc...

There's a lot of mining going on in the DR...

PICHARDO · #4 03-11-2008, 01:52 PM

That's not including the heavy sulfurs and minerals derivatives in those mines as well...

Chip · #5 03-11-2008, 02:01 PM

Quote:

Originally Posted by PICHARDO

Quite the contrary!

Mercury, Amber, Onyx, Limestone, Travertine, Marble, Copper, Larimar, Iron, Gold, Ferronickel, Silver Dore, Bauxite, Natural Gypsum, Salt, etc...

There's a lot of mining going on in the DR...

Ahem, Pichardo mi amigo, que le haga caso a dms3611, porque el trabaja en eso aqui, y por supuesto sabe de que esta hablando.

PICHARDO · #6 03-11-2008, 02:17 PM

Quote:

Originally Posted by Chip

Ahem, Pichardo mi amigo, que le haga caso a dms3611, porque el trabaja en eso aqui, y por supuesto sabe de que esta hablando.

Just named some currently in operation in the DR, regardless of the size of the operations is mining never the less...

I constantly procure Amber and Larimar for clients over seas and can tell you that little is being done to regulate and check the exploitation of these in the DR...

Keith R · #7 03-11-2008, 02:34 PM

I know that dms can speak for himself, but I suspect that he was not saying that there's no mining whatsoever in the DR, but rather that there's been lots of talk about gold mining in the DR over the years, but very little action. Same holds true for the oil. I've been hearing about those "reserves" (just off the coast of Azua, if I recall?) for over a dozen years at least, but little more than talk.

aegap · #8 03-11-2008, 02:57 PM

Well, I'd say Goldcorp and Barrick have certainly done way more than talk. And it's only a matter of time before they surpass Falconbridge, in terms of the aggregate worth of the minerals mined at the least.

PICHARDO · #9 03-11-2008, 03:19 PM

The problem is not the oil industry but the kind of oil found so far...
It costs a bundle to refine this type of oil found in the DR into usable gasoline, given that there's zero industry for an oil market in the DR; the initial investment to produce and market that oil runs too high in regards to the projected ROI for the investors to profit short or mid term.

I was kind of ignorant about the findings so far in the DR before my chat with those two guys, but they seem confident enough to be expending big bucks in exploration and site mining in the DR so far...

The biggest problem that held back any serious exploration with deep pockets before in the DR was basically the demands from the previous administrations on the shares of any such industry in Dominican soil. The current administration is doing a much better job with greater flexibility with these companies; don't be fooled into thinking that the recent events regarding the DR looking to buy out Shell from the refinery is not part of a bigger plan to this end...

dms3611 · #10 03-12-2008, 12:14 AM

"Well, I'd say Goldcorp and Barrick have certainly done way more than talk. And it's only a matter of time before they surpass Falconbridge, in terms of the aggregate worth of the minerals mined at the least".

Hate to say it but I have to....you just don't know what you are talking about. Show me the mines where they are currently extracting gold, silver, or metals in the DR.......with exception of Bonao.

The rest is all talk. Also, please do not compare the little holes in the ground for Amber and Larimar as any type of mining operation. Thats mom and pop and is not metals mining....nor really any type of organized mining. Those are death traps always waiting to happen. They are not producing millions a year in revenue if you placed all those little holes in the ground together.

Other mining ops...CaCo3, Gypsum, Limestone, Travertine and Marble, are legit....but are not metals. The rest...Mercury, Onyx, Copper, Gold, Silver Dore, Bauxite, Salt, are items not being mined here currently in any way or for sure in any significant way.

Thats why more mining would be great because the resources for many things are here and should be opened up if completed responsibly.