Romero Project

PEA Highlights


  • Pre-tax net present value ("NPV") of $355 million based on a 6% discount rate ($219 million NPV after-tax).
  • Pre-tax internal rate of return ("IRR") of 46% (34% IRR after tax).
  • Life-of-mine ("LOM") all-in sustaining costs ("AISC") of $572/oz gold equivalent ("AuEq") payable.
  • Payback of capital within 2.7 production years.
  • Pre-production capital expenditure estimate of $143 million, plus $92 million of sustaining and closure capital over LOM totaling $235 million.
  • A nine-year underground mine at an average production rate of 912,500 tonnes per year (2,500 tonnes per day) with an average production of 117,000 recovered AuEq oz per year.
  • LOM production to concentrate is a total of 1.1 million ounces of AuEq consisting of 750,000 ounces of gold, 133.8 million lbs. of copper and 526,000 ounces of silver.
  • Total metal recoveries consisting of 75% for gold and 96.8% for copper to a single concentrate for sale to copper smelters. The concentrate grade is expected to contain 20% copper, and 76.9 g/t gold, with no perceived penalty elements.
  • Total LOM net smelter return (NSR) revenue of $1.2 billion, an undiscounted pre-tax cash flow of $530 million ($343 million post-tax) from processing 7.7 million tonnes with a diluted grade of 5.39 g/t AuEq (4.02 g/t and 0.81% copper) with a NSR of $152 per tonne and cash operating costs of $53 per tonne.
  • Of the mineral resources used in the Revised PEA mine plan, 86% (6.6 million tonnes) are from the indicated resource category and 14% (1.1 million tonnes) are from the inferred resource category. The remaining 12.8 million tonnes in the indicated category, and 8.9 million tonnes in the inferred category, either surround the planned Romero mine, or are in Romero South and are available for extraction in the future. 
  • The Revised PEA contemplates an environmentally sensitive approach, including a small surface footprint and no use of cyanide on site, seeking to minimize the impact on the environment and the local communities. Previous studies recognized significant values for the hydro electric potential for the mine locale, which are not included in the Revised PEA and which provide significant upside potential.


JDS Energy & Mining Inc. is a Vancouver based mining consulting company, who has extensive experience in mining and development studies.  JDS assembled a multi-disciplinary international team of experts to conduct the Revided PEA.

GoldQuest is translating the Revised PEA into Spanish in order to submit it to the Dominican Ministry of Energy and Mining in order to start the mining permit application process.





Romero Overview

The Romero Project consists of the Romero and Romero South mineralizations, which are one kilometre apart, in the central part of the GoldQuest's Tireo Property. The May 2012 Romero discovery drilling returned a series of spectacular drilling results, including the Romero discovery hole, LTP 90, the second last of a 15 hole program targeting the trend identified during the 2011 ground IP program. Hole LTP-90 reported 231 metres grading 2.4 g/t gold including 160.3 metres grading 2.9 g/t gold and 0.62 % copper. Notable drilling also includes hole LTP-94 which returned 234 metres grading 7.9 g/t gold and 1.4% copper leading to a 43-101 report outlining 2.4 million ounces of gold equivalent followed by a PEA, which shows the viability of this development project. The combined resources were first reported in October 2013, when a NI 43-101 report was published, 17 months from the discovery of Romero. Over 75% of the contained metal is in the Indicated Category, which can be used in any future feasibility study work. 

Mineral Resources: The Romero Project NI 43-101 Mineral Resources

GQC Romero-NI43-101ResourceTablenotitle
* Mineral Resource for Romero and Romero South estimated by Micon International Limited. Technical Report Published December 13, 2013 (effective date October 29, 2013).
** Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the mineral resources will be categorized as mineral reserves.

Technical Reportpdf button Romero NI 43-101 Technical Report (6 MB)

Target Minerals: Gold & Copper

GoldQuest owns a 100% interest in the Romero project

Location & Access
The Romero Project, which includes our Romero and Romero South deposits, is located within the La Escandalosa exploration concession of our Tireo Property which has an area of 3,997.0 hectaresThe Tireo Property (also sometimes known as the San Juan concessions) is located in the Central Cordillera of the Dominican Republic near the San Juan provincial capital of San Juan de La Maguana.





How We Found

With previous experience, and proven development success in the Dominican Republic, our systematic prospecting approach across the entire country led our team to this previously unexplored area. Some key points in our discovery of Romero and Romero South include:

  • Outcropping mineralized rocks with gold, copper and zinc led to the discovery of Romero South (formerly Escandalosa)
  • After defining the Romero South deposit we initiated a ground IP program to look for other mineralized bodies (2011)
  • A 15 hole drill program in 2012 of which the 14th hole discovered Romero
  • Romero presented a new style of mineralization with thick (>200m) intervals of gold and copper mineralization



Romero is located on the south side of the Central Cordillera of Hispaniola and is hosted by the Cretaceous-age Tireo Formation volcanic rocks and limestones, which formed in an island arc environment. The deposit geology is a relatively flat lying sequence of intercalated subaqueous, intermediate to felsic volcanic and volcaniclastic rocks and limestones on the east side of thick rhyolite flows or domes. Mineralization is relatively stratabound and flat lying and is mainly hosted by a dacite breccia tuff.