The US$4.48 billion price tag to build a mine at the Donlin Creek gold project did not invoke sticker shock for Barrick Gold Corp. and NovaGold Resources Inc., co-owners of the enormous gold project.

After reviewing the feasibility study for the Donlin Creek project in late April, the partners decided to move ahead with permitting a mine at the 40-million-ounce gold deposit located in the Kusko...