The 40-million-ounce Donlin Gold project is more than midway through a roughly five-year permitting process, but gold prices are dipping to lows not seen in nearly five and a half years and trending downward.

Will project owners Barrick Gold Corp. and Novagold Resources Inc. be willing to pull the trigger on development once the hard-earned permits are in hand?

The Donlin Gold partners say it d...