Lagunas Norte Reaches Milestone of One Million Ounces

TORONTO, ON - Barrick Gold Corporation reported that its new Lagunas Norte mine in Peru has reached the milestone of one million ounces of gold produced in 2006.

"There are not many gold mines in the world with the capability to produce over one million ounces in a year. Lagunas Norte has been an unqualified success story for Barrick, highlighting our exploration expertise, along with our ability to construct large-scale projects ahead of schedule and within budget," said Barrick President and CEO Greg Wilkins. "In fact, Lagunas Norte is just one of four new mines Barrick has commissioned since April 2005, which is really an unprecedented achievement in our industry and a testament to Barrick's global team of employees."

The mine is located in rugged terrain, 4,200 meters above sea level in the Peruvian Andes. The US$340 million project posed numerous technical challenges but was completed in June 2005 ahead of schedule and within its original budget.

Barrick acquired the Alto Chicama/Lagunas Norte property in 2002, and invested $40 million in a robust exploration program. It became the gold industry's largest greenfields discovery of the past decade. Within two years, the Company had converted a promising discovery into a multi-million ounce reserve ore body. As at Dec. 31, 2005, Lagunas Norte had 8.2 million ounces of proven and probable gold reserves.

Lagunas Norte was built by a talented pool of approximately 4,000 Peruvian workers. "In addition to the direct and indirect job creation, the mine has contributed to the social and economic development of the region of La Libertad. Lagunas Norte has become a leading example for successful mining development in Peru and throughout South America," said Igor Gonzales, Barrick's South America President. "It has achieved remarkable operational results. But the mine has also come to embody Barrick's philosophy of responsible mining, through an unwavering commitment to best practices in environmental management, safety and sustainable development."

The company's address is 161 Bay Street, Suite 3700, P.O. Box 212, Toronto M5J 2S1, (416) 861-9911, fax: (416) 861-2492.