Construction To Recommence At Pueblo Viejo

TORONTO - Barrick Gold Corporation reported that construction of the tailings facility progressed during Q4 with the receipt of approvals to recommence construction at Pueblo Viejo located in the Dominican Republic. The oxygen plant is expected to undergo pre-commissioning testing in Q1 2012, with the first two autoclaves undergoing pre-commissioning in Q2 2012. Construction of the transmission line connecting the site to the national power grid was completed during Q4 2011, and the inter-connect to the grid has been achieved. As part of a longer-term, optimized power solution for Pueblo Viejo, the Company has started early works to construct a dual fuel power plant at an estimated incremental cost of approximately $300 million (100% basis). The power plant would commence operations utilizing heavy fuel oil, but have the ability to subsequently transition to lower cost liquid natural gas. The new plant is expected to provide lower cost, long term power to the project.

Pueblo Viejo is expected to contribute approximately 100,000-125,000 ounces to Barrick at total cash costs of $400-$500 per ounce in 2012 as it ramps up to full production in 2013. Barrick's 60% share of annual gold production in the first full five years of operation is expected to average 625,000-675,000 ounces at total cash costs of $300-$350 per ounce.

Pueblo Viejo is located approximately 100 kilometres northwest of the capital city of Santo Domingo. Barrick holds a 60% interest and is the operator, with Goldcorp owning the remaining interest.

First production continues to be expected in mid-2012 and overall construction is currently about 90% complete. At the end of Q4 2011, approximately 85% of the expected total mine construction capital of $3.6-$3.8 billion1 (100% basis) or $2.2-$2.3 billion (Barrick's 60% share) had been committed. About 13 million tonnes of ore, representing approximately 1.4 million contained gold ounces, has been stockpiled to date. As of December 31, 2011, Barrick's equity share of proven and probable gold reserves at Pueblo Viejo was 15.2 million ounces.

Construction of the tailings facility progressed during Q4 with the receipt of approvals to recommence construction. The oxygen plant is expected to undergo pre-commissioning testing in Q1 2012, with the first two autoclaves undergoing pre-commissioning in Q2 2012. Construction of the transmission line connecting the site to the national power grid was completed during Q4 2011, and the inter-connect to the grid has been achieved. As part of a longer-term, optimized power solution for Pueblo Viejo, the Company has started early works to construct a dual fuel power plant at an estimated incremental cost of approximately $300 million (100% basis). The power plant would commence operations utilizing heavy fuel oil, but have the ability to subsequently transition to lower cost liquid natural gas. The new plant is expected to provide lower cost, long term power to the project.

Pueblo Viejo is expected to contribute approximately 100,000-125,000 ounces to Barrick at total cash costs of $400-$500 per ounce3,4 in 2012 as it ramps up to full production in 2013. Barrick╒s 60% share of annual gold production in the first full five years of operation is expected to average 625,000-675,000 ounces at total cash costs of $300-$350 per ounce.

The company's address is 161 Bay Street, Suite 3700, Toronto, ON M5J 2S1, 416-861-9911, fax: 416-861-2492.