Fourmile Discovery Combined With Goldrush To Create Next Mega-Mine

TORONTO - Barrick Gold Corporation reported that the combination of the Fourmile discovery, which is expected to eventually be consolidated with the Goldrush project, is shaping up as the portfolio’s next mega-mine. Since the high-grade maiden resource was reported, widely-spaced drilling beyond the deposit footprint has intersected high grades in multiple directions, signaling significant growth potential. Drilling resumed in January and funding may be increased to continue scoping extensions. In the meantime, exploration and project teams are working together to maximize the value from a consolidated and optimized Fourmile-Goldrush. Fourmile and Goldrush are classic Carlin-style orebodies of the kind that has made this region one of the world’s most prospective. Another is Turquoise Ridge, adjacent to the Twin Creeks mine and included in the Nevada joint venture.
President and Chief Executive Officer Mark Bristow said. “The key operations have all performed on plan. Nevada exceeded plan as the Cortez Hills open pit ramps down, Veladero posted encouraging improvements and Pueblo Viejo progressed its expansion project and benefited from operational efficiencies. Led by Kibali, the African operations made a good start to the year and the copper operations delivered significant improvements. Key growth projects were on track and greenfields and brownfields exploration were augmenting reserves and identifying new opportunities. We have gone a long way towards integrating the organizations, streamlining the processes and ensuring that all the sites have the geological, operational and technical capability to meet their business objectives.
We’re also well advanced in establishing our new joint venture with Newmont, which has been named Nevada Gold Mines. We’re working together with Newmont to realize the synergies and cost reduction opportunities offered by the joint venture. Given our solid operational performance for the first quarter, Barrick is on track to deliver against its plans for the year. We believe we are well positioned as the industry's value leader. This quarter has seen a great start for our first year as the 'new and improved' Barrick and I am confident that we are well on the way to achieving our strategic objective of becoming the world’s most valued gold mining business. It is our commitment to get there by finding, developing, owning and operating the best assets in our industry, with the best people, to deliver stand out returns for our owners and partners.”
Barrick Gold Corporation’s first quarterly results since its merger with Randgold Resources Limited show solid results across the board from the new group, which also reported rapid progress with the integration of the two businesses as well as with the implementation of key strategic initiatives.
The company’s address is 161 Bay Street, Suite 3700, Toronto, ON M5J 2S1, (416) 861-9911, fax: (416) 861-2492, email: [email protected]