Barrick To Drill New Models; Identifies New Mineral Potential

TORONTO - Barrick Gold Corporation reported its third strong quarter in a row and on track to deliver production at the higher end and costs at the lower end of its guidance ranges for the year. The Nevada Gold Mines joint venture delivered a solid performance against plan in what was its inaugural quarter of operation. There was an improved performance at a lower cost from Pueblo Viejo in the Dominican Republic, where its plant expansion pre-feasibility study is heading for completion by the end of this year. Loulo-Gounkoto in Mali and Porgera in Papua New Guinea also posted robust results. Continued efficiency improvements increased the group’s copper production by 15% quarter on quarter.

President and Chief Executive Mark Bristow said, “Since the start of the year, we’ve strengthened the teams, appointed mineral resource managers at all sites, improved our geological knowledge and models, and started drilling these models. We’ve also re-introduced focused exploration programs for Barrick’s next Tier One10 asset. Already significant new mineral potential has been identified across our portfolio of operations. Exploration has delivered a new discovery close to Fourmile and Goldrush in Nevada, and the latest drilling and modeling results point to potential Life of Mine extensions at Veladero, Pueblo Viejo, Porgera, Hemlo, Loulo-Gounkoto and Kibali. At Carlin, district-scale geological compilation and integration have yielded multiple high-quality targets, and drilling is already underway. The planned disposal of non-core assets was progressing as scheduled and was expected to realize $1.5 billion or more by the end of next year. These are exciting times with lots of opportunities to deliver real value for our owners and stakeholders, and Barrick is strongly placed to take full advantage of these.”

The company's address is 161 Bay Street, Suite 3700, Toronto, ON M5J 2S1, www.barrick.com