Barrick Completes Acquisition of Cortez Property

TORONTO, ON - Barrick Gold Corporation reported that it has completed its acquisition of the additional 40% interest in the Cortez property from Kennecott Explorations (Australia) Ltd., a subsidiary of Rio Tinto plc, for a total cash consideration of $1.695 billion. The transaction was previously announced on February 21, 2008 when the parties entered into a definitive purchase and sale agreement. Barrick has been entitled to the production and economic benefit of 100% of the property from March 1, 2008.
The acquisition will increase Barrick's share of proven and probable reserves by 4.6 million ounces to 11.5 million ounces (100% basis) and measured and indicated mineral resources by 1.4 million ounces to 3.5 million ounces (100% basis).
The Cortez mine is already a significant contributor to Barrick's quality Nevada production base. When the Cortez Hills project is commissioned, production from the Cortez property is expected to increase to 950,000 - 1,000,000 ounces of gold (100% basis) at total cash costs of $280-$290(2) per ounce in the first full five years of production.
The company's address is 161 Bay Street, Suite 3700, P.O. Box 212, Toronto  M5J 2S1, (416) 861-9911, fax: (416) 861-2492.