Mr. Jamie Sokalsky reports

BARRICK PARTNERS WITH MA'ADEN TO FORM JABAL SAYID JOINT VENTURE

Barrick Gold Corp. has reached an agreement to form a joint venture with Saudi Arabian Mining Company (Ma'aden) to operate the Jabal Sayid copper mine, located 120 kilometres southeast of Medina, Saudi Arabia. All amounts expressed in United States dollars unless otherwise indicated.

Under the agreement, Barrick and Ma'aden will each own 50 per cent of the new joint venture. Ma'aden will acquire its 50-per-cent interest in the project for cash consideration of $210-million. The acquisition is expected to be completed in the fourth quarter of 2014 and is subject to customary closing conditions.

"This joint venture will enable the Jabal Sayid project to move forward with the benefit of Ma'aden's extensive experience in the Saudi Arabian mining sector, combined with Barrick's technical and operating expertise," said Jamie Sokalsky, Barrick's president and chief executive officer. "Once in production, Jabal Sayid will be a high-quality, low-cost underground copper mine capable of generating substantial free cash flow, while providing benefits for local communities through training, employment and economic development."

Jabal Sayid is expected to commence production in late 2015 and when fully operational is anticipated to produce approximately 100 million to 130 million pounds of copper in concentrate per year during its first full five years of operation. The mine is expected to operate for up to 15 years on the basis of 1.4 billion pounds of copper in proven and probable reserves as at Dec. 31, 2013. Further exploration work will be carried out within the mining licence area and the exploration licence area surrounding the mine with the aim of extending the mine life.

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