Mr. John Thornton reports

BARRICK ANNOUNCES STRATEGIC PARTNERSHIP WITH ZIJIN MINING GROUP

Barrick Gold Corp. has formed a strategic partnership with leading Chinese mining company Zijin Mining Group Co. Ltd.

All amounts expressed in U.S. dollars unless otherwise indicated.

As a first step, Zijin will acquire 50 per cent of Barrick (Niugini) Ltd., the company which owns 95 per cent of and manages the Porgera joint venture gold mine in Papua New Guinea. In addition, Barrick and Zijin have signed a long-term strategic co-operation agreement which outlines the intent of both companies to collaborate on future projects and joint investments, leveraging the strengths of each company.

"A 21st-century mining company with global reach and the intention to become an industry leader must, by definition, have a distinctive relationship with China. This is particularly true in our industry, where China has become both the largest producer and consumer of gold, and a major source of capital and expertise for the mines of the future," said Barrick chairman John L. Thornton. "Our partnership with Zijin is the first step in a long-term strategic relationship with one of China's leading mining companies -- a multifaceted partnership that will provide significant opportunities to work together on an ongoing basis as we continue to create value for our respective owners."

"A strategic partnership with Barrick is an excellent fit for Zijin and a powerful combination as we look to expand our business globally outside of China. Our companies have complementary expertise and experience and share a common vision for creating long-term value for our owners," said Zijin chairman Chen Jinghe. "Barrick has strong international operating presence and experience as well as many of the best assets in the gold industry, while we have unrivalled access to the Chinese market, including distinctive engineering and construction management capabilities, and advanced technology. We are excited to leverage our competitive strengths together, to start with at Porgera, while exploring additional joint opportunities for the future."

By partnering with Zijin, Barrick advances two fundamental objectives set out as part of the company's "back to the future" strategy. The first is to strengthen the company's balance sheet; the proceeds from the transaction will be used to pay down debt. The second is to form strategic partnerships that will create long-term value for all stakeholders.

Details of the Porgera transaction

Zijin and Barrick recognize the significant potential that exists at Porgera. Combining Barrick's experience and record of operating success in Papua New Guinea with Zijin's strong cost management capabilities will help to unlock the full value of this mine for the benefit of all stakeholders.

Zijin will pay $298-million in cash for a 50-per-cent interest in BNL. The transaction is expected to be completed in the third quarter of 2015 and is subject to customary closing conditions.

Under the new structure, Barrick and Zijin will jointly control BNL (the manager of the Porgera joint venture), and BNL will have a joint Barrick-Zijin board of directors consisting of three Barrick nominees and three Zijin nominees. One party will nominate the executive managing director, taking primary responsibility for operations of the mine, and the other party will nominate the chairman of the board of directors and the deputy managing director. In order to ensure continuity of operations and demonstrate Barrick's commitment to its stakeholders in Papua New Guinea, the current BNL management team will remain in place, with incumbent executive general manager, Greg Walker, nominated by Barrick as the first executive managing director, while Zijin will nominate the first chairman of the board and deputy managing director. Zijin's role in BNL's management of the Porgera joint venture is expected to grow over time as the company gains experience operating in Papua New Guinea.

Barrick looks forward to working with Zijin to realize the full potential of the Porgera mine, where both companies see significant value creation opportunities. Both Barrick and Zijin are committed to working with local communities and other partners in Papua New Guinea to ensure the Porgera mine generates value for all of its stakeholders for many years to come.

Credit Suisse is acting as financial adviser to Barrick. Davies Ward Phillips & Vineberg LLP and Herbert Smith Freehills LLP are acting as legal counsel to Barrick.

Details of the strategic co-operation agreement

As part of the strategic co-operation agreement, Barrick and Zijin will explore long-term opportunities to collaborate on future projects. Substantial synergies and value may be realized by bringing to Barrick the expertise and relationships that Zijin offers, including low-cost capital from Chinese institutions, leading Chinese engineering and construction skills, and Chinese machinery, equipment and other critical suppliers that meet world-class standards of quality at competitive costs. BNL will continue to honour its contracts with local suppliers at the Porgera joint venture. As opportunities for major projects arise in the future, Barrick and Zijin may agree to develop the mine together if it is considered in the best interests of both companies.

Barrick (Niugini) is the manager of and holds a 95-per-cent participating interest in the Porgera joint venture. The remaining 5-per-cent participating interest is held by Mineral Resources Enga Ltd. and is divided between the Enga provincial government (2.5 per cent) and local landowners (2.5 per cent). Barrick's share of gold production from the Porgera mine in 2014 was 493,000 ounces at all-in sustaining costs of $996 per ounce. Production for 2015 is expected to be 500,000 to 550,000 ounces of gold at all-in sustaining costs of $1,025 to $1,125 per ounce (95-per-cent share). At the end of 2014, Barrick had three million ounces of proven and probable gold reserves and 4.1 million ounces of measured and indicated gold resources at the Porgera mine (95-per-cent share).

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