Mr. Kelvin Dushnisky reports

BARRICK ANNOUNCES SALE OF NON-CORE ASSETS FOR $720 MILLION

Barrick Gold Corp. has entered into agreements to sell a number of non-core assets in Nevada for $720-million in cash, including 100 per cent of the Bald Mountain mine, 100 per cent of the Ruby Hill mine, Barrick's 50-per-cent interest in the Round Mountain mine and the company's 70-per-cent interest in the Spring Valley project (all amounts are in U.S. dollars).

Including these transactions, Barrick has announced asset sales, joint ventures and partnerships worth $3.2-billion since the start of 2015. The company is on track to meet its stated debt reduction target of $3-billion for 2015, which, when completed, will represent a 23-per-cent reduction in total debt since the start of the year.

"The sale of these assets is consistent with our strategy to create long-term value for our shareholders by strengthening the balance sheet and further focusing our portfolio on core mines that will drive free cash flow growth," said Barrick president Kelvin Dushnisky. "As we move into 2016 and beyond, we will continue to take steps to strengthen our balance sheet, but we will balance debt repayments with investments to drive future growth in free cash flow and earnings before interest, taxes, depreciation and amortization."

Barrick has reached an agreement to sell the company's 50-per-cent interest in the Round Mountain mine and 100 per cent of the Bald Mountain mine to Kinross Gold Corp. Barrick and Kinross have also agreed to form an exploration joint venture that will own a large land package on the Bald Mountain property. Each company will own 50 per cent of the joint venture and will finance exploration activities and advance new mine development opportunities on a 50/50 basis, with Kinross acting as the operator. The consideration for these assets is $610-million in cash.

"We are excited to form a new partnership with Kinross that allows us to maintain significant exposure to a highly prospective exploration land package at Bald Mountain," said Mr. Dushnisky.

Barrick has also reached an agreement to sell the company's 70-per-cent interest in the Spring Valley project and Barrick's 100-per-cent interest in the Ruby Hill mine to subsidiaries of Waterton Precious Metals Fund II Cayman LP for $110-million in cash.

"Through this sales process we have developed a strong working relationship with Waterton and we look forward to collaborating with them in the future should the right opportunities arise," added Mr. Dushnisky.

Both transactions are subject to customary closing conditions. The transaction with Waterton is expected to be completed by the end of 2015. The transaction with Kinross is expected to be completed by mid-January, 2016.

"We would like to extend our appreciation to our employees at these operations, who have made many important contributions to Barrick. We are confident that they will continue to thrive under new ownership," said Mr. Dushnisky.

CIBC World Markets Inc. is acting as financial adviser to Barrick. Parsons Behle & Latimer and Davies Ward Phillips & Vineberg LLP are acting as legal counsel to Barrick.

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