Mr. Mark Bristow reports

BARRICK ANNOUNCES REKO DIQ ARBITRATION AWARD

The World Bank International Centre for Settlement of Investment Disputes has awarded $5.84-billion (U.S.) in damages to Tethyan Copper Company Pty. Ltd., a joint venture held equally by Barrick Gold Corp. and Antofagasta PLC, in relation to the arbitration claims filed against the Islamic Republic of Pakistan following the unlawful denial of a mining lease for the Reko Diq project in Pakistan in 2011.

Damages include compensation of $4.087-billion (U.S.) in relation to the fair market value of the Reko Diq project at the time the mining lease was denied and interest until the date of the award of $1.753-billion (U.S.). Compound interest continues to apply at a rate of United States prime plus 1 per cent per annum until the award is paid.

"After a lengthy and thorough arbitration, the tribunal has ruled upholding our rights," said Barrick president and chief executive Mark Bristow. "Along with our partners at Antofagasta, we remain willing to engage with Pakistan to explore the potential for a negotiated settlement."

Prior to denial of the mining lease application, Tethyan had completed a feasibility study showing that Reko Diq is one of the world's largest undeveloped copper and gold deposits, with a potential mine life of over 50 years and an estimated initial capital investment of over $3-billion (U.S.).

We seek Safe Harbor.