Mr. Mark Bristow reports

BARRICK REACHES AGREEMENT TO SELL THE LAGUNAS NORTE MINE

Barrick Gold Corp. has reached an agreement to sell its 100-per-cent interest in the Lagunas Norte mine in Peru to Boroo Pte. Ltd. (Singapore) for a total consideration of up to $81-million, plus the assumption by Boroo of Barrick's closure liability relating to Lagunas Norte of $226-million backed by an existing $173-million bonding obligation. All amounts are expressed in United States dollars.

The total consideration consists of an upfront cash payment of $20-million, additional cash consideration of $10-million payable on the first anniversary of closing and $20-million payable on the second anniversary of closing, a 2-per-cent net smelter return royalty on gold and silver produced through the refractory sulphide ore project (PMR), which will terminate once one million ounces of gold has been produced and which may be purchased by Boroo for a limited period of time after closing for $16-million, plus a contingent payment of up to $15-million, which is based upon the average gold price per ounce for the two-year period immediately following closing. The contingent payment, which is payable two years following closing, is $5-million if the average gold price is greater than $1,600 and less than $1,700; $10-million if the average gold price is greater than $1,700 and less than $1,800; and $15-million if the average gold price exceeds $1,800.

Boroo will also assume 100 per cent of the $173-million reclamation bond obligations for Lagunas Norte in two tranches: 50 per cent on closing and 50 per cent within one year of closing. The deferred payments, the contingent payments and the obligation to replace the second tranche of the reclamation bond obligations will be secured.

Barrick president and chief executive Mark Bristow said the sale was in line with Barrick's policy of selling non-core interests -- a process that has already realized approximately $1.5-billion -- in order to focus its portfolio on Tier 1 (1) assets. The proposed acquisition would benefit the mine's stakeholders in Peru by giving Boroo the opportunity to extend its life by accessing satellite resources and adapting the infrastructure.

The Latin American region remains an important destination for Barrick, and the company will keep a team in Peru to continue to develop its portfolio of exploration assets and to pursue opportunities to find and operate world-class gold and/or copper mines in that country. The transaction is subject to closing conditions.

Boroo, formerly known as OZD Asia Pte. Ltd., is a privately held investment holding company principally engaged in operating, developing and acquiring gold properties globally. Boroo owns and operates various production-stage and development-stage assets in Central Asia.

TD Securities Inc. is acting as financial adviser to Barrick. Lawson Lundell LLP and Rodrigo, Elias & Medrano Abogados are acting as legal counsel to Barrick.

Cormark Securities Inc. is acting as financial adviser to Boroo. Stikeman Elliott LLP, Ashurst LLP and Payet, Rey, Cauvi, Perez Abogados are acting as legal counsel to Boroo.

Endnote (1): A Tier 1 gold asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

We seek Safe Harbor.