Barrick Gold Corporation
NYSE : ABX
TSX : ABX

Barrick Gold Corporation

September 22, 2009 17:04 ET

Barrick Closes Silver Sale Transaction

TORONTO, ONTARIO--(Marketwire - Sept. 22, 2009) - Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) announced today that it has closed its transaction with Silver Wheaton Corp. (NYSE:SLW) (TSX:SLW), previously announced on September 8, 2009, to sell the equivalent of 25% of the life-of-mine silver production from the Pascua-Lama project and the equivalent of 100% of silver production from the Lagunas Norte, Pierina and Veladero mines until project completion at Pascua-Lama. Silver Wheaton has made a cash deposit of $212.5 million and will make three further deposits of $137.5 million on the anniversaries of September 22, 2009. Silver Wheaton will also make additional cash payments for each ounce of silver delivered by Barrick under the arrangement.

Barrick Gold Corporation's vision is to become the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this Press Release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue", "budget", "may", "intend", "estimate" and similar expressions identify forward-looking statements. Forward- looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; adverse changes in our credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact Information

  • INVESTOR CONTACT: Deni Nicoski
    Vice President, Investor Relations
    (416) 307-7410
    Email: dnicoski@barrick.com

    or

    MEDIA CONTACT: Vincent Borg
    Executive Vice President, Corporate Communications
    (416) 307-7477
    Email: vborg@barrick.com