Barrick Gold Corporation

Barrick Gold Corporation
Falconbridge Limited

Falconbridge Limited

April 19, 2005 14:11 ET

Barrick and Falconbridge Finalize Joint Venture on Kabanga Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BARRICK GOLD CORPORATION

PARIS, NYSE, TSX, Swiss SYMBOL: ABX
LSE SYMBOL: BGD

AND FALCONBRIDGE LIMITED

TSX SYMBOL: FL

APRIL 19, 2005 - 14:11 ET

Barrick and Falconbridge Finalize Joint Venture on
Kabanga Project

TORONTO, ONTARIO--(CCNMatthews - April 19, 2005) - All currency amounts
in United States dollars

Barrick Gold Corporation
(NYSE:ABX)(TSX:ABX)(LSE:BGD)(SWX:ABX)(BOURSE:ABX) and Falconbridge
Limited (TSX:FL) announced today that they have finalized a
joint-venture agreement regarding the Kabanga nickel deposit in Tanzania
and related concessions. Under the terms of the agreement, Falconbridge
has acquired a 50% indirect joint venture interest in respect of the
Kabanga Project for $15 million and will be the operator of the joint
venture.

Over the next several years, Falconbridge will fund and conduct a
further $50-million work plan that will include additional exploration
and infill drilling, and technical work to update the resource model for
Kabanga. Falconbridge will draw upon its nickel processing, project
development and engineering expertise to bring the project towards
feasibility. It will establish a dedicated team in Tanzania to
coordinate and advance the work plan. Upon conclusion of the work plan,
Falconbridge will fund the next $95 million of any project development
expenditures to advance the Kabanga project. Thereafter, Falconbridge
and Barrick will share equally joint-venture revenues and expenditures.

Since acquiring the Kabanga Nickel Project as part of the acquisition of
Sutton Resources in 1999, Barrick has significantly enhanced the value
of Kabanga by increasing the known resource estimate. The current
estimated inferred resource is 26.4 (1) million tonnes grading 2.6%
nickel. The Project is located in northwestern Tanzania, west of
Barrick's Bulyanhulu gold mine and northwest of its Tulawaka gold mine,
which commenced production in March 2005. Barrick and Falconbridge
contemplate that the Kabanga project, when put into production, would
comprise an underground mining operation and associated surface
infrastructure and concentrator. Contingent upon the results of the
Falconbridge drilling program, the partners expect that the operation
would mine approximately two million tonnes of ore per year, capable of
producing approximately 30 thousand to 35 thousand tonnes of nickel in
concentrates per year. The nickel concentrates would be marketed by
Falconbridge and at least 50% of the nickel concentrates would be
processed at Falconbridge's Sudbury nickel smelter and Norwegian nickel
refinery on behalf of the joint venture.

Greg Wilkins, Barrick's President and Chief Executive Officer, said: "We
are pleased to enter into this turn-key partnership agreement with
Falconbridge - a fully-integrated nickel company and the world's
third-largest refined nickel producer. Falconbridge's nickel experience,
together with its ability to treat a significant part of the nickel
concentrates, will add considerable value to the Kabanga project."

Aaron Regent, Falconbridge's President and Chief Executive Officer,
said: "Kabanga is an important nickel sulphide development project and
will fit in exceptionally well with our strategic growth initiatives. We
look forward to working with Barrick and benefiting from its significant
project development experience in Tanzania."

Barrick's vision is to be the world's best gold mining company by
finding, developing and producing quality reserves in a profitable and
socially responsible manner. Barrick shares are traded on the Toronto,
New York, London and Swiss stock exchanges and the Paris Bourse.

Falconbridge Limited is a leading producer of nickel, copper, cobalt and
platinum group metals. Its common shares are listed on the Toronto Stock
Exchange under the symbol FL. Falconbridge is owned by Noranda Inc. of
Toronto (58.8%) and by other investors (41.2%).

(1) Resource calculations were prepared by employees of Barrick under
the supervision of Alexander J. Davidson, P. Geo., Executive Vice
President, Exploration and Corporate Development of Barrick. Certain
statements included herein that express management's expectations or
estimates of our future performance, constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. 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. We caution you that such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause actual performance or achievements to be materially different
from estimated future performance or achievements expressed or implied
by those forward-looking statements and forward-looking statements are
not guarantees of future performance. These risks, uncertainties and
other factors include, but are not limited to: changes in the worldwide
price of commodities (such as nickel , diesel fuel and electricity) and
currencies; legislative, political or economic developments in Tanzania
or other jurisdictions in which the joint venture may carry on business;
operating or technical difficulties in connection with mining or
development activities; the speculative nature of mineral exploration
and development, including the risks of diminishing quantities or grades
of reserves; and the risks involved in the exploration, development and
mining business. These factors are discussed in greater detail in
Barrick's most recent Form 40-F/Annual Information on file with the U.S.
Securities and Exchange Commission and Canadian provincial securities
regulatory authorities.

Barrick expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, events or otherwise.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    INVESTOR CONTACTS: Barrick Gold Corporation
    Darren Blasutti
    Vice President, Investor Relations
    (416) 307-7341
    dblasutti@barrick.com
    or
    Noranda/Falconbridge
    Denis Couture
    Vice-President, Investor Relations,
    Communications and Public Affairs
    (416) 982-7020
    denis.couture@toronto.norfalc.com
    or
    MEDIA CONTACTS: Barrick Gold Corporation
    Vincent Borg
    Vice President, Corporate Communications
    (416) 307-7477
    vborg@barrick.com
    or
    Noranda/Falconbridge
    Ian Hamilton
    Director, Communications and Public Affairs
    (416) 982-7161
    ian.hamilton@toronto.norfalc.com