Barrick Gold Corporation

Barrick Gold Corporation

October 25, 2007 08:40 ET

Barrick to Acquire Highly Prospective Properties in PNG

TORONTO, ONTARIO--(Marketwire - Oct. 25, 2007) -

All figures in US dollars

Barrick Gold Corporation (TSX:ABX)(NYSE:ABX) announced today that it has entered into an agreement with Highlands Pacific (ASX:HGL) to acquire over 2,900 square kilometers of highly prospective exploration licenses and the Kainantu gold mine in Papua New Guinea for $141.5 million in cash. Barrick has conducted diligence on the properties and plans to embark on a comprehensive exploration program on identified high grade gold vein targets and indicated copper-gold porphyry potential in the district. The Company will also have a fresh look at opportunities at the Kainantu mine.

"Earlier this year we increased our interest in the Porgera mine. The acquisition of a very large and prospective exploration package is a further reflection of the long term, multi-million ounce potential we see in Papua New Guinea," said Alex Davidson, Executive Vice President of Corporate Development and Exploration.

With this acquisition, Barrick will have access to over 5,300 square kilometers of contiguous ground for exploration in one of the world's most highly endowed gold and copper regions that includes the world-class Porgera mine.

The agreement is subject to certain conditions, including the receipt of regulatory approvals from Papua New Guinea, and is expected to close by year end.

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

Contact Information

  • Barrick Gold Corporation
    INVESTOR CONTACT: Deni Nicoski
    Vice President, Investor Relations
    (416) 307-7410
    Barrick Gold Corporation
    MEDIA CONTACT: Vincent Borg
    Senior Vice President, Corporate Communications
    (416) 307-7477