Barrick Announces Refinements to Management Structure

TORONTO, ONTARIO--(Marketwired - Aug. 17, 2015) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the "company") today announced refinements to its management structure as part of the company's strategy to create long-term value for its owners as a more focused and efficient business, in line with the mindset and model that drove Barrick's early success.

Kelvin Dushnisky, most recently Co-President, has been appointed President. Richard Williams, previously Chief of Staff, has been appointed Chief Operating Officer and will report to Mr. Dushnisky. Basie Maree, most recently Senior Vice President, Technical Services has been appointed Chief Technical Officer. He will report to Mr. Williams. Jim Gowans, who has made significant contributions to the company as Co-President, will support this transition as a Senior Advisor to the Chairman until his retirement from Barrick on December 31, 2015. These appointments are effective immediately.

Mr. Dushnisky will have overall responsibility for execution of the company's strategic priorities, with a focus on improving productivity and driving down costs. Mr. Williams will lead the day-to-day implementation of these objectives. They are charged with driving the organization to reach our target of $2 billion in reduced expenditures across the company by the end of 2016. Central to this effort is Mr. Maree, a seasoned mining industry professional with more than 35 years of experience in operations, mineral processing and mine plan optimization.

"As we become leaner, more efficient and more keenly focused on a smaller number of core assets, we are empowering our leaders in the field to function as true business owners. We believe that with the right talent in place, the best business decisions are made closest to the ground. Jim Gowans has trained and mentored our mine managers in this mindset for over a year and a half, preparing them to take on more responsibility and accountability. As we work to accelerate Barrick's return to the lean, decentralized model that drove the company's early success, the time is right to put a structure in place that supports this vision," said Barrick Chairman John L. Thornton. "As President, Kelvin will ensure the entire company remains focused on our primary objective, maximizing free cash flow per share from a portfolio of high-quality gold assets in our core regions. As Chief Operating Officer, Richard will drive organizational efficiencies, with a focus on enabling our mine managers to deliver on our business objectives. Basie will provide strategic technical advice and support to the operations, ensuring our mine managers have the information and tools they need to realize the full potential of each mine."

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "will", "target", "believe" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements with respect to potential improvements to financial and operating performance and targeted cost reductions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold and copper or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the company does or may carry on business in the future;
diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; litigation; 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; adverse changes in our credit rating; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; damage to the company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the company's handling of environmental matters or dealings with community groups, whether true or not; employee relations; and our ability to successfully complete divestitures. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. 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.