Barrick Gold Corporation

Barrick Gold Corporation

August 17, 2007 08:00 ET

Barrick Completes Acquisition of Additional Stake in Porgera

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2007) - Barrick Gold Corporation (TSX:ABX)(NYSE:ABX) announced today that it completed its acquisition of an additional 20 per cent interest in the Porgera mine in Papua New Guinea from Emperor Mines Limited (ASX:EMP) for consideration of US$250 million in cash plus an adjustment amount. The transaction was previously announced on April 12, 2007 when the parties entered into a definitive purchase and sale agreement. Barrick's interest in Porgera has increased to 95 per cent from 75 per cent. Barrick is entitled to the production and economic benefit of the additional 20 per cent interest in Porgera from the effective date of April 1, 2007.

Porgera produced approximately 542,000 ounces in 2006 and has proven and probable reserves of 9.42 million ounces(1) (100 per cent basis). Barrick acquired its original 75 per cent interest in Porgera through its acquisition of Placer Dome in January 2006.

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.

(1) Proven reserves contain 61.3 million tons of ore at 0.102 oz/ton for 6.27 million ounces. Probable reserves contain 23.9 million tons of ore at 0.132 oz/ton for 3.15 million ounces. Mineral reserves have been calculated as at December 31, 2006 in accordance with National Instrument 43-101, as required by Canadian securities regulatory authorities. Calculations have been prepared by employees of Barrick under the supervision of Jacques McMullen, Vice President, Metallurgy and Process Development, Rick Allan, Director - Engineering and Mining Support, and Rick Sims, Manager Corporate Reserves of Barrick. For a more detailed description of the methods used in calculating Barrick's reserves and resources, see Barrick's most recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.


Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements." The words "expect", "will", "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 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: changes in the worldwide price of gold or certain other commodities (such as fuel and electricity) and currencies; 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; the speculative nature of gold exploration and development, including the risks of diminishing quantities or grades of reserves; contests over title to properties and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the US 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

  • Barrick Gold Corporation
    Vincent Borg
    Senior Vice President, Corporate Communications
    (416) 307-7477
    (416) 861-1509 (FAX)