Barrick Gold Corporation

Barrick Gold Corporation

December 01, 2006 09:31 ET

Barrick Completes Sale of South Deep Mine for $1.525 Billion

TORONTO, ONTARIO--(CCNMatthews - Dec. 1, 2006) -

All figures in US dollars.

Barrick Gold Corporation (TSX:ABX)(NYSE:ABX)(LSE:BGD) announced today that it has completed the sale to Gold Fields Limited (NYSE:GFI)(JSE:GFI) of its indirectly held 50 per cent interest in the South Deep asset and its rights under the joint venture agreement with Western Areas Limited in the Republic of South Africa.

Barrick received consideration of $1.525 billion, comprised of $1.2 billion in cash and 18.7 million Gold Fields shares valued at $325 million (based on the average ADR trading price on the NYSE for five days preceding the closing of the transaction).

"We are pleased to have efficiently concluded this transaction," said Greg Wilkins, President and Chief Executive Officer. "The proceeds from this sale further strengthen Barrick's financial position as we advance our pipeline of projects, including the Sedibelo platinum project in South Africa."

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. Barrick's shares are traded on the Toronto, New York and London stock exchanges.

Forward-Looking Statements

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, including South Africa; 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, particularly title to undeveloped 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
    James Mavor
    Vice President, Investor Relations
    (416) 307-7463
    Barrick Gold Corporation
    Mary Ellen Thorburn
    Director, Investor Relations
    (416) 307-7363
    Barrick Gold Corporation
    Vincent Borg
    Senior Vice President, Corporate Communications
    (416) 307-7477