Barrick Gold Corporation

Barrick Gold Corporation

November 12, 2008 14:05 ET

Barrick Receives Record of Decision on Cortez Hills

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2008) -

All amounts expressed in US dollars unless otherwise indicated

Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) is pleased to announce that the federal Bureau of Land Management (BLM) has issued a Record of Decision (ROD) approving the Environmental Impact Statement (EIS) for the Cortez Hills project in Nevada. The Record of Decision is effective as of November 12, 2008.

"This is a vitally important achievement for Barrick and for the communities where we do business in Nevada," said Greg Lang, President of Barrick's North America region. "The Cortez Hills project creates new economic development and job opportunities in rural Nevada at a time when other industry projects in Nevada are being shelved and jobs are being lost."

The Cortez property is expected to become a significant contributor to Barrick's quality Nevada production base in the first half of 2010, with average annual production increasing to about 1.0 million ounces of gold for each of the first full five years of production. The Cortez Hills project is on track with its initial capital budget of about $500 million.

In a related development, Barrick recently signed an historic Collaborative Agreement with leaders of several Western Shoshone communities in Nevada. The Agreement enables Barrick and these communities to work together in partnership to improve education, business and employment opportunities for the Western Shoshone, enhance awareness of Native culture and to build greater mutual understanding. The Collaborative Agreement also establishes a Western Shoshone Educational Legacy Fund tied directly to revenues from the Cortez Hills mine. The Fund is expected to provide financial support for generations of Western Shoshone seeking higher education.

"This Agreement is a major accomplishment and provides a solid foundation for us to work on shared objectives with these communities," said Greg Lang. "Barrick is the first company to do this in Nevada and I am very proud to have a role in this ongoing effort."

The Cortez Hills Project has been the object of criticism from activists who oppose mining and support failed claims of Native American title to much of Nevada's public lands. These groups are threatening litigation against the BLM's approval of the Cortez Hills EIS. The Company will vigorously and expeditiously oppose any challenge.

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.


Certain information contained in this Press Release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue', "budget", "may", "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 financial 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: 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; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; 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; availability and increasing costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; adverse changes in our credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. 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

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