Barrick Gold Corporation

Barrick Gold Corporation

March 15, 2005 15:34 ET

Barrick Starts Production at First of Four New Mines


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BARRICK GOLD CORPORATION

PARIS, NYSE, TSX, Swiss SYMBOL: ABX
LSE SYMBOL: BGD

MARCH 15, 2005 - 15:34 ET

Barrick Starts Production at First of Four New Mines

TORONTO, ONTARIO--(CCNMatthews - March 15, 2005) - All amounts in United
States dollars

Barrick Gold Corporation
(NYSE:ABX)(TSX:ABX)(LSE:BGD)(SWX:ABX)(BOURSE:ABX) announced today that
it has started production at the new Tulawaka mine in Tanzania. The
Company expects that Tulawaka will produce approximately 70,000-75,000
ounces at total cash costs of about $210-$220 per ounce to its account
in 2005. Tulawaka is 70% owned by Barrick and 30% by Northern Mining
Explorations Ltd. The mine achieved start-up on time and did not have a
single lost-time accident during construction.

"Anytime a new mine pours its first gold, it is very exciting," said
Peter Kinver, Barrick's Executive Vice-President and Chief Operating
Officer. "I will have the privilege of witnessing four gold pours over
the next year as our new suite of mines comes into production."

The scheduled commencement of operations at four new mines, Tulawaka in
Tanzania, Lagunas Norte in the Alto Chicama District in Peru (Q3 2005),
Veladero in the Frontera District in Argentina (Q4 2005) and Cowal in
Australia (Q1 2006), will contribute significantly to Barrick's growing
production profile. The first three new mines are expected to contribute
to increased production and decreased total cash costs per ounce
beginning in the second half of 2005.

Barrick is building a new generation of mines around the globe and has
the lowest total cash costs among the major gold producers. Its vision
is to be the world's best gold company by finding, developing and
producing quality reserves in a profitable and socially responsible
manner. Barrick shares are traded on the Toronto, New York, London and
Swiss stock exchanges and the Paris Bourse.

Certain statements included herein, including those regarding amount and
timing of production, costs and other statements that express
management's expectations or estimates of future performance, constitute
"forward-looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995. The words "expect",
"will", "schedule", 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: 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 Barrick carries on business; operating or
technical difficulties in connection with mining or development
activities; the speculative nature of gold exploration and development,
including the risks of diminishing quantities or grades of reserves; and
the risks involved in the exploration, development and mining business.
These factors are discussed in greater detail in Barrick's Management's
Discussion and Analysis contained in its 2004 Year End Report and its
most recent Form 40-F/Annual Information Form on file with the US
Securities and Exchange Commission and Canadian provincial securities
regulatory authorities.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Barrick Gold Corporation
    Vincent Borg
    Vice President, Corporate Communications
    (416) 307-7477
    (416) 861-1509 (FAX)
    media@barrick.com