Barrick Outlines Organic Investments To Drive Long-Term Value

TORONTO, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the "Company") today outlined plans to maximize long-term value from the Company's portfolio of high-quality, long-life gold operations and projects. These assets are clustered in core districts throughout the Americas, and support a sustainable long-term production profile with significant optionality and upside. Barrick's core objective remains to grow free cash flow per share over the long term, with an uncompromising commitment to safety and environmental sustainability, working in partnership with our host governments and communities.
A sustainable long-term production profile with significant optionality and upside
Barrick has a sustainable long-term production profile, with significant optionality and upside. Our core objective remains to grow free cash flow per share over the long term, with an uncompromising commitment to safety and environmental sustainability, working in partnership with our host governments and communities.
Turquoise Ridge Expansion - Before and After
At the Turquoise Ridge mine in Nevada, construction of a third shaft has been approved. In addition to increasing annual production, the third shaft is expected to reduce operating costs, boost mining productivity rates, and increase total life of mine production by allowing for reduced cutoff grades.
Pueblo Viejo Plant Expansion
At the Pubelo Viejo mine in the Dominican Republic, Barrick has completed an initial scoping study for a plant expansion that would increase throughput by 50 percent. (Production and resource figures reported are 100% basis.)

The Company provided updates on four feasibility-level projects that have the potential to contribute more than one million ounces of annual production to Barrick with initial contributions beginning in 2021. Nevada projects at Cortez Deep South, Goldrush, and Turquoise Ridge (75 percent interest) have been approved, and are in execution. Optimization work on a sequenced project to extend the life of the Lagunas Norte mine in Peru remains underway.

Barrick is designating Turquoise Ridge as a core mine in recognition of the exceptional growth potential of the operation, facilitated by the construction of a third shaft, productivity improvements, and an increase in processing capacity.

Barrick also reported preliminary results of a scoping-level study to expand throughput at the Pueblo Viejo mine (60 percent interest), and provided updates on greenfield projects including Alturas, Donlin Gold (50 percent interest), Norte Abierto (50 percent interest), and Pascua-Lama.

All projects undergo rigorous scrutiny by our Investment Committee at every stage of evaluation and development, prioritizing free cash flow generation, risk-adjusted returns, and capital efficiency. Each project is benchmarked against a 15 percent hurdle rate using a long-term gold price assumption of $1,200 per ounce and ranked accordingly.

In addition, Barrick provided an update on leadership changes within the Company's Operations group.

Please visit www.barrick.com today at 2 p.m. Eastern Time for a webcast and presentations covering 2018 strategic priorities, financial review, investment criteria, operations, projects, exploration, reserves and resources, innovation, and sustainability performance and priorities.

MAXIMIZING VALUE FROM A SUSTAINABLE, LONG-TERM PRODUCTION PROFILE

Based on our current asset mix, between 2019 and 2022, we continue to expect average annual gold production to be between 4.2-4.6 million ounces, at an average cost of sales 1 of $850-$980 per ounce, and average all-in sustaining costs 2 of $750-$875 per ounce. Between 2023 and 2027, our current plans indicate the potential for average annual gold production above four million ounces. This includes contributions from projects at Cortez Deep South, Goldrush, Lagunas Norte, Robertson, Pueblo Viejo and Turquoise Ridge. It does not include any contributions from Alturas, Donlin Gold, Norte Abierto (50 percent interest), or Pascua-Lama, which represent substantial long-term optionality over our production base case. In the near term, we aim to strengthen our production profile through disciplined investment in our brownfield projects and mine exploration drilling, supporting reserve replacement and the identification of new resources which, in many cases, can be quickly incorporated into mine plans, driving improvements in production and cash flow.

Our core gold business is complemented by a substantial portfolio of copper assets, representing an additional source of cash flow and value. Barrick has 11.2 billion pounds 3 of proven and probable copper reserves (including copper within proven and probable gold reserves), and 11.7 billion pounds 3 of measured and indicated copper resources (including copper within measured and indicated gold resources). Our three copper mines—Jabal Sayid (50 percent interest), Lumwana, and Zaldivar (50 percent interest)—are located in some of the world's most attractive and prospective copper districts. We continue to expect our portfolio to produce 385-450 million pounds of copper in 2018, at a cost of sales 1 of $1.80-$2.10 per pound, and all-in sustaining costs 4 of $2.30-$2.60 per pound.

Operational Leadership Transition

Over the past two and a half years, Richard Williams has led the transformation of Barrick's operating system, delivering significant improvements in safety, environmental management, and operating efficiency. He drove the implementation of our decentralized operating model, underpinned by the Business Plan Review, our Best-in-Class Optimization Processes, and Crisis Management systems. During this period, he was also responsible for the reinvigoration of our innovation process, the initial phases of our digital transformation, and the start-up of our integrated supply chain and maintenance system.  

Concurrent with this, Mr. Williams has also been leading ongoing discussions with the Government of Tanzania that aim to resolve outstanding issues facing Acacia Mining plc. This is a matter of strategic importance to Barrick. In order to ensure those discussions are concluded expeditiously, Mr. Williams is taking on a new role as the Chairman's Executive Envoy to Tanzania, and will focus exclusively on this challenge.

In keeping with our increased emphasis on operational improvement and technical excellence, we are assigning responsibility for Barrick's Operations group to Greg Walker, Senior Vice President, Operational and Technical Excellence. Mr. Walker is a seasoned operational leader with 30 years of international mining industry experience. He has a proven track record of delivering business improvement, with an emphasis on disciplined execution. Mr. Walker joined Barrick in 2003 and has held a series of senior operational leadership roles in complex and challenging environments, including General Manager of the Bulyanhulu and Tulawaka mines in Tanzania, and Executive General Manager of the Porgera Joint Venture in Papua New Guinea. He was most recently Executive General Manager of the Pueblo Viejo mine in the Dominican Republic.

PROJECTS IN EXECUTION

Turquoise Ridge Expansion, Nevada, U.S.A. (75 percent Barrick / 25 percent Newmont)

Project Overview: Double annual production through construction of a third shaft.

The construction of a third shaft at Turquoise Ridge, with an estimated initial capital investment of $300-$325 million (100 percent basis) has been approved by the Company. Combined with additional processing capacity, this is expected to enable the mine to roughly double annual production to more than 500,000 ounces per year (100 percent basis), at an average cost of sales 1 of around $720 per ounce, and average all-in sustaining costs 2 of roughly $630 per ounce. In addition to increasing annual production, the third shaft is expected to reduce operating costs, boost mining productivity rates, and increase total life of mine production by allowing for reduced cutoff grades. In January 2017, Barrick and Newmont Mining Corporation ("Newmont") reached a new, seven-year toll milling agreement for ore processing at Newmont's Twin Creeks facility, which will support the mine expansion. The agreement increases contractual annual throughput from 730,000 tons in 2017, to 850,000 tons in 2018 and 2019, and 1.2 million tons per year between 2020 and 2024.  

Permits for the construction of a third shaft are in hand. Surface works and shaft sinking are expected to take place in 2018 and 2019, followed by equipping of the shaft in 2020 and 2021, with initial production from the new shaft expected to begin in 2022, and sustained production expected to begin 2023.

Barrick is designating Turquoise Ridge as a core mine in recognition of the exceptional growth potential of the operation, which will be facilitated by the construction of a third shaft, productivity improvements, and an expansion of processing capacity, as noted above. Located in the heart of northern Nevada—one of the world's premier jurisdictions for gold mining—Turquoise Ridge has 5.9 million ounces 3 of proven and probable gold reserves (Barrick's 75 percent share) at an average grade of 15.56 grams per tonne—the highest reserve grade in the Company's operating portfolio, and among the highest in the gold industry. The mine added 2.1 million ounces of proven and probable gold reserves in 2017 through drilling (Barrick's 75 percent share), and the deposit remains open in multiple directions, including at depth. We are confident that Turquoise Ridge has significant potential to add additional resources in the future, as the third shaft opens up access to new areas of the deposit, in particular the North zone, where 80 percent of existing proven and probable reserves are located.

Cortez Deep South, Nevada, U.S.A.

Project Overview: Expand mining into the Deep South area below currently permitted levels of the Cortez Hills underground mine, bringing forward production.

The Deep South project will utilize infrastructure which has already been approved under current plans to expand mining in the Lower Zone of the Cortez underground mine, including the new Rangefront twin declines and other underground infrastructure already under construction.

Permitting for Deep South was initiated in 2016 with the submission of an amendment to the current Mine Plan of Operations to the Bureau of Land Management, and is expected to take approximately three to four years, including the preparation of an Environmental Impact Statement. A record of decision is expected in the second half of 2019, followed by two years of construction, with initial production from Deep South in 2022.
     
  Prefeasibility Feasibility (2017)
Internal approval status Under review Approved
Mining method(s) Longhole stoping Longhole stoping
Orebody type 85% oxide / 15% refractory 60% oxide / 40% refractory
Access Cortez Rangefront Declines Cortez Rangefront Declines
Ore transport Conveyor Autonomous loading with smart conveyor
Processing Primarily Cortez Leach 60% Cortez mill, 40% Goldstrike Roaster
Throughput 4,500 tonnes per day 4,500 tonnes per day
Estimated initial capital expenditure ~$155 million ~$105 million
Average annual production ~300,000 ~300,000
Cost of sales per ounce 1 ~$840 ~$650
All-in sustaining costs per ounce 2 ~$580 ~$580
Estimated first production 2022 2022
     

Goldrush, Nevada, U.S.A.

Project Overview: Development of an underground mine at Goldrush.

Goldrush is on track to become Barrick's newest mining operation in the Company's core district of Nevada. Decline construction, detailed engineering, and permitting (Environmental Impact Statement) are expected to take place between 2018 and 2020, with construction and initial production expected between 2021 and 2022, and sustained production expected from 2023. The first phase of the project involves the construction of an exploration twin decline to provide access to the orebody at depth, which will enable further exploration drilling, as well as the conversion of existing resources to reserves. The exploration declines are permitted and can be converted into production declines in the future.

Goldrush currently has proven and probable gold reserves of 1.5 million ounces 3 and measured and indicated gold resources of 9.4 million ounces 3, with significant potential to identify additional resources once underground access to drill the deposit is established. In addition, the company is drilling the nearby Fourmile target, located one to three kilometers north of the Goldrush discovery. This area is geologically similar to the high grade Deep-Post and Deep-Star deposits in the Goldstrike area. Early drilling has intersected mineralization well above the average grade of the measured and indicated resources at Goldrush. Drilling to date suggests Fourmile and Goldrush may be part of a continuous, seven-kilometer-long mineralized system encompassing both deposits.
     
  Prefeasibility Feasibility (2017)
Internal approval status Under review Approved*
Mining method(s) Underground Underground
Orebody type Refractory Refractory
Access Declines Declines
Ore transport Trucking Trucking
Processing Goldstrike Roaster Goldstrike Roaster
Estimated initial capital expenditure ~$1 billion ~$1 billion
Average annual production ~440,000 ounces ~500,000 ounces
Cost of sales per ounce 1 ~$800 ~$750
All-in sustaining costs per ounce 2 ~$665 ~$640
Estimated first production 2021 2021
Sustained production 2023 2023
 *Final Board approval pending start of major construction    

BROWNFIELD EVALUATION

Lagunas Norte Mine Life Extension, La Libertad, Peru

Project Overview: Extension of the mine life through sequenced installation of mill, carbon-in-leach, flotation, and autoclave processing facilities.

The first component of the project contemplates the construction of a grinding and carbon-in-leach processing circuit that would treat remaining carbonaceous oxide material at Lagunas Norte. Environmental permits for these facilities are already in hand, while construction permits are pending. We expect to complete detailed engineering in 2018 and 2019. If approved, construction and commissioning are anticipated to take place in 2019 and 2020, followed by initial production in 2021.

The second component of the project contemplates the construction of a flotation and autoclave processing circuit that would treat refractory material. If approved, detailed engineering and environmental permitting for these facilities is expected to take place between 2021 and 2023, with construction and commissioning between 2024 and 2026, followed by first production in 2027.
       
  Prefeasibility Feasibility Part 1 (2017) Feasibility Part 2 (2017)
Internal approval status Optimization required Under review Under review
Mining method(s) Open Pit Stockpile rehandling Open Pit
Orebody type Refractory Carbonaceous Oxides Refractory
Processing Mill/Carbon-in-Leach +Flotation/Autoclave Mill/Carbon-in-Leach Flotation/Autoclave
Estimated initial capital expenditure ~$640 million ~$310 million ~$405 million
Average annual production ~240,000 ounces ~100,000 ounces ~170,000
Estimated first production 2021 2021 2027
Mine life extension 2021-2030 2021-2026 2027-2037
Cost of sales per ounce 1 ~$1,080 ~$1,015 ~$875
All-in sustaining costs per ounce 2 ~$625 ~$420 ~$640
       

Pueblo Viejo, Sanchez Ramirez, Dominican Republic (60 percent Barrick / 40 percent Goldcorp)

In 2017, Barrick completed an initial scoping-level study for a plant expansion at the Pueblo Viejo mine that would increase throughput by 50 percent to 12 million tonnes per year, allowing the mine to maintain average annual production of 800,000 ounces after 2022 (100 percent basis).

The project involves the addition of a pre-oxidation heap leach pad with a capacity of eight million tonnes per year, a new mill and flotation concentrator with a capacity of four million tonnes per year, and additional tailings capacity. Higher-grade ore would be processed through the mill before moving through the flotation and autoclave circuits. Lower-grade ore would be treated on the pre-oxidation pad before moving through the mill and autoclave circuits.

This project has the potential to convert roughly seven million ounces 3 of measured and indicated resources to proven and probable reserves (100 percent basis). Prefeasibility level studies have now been initiated, along with the construction of on-site proof of concept facilities for pre-oxidation and flotation.

Robertson Property, Nevada, U.S.A.

In June 2017, Barrick completed the acquisition of the Robertson property and other claims in Nevada from Coral Gold Resources. The Robertson property is adjacent to Cortez, located just six kilometers north of the Pipeline mill. If successfully brought into production, material from the project would provide an additional feed for the Cortez mill, with the potential to extend open pit operations in the Cortez District. Robertson also has processing synergies with the Deep South underground expansion project at Cortez. In addition, the land package contains a number of promising near-mine exploration opportunities, as well potential new exploration targets in this highly prospective and prolific district.

LONG-TERM OPTIONALITY IN GREENFIELD PROJECTS

Donlin Gold, Alaska, U.S.A. (50 percent Barrick / 50 percent NOVAGOLD)Donlin Gold, located in Alaska, contains 19.5 million ounces 3 of measured and indicated gold  resources (Barrick's 50 percent share). The project represents one of the world's largest undeveloped gold deposits, at an advanced stage of permitting in a stable jurisdiction, underscoring its unique potential. We continue to work in collaboration with our partners at NOVAGOLD to optimize the project, including the potential for staged development, while reducing upfront capital and mitigating development risk. In support of this process, we completed a drill program of 7,040 meters in 2017 designed to further strengthen our understanding of target mineralized zones. Initial drilling results are encouraging and will form part of an overall geological review.
 
2017 drilling campaign: Top five drill intercepts 5
DC17-1821 130.5 meters grading 5.93 g/t gold, starting at 205 meters depth
DC17-1821 39.0 meters grading 9.34 g/t gold, starting at 342 meters depth
DC17-1827 43.85 meters grading 7.60 g/t gold, starting at 453.15 meters depth
DC17-1832 64.0 meters grading 5.09 g/t gold, starting at 547 meters depth
DC17-1824 30.43 meters grading 10.30 g/t gold, starting at 208.57 meters depth
   

Permitting for the project remains underway. We expect the final Environmental Impact Statement to be published by the U.S. Army Corps of Engineers in early 2018, with a Record of Decision expected in the second half of the year.

Norte Abierto, Atacama Region, Chile (50 percent Barrick / 50 percent Goldcorp)Norte Abierto, our new joint venture with Goldcorp in Chile, contains 11.6 million ounces 3 of proven and probable gold reserves, and 13.3 million ounces 3 of measured and indicated gold resources (Barrick's 50 percent share). The joint venture is now advancing an optimized project design, including an updated geological model for the Cerro Casale, Caspiche, and Luciano deposits. Work in 2018 will include trade-off and engineering studies on power, water, mining methods, and metallurgy, as well as ongoing stakeholder engagement and environmental baseline monitoring.

Pascua-Lama, San Juan Province, Argentina / Atacama Region, ChilePascua-Lama, located on the border between Argentina and Chile, contains 21.3 million ounces 3 of measured and indicated gold resources. We continue to evaluate a block cave underground operation at Pascua-Lama with an initial processing capacity of 13,000-15,000 tonnes per day, with the potential to expand to 30,000 tonnes per day in the future. The project would utilize the existing process plant and tailings facility on the Argentinean side of the border, construction of which is already well advanced. A switch to underground mining addresses a number of community concerns by significantly reducing the overall environmental footprint of the project, as compared to an open pit operation.

We initiated a targeted drill program in November 2017 to improve ore body knowledge on the Argentinean side of the deposit, where further data was required to validate underground development plans and metallurgy. Ten of 12 holes have been completed thus far.

At present, the Pascua-Lama project does not meet Barrick's investment criteria. Our intention is to seek a partner for Pascua-Lama, allowing us to share capital costs and technical expertise, thereby reducing risk. We have formed a working group with Shandong Gold to study a potential partnership. Preparations for permitting an underground operation are underway in Argentina and Chile, including closure of existing surface facilities in Chile.

Alturas, Coquimbo Region, ChileThe Alturas project, located in Chile on the El Indio Belt, is a Barrick greenfield discovery with 6.8 million ounces 3 of inferred gold resources as of December 31, 2017. In 2017, we completed a scoping-level study for a conventional open pit heap leach operation at Alturas which fell just short of the Company's hurdle rate. In support of project optimization efforts, we are now undertaking additional drilling focused on increasing grades, adding and better-defining shallow near surface mineralization, and increasing potential mine resource tonnage.

QUALIFIED PERSONS

The following qualified persons, as that term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have prepared or supervised the preparation of their relevant portions of the technical information described in this press release:
  • Patrick Garretson, Registered Member SME, Senior Director, Life of Mine Planning of Barrick
  • Steven Haggarty, P.Eng., Senior Director, Metallurgy of Barrick
  • Robert Krcmarov, FAusIMM, Executive Vice President, Exploration and Growth of Barrick
  • Rick Sims, Registered Member SME, Vice President, Resources and Reserves of Barrick

INVESTOR CONTACT Deni NicoskiSenior Vice PresidentInvestor RelationsTelephone: +1 416 307-7474Email: dnicoski@barrick.com

MEDIA CONTACT Andy Lloyd Senior Vice PresidentCommunicationsTelephone: +1 416 307-7414Email: alloyd@barrick.com

ENDNOTE 1

Cost of sales related to gold per ounce is calculated using cost of sales related to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces. Cost of sales related to copper per pound is calculated using cost of sales related to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

ENDNOTE 2

"All-in sustaining costs" per ounce is a non-GAAP financial performance measures. "All-in sustaining costs" per ounce begin with "Cash costs" per ounce and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. Barrick believes that the use of "all-in sustaining costs" per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "All-in sustaining costs" per ounce is intended to provide additional information only, and does not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 23 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. This measure should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

ENDNOTE 3

Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2017, unless otherwise noted. Proven reserves of 170.7 million tonnes grading 0.556%, representing 2.095 billion pounds of copper. Probable reserves of 456.7 million tonnes grading 0.592%, representing 5.956 billion pounds of copper. Measured resources of 90.9 million tonnes grading 0.401%, representing 803.1 million pounds of copper. Indicated resources of 581.2 million tonnes grading 0.506%, representing 6.484 billion pounds of copper. Turquoise Ridge proven reserves of 7.2 million tonnes grading 15.61 g/t, representing 3.6 million ounces of gold, and probable reserves of 4.7 million tonnes grading 15.48 g/t, representing 2.3 million ounces of gold. Pueblo Viejo measured resources of 7.8 million tonnes grading 2.39 g/t (60% basis), representing 598,000 ounces of gold, and indicated resources of 94 million tonnes, grading 2.47 g/t (60% basis), representing 7.5 million ounces of gold. Donlin Gold measured resources of 3.9 million tonnes grading 2.52 g/t (50% basis), representing 0.3 million ounces of gold (50% basis), and indicated resources of 266.8 million tonnes grading 2.24 g/t (50% basis), representing 19.2 million ounces of gold (50% basis). Norte Abierto (formerly known as the Cerro Casale project, comprised of the Cerro Casale, Caspiche and Luciano deposits) proven reserves of 114.9 million tonnes grading 0.65 g/t (50% basis) representing 2.4 million ounces of gold (50% basis), and probable reserves of 484.0 million tonnes grading 0.59 g/t (50% basis), representing 9.2 million ounces of gold (50% basis). Norte Abierto (Caspiche) measured resources of 310.1 million tonnes grading 0.57 g/t (50% basis) representing 5.7 million ounces of gold (50% basis), indicated resources of 391.8 million tonnes grading 0.47 g/t (50% basis) representing 6.0 million ounces of gold (50% basis), and inferred resources of 99.1 million tonnes grading 0.29 g/t (50% basis) representing 0.9 million ounces of gold (50% basis). Norte Abierto (Cerro Casale) measured resources of 11.5 million tonnes grading 0.30 g/t (50% basis) representing 0.1 million ounces of gold (50% basis), indicated resources of 136.8 million tonnes grading 0.36 g/t (50% basis) representing 1.6 million ounces of gold (50% basis), and inferred resources of 247.7 million tonnes grading 0.38 g/t (50% basis) representing 3.0 million ounces of gold (50% basis). Pascua-Lama measured resources of 42.8 million tonnes grading 1.86 g/t representing 2.6 million ounces of gold, and indicated resources of 391.7 million tonnes grading 1.49 g/t, representing 18.8 million ounces of gold. Alturas inferred resources of 211 million tonnes grading 1.0 g/t, representing 6.8 million ounces of gold. Goldrush probable reserves of 5.7 million tonnes grading 8.12 g/t, representing 1.5 million ounces of gold. Goldrush measured resources of 140,000 tonnes grading 10.44 g/t, representing 47,000 ounces of gold, and indicated resources 31.4 million tonnes grading 9.27 g/t, representing 9.4 million ounces of gold. Complete mineral reserve and mineral resource data for all mines and projects referenced in this press release, including tonnes, grades, and ounces, can be found on pages 87-92 of Barrick's Fourth Quarter and Year-End 2017 Report.

ENDNOTE 4

"All-in sustaining costs" per pound is a non-GAAP financial performance measures. "All-in sustaining costs" per pound begins with "C1 cash costs" per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties. Barrick believes that the use of "all-in sustaining costs" per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "All-in sustaining costs" per pound is intended to provide additional information only, does not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. This measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

ENDNOTE 5
 
Core Drill Hole Hole Azimuth (°) Hole Dip (°) Interval (from m) Interval (to m) Length (m) Au (g/t)
DC17-1821 254 -64 205.0 335.5 130.5 5.93
DC17-1821 254 -64 342.0 381.0 39.0 9.34
DC17-1827 244 -45 453.2 497.0 43.9 7.60
DC17-1832 237 -56 547.0 611.0 64.0 5.09
DC17-1824 25 -84 208.6 239.0 30.4 10.30
             

Significant intervals represent drilled intervals and not necessarily true thickness of mineralization. Mineralized intervals meet or exceed 3 meters in length above 1 g/t. A maximum of 4 meters of continuous dilution (< 1 g/t) is permitted. This is not an all-inclusive list of significant intervals from the 2017 Donlin Gold drill program. The Quality Assurance/Quality Control procedures for the 2017 Donlin Gold drill program and sampling protocol were developed and managed by Donlin Gold and overseen by NOVAGOLD and Barrick. The chain of custody from the drill site to the sample preparation facility was continuously monitored. All samples are HQ-diameter core, with the exception of the last 165 meters of hole DC17-1833, which was reduced to NQ-diameter. Approximately 95% core recovery was achieved. Core was logged at site and transported to ALS Limited's Fairbanks, Alaska sample preparation facilities. At the ALS Fairbanks facility, core was cut by ALS employees and sampled by Northern Associates, Inc., which was contracted by Donlin Gold. Samples were primarily collected on two-meter lengths, with a minimum length of 0.5 meters and maximum length of three meters. Sampled half-core was crushed in the Fairbanks ALS facility and pulverized in either Fairbanks or the ALS lab in Reno, Nevada. Pulp samples were sent to the ALS labs in Reno or Vancouver, British Columbia for gold assays and multi-element analysis. At least nine quality control samples (three blanks, three standards, and three field duplicates) were inserted into each batch of 69 samples. The review of the quality control samples did not indicate any bias or error.

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 "believe", "expect", "anticipate", "contemplate", "target", "plan", "objective", "aim", "intend", "project", "goal", "continue", "budget", "estimate", "potential", "may", "will", "can", "could" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: (i) Barrick's forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold and per pound for copper, all-in-sustaining costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound; (iii) cash flow forecasts; (iv) the ability of feasibility-level projects to contribute to Barrick's annual production beginning in 2020; (v) the long-term optionality to Barrick's production base case from Alturas, Donlin Gold, Norte Abierto and Pascua-Lama; (vi) the ability of the Robertson property to provide additional feed for the Cortez mill; (vii) the ability of investments in infrastructure and mine exploration drilling to strengthen the quality of Barrick's production profile; (viii) the potential impacts of capital, infrastructure and operational improvements and investments; (ix) mine life and production rates; (x) potential mineralization and metal or mineral recoveries; (xi) Barrick's ability to add additional resources and to convert existing resources into reserves; (xii) the timing of receipt of permits and other approvals; (xiii) our ongoing exploration efforts; (xiv) the expected timing of further studies, including prefeasibility studies.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release 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 and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with the fact that certain Best-in-Class initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required to fully assess their impact; risks associated with the ongoing implementation of Barrick's digital transformation initiative, and the ability of the projects under this initiative to meet the Company's capital allocation objectives; 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 geotechnical challenges and 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; uncertainty whether some or all of the Best-in-Class initiatives, targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; 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 ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in national and local government legislation, taxation, controls or 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 or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; the outcome of the appeal of the decision of Chile's Superintendencia del Medio Ambiente; 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; the possibility that future exploration results will not be consistent with the Company's expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. 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 or gold 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.  Viewers 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 more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release. 

Barrick 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.

Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e111671f-4b00-429f-b51e-e436745f65c6

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