Porgera JV

Barrick is the owner of a 95% joint venture interest and is the operator of the Porgera gold mine located in Enga Province in the highlands of Papua New Guinea. The mine is located about 130 kilometers west of the established town of Mount Hagen, 600 kilometers northwest of Port Moresby, and about 680 kilometers by road from the coastal port of Lae from which all materials are freighted. The mine is located at an altitude of 2,200 to 2,700 meters. The Porgera deposit is being mined using open-pit and underground mining methods.

Barrick purchased an additional 20% in 2007, and entitlement became effective as of August 2007. In 2007, Barrick’s share of production totaled approximately 487,000 ounces of gold at cash costs of $430 per ounce¹. Barrick’s share of proven and probable mineral reserves at December 31, 2007 is estimated at 8.2 million ounces of gold².

In 2008, Barrick’s share of production is expected to be 560,000 to 590,000 ounces of gold at cash costs of $450 to $490 per ounce ¹.