Kabanga

At the 50% owned Kabanga nickel project in Tanzania, the Environmental Impact Statement (“EIS”) was submitted in the first quarter. Current year efforts are focused on obtaining an approval of the EIS, completing detailed engineering and finalizing the feasibility study.

Additionally, the project will be pursuing the receipt of a Special Mining License and negotiating a Mineral Development Agreement with the Tanzanian government by the end of 2012, at which point the partners expect to consider a construction decision.

At the end of 2011, Barrick’s share of the project had a measured and indicated resource of 1.1 billion pounds of nickel at a grade of 2.7% and an inferred resource of 0.6 billion pounds¹ at a grade of 2.6%.

1. Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities.  For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, approximately 2.15 million ounces of reserves at Pueblo Viejo (Barrick’s 60% interest) is classified as mineralized material.  For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 25-36 of Barrick’s 2011 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.