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Barrick Sees Gold

February 08, 2000

For Immediate Release
All amounts in United States dollars

Barrick Sees Gold Rising - Significantly Reduces its Hedging and Plans Not To Add to Current Level

Toronto, February 8, 2000 . . .  Barrick Gold Corporation announced today that it would not increase its hedging from the level outlined in its annual outlook presentation yesterday.

The Company's President and Chief Executive Officer, Randall Oliphant, made this commitment at the start of its investor
road-show that kicked off today in Montreal.

The effective size of the CompanyÕs hedge position was reduced by one-half during the last quarter of 1999 from 18.8 million ounces to 9.8 million ounces. Barrick purchased 6.8 million call options that provide significantly greater participation
in gold price rallies. As soon as the gold price reaches US$319 in 2000, every dollar above that level will now be added to BarrickÕs floor price of US$360 per ounce of production. For example, at US$400 spot gold, Barrick would realize US$441 on its gold production (i.e. US$360 plus US$81 - the difference between US$400 spot and BarrickÕs call price
of US$319.)

"The substantial reduction we made to our hedge book enhances our leverage to rising gold prices and reflects our positive outlook for gold. We are going forward with the reduced level of hedging and plan to fully participate in rising gold prices. We do not plan to increase our spot-deferred position based on todayÕs gold market,Ó said Randall Oliphant, President and Chief Executive Officer.The significant 9-million-ounce reduction in the committed forward-sale position
reflects BarrickÕs confidence in the gold price. It is approximately two-thirds of the entire amount of gold supply from producer hedging in the world last year, or two-thirds of all the gold to be sold by the Bank of England.

Barrick Gold CorporationÕs shares are traded under the ticker symbol ABX on the Toronto, New York, London, the Swiss Stock Exchanges and the Paris Bourse.

BARRICK GOLD CORPORATION PAGE 2

Certain statements set forth above regarding the Company’s Forward Gold Sales Program constitutes “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ from those expressed or implied by such forward looking statements.

Such risks and uncertainties are described in periodic filings made by Barrick with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

Investor Contact:
Belle Mulligan
Senior Vice President,
Investor Relations
Tel (416) 307-7442
Fax (416) 861-0727

Richard Young
Director,
Investor Relations
Tel (416) 307-7431
Fax (416) 861-0727

Media Contact:
Vincent Borg
Vice President,
Corporate Communications
Tel (416) 307-7477
Fax (416) 861-1509

Internet:
http://www.barrick.com

Barrick Gold Corporation
Royal Bank Plaza
South Tower, Suite 2700
Toronto, Canada
M5J 2J3

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Gold  $ 1,256.12 +2.37 +0.19% Volume: December 15, 2017
ABX NYSE  $ 14.06 -0.11 -0.78% Volume: 16,848,955 December 15, 2017
ABX TSX  $ 18.13 +0.07 +0.39% Volume: 7,279,132 December 15, 2017
Gold  $ 1,256.12 +2.37 +0.19% Volume: December 15, 2017

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

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