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Barrick Has Commenced Cowal Construction

February 24, 2004

PRESS RELEASE - SYDNEY, FEBRUARY 24, 2004
For Immediate Release
All Amounts in United States dollars

Barrick Gold Corporation announced today that it has commenced construction of the Cowal gold mining development project.

Cowal contains approximately 2.5 million ounces of proven and probable reserves in 63.6 million tons of ore at a grade of 0.039 ounces per ton. The capital cost estimate is $270 million. The mine is expected to produce on average between 220,000-235,000 ounces of gold per year at average total cash costs in the range of $235-$245 per ounce. Mine and process plant construction is expected to take 21 months, with production commencing in early 2006.

Cowal is located 40 kilometers north of West Wyalong, and 350 kilometers west of Sydney in central New South Wales, Australia. Cowal will employ around 350 people during the construction phase, and around 200 during on-going operations.

“Cowal will add significantly to Barrick’s Australian production base, and represents a major boost to the economy of the West Wyalong district,” said Greg Wilkins, President and Chief Executive Officer. “We are pleased to have commenced construction and look forward to production.”

“This is good news for investors and good news for New South Wales families who will benefit from the 200 permanent jobs and the 350 construction jobs. This is a vote of confidence in the stable and supportive investment climate we have here in New South Wales. When it comes to sustainable mineral development, you’ll find no stronger supporter than the government and state of New South Wales,” said Premier Bob Carr, Premier of New South Wales.

Barrick acquired the Cowal property as part of its merger with Homestake Mining Company in 2001. Development Consent for the project was secured by a previous owner (North Ltd) from the NSW Government in March 1999, following submission of a comprehensive Environmental Impact Study and development plan. The Development Consent contains numerous conditions including environmental management plans, an environmental protection licence, the completion of a Native Title Agreement as a requirement of Mining Lease grant, and the establishment of the Lake Cowal Foundation.

The Native Title Agreement with Wiradjuri Condobolin Native Title Claim Group provides for promotion and protection of Wiradjuri cultural heritage in the Cowal area while ensuring that wide ranging benefits will flow to the Wiradjuri community during the life of the mine.

The Lake Cowal Foundation was established to protect and enhance the environment in the wider Lake Cowal area. The Foundation is largely funded by Barrick, along with grants from other sources. The first major project, which involved the planting some 20,000 native trees in areas around the lakeshore, was completed in recent months.

Barrick is building a new generation of mines around the globe. Its development projects are Cowal in Australia, Tulawaka in Tanzania, Alto Chicama in Peru, Veladero in Argentina, and Pascua-Lama in Chile/Argentina. The Company has the lowest cash costs among major gold producers, and the only A-rated balance sheet, with a cash position of nearly $1 billion. Barrick’s shares trade under the ticker symbol ABX on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse.

Reserve calculations were prepared by employees of Barrick under the supervision of Alex J. Davidson, P. Geo, Executive Vice President, Exploration of Barrick, and/or Rene Marion, P. Eng., Vice President, Technical Services of Barrick. Reserves have been calculated using an assumed long-term average gold price of US$325 and an exchange rate of $0.57$US/$Aus. For additional information on Barrick’s reserve methodology see Barrick’s most recent Annual Information Form on file with Canadian provincial securities regulatory authorities and the U.S. Securities Exchange Commission.] Certain statements included herein, including those regarding costs and amount and timing of production constitute “forward looking statements” within the meaning of the United States Private Securities Litigation Reform
Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Barrick or of the gold mining industry to be materially different from future results, performance or achievements expressed or implied by those forward looking statements. These risks, uncertainties and other factors include, but are not limited to, changes in the worldwide price of gold or certain other commodities and currencies and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Barrick’s most recent Annual Information Form and Management’s Discussion and Analysis of Financial and Operating Results” on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

Barrick expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise.

CONTACT: in Australia
David Tucker
General Manager Business Development & Public Affairs
08 9212 5745, or

Bevan Lisle
0402 445 482

INVESTOR CONTACTS:

Darren Blasutti
Vice President,
Investor Relations
Tel: (416) 307-7341
Email: dblasutti@barrick.com

Kathy Sipos
Director,
Investor Relations
Tel: (416) 307-7441
Email: ksipos@barrick.com

MEDIA CONTACT:

Vincent Borg
Vice President,
Corporate Communications
Tel: (416) 307-7477
Email: vborg@barrick.com

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