news-details

Barrick Acquires Interest in Diamondex

May 18, 2005

All amounts in United States dollars unless otherwise indicated

TORONTO--(BUSINESS WIRE)--May 18, 2005--Barrick Gold Corporation (NYSE:ABX)(TSX:ABX)(LSE:BGD)(SWX:ABX)(BOURSE:ABX) announced today that it has closed the first tranche of a private placement with Diamondex Resources Ltd ("Diamondex") (TSX VENTURE:DSP), acquiring 7,550,000 Units at a subscription price of C$0.90 cash per Unit. Each Unit is comprised of one common share of Diamondex and one common share purchase warrant; each whole warrant is exercisable at any time up to and including the second anniversary of the closing for one common share at an exercise price of C$1.25 per share. Barrick has the right to nominate one individual to serve as a director of Diamondex, subject to maintaining a minimum shareholding in Diamondex. Diamondex has also granted a pre-emptive right to Barrick, giving Barrick the opportunity to maintain its proportionate interest in Diamondex in the event of certain future offerings of common shares or securities convertible into or exchangeable for common shares, subject to maintaining a minimum shareholding in Diamondex. Subject to Diamondex shareholder approval, Barrick has agreed to subscribe for a second tranche of 3,561,111 Units on the same terms and conditions.

With its ownership of 7,550,000 common shares, Barrick believes that it now owns approximately 11.0% of the issued and outstanding common shares of Diamondex (19.7% on a partially diluted basis assuming exercise of the 7,550,000 warrants acquired by Barrick).

Barrick has acquired the Units for investment purposes only. In the future, in addition to acquisition of the second tranche of Units (subject to shareholder approval), Barrick may from time to time increase or decrease its ownership of securities of Diamondex, including by way of private agreements, open market transactions, the exercise of Barrick's pre-emptive right, or other means.

Barrick is building a new generation of mines around the globe and has the lowest total cash costs among the major gold producers. Its vision is to be the world's best gold company by finding, developing and producing quality reserves in a profitable and socially responsible manner. Barrick shares are traded on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse.

Barrick Gold Corporation (PARIS:ABX) (NYSE:ABX) (TSX:ABX) (Swiss:ABX) (LSE:BGD)

CONTACT: Barrick Gold Corporation
Vincent Borg
Vice President, Corporate Communications
(416) 307-7477
Fax: (416) 861-1509
media@barrick.com
OR
Barrick Gold Corporation
BCE Place, Canada Trust Tower
161 Bay Street, Suite 3700
Toronto, Ontario M5J 2S1
SOURCE: Barrick Gold Corporation

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