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Barrick Starts Production at First of Four New Mines

March 15, 2005

TORONTO--(BUSINESS WIRE)--March 15, 2005--All amounts in United States dollars

Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (LSE:BGD) (SWX:ABX) (BOURSE:ABX) announced today that it has started production at the new Tulawaka mine in Tanzania. The Company expects that Tulawaka will produce approximately 70,000-75,000 ounces at total cash costs of about $210-$220 per ounce to its account in 2005. Tulawaka is 70% owned by Barrick and 30% by Northern Mining Explorations Ltd. The mine achieved start-up on time and did not have a single lost-time accident during construction.

"Anytime a new mine pours its first gold, it is very exciting," said Peter Kinver, Barrick's Executive Vice-President and Chief Operating Officer. "I will have the privilege of witnessing four gold pours over the next year as our new suite of mines comes into production."

The scheduled commencement of operations at four new mines, Tulawaka in Tanzania, Lagunas Norte in the Alto Chicama District in Peru (Q3 2005), Veladero in the Frontera District in Argentina (Q4 2005) and Cowal in Australia (Q1 2006), will contribute significantly to Barrick's growing production profile. The first three new mines are expected to contribute to increased production and decreased total cash costs per ounce beginning in the second half of 2005.

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.

Certain statements included herein, including those regarding amount and timing of production, costs and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. The words "expect", "will", "schedule", and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold or certain other commodities (such as fuel and electricity) and currencies; legislative, political or economic developments in the jurisdictions in which Barrick carries on business; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities or grades of reserves; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Barrick's Management's Discussion and Analysis contained in its 2004 Year End Report and its most recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

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
SOURCE: Barrick Gold Corporation

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