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Barrick Announces Agreement with Antofagasta for Gold-Copper Project

February 14, 2006

TORONTO--(BUSINESS WIRE)--Feb. 14, 2006--
All figures in US dollars.

Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (LSE:BGD) (SWX:ABX) (EURONEXT PARIS:ABX) announced today that it has entered into an agreement with Antofagasta PLC ("Antofagasta") to acquire 50% of Tethyan Copper Company's ("Tethyan") Reko Diq project and associated mineral interests in Pakistan ("Reko Diq") in the event that Antofagasta is successful in its bid to acquire Tethyan. Antofagasta announced earlier today that it had reached agreement with Tethyan on the terms of a cash offer of Australian $1.20 per share for the entire issued share capital of Tethyan. The offer has been unanimously approved by Tethyan's Board of Directors.

Barrick and Antofagasta have agreed to share equally in Tethyan's 75% interest in the Reko Diq project as well as all of Tethyan's rights, licenses, and permits held in Pakistan. Tethyan has reported a total indicated mineral resource on the Reko Diq property of 1.27 billion tonnes grading 0.54% copper and 0.24 g/t gold and a total inferred mineral resource of 1.14 billion tonnes grading 0.48% copper and 0.31 g/t gold, calculated in accordance with JORC standards.

Antofagasta has also announced that they have entered into a separate binding agreement with BHP Billiton whereby BHP Billiton's rights to claw-back a material interest in certain of Tethyan's mineral interests will be extinguished or acquired for compensation of $60 million.

Barrick will reimburse Antofagasta approximately $100 million in cash for 50% of all of the acquisition costs, including the claw-back right, upon successful completion.

Tethyan's principal assets are a 75% interest in the exploration license encompassing the highly prospective Reko Diq project located in the Chagai Hills region of Pakistan, which includes the mineral resource zones known as Tanjeel Mineral Resource and the Western Porphyries, and a 100% interest in certain other licenses in the region. This mining district hosts significant gold and copper porphyry deposits as part of an extended gold and copper belt. Reserve and resource estimates have been reported by Tethyan as conforming with JORC standards. Additional information relating to Tethyan's reported resources on the Reko Diq property, including detail as to the components of such resources and related assumptions, is set out in Tethyan's press release of January 11, 2006.

Antofagasta PLC is a Chilean-based mining group listed on the London Stock Exchange. Tethyan Copper Company Limited is a publicly traded company listed on the Australian Stock Exchange.

Barrick's 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 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
vborg@barrick.com
SOURCE: Barrick Gold Corporation

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