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Barrick Gold Extends Deadline to April 30 for $10 Million Unlock the Value Program

December 14, 2007

TORONTO, ONTARIO -- (MARKET WIRE) -- 12/14/07 -- Scientists will have an additional three months to propose solutions to an earthly conundrum posed by Barrick Gold Corporation (TSX: ABX)(NYSE: ABX). The company is extending the deadline to April 30, 2008, for its Unlock the Value program, which offers scientists US$10 million if they can increase silver recovery from Barrick's Veladero gold mine in Argentina.

"We've had a very positive response so far from the global scientific and technical community," said Dr. Peter Kondos, Manager of Research and Development. "We want to give researchers the time they need to develop, refine and submit their proposals. We want to generate as many submissions as possible from around the world."

The company has received 51 preliminary proposals to date and, with 1,200 scientists already registered as participants to obtain detailed technical information, more submissions are expected as the deadline approaches. Registrants come from 35 countries, including Argentina, Australia, Canada, Chile, China, England, Germany, India, Peru, the United States, and many others. More than 35,500 people have visited the program website www.unlockthevalue.com.

"The opportunity to earn $10 million has piqued the interest of scientists, and it shows the power of the internet to generate global awareness and participation," said Kondos.

Those who have already submitted proposals are being advised and they have the option to update their material or revise their proposal before the new deadline if they wish.

Launched on September 19, Barrick's Unlock the Value program invites scientists, engineers and other inventors to solve a scientific conundrum. Geologists have determined there are 180 million ounces of silver contained in gold reserves in the ore at the Veladero mine. Because the silver particles are encapsulated in silica, current processing methods are recovering very little of the silver. The Unlock the Value program invites proposals for an economically viable way to significantly increase silver recovery from this type of ore.

After April 30, all proposals will be assessed by a team of experts and evaluated on their technical viability and ability to be safely implemented at Veladero. For proposals judged to have merit, Barrick will fund further research and development. For a technology that is successfully implemented at Veladero, the company will pay a performance bonus of $10 million.

Barrick Gold Corporation is the world's preeminent gold mining company with 27 operating mines and 20,000 employees worldwide. Headquartered in Toronto, Canada, Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.

Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.

Contacts:
Barrick Gold Corporation
INVESTOR CONTACT: Deni Nicoski
Vice President, Investor Relations
(416) 307-7410
Email: dnicoski@barrick.com
MEDIA CONTACT: Vincent Borg Senior Vice President, Corporate Communications (416) 307-7477 Email: vborg@barrick.com

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