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Barrick's Buzwagi Project Receives EIA Approval

May 11, 2007
TORONTO, ONTARIO, May 11, 2007 (MARKET WIRE via COMTEX News Network) -- Barrick Gold Corporation (TSX: ABX)(NYSE: ABX) -

All figures in US dollars

Barrick Gold Corporation today announced that it has received approval from the Tanzanian government of the Buzwagi project Environmental Impact Assessment.

The 100 per cent owned Buzwagi project is expected to produce 250,000 ounces of production annually at total cash costs(1) of $280 per ounce over a currently estimated 10 year mine life. Buzwagi has 2.64 million ounces of gold reserves and a further 0.41 million ounces of resources(2). Estimated capital costs are $400 million and once construction begins, it will take approximately two years to complete. Located 80 kilometers south of Barrick's Bulyanhulu mine, Buzwagi is expected to benefit from synergies gained from shared infrastructure and the recent project development experience in building the Tulawaka mine in Tanzania.

"The environmental approval of Buzwagi is another important milestone for the project and part of Barrick's advancement of its unrivalled pipeline of projects which includes Cortez Hills in Nevada, Pascua-Lama in Chile/Argentina, and Pueblo Viejo in the Dominican Republic," said Greg Wilkins, President and CEO.

The Company announced on May 1 that its first quarter results were on track to meeting its 2007 targets of producing between 8.1 and 8.4 million ounces of gold at total cash costs of $335-350 per ounce.

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.

(1) Total cash costs is defined as cost of sales divided by ounces of gold sold or pounds of copper sold. Total cash costs exclude amortization expense and inventory purchase accounting adjustments. For further information on this performance measure, see pages 31 to 32 of Management's Discussion and Analysis found in Barrick's Year-End Report 2006.

(2) Mineral reserves ("reserves") and mineral resources ("resources") have been calculated as at December 31, 2006. Calculations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Jacques McMullen, Vice President, Metallurgy and Process Development of Barrick, Rick Allan, Director - Engineering and Mining Support of Barrick, and Rick Sims, Manager Corporate Reserves of Barrick. For a breakdown of reserves and resources by category and for a more detailed description of the key assumptions, parameters and methods used in calculating Barrick's reserves and resources, see Barrick's Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.

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         Proven                 Probable                     Total
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 Tons    Grade  Ounces     Tons    Grade  Ounces     Tons    Grade  Ounces
(000s) (oz/ton)  (000s)   (000s) (oz/ton)  (000s)   (000s) (oz/ton)  (000s)
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   95    0.063       6   45,073    0.058   2,634   45,168    0.058   2,640
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       Measured                Indicated                     Total
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 Tons    Grade  Ounces     Tons    Grade  Ounces     Tons    Grade  Ounces
(000s) (oz/ton)  (000s)   (000s) (oz/ton)  (000s)   (000s) (oz/ton)  (000s)
---------------------------------------------------------------------------
   15    0.067       1    7,204    0.056     406    7,219    0.056     407
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CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information included in this Press Release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". The words "expect", "will", "intend", "estimate" 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, copper or certain other commodities (such as silver, fuel and electricity) and other currencies; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves, adverse changes in our credit rating, contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except ass required by applicable law.

Contacts:
INVESTOR CONTACT:
Barrick Gold Corporation
James Mavor
Vice President, Investor Relations
(416) 307-7463
Email: jmavor@barrick.com

Barrick Gold Corporation
Susan Muir
Director, Investor Relations
(416) 307-5107
Email: s.muir@barrick.com

MEDIA CONTACT:
Barrick Gold Corporation
Vincent Borg
Senior Vice President, Corporate Communications
(416) 307-7477
Email: vborg@barrick.com


SOURCE: Barrick Gold Corporation

mailto:jmavor@barrick.com
mailto:s.muir@barrick.com
mailto:vborg@barrick.com

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Gold  $ 1,237.61 -5.32 -0.43% Volume: December 12, 2017
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Gold  $ 1,237.61 -5.32 -0.43% Volume: December 12, 2017

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