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Lease Agreement Creates Economic Opportunity in Whitehall

January 31, 2007

Whitehall, MT, Jan, 31, 2007 – Barrick’s Golden Sunlight Mine and the Jefferson Local Development Corporation (JLDC) have reached a land-lease agreement that will allow for the development of a planned business park. The agreement, signed today, gives the JLDC access to more than 190 acres of land near the intersection of Montana Highway 69 and I-90. Golden Sunlight management and members of the JLDC have worked together for several years to find alternative sources of commerce and jobs as the mine approaches its eventual closure.

“This agreement gives our community a means to grow the businesses that will sustain this area after our mining operations have ceased,” says Golden Sunlight General Manager Tim Dimock. “This is an example of what we mean by creating value beyond the immediate benefits of our mining activities. As a company and as individuals, we have a responsibility to help our community during and after our productive operations.” Under current plans, gold production at Golden Sunlight is expected to continue until late 2008.
“The leadership at Golden Sunlight Mine has partnered and actively engaged the local community and area stakeholders in planning for eventual mine closure,” says Tom Harrington of the JLDC. Harrington is a founding member of the group.

Under the agreement, Golden Sunlight will lease up to four parcels of private land to the JLDC for a nominal annual fee. The JLDC will work to recruit businesses and light industry for the planned business park. The JLDC will sublease land and facilities to future business park tenants and will be responsible for any construction and utilities installations and any related costs.

“The development of this commercial space will go a long way to mitigate some of the employment and tax impacts that will occur once the mine closes,” Harrington says. “This is a great example of the corporate commitment and support that Barrick’s Golden Sunlight Mine has provided to the Whitehall/Cardwell community.”

The JLDC’s first priority is to help existing businesses grow. The group will target local businesses first as potential tenants for the business park. The architectural and engineering design phase will be completed in early 2007. Preliminary work has begun on financing for phase one infrastructure with a goal of breaking ground in late 2007. Barrick Golden Sunlight will have approval rights over any proposed construction on the property and will retain all rights relative to mining and reclamation activities on the leased lands.

“This cooperative effort reinforces the Barrick corporate social responsibility charter of fostering sustainable development in the communities where they operate,” adds Harrington.

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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.

For further information:

MEDIA CONTACT:
Louis A. Schack
Manager of Communications and Community Affairs
Barrick Gold of North America
Tel: (775) 778.3830
Email: lschack@barrick.com

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