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Barrick Advances Nine Teams in Unlock the Value Research Program

November 20, 2008

Barrick Gold Corporation announced today that nine scientific proposals have been selected for the Phase 3 Concept Testing of the company’s innovative Unlock the Value program.

Teams that have advanced this far will receive US$25,000, and Barrick will support funding of the next research phase.

The successful teams have already passed two levels of scrutiny that narrowed the field from 238 preliminary submissions to 16 detailed proposals and now nine finalists. These nine proposals will now undergo proof-of-concept testing at the laboratory scale to investigate the performance of the technology. If the proof of concept is confirmed, technology development will progress to pilot and integrated pilot levels. All development and proof-of-concept testing will be managed and supervised by Barrick’s Research and Development team. Based on the success in Phase 3, Barrick will determine if the proposed solution can proceed to the fourth and final phase -- Commercial Scale Economic Evaluation. Testing may take two or more years. To participate in Phase 3, teams must sign a Development Services Agreement that defines the level of funding from Barrick, the technical role of the participating team, and the management of intellectual property rights.

“We’re very encouraged by the quality of submissions we’ve received,” said Dr. Peter Kondos, Barrick’s Senior Manager of Research and Development. “We’ve selected nine potential solutions that are worthy of further development, and we hope that one or more of these will prove an economically viable solution.”

Launched in September 2007, the Unlock the Value program invited scientists to submit proposals for increasing silver recovery from the ore at Barrick’s Veladero gold mine. Scientists submitted proposals through a special website www.unlockthevalue.com. Barrick is offering a $10 million performance bonus for a successfully implemented soIution.

Barrick Gold Corporation is the world’s pre-eminent 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. Founded in 1983, Barrick is celebrating its 25th anniversary in 2008. Barrick shares are traded on the Toronto and New York stock exchanges. For more information, visit www.barrick.com.

 

Further information:

INVESTOR CONTACT:
Deni Nicoski
Vice President,
Investor Relations
Tel:  (416) 307-7410
Email:  dnicoski@barrick.com

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

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