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Sixteen Scientific Proposals Advance in Barrick’s Innovative Research Program

August 07, 2008

TORONTO -- August 7, 2008 -- Barrick Gold Corporation today announced that 16 scientific proposals have been selected to advance to Phase 2 of the company’s innovative Unlock the Value program.

These proposals, chosen by an expert panel from a total of 238 preliminary submissions, contain creative approaches to several technologies, including microwave, laser, ultrasonics, electromagnetic, inorganic and organic chemistry, bioleaching and mechanics.

Participants in Phase 2 must submit a detailed, viable plan for developing and proving the concepts presented in the Phase 1 preliminary proposal. The Phase 2 proposal deadline is September 30, 2008. Phase 2 proposals will be rigorously reviewed, and those with high potential viability will be selected to advance to Phase 3:  Collaborative Proof of Concept Testing, with Barrick funding the research and development. The program has four phases that test the solutions proposed, with the final phase being commercial scale technical and economical demonstration at Veladero. Testing through the various phases may take two or more years. 

“We’re delighted with the response from the scientific community to this research project,” said Dr. Peter Kondos, Barrick’s Senior Manager of Research and Development. “It’s a positive sign that the evaluation process has identified 16 proposals that technically merit further research and development. There is still no guarantee we will find an economically viable solution, but we are hopeful one or more of these submissions may hold the key to unlock the value.”

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 mine in Argentina, using a special website www.unlockthevalue.com. Silver minerals in the ore are encapsulated in silica, and resist traditional extraction methods. Barrick is offering a $10 million performance bonus for a successfully implemented solution.

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

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