news-details

Barrick Earns $371 Million ($0.42 Per Share)

April 29, 2009

TORONTO, ONTARIO -- (MARKET WIRE) -- 04/29/09 -- Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) -

FIRST QUARTER REPORT 2009

Based on US GAAP and expressed in US dollars

For a full explanation of results, the Financial Statements and Management Discussion & Analysis, and mine statistics please see the Company's website, www.barrick.com.

Highlights

- First quarter gold production of 1.76 million ounces at net cash costs of $404 per ounce (applying credit for non-gold sales) or total cash costs of $484 per ounce(1) was on plan. Removing the effects of the Company's oil and foreign exchange hedges, cash costs would have been $45 per ounce lower. Barrick is on track with full year 2009 production guidance of 7.2-7.6 million ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce with higher production expected in subsequent quarters and lower costs anticipated in the second half of the year.

- The Company reported first quarter net income of $371 million ($0.42 per share) compared to $514 million ($0.59 per share) in the prior year period. Adjusted net income of $298 million ($0.34 per share)(1) compares to $537 million ($0.62 per share) in the prior year period. Operating cash flow of $349 million compares to $718 million of operating cash flow for Q1 2008.

- Production is expected to increase to approximately 7.7-8.1 million ounces in 2010 at lower total cash costs with the start-up of Cortez Hills scheduled in the first quarter.

- The Buzwagi project is expected to pour first gold shortly, on schedule and in line with its pre-production capital budget of approximately $400 million, making it the sixth Barrick project to be constructed on time in the last six years. The Cortez Hills and Pueblo Viejo projects also remain on schedule and in line with their pre-production capital budgets.

- At Pascua-Lama, significant progress has been made on securing the remaining sectoral permits and approvals as well as on fiscal matters at the federal level including the cross-border taxation arrangements between Chile and Argentina.

- During the quarter, the Company issued $750 million in debt securities, thereby completing a $2 billion debt shelf prospectus, further strengthening its liquidity and enhancing its ability to execute on its plans.

- Subsequent to quarter-end, Barrick completed the acquisition of the remaining 50% of the Hemlo operation from Teck Cominco Limited for cash consideration of $65 million.

Q1 production was 1.76 million ounces of gold at net cash costs of $404 per ounce (applying credit for non-gold sales) or total cash costs of $484 per ounce, in line with plan. Removing the effects of the Company's oil and foreign exchange hedges, cash costs would have been $45 per ounce lower. The Company maintains its full year operating guidance, with stronger production expected in subsequent quarters and lower costs anticipated in the second half. The realized gold price for the quarter was $912 per ounce(1) versus the average spot price of $908 per ounce. The Company reported first quarter net income of $371 million ($0.42 per share) compared to net income of $514 million ($0.59 per share) in the prior year period. Adjusted net income of $298 million ($0.34 per share) compares to $537 million ($0.62 per share) in the prior year period. Lower adjusted net income in Q1 2009 reflects lower realized prices and higher cash costs compared to the prior year period. Operating cash flow of $349 million compares to operating cash flow of $718 million in the prior year period reflecting lower net income levels and movements in working capital.

"We had a good start to the year with our operations on plan to meet our production and cost guidance," said Aaron Regent, Barrick's President and CEO. "I am pleased to announce that our Buzwagi project is essentially complete and ready to pour its first gold. This is the sixth mine Barrick has built in the last six years that has come in on time, and continues our successful track record of execution on new projects. Our outlook for gold remains positive, providing a favorable backdrop for the development of our next generation of lower cost mines."

PRODUCTION AND COSTS

Q1 was a lower production and higher cost quarter as expected due to planned mine sequencing. Higher production is expected in subsequent quarters and lower cash costs anticipated in the second half of the year as higher grades are accessed at a number of operations and with the benefit of new production from Buzwagi. The Company is on track with its full year production guidance of 7.2-7.6 million ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce. In order to improve comparability with other gold producers that report gold cash costs net of the contribution from non-gold revenue, we are using a measure referred to as 'net cash costs' which is prepared on this basis. This measure is provided in addition to our total cash cost per ounce measure.

The North America region had a strong quarter, exceeding plan with production of 0.74 million ounces at total cash costs of $498 per ounce. The Goldstrike operation produced 0.40 million ounces at total cash costs of $435 per ounce on higher open pit grades. At Cortez, production of 0.09 million ounces at total cash costs of $671 per ounce reflects lower grades at the Pipeline pit. Production and costs are expected to improve in subsequent quarters with access to higher grade material. The Company's $65 million acquisition of the other 50% interest in the Hemlo mine from Teck Cominco Limited has closed. The operation had a strong quarter, performing better than plan on higher grades and throughput.

The South American business unit produced 0.40 million ounces in Q1 at total cash costs of $291 per ounce. The Lagunas Norte mine delivered another quarter of solid results with production of 0.24 million ounces at total cash costs of $131 per ounce. Production is anticipated to increase in the second half of the year due to higher grades. Production of 0.09 million ounces at Veladero at total cash costs of $623 per ounce reflected expected lower grades and higher stripping during the first half of the year. Production and costs are expected to improve in the second half of the year with access to higher grade ore and higher throughput following completion of a crusher expansion to increase processing capacity from 50,000 to 85,000 tons per day. The expansion is approximately 70% complete and on schedule to be commissioned in Q3.

Production for the Australia Pacific business unit of 0.49 million ounces was on plan. Total cash costs of $610 per ounce are expected to improve in subsequent quarters with improved performance at a number of operations. Porgera continued to be the region's largest contributor with production of 0.15 million ounces at total cash costs of $470 per ounce, coming in ahead of plan. The Kalgoorlie mine also performed better than expected with access to higher grade ore.

Production from the African business unit was 0.13 million ounces in Q1 at total cash costs of $561 per ounce with Bulyanhulu and North Mara showing signs of improved performance.

The Company is on track with full year copper production guidance of 375-400 million pounds at total cash costs of $1.25-$1.35 per pound. Q1 copper production was 95 million pounds at total cash costs of $1.32 per pound. The Company benefited from its copper hedge position, realizing $2.93 per pound, $1.37 per pound higher than the average spot price.

PROJECTS UPDATE

Barrick's three projects in construction continue to progress on schedule and within their respective pre-production capital budgets, and are expected to contribute nearly 2.0 million ounces of lower cost production once at full capacity(2). Production is expected to increase to 7.7-8.1 million ounces in 2010 with new production from Cortez Hills(3).

Buzwagi in Tanzania is expected to pour first gold shortly, on schedule and in line with its $400 million pre-production capital budget. The mine is expected to produce 200,000 ounces of gold at total cash costs of $320-$335 per ounce in 2009.

In Nevada, Cortez Hills remains on schedule for first production in Q1 2010 assuming the satisfactory resolution of the pending litigation regarding the project and is in line with its capital budget of $500 million. The Cortez property is expected to materially benefit 2010 production, becoming another one million ounce producer for Barrick at total cash costs of $350-$400 per ounce in its first full five years once Cortez Hills comes on line.

The Pueblo Viejo project in the Dominican Republic is advancing on schedule and in line with its pre-production capital budget of approximately $2.7 billion (100% basis)(4), with initial production anticipated in Q4 2011. Barrick's 60% share of annual gold production in the first full five years of operation is expected to be 600,000 to 650,000 ounces per year at total cash costs of about $275-$300 per ounce. Pueblo Viejo is a long life asset with an expected mine life of over 25 years.

At Pascua-Lama, significant progress has been made on securing the remaining sectoral permits and approvals as well as on fiscal matters at the federal level including the cross-border taxation arrangements between Chile and Argentina. The Company expects to provide a detailed project update in Q2.

FINANCIAL POSITION

At March 31, 2009, Barrick maintained the gold industry's highest credit rating, a cash balance of $2.1 billion, $1.5 billion in undrawn credit and net debt of $2.9 billion with scheduled repayments of less than $300 million over the next four years. During the quarter the Company raised $750 million in debt securities, and together with the $1.25 billion of debt securities issued in the third quarter of 2008, has completed its $2.0 billion debt shelf prospectus.

"We are pleased to have further strengthened our liquidity with this bond offering," said Jamie Sokalsky, Executive Vice President and Chief Financial Officer. "Combined with our cash, undrawn credit facility and strong operating cash flows, this financing enhances the Company's ability to continue executing our plans. While Barrick is in a strong financial position, we are applying a disciplined approach to capital allocation decisions to maximize shareholder returns on equity."

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 shares are traded on the Toronto and New York stock exchange.

(1) Net cash costs per ounce, total cash costs per ounce, adjusted net income and realized price are non-GAAP financial measures. See pages 28-31 of the Company's MD&A.

(2) Two million ounces of production is the cumulative average for the first full five years starting in 2012. Lower cost refers to total cash costs.

(3) In Q4 2008, a number of opponents of the Cortez Hills expansion filed suit in the U.S. District Court for the District of Nevada seeking to overturn the Bureau of Land Management's approval of the Cortez Hills project on environmental and religious grounds. The plaintiffs unsuccessfully sought to enjoin construction of the project pending consideration of their claims. The District Court's denial of the requested injunction is currently being appealed.

(4) Pre-production, followed by $0.3 billion to complete phased expansion from 18,000 tpd to 24,000 tpd.

Key Statistics

Barrick Gold Corporation                                 Three months ended
(in United States dollars)                                         March 31,
                                             -------------------------------
(Unaudited)                                              2009          2008
----------------------------------------------------------------------------
Operating Results
Gold production (thousands of ounces)(1)                1,755         1,743
Gold sold (thousands of ounces)(1)                      1,714         1,729

Per ounce data
 Average spot gold price                              $   908       $   925
 Average realized gold price(2)                           912           925
 Net cash costs(5)                                        404           250
 Total cash costs(3)                                      484           395
 Amortization and other(4)                                111           106
 Copper credits                                            80           145
 Total production costs                                   595           501

Copper production (millions of pounds)                     95            87
Copper sold (millions of pounds)                           86            98

Per pound data
 Average spot copper price                            $  1.56       $  3.52
 Average realized copper price(2)                        2.93          3.50
 Total cash costs(3)                                     1.32          0.94
 Amortization and other(4)                               0.24          0.36
 Total production costs                                  1.56          1.30
----------------------------------------------------------------------------
Financial Results (millions)
Sales                                                 $ 1,827       $ 1,958
Net income                                                371           514
Adjusted net income(6)                                    298           537
Operating cash flow                                       349           718

Per Share Data (dollars)
 Net income (basic)                                      0.42          0.59
 Adjusted net income (basic)(6)                          0.34          0.62
 Net income (diluted)                                    0.42          0.58

Weighted average basic common shares
 (millions)                                               873           872
Weighted average diluted common shares
 (millions)(7)                                            885           885
----------------------------------------------------------------------------



                                                        As at         As at
                                                     March 31,  December 31,
                                             -----------------  ------------
                                                         2009          2008
----------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents                                  $ 2,104       $ 1,437
Non-cash working capital                                1,012         1,037
Long-term debt                                          5,268         4,556
Equity                                                 15,820        15,459
----------------------------------------------------------------------------
(1) Production includes equity gold ounces in Highland Gold. Gold production
    also includes an additional 40% share of production from the Cortez mine
    from March 1, 2008 onwards, an additional 50% interest in Hemlo from
    January 1, 2009 onwards and 100% of Storm from October 1, 2008 onwards.
(2) Realized price is a non-GAAP financial measure. See page 31 of the
    Company's MD&A.
(3) Total cash costs is a non-GAAP financial measure. See page 29 of the
    Company's MD&A.
(4) Represents equity amortization expense, unrealized losses on non-hedge
    currency and commodity contracts and inventory purchase accounting
    adjustments at the Company's producing mines, divided by equity ounces
    of gold sold or pounds of copper sold.
(5) Net cash costs is a non-GAAP financial measure. See page 29 of the
    Company's MD&A.
(6) Adjusted net income is a non-GAAP financial measure. See page 28 of the
    Company's MD&A.
(7) Fully diluted, includes dilutive effect of stock options and
    convertible debt.




Production and Cost Summary

                                     Gold Production       Total Cash Costs
                   ----------------------------------   --------------------
                         (attributable ounces)(000's)               (US$/oz)
                        -----------------------------   --------------------
                                  Three months ended     Three months ended
                                            March 31,              March 31,
                   ----------------------------------   --------------------
(Unaudited)                            2009     2008          2009     2008
-----------------------------------------------------   --------------------
North America(1)                        735      614        $  498   $  502
South America                           396      541           291      193
Australia Pacific                       489      435           610      438
Africa                                  127      144           561      508
Other                                     8        9           494      410
----------------------------------------------------------------------------
Total                                 1,755    1,743        $  484   $  395
----------------------------------------------------------------------------



                                   Copper Production       Total Cash Costs
                   ----------------------------------   --------------------
                     (attributable pounds) (Millions)               (US$/lb)
                   ----------------------------------   --------------------
                                  Three months ended     Three months ended
                                            March 31,              March 31,
                   ----------------------------------   --------------------
(Unaudited)                            2009     2008          2009     2008
-----------------------------------------------------   --------------------
South America                            75       73        $ 1.30   $ 0.76
Australia Pacific                        20       14          1.48     1.56
----------------------------------------------------------------------------
Total                                    95       87        $ 1.32   $ 0.94
----------------------------------------------------------------------------



                                                Total Gold Production Costs
                                              ------------------------------
                                                                    (US$/oz)
                                                         Three months ended
                                                                   March 31,
                                              ------------------------------
(Unaudited)                                                   2009     2008
----------------------------------------------------------------------------
 Direct mining costs at market foreign
  exchange rates                                            $  414   $  411
 (Gains) losses realized on currency hedge and
  commodity hedge/economic hedge contracts                      45     (29)
 By-product credits                                            (8)     (20)
 Copper credits                                               (80)    (145)
----------------------------------------------------------------------------
Cash operating costs, net basis                                371      217
 Royalties                                                      27       28
 Production taxes                                                6        5
----------------------------------------------------------------------------
Net cash costs(2)                                              404      250
 Copper credits                                                 80      145
----------------------------------------------------------------------------
Total cash costs(2)                                            484      395
 Amortization                                                  112      108
 Unrealized losses on non-hedge currency and
  commodity contracts                                          (3)      (2)
 Inventory purchase accounting adjustments
  and other                                                      2        -
----------------------------------------------------------------------------
Total production costs                                      $  595   $  501



                                              Total Copper Production Costs
                                              ------------------------------
                                                                    (US$/lb)
                                                         Three months ended
                                                                   March 31,
                                              ------------------------------
(Unaudited)                                                   2009     2008
----------------------------------------------------------------------------
Cash operating costs                                       $  1.32  $  0.92
 Royalties                                                       -     0.02
----------------------------------------------------------------------------
Total cash costs(2)                                           1.32     0.94
 Amortization                                                 0.24     0.36
----------------------------------------------------------------------------
Total production costs                                     $  1.56  $  1.30
----------------------------------------------------------------------------
(1) Barrick's share of Cortez production and total cash costs increased to
    100% effective March 1, 2008. Barrick's share of Storm production and
    total cash costs increased to 100% effective October 1, 2008. Production
    includes an additional 50% interest in Hemlo from January 1, 2009
    onwards.
(2) Total cash costs and net cash costs are non-GAAP financial measures.
    See page 29 of the Company's MD&A.



Consolidated Statements of Income

Barrick Gold Corporation
(in millions of United States dollars, except            Three months ended
 per share data) (Unaudited)                                       March 31,
----------------------------------------------------------------------------
                                                              2009     2008
----------------------------------------------------------------------------

Sales (notes 4 and 5)                                      $ 1,827  $ 1,958
----------------------------------------------------------------------------
Costs and expenses
Cost of sales (notes 4 and 6)(1)                               955      775
Amortization and accretion (notes 4 and 14)                    261      241
Corporate administration                                        35       33
Exploration (notes 4 and 7)                                     32       43
Project development expense (note 7)                            24       46
Other expense (note 8A)                                         85       51
Impairment charges (note 8B)                                     -        2
----------------------------------------------------------------------------
                                                             1,392    1,191
----------------------------------------------------------------------------
Interest income                                                  3       17
Interest expense (note 16B)                                    (2)      (6)
Other income (note 8C)                                           4       29
Write-down of investments (note 8B)                            (1)     (39)
----------------------------------------------------------------------------
                                                                 4        1
----------------------------------------------------------------------------
Income before income taxes and other items                     439      768
Income tax expense (note 9)                                   (38)    (253)
Income (loss) from equity investees (note 12)                 (28)        2
----------------------------------------------------------------------------
Income before non-controlling interests                        373      517
Non-controlling interests (note 8D)                            (2)      (3)
----------------------------------------------------------------------------
Net income                                                 $   371  $   514
----------------------------------------------------------------------------
Earnings per share data (note 10)
Net income
 Basic                                                     $  0.42  $  0.59
 Diluted                                                   $  0.42  $  0.58
----------------------------------------------------------------------------
(1) Exclusive of amortization.

The notes to these unaudited interim consolidated financial statements,
which are contained in the First Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



Consolidated Statements of Cash Flow

Barrick Gold Corporation
(in millions of United States dollars,                   Three months ended
 except per share data) (Unaudited)                                March 31,
----------------------------------------------------------------------------
                                                              2009     2008
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income                                                 $   371  $   514
Amortization and accretion (notes 4 and 14)                    261      241
Income tax expense (note 9)                                     38      253
Income taxes paid                                            (100)    (127)
Increase in inventory                                         (84)    (133)
Other items (note 11)                                        (137)     (30)
----------------------------------------------------------------------------
Net cash provided by operating activities                      349      718
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
 Capital expenditures (note 4)                               (470)    (265)
 Sales proceeds                                                  3        4
Acquisitions (note 3)                                            -  (1,722)
Investments (note 12)
 Purchases                                                     (2)     (15)
 Sales                                                           -        2
Long-term supply contract (note 12)                              -     (35)
Other investing activities                                    (17)     (35)
----------------------------------------------------------------------------
Net cash used in investing activities                        (486)  (2,066)
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
 Proceeds on exercise of stock options                          10       70
Long-term debt (note 16B)
 Proceeds                                                      805    1,076
 Repayments                                                   (87)     (91)
Funding from non-controlling interests                          86       10
Other financing activities                                     (7)        -
----------------------------------------------------------------------------
Net cash provided by financing activities                      807    1,065
----------------------------------------------------------------------------
Effect of exchange rate changes on cash and equivalents        (3)        7
----------------------------------------------------------------------------
Net increase (decrease) in cash and equivalents                667    (276)
Cash and equivalents at beginning of period (note 16A)       1,437    2,207
----------------------------------------------------------------------------
Cash and equivalents at end of period (note 16A)           $ 2,104  $ 1,931
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the First Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



Consolidated Balance Sheets

Barrick Gold Corporation                               As at          As at
(in millions of United States dollars,              March 31,   December 31,
 except per share data) (Unaudited)                     2009           2008
----------------------------------------------------------------------------
ASSETS
Current assets
 Cash and equivalents (note 16A)                    $  2,104       $  1,437
 Accounts receivable                                     210            197
 Inventories (note 13)                                 1,387          1,309
 Other current assets                                    838          1,169
----------------------------------------------------------------------------
                                                       4,539          4,112

Non-current assets
 Investments (note 12)                                 1,155          1,145
 Property, plant and equipment (note 14)              11,808         11,547
 Goodwill (note 15)                                    5,280          5,280
 Intangible assets                                        77             75
 Deferred income tax assets                              814            869
 Other assets                                          1,148          1,133
----------------------------------------------------------------------------
Total assets                                        $ 24,821       $ 24,161
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
 Accounts payable                                        908            970
 Short-term debt                                         190            206
 Other current liabilities                               515            668
----------------------------------------------------------------------------
                                                       1,613          1,844

Non-current liabilities
 Long-term debt (note 16B)                             5,078          4,350
 Asset retirement obligations                            985            973
 Deferred income tax liabilities                         609            754
 Other liabilities                                       716            781
----------------------------------------------------------------------------
Total liabilities                                      9,001          8,702
----------------------------------------------------------------------------
Equity
 Capital stock (note 18)                              13,387         13,372
 Retained earnings                                     2,632          2,261
 Accumulated other comprehensive loss (note 19)        (468)          (356)
----------------------------------------------------------------------------
Total shareholders' equity                            15,551         15,277
 Non-controlling interests                               269            182
----------------------------------------------------------------------------
Total equity                                          15,820         15,459
----------------------------------------------------------------------------
Contingencies and commitments (notes 14 and 20)
----------------------------------------------------------------------------
Total liabilities and equity                        $ 24,821       $ 24,161
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the First Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



Consolidated Statements of Equity

Barrick Gold Corporation
For the three months ended March 31 (in millions of United States dollars)
(Unaudited)
----------------------------------------------------------------------------
                                                        2009           2008
----------------------------------------------------------------------------
Common shares (number in millions)
At January 1                                             873            870
 Issued on exercise of stock options                       -              2
----------------------------------------------------------------------------
At March 31                                              873            872
----------------------------------------------------------------------------
Common shares
At January 1                                        $ 13,372       $ 13,273
 Issued on exercise of stock options                      11             70
 Recognition of stock option expense                       4              5
----------------------------------------------------------------------------
At March 31                                           13,387         13,348
----------------------------------------------------------------------------
Retained earnings
At January 1                                           2,261          1,832
 Net income                                              371            514
----------------------------------------------------------------------------
At March 31                                            2,632          2,346
----------------------------------------------------------------------------
Accumulated other comprehensive income (loss)
 (note 19)                                             (468)             17
Total shareholders' equity                             2,164          2,363
----------------------------------------------------------------------------
Non-controlling interests
At January 1                                             182             82
 Net income attributable to non-controlling
  interests                                               87             11
----------------------------------------------------------------------------
At March 31                                              269             93
----------------------------------------------------------------------------
Total equity at March 31                            $ 15,820       $ 15,804
----------------------------------------------------------------------------



Consolidated Statements of Comprehensive Income

Barrick Gold Corporation                                 Three months ended
(in millions of United States dollars) (Unaudited)                 March 31,
----------------------------------------------------------------------------
                                                        2009           2008
----------------------------------------------------------------------------
Net income                                          $    371       $    514
Other comprehensive loss, net of tax (note 19)         (112)          (134)
----------------------------------------------------------------------------
Comprehensive income                                $    259       $    380
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the First Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



CORPORATE OFFICE                        TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation                CIBC Mellon Trust Company
Brookfield Place, TD Canada Trust Tower P.O. Box 7010,
Suite 3700                              Adelaide Street Postal Station
161 Bay Street, P.O. Box 212            Toronto, Ontario M5C 2W9
Toronto, Canada M5J 2S1                 Tel: (416) 643-5500
Tel: (416) 861-9911                     Toll-free throughout
Fax: (416) 861-0727                      North America: 1-800-387-0825
Toll-free within Canada and             Fax: (416) 643-5501
 United States: 1-800-720-7415          Email: inquiries@cibcmellon.com
Email: investor@barrick.com             Website: www.cibcmellon.com
Website: www.barrick.com

SHARES LISTED                           BNY MELLON SHAREOWNER SERVICES
ABX - The Toronto Stock Exchange        480 Washington Blvd. - 27th Floor
      The New York Stock Exchange       Jersey City, NJ 07310
                                        Tel: 1-800-589-9836
                                        Fax: (201) 680-4665
                                        Email: shrrelations@mellon.com
                                        Website: www.melloninvestor.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this First Quarter Report 2009, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue', "budget", "may", "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: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and 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 costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; adverse changes in our credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. 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 as required by applicable law.

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

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

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Gold  $ 1,296.75 +1.26 +0.1% Volume: October 16, 2017
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Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

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