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Construction Schedule at Pascua-Lama Not Impacted by Pre-stripping Stoppage

November 11, 2012

November 11, 2012 — After observing increased dust in the Pascua-Lama open pit area, which has been exacerbated recently by stronger than normal winds, Barrick voluntarily halted pre-stripping activities on October 27 in order to implement additional dust mitigation and control measures. Regulatory authorities in Chile subsequently issued an order to halt such activities until dust-related health and safety concerns are addressed.

This order only affects activities related to pre-stripping in Chile. Major construction activities on the Chilean side of the project, including work on the ore tunnel, the crusher and the camp will continue uninterrupted. Construction activities in Argentina are not impacted. At this time, pre-stripping is not a critical path item in the construction schedule and a temporary halt is not anticipated to impact the overall project schedule or cost estimates.

The health and well-being of our workforce is a priority. Upon halting pre-stripping activities, Barrick immediately formulated an action plan to address the regulator’s specific concerns while further strengthening dust control measures at the project generally. Implementation of these measures is now underway.

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 exchanges.

INVESTOR CONTACT:

Greg Panagos
Senior Vice President
Investor Relations and Communications
Telephone: +1 416 309-2943
Email: gpanagos@barrick.com

 

MEDIA CONTACT:

Andy Lloyd
Director
Media Relations
Telephone: +1 416 307-7414
Email: alloyd@barrick.com

 

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this statement, including any information as to our strategy, projects, 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. 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: legislative, judicial, 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; 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; acts of war, terrorism, sabotage and civil disturbances; 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; changes in costs and estimates associated with our projects; inflation; 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.

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Investors > News Details