TORONTO--(BUSINESS WIRE)--Dec. 4, 2003--
All amounts in United States dollars
Barrick Gold Corporation's (NYSE:ABX) (TSX:ABX) (LSE:ABX)
(PARIS:ABX) (Swiss:ABX) Executive Vice President Exploration, Alex
Davidson, was presented with the Exploration Project Award last night
at the Mines and Money Outstanding Achievements Award Ceremony, in
London.
Barrick received the award for its grassroots exploration in Peru,
which led to the Alto Chicama gold discovery. The Alto Chicama find,
centered so far on the property's Lagunas Norte deposit, is the
largest grassroots discovery made by Barrick and the most significant
grassroots gold discovery of the past decade. Beginning in 2005, the
Alto Chicama mine is expected to produce about 540,000 oz a year, at
an estimated cash cost of $135 ounce. It currently has 7.2 million
ounces of gold reserves.
Alex Davidson commented: "Our exploration team is pleased to be
recognized for Alto Chicama. We look forward to continued success as
we explore 60 different properties in nine countries around the
globe."
The award ceremony, part of the Mining Journal World Congress,
attracted over 600 delegates from both mining and financial
communities.
Barrick is the only gold producer with an A-rated balance sheet,
has one of the largest gold reserves at 86.9 million ounces(1) and has
operations and development projects on four continents. Alto Chicama
is one of four development projects that Barrick has in its pipeline.
The Company's shares are traded under the ticker symbol ABX on the
Toronto, New York, London and Swiss stock exchanges and the Paris
Bourse.
(1) For Canadian reporting purposes. For U.S. reporting purposes,
Industry Guide 7 (under the Securities and Exchange Act of 1934) as
interpreted by staff of the U.S. Securities and Exchange Commission
applies different standards in order to classify mineralization as a
reserve. Accordingly, mineralization of the Alto Chicama Project is
classified as mineralized material for U.S. reporting purposes. Total
reserves for U.S. reporting purposes is 79.7 million ounces.
Certain statements included herein, including those regarding
production costs constitute "forward looking statements" within the
meaning of the United States Private Securities Litigation Reform Act
of 1995. Such forward looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Barrick or of the gold mining
industry to be materially different from future results, performance
or achievements expressed or implied by those forward looking
statements. These risks, uncertainties and other factors include, but
are not limited to, changes in the worldwide price of gold or certain
other commodities and currencies and the risks involved in the
exploration, development and mining business. These factors are
discussed in greater detail in Barrick's most recent Form 40-F/Annual
Information Form and Management's Discussion and Analysis of Financial
and Operating Results" on file with the U.S. Securities and Exchange
Commission and Canadian provincial securities regulatory authorities.
Barrick expressly disclaims any intention or obligation to update
or revise any forward looking statements whether as a result of new
information, events or otherwise.
CONTACT: Barrick Gold Corporation
Vincent Borg, 416-307-7477
Fax: 416-861-1509
media@barrick.com
SOURCE: Barrick Gold Corporation