Barrick Revises 2002 Outlook

September 26, 2002

TORONTO--(BUSINESS WIRE)--Sept. 26, 2002--

            Full Year Earnings per Share Expected to be in
              $0.33-$0.35 range; Q3 in $0.05-$0.06 range

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) announced today that it expects 2002 earnings per share in the 33-35 cent range (excluding non-hedge related adjustments)(1) compared to earlier guidance for earnings at the lower end of the 42-47 cent per share range, based in both cases on a $315 spot gold price.

"Certain operations experienced lower than anticipated grades and recovery rates, resulting in lower production and higher costs," said John Carrington, Vice Chairman and Chief Operating Officer. "While our third quarter has been disappointing, we expect our fourth quarter results to improve as we mine better grades at several operations."

Overall, for the year, production is on target for 5.7 million ounces, while cash costs are expected to average $178 per ounce, compared to $172 per ounce previously estimated. Cash costs are expected to average approximately $180 per ounce in the third quarter. Despite the higher costs, the Company expects to generate $370 million in free cash flow this year.

"We've been working flat out to fix the mine sequencing and processing issues at several of our mines this year," said Mr. Carrington. "We thought we had turned the corner with a strong June, but it's clear now it's taking a little longer than we would have liked to resolve the issues. They are short-term, and we are resolving them."

In addition to higher cash costs, the Company expects marginally lower gold sales and higher depreciation expense than previously forecast.

The Company expects third quarter earnings to be in the 5-6 cent range, before rising to the 10-11 cent range in the fourth quarter, based on spot gold prices averaging $315 per ounce.

"In spite of this quarter's results, the fact remains that our operating mines are a solid base for our growth plans," said Randall Oliphant, President and Chief Executive Officer. The Company's existing operations are expected to produce an average of 5.5 million ounces a year at $175 cash costs through 2006.

Beyond that, under the growth plan announced earlier this month, Barrick expects to develop four new mines, which are anticipated to add 2 million ounces of production at lower costs than its existing operations.

In addition, the Company has announced plans to bring its forward sales position down to 12 million ounces, or 15% of current reserves - a one-third reduction from present levels - by yearend 2003. In line with that plan, the Company expects to reduce its forward sales position to 16.9 million ounces from 17.9 million ounces, and its variable price sales and call option contract position from 3.1 million ounces to 2.2 million ounces, by the end of the third quarter this year.

Barrick is a leading international gold producer with the industry's only A-rated balance sheet, a portfolio of long-life, low-cost operations on four continents and proven and probable reserves of 82.3 million ounces of gold. Barrick's shares are traded under the ticker symbol ABX on the Toronto, New York, London and Swiss Stock Exchanges and the Paris Bourse.


   Barrick Senior Management will be holding a Conference call:

             Thursday September 26, 2002 at 8:30 A.M., EDT

               North American callers dial: 888-391-0105

                  Overseas callers dial: 415-537-1854

The Conference Call will be available for replay until October 3rd
by calling 800-558-5253, reservation #20933178 for North America and
416-626-4100, reservation #20932961 for overseas.

A live webcast of the Conference Call will be accessible on
Barrick's website at

(1) Non-hedge related adjustments were a gain of $10 million, or $0.02 per share, (net of tax effects) for the six months ended June 30, 2002.

Certain statements included herein, including those regarding production, costs and earnings 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 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.

                      Production and Cost Summary

                          2002 Production       2002 Total Cash
            (attributable ounces - 000's)        Costs (US$/oz)

                           New   Previous        New   Previous
                      Forecast  Forecast(a) Forecast  Forecast(a)
North America
 Betze-Post              1,390      1,387      $ 228     $ 221
 Meikle                    650        677        198       186
 Goldstrike Property
  Total                  2,040      2,064        219       210
 Eskay Creek               355        378         42        22
 Round Mountain            380        366        190       200
 Hemlo                     270        290        227       207
 Holt-McDermott             85         91        174       155
                         3,130      3,189        195       185
South America
 Pierina                   885        845         78        78
 Plutonic                  320        310        185       178
 Darlot                    140        142        172       166
 Lawlers                   110        112        187       181
 Yilgarn District Total    570        564        181       176
 Kalgoorlie                365        367        226       218
                           935        931        199       193
 Bulyanhulu                350        362        199       191
Other/Mines closing
 in 2002                   365        365        188       188
Total                    5,665      5,692      $ 178     $ 172

(a) Mid-year forecast



CONTACT: Barrick Gold Corporation
Vincent Borg, 416/307-7477
fax: 416/861-1509

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