Barrick Acquires Over 94% of Cadence

September 05, 2008

TORONTO, ONTARIO -- (MARKET WIRE) -- 09/05/08 -- All amounts expressed in Cdn. dollars unless otherwise indicated

Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) announced that approximately 56.1 million common shares of Cadence Energy Inc. ("Cadence") have been taken up pursuant to Barrick's offer to acquire all of the outstanding shares of Cadence (the "Offer") for $6.75 cash per share. These shares represent over 94% of the issued and outstanding common shares of Cadence. The Offer has now expired.

Barrick intends to enter into one or more transactions to enable Barrick to acquire the Cadence common shares not tendered to the Offer.

The acquisition of Cadence is a key component of Barrick's long term strategy to economically hedge oil exposure at lower rates than those available in the forward market.

Barrick has hired David Boone as President of its oil and gas operations. Mr. Boone has more than 30 years of oil and gas industry operating experience. Prior to joining Barrick, he held the position of Chief Operating Officer and Executive Vice President at PanCanadian Petroleum and President of International and Offshore Operations at Encana Corporation. Most recently, Mr. Boone was President of Escavar Energy which he co-founded in 2003.

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.


Certain information contained in this Press Release, including any information as to our 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: 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 increasing 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, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business; future well production rates; reserve and resource volumes; reserve life index; the performance of existing wells; and the success obtained in drilling new wells. 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.

Vice President, Investor Relations
(416) 307-7410

EDIA CONTACT: Vincent Borg
Senior Vice President, Corporate Communications
(416) 307-7477

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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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