Barrick Exercises Redemption Call Right for Exchangeable Shares of Barrick Gold Inc.

October 23, 2008

Barrick Gold Inc. (the "Corporation") (TSX: HCX) announces that its board of directors decided today to exercise the Corporation's right to set a date for the redemption of its outstanding exchangeable shares (the "Exchangeable Shares"). As required by the terms of the Exchangeable Shares, the Corporation notified Barrick Gold Corporation ("Barrick") that it had set March 2, 2009 as the optional redemption date for the Exchangeable Shares. Barrick has in turn notified the Corporation of its intention to exercise its pre-emptive right to redeem the Exchangeable Shares (the "Redemption Call Right"), other than the Exchangeable Shares owned by Barrick and its subsidiaries.

As a result of the exercise of the Redemption Call Right by Barrick, each beneficial holder of Exchangeable Shares, other than Barrick and its subsidiaries, will receive on February 27, 2009, 0.53 of a common share of Barrick (a "Barrick Share") per Exchangeable Share plus an amount in respect of all declared and unpaid dividends in respect of the Exchangeable Shares and dividends and distributions declared on the Barrick Shares in respect of which no dividend or distribution has been declared on the Exchangeable Shares, if any. Based on the timing of the redemption and purchase pursuant to the Redemption Call Right, it is not expected that any amount will be payable in respect of any such dividends. Registered holders of Exchangeable Shares will receive correspondence relating to the exercise of the Redemption Call Right in the coming weeks. Holders of Exchangeable Shares should comply with the instructions set out in these materials to ensure that they receive the Barrick Shares to which they are entitled.

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.

Deni Nicoski
Vice President,
Investor Relations
Tel: (416) 307-7410

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

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