GOLD MINING: Barrick’s Buzwagi makes first pour

TANZANIA — The Buzwagi mine in the northwest part of the country has poured its first gold bar. The mine is owned and operated by Barrick Gold of Toronto. The company invested US$400 million to create an operation capable of producing 200,000 oz/year at a cash cost of US$320-$355 per ounce.

Buzwagi is the second largest mine in Tanzania and the largest open pit in the country. Proven and probable reserves are estimated to be 59.0 million tonnes grading 1.7 g/t Au and containing 3.3 million oz of gold.

Buzwagi is the sixth mine that Barrick has brought on stream in six years. There are still plenty of projects in the pipeline. Cortez Hills in Nevada is expected to come into production in the first quarter of 2010, and Pueblo Viejo in the Dominican Republic is targeted for the fourth quarter of 2011. Combined, the three projects represent almost 2.0 million ounces of production) at lower cash costs than the current portfolio average. Barrick's next project on the horizon is Pascua-Lama which lies on the Chile-Argentina border.

Information about these projects and Barrick's many other mines around the world can be found at www.Barrick.com.