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PRESS RELEASE – February 20, 2007
Barrick Pours Gold at Ruby Hill
Eureka, NV – Barrick Gold Corporation announced today the pouring of gold at its Ruby Hill project following a
successful restart of the operation near Eureka, in central Nevada. Ruby Hill was previously an operating mine
until 2002.
“It’s great to see new life at Ruby Hill,” Greg Lang, President of Barrick’s North America Region, said during a visit
to the site. “Once again, a dedicated group of Barrick employees has brought a project into production under
budget and ahead of schedule. Best of all, our people brought the mine back without any serious safety
incidents.” Capital investment is expected to below the construction estimate of approximately $75 million,
including almost $30 million in new mining equipment and processing upgrades.
Ruby Hill General Manager Randy Buffington joined Lang in congratulating mine employees. “Eureka has seen
many ups and downs over the years,” Buffington said. “Thanks to a lot of hard work by our people, we’ve brought
steady jobs and other economic benefits to this community while maintaining an excellent safety record. We really
appreciate the support of our neighbors over the past several years.”
The West Archimedes deposit at Ruby Hill was mined from 1997-2002. As with many other small mines, Ruby Hill
ceased operations as a weak metals market impacted profitability and shelved plans for the current expansion.
The mine’s future brightened as gold prices recovered over the past several years. Since the decision to restart
the operation in 2004, Barrick has hired dozens of new employees, spurring commercial activity in and around
Eureka. Today, the mine employs about 110 people.
The East Archimedes deposit at Ruby Hill had approximately 1,080,000 million ounces of proven and probable
gold reserves at year end 2006(1). Ruby Hill is an open pit mine with primarily oxide material. Ore processing
includes on-site gold recovery by zero-discharge heap leach and carbon column facilities. The mine is expected
to produce about 120,000 ounces at cash costs of $240 to $250 per ounce for 2007(2).
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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.
For further information:
INVESTOR CONTACT:
James Mavor
Vice President, Investor Relations
Tel: (416) 307-7463
Email: [email protected]
MEDIA CONTACTS:
Vincent Borg
Senior Vice President, Corporate Communications
Tel: (416) 307-7477
Email: [email protected]
Louis Schack
Manager, Communications and Community Affairs
Tel: (775) 778-3830
Email: [email protected]
(1)
Mineral reserves ("reserves") have been calculated as at December 31, 2006. Calculations have been prepared by employees of Barrick
under the supervision of Jacques McMullen, Vice-President, Metallurgy and Process; Richard Allen, Director, Engineering and Mining Support,
and Rick Sims, Director, Reserves and Resources of Barrick. For a more detailed description of the methods used in calculating Barrick's
reserves and resources, see Barrick's most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory
authorities and the U.S. Securities and Exchange Commission.
BARRICK GOLD CORPORATION
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PRESS RELEASE
(2)
Total cash costs is defined as cost of sales divided by ounces of gold sold. Total cash costs exclude amortization expense and inventory
purchase accounting adjustments charged to costs of sales.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information included 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." The words
"expect", "will", "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 and copper or certain other commodities (such as silver, fuel and
electricity) and currencies; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to
successfully 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; the speculative nature of
exploration and development, including the risks of diminishing quantities or grades of reserves, adverse changes in our credit rating, contests
over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business.
These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the US 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.
BARRICK GOLD CORPORATION
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