EXPLORATION & DEVELOPMENT PROJECTS UPDATE€¦ · Lima EXPLORATION TEAM! 100 Geoscientists! Chief...

VELADERO PROJECT UPDATE – OCTOBER 2, 2002

EXPLORATION & DEVELOPMENT PROJECTS UPDATE

November 2002

Barrick Gold CorporationExploration and Development Projects Update – November 2002

1

EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002




Alan R. HillExecutive Vice President, Development

Alex J. DavidsonSenior Vice President, Exploration


EXPLORATION PHILOSOPHY

! Target: Gold - Potential for >2 million oz. deposits

! Types: - Carlin Type- High/Low Sulphidation- Greenstone Hosted


2



! Countries with the best potential for:- >2 million ounce deposits- Low-cost orebodies

! Primary: Peru, Tanzania, Australia, USA

! Secondary: Canada, Chile, Argentina, Russia



! Geographical mix of projects at variousstages

! Maximize chances of near term discovery

! Advance the best projects

! Ready for third party discoveries


3



! Reinvigorated grassroots exploration:- Peru- Tanzania- Australia- Chile / Argentina


Toronto Elko

Moscow

Dar es Salaam

Perth La Serena

Lima

EXPLORATION TEAM

! 100 Geoscientists

! Chief Geologist, Chief Geophysicist, Chief Geochemist


4


2002 BUDGET $100M BY REGION(millions of dollars)

Nevada11

Peru 35

3Canada

7 Australia

9 Tanzania

Chile/Argentina

22

3 Former S.U. & other10

Corporate Development and other


2002 BUDGET $100M BY WORK TYPE(as percentage)

Target Delineation7

ReserveDevelopment 60

8Grassroots

10 Drill Testing

15 Advanced Exploration


5


REPLACING RESERVES 1990 – 2002 (millions of ounces)

! Mined 37 million ounces

1990P&P Reserves

TotalMined

Acquisitions Divestitures ReserveAdditions(net of majoracquisitions/divestitures)

82

60

4637

20 4

! Acquired 46 million ounces

! Discovered 60 million ounces

12/31/01P&P Reserves


TECHNOLOGY IN EXPLORATION

Titan System (minesite exploration)

! Magnetotelluric (MT) + I.P.

! Completed over Goldstrike, Rossi and Deeproperties

! Allows deeper penetration + able to mapunits at depth

! Higher signal to noise ratio


6



BLEG

! Regional geochemical sampling technique

! Works in most terrains

! Covers large areas efficiently

! Other geochemical methods

! Identified Alto Chicama



Hyperspectral Imaging! Regional remote sensing! Aster from space! Airborne regional surveys! Identifies and maps

alteration! Interpretation is critical! Ground follow-up

SilicaAluniteKaolinite


7


BALANCED EXPLORATION PIPELINE

Grassroots TargetDelineation

DrillTesting

AdvancedExploration

ReserveDevelopment

Patagonia

and 6 others

Tanami

and 15 others

Kirondatal

Buly Area

and 15 others

Eskay Creek

and 4 others

Lagunas N.

Rossi

and 2 others


P A T A G O N I A P A T A G O N I A Puerto Madryn

Rio Negro

Viedma

ComodoroRivadavia

Valdivia

PuertoMontt

Chubut

Santa Cruz

COSTA

LOSMENUCOS

ANGELA

DESEADOCORDILLERA

! Large areas selectedon basis of favourablegeology and knownshowings

! Data searches ongoing

! Then apply “Weights of Evidence technique”

Esquel

Vanguardia


DrillTesting

AdvancedExploration

ReserveDevelopment


8


Weights of Evidence

Assemble data fromall sources, landsat, govt. maps, etc.

Assign favourablecriteria a “score”

TARGET SELECTION

1

2


DrillTesting

AdvancedExploration

ReserveDevelopment


Weights of Evidence

Layer the variousdata and highlightthe higher scoringareas

Field visit/ map/ sample – then stake

TARGET SELECTION

3

4


DrillTesting

AdvancedExploration

ReserveDevelopment


9


P A T A G O N I A P A T A G O N I A Puerto Madryn

Rio Negro

Viedma

ComodoroRivadavia

Valdivia

PuertoMontt

Chubut

Santa Cruz

COSTA

LOSMENUCOS

ANGELA

DESEADOCORDILLERA

! Field visits to areas

! Acquire areas

! Develop targets

Esquel

Vanguardia


DrillTesting

AdvancedExploration

ReserveDevelopment


Tanami

Balgo

Billiluna

SupplejackDowns

Birrindudu

Timor Sea

A U S T R A L I A A U S T R A L I A

Tanami

Mount Isa

Gulf ofCarpentaria

QueenslandNorthern TerritoryWestern Australia

Groundrush

Tanami Mine

Callie Mine

Coyote

Tent Hill/Slatey Creek

Larranganni

SW Pargee

Bloodwood

Billiluna

Supplejack

BirrinduduTanamiExploration

Fort Hill

0 km 20 40


DrillTesting

AdvancedExploration

ReserveDevelopment

! Largeunexploredland position

! 50km long gold trend


10


MWANZA

Lake Victoria

Kahama

Shinyanga

TABORA

KabangaGEITA

BULYANHULUTULAWAKA

GOLDEN PRIDE SEKENKE

MUSOMA-TARIME

Tulawaka

T A N Z A N I AT A N Z A N I A

Lake Victoria Greenstone Belt

Bulyanhulu

Geita

Golden Ridge

0 km 20 40

Kirondatal


DrillTesting

AdvancedExploration

ReserveDevelopment

! Dominant landposition

! Underexplored belts

! Numerous gold prospects


! New 9km long mineralized horizon! Economic intersections in several places! Plan is to continue drilling to establish continuity

KIRONDATAL - SEKENKE DISTRICT


DrillTesting

AdvancedExploration

ReserveDevelopment


11


7KM! Consolidated land position around Buly

! New strong and long anomalies parallel to and extending south from Buly deposit

! Previous ore grade/width intersections

5KM

BULYANHULU DISTRICT

8KM

Bulyanhulu Golden Horseshoe

REEF 1

Significant RC drill intersections


DrillTesting

AdvancedExploration

ReserveDevelopment

EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002Pacific Ocean

C A N A D AC A N A D A

Banff

B R I T I S H C O L U M B I A

Vancouver

Smithers

Eskay Creek

Stewart

A L B E R T A


DrillTesting

AdvancedExploration

ReserveDevelopment


12


8

6

∗

metres150 3000

C02-1151

C02-1147/1149

C02-1150

C02-1158/1160/X

C02-1152

C02-1154/55/56

C02-1157C02-1148

C02-1153

C02-1159/975XC02-1146

C02-1161/1162

C02-1163

C02-1103W

24.9 gpt/9.7m

EastLimb

WestLimb

DeepAdrian

Water Tower

21B

109

HW/NEX

44 Zone

14.9 gpt/1.5m

15.5 gpt/1.0m

NWNEX

EskayCreek

Minesite13.6 gpt/2.2m

16.9 gpt/2.0m

2002 Results - North Eskay! Good evidence for

continuation ofmineralization to depth

! Drilling from surfaceand underground

9.5 gpt/2.0m


DrillTesting

AdvancedExploration

ReserveDevelopment

EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 400

metres

8000

∗C02-1168/1169/1178/920X

C02-1177MP02-11

C02-1175

C02-1172/73

C02-1

C02-1171

AirMagneticAnomaly

MackayAdit

22Zone

21A

18.3gpt/1.8m

32.8 gpt/4.7m

Assays Pending

Pote

ntial

Bas

in-Bo

undin

g S

tructu

re

2002 Results - South Eskay! New zone southwest of Eskay

! High grade / economic widths


DrillTesting

AdvancedExploration

ReserveDevelopment


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LIMA

Trujillo

Pacific Ocean

P E R U P E R U Cajamarca

Arequipa

Huamachuco

HuarazPierina

Alto Chicama

Trujillo

Huamachuco

Huaraz

Pierina

La Libertad

Cajamarca

Ancash

Alto Chicama


DrillTesting

AdvancedExploration

ReserveDevelopment

! Started as a grassroots project

! Progressed all theway up the pipeline

! BLEG and B+H technologies


Lagunas Norte – Diamond Drill Holes(50-meter radius of influence)

MINERALIZED

INFILL PROGRAM

BARREN

1 km.

Volcanics and Sediments

100m. drill patte

rn

OPEN

OPE

N

OPEN


DrillTesting

AdvancedExploration

ReserveDevelopment


14

EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 20021 km.

100m. drill patte

rn

Lagunas Norte – Grade Thickness(grams x metres)

vertica

l sectio

n

on 4200NE

GRADE THICKNESS(grams x metres)

> 500

225 – 500

125 – 225

75 – 125

35 – 75

0 – 35


DrillTesting

AdvancedExploration

ReserveDevelopment

OPEN

OPE

N

OPEN


Lagunas Norte(vertical section along 4200NE)

LEGENDOxide mineralization Sulfide mineralization FaultsDiamond drill holes


DrillTesting

AdvancedExploration

ReserveDevelopment


15



DrillTesting

AdvancedExploration

ReserveDevelopment


N E V A D AN E V A D A

PacificOcean

Elko

O R E G O N

C A L I F O R N I A

Reno

Goldstrike

Las Vegas

San Francisco

Rossi


DrillTesting

AdvancedExploration

ReserveDevelopment

2676

00

291600

291800 291800

292000 292000

292200 292200

2668

00

2670

00

2672

00

2674

00

2676

00

291600

291400

291200 291200

291400

2674

00

2670

00

2672

00

49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE

PROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANS

GLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGS

DEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSIT

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

10/04/02 JTK/mgr2003 drillfans w

STORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINE

FEET

2000 100PROPOSED STORM UNDERGROUNDDEVELOPMENT DRILLING PROGRAMRossi Exploration

! Testing CEM targets on Dee and Rossi

! Underground program to convert Rossi resource to reserve

2003 PROGRAM


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BARRICK GOLD EXPLORATION

! >2 million ounce gold deposits

! High priority countries

! Robust project pipeline

! Sustained exploration budget

! Low-cost reserve replacement and growth

! Latest technology + old fashioned geology





Alan R. HillExecutive Vice President, Development

Alex J. DavidsonSenior Vice President, Exploration


17


GROWTH PIPELINE(thousands of ounces @ cost per ounce)

Alto Chicama

500@

$130

270@

$170

530@

$155

800@

$85

Cowal

Veladero

Pascua-Lama

2008200620052005


GROWTH PIPELINE(millions of dollars)

Alto Chicama$300-350

Cowal

Veladero

Pascua-Lama$180

$425$1,175

! Initial capital cost: $2 billion


18


LIMA

Trujillo

Pacific Ocean

P E R U P E R U Cajamarca

Arequipa

Huamachuco

HuarazPierina

Alto Chicama

Trujillo

Huamachuco

Huaraz

Pierina

La Libertad

Cajamarca

Ancash

Alto Chicama


ALTO CHICAMA PROJECT


19


ALTO CHICAMA PROJECT OVERVIEW

! Project status: pre-feasibility

! 136 million tons grading 0.054 oz/ton

! Resource: 7.3 million ounces

! Average annual production: 500,000 oz

! Average cost per ounce: $130

! Initial capital: $300-350 million


ALTO CHICAMA NEXT 12 MONTHS

! Resource extensions & condemnation drilling! Column testing! Bulk sample program! EIS preparation! Archeological clearing! Feasibility study


20


Lagunas Norte – Diamond Drill Holes(50-meter radius of influence)

MINERALIZED

INFILL PROGRAM

BARREN

1 km.

Volcanics and Sediments

100m. drill patte

rn

OPEN

OPE

N

OPEN


Open Pit

WasteDump

WasteDump

WasteDump

TopsoilStockpile

SulphideStockpile

CrushingCrushing

ShopShop

Office/CampOffice/Camp

HeapLeachProcessingProcessing

Lagunas NorteDraft MinesitePlan

TopsoilStockpile

Topsoil Stockpile

Pow

erlin

e

Pow

erlin

e


21


SYDNEYWest Wyalong

Pacific Ocean

A U S T R A L I A A U S T R A L I A

CANBERRA

OrangeBathurst

WaggaWagga

Goulburn

Cowal Project

New South Wales

Cowal

West Wyalong

Orange


COWAL PROJECT


22


COWAL PROJECT OVERVIEW

! Project status: optimization of feasibility


! Reserves: 2.77 million ounces



! Initial capital: $180 million


COWALPROPERTY PLAN


23


COWALPROPERTY PLAN


SANTIAGO

La Serena

Pacific Ocean

CordobaSan Juan

BUENOS AIRES

Rosario

Veladero ProjectPascua-Lama Project

C H I L E / A R G E N T I N A C H I L E / A R G E N T I N A

! 375 km. NNW. of San Juan, Argentina

! 600 km. N. of Santiago, Chile


24


SANTIAGO

La Serena

Pacific Ocean

CordobaSan Juan

BUENOS AIRES

Rosario

Veladero ProjectPascua-Lama Project

C H I L E / A R G E N T I N A C H I L E / A R G E N T I N A

Despoblados Pass (4,500 m)

Potrerillo Pass(4,500 m)

Conconta Pass (4,850 m)

El Indio Mine

Pascua-LamaVeladero

Tudcum

San JuanAtacama

Coquimbo

! 120 km. access road from Tudcum

! $23 million construction

! Complete by June ‘03


VELADERO

kilometers

0 1 2 3 4 5

PASCUA-LAMA

CHILE ARGENTINA

PROPERTY PLANarea enlarged


25


VELADERO PROJECT OVERVIEW

! Project status: feasibility completed





! Initial capital: $425 million


LONGITUDINAL SECTION

! 15.13 million ounce gold resource

AmableFilo Federico Cuatro Esquinas

Proposed pit outline

Proposed pit outline


26


Amable

Zone 203

Cerro Pelado

West

Proposedpit outline

East

West Silica

Colluviu

Steam Heated Silica

Alunite Silica

Illite Silica

Silica Alunite

Propyllitic 0 1000 2000 Meters

AMABLE SCHEMATIC ALTERATION CROSS SECTION, LOOKING NORTH


GEOLOGICAL DATA BASE

! 110 diamond drill holes

! 747 reverse circulation drill holes

! 509 meters of tunnel in Amable

! 638 meters of tunnel in Filo Federico

! 227,664 samples in total


27


DRILL HOLEAND TUNNELLOCATIONS

CuatroEsquinas

FiloFederico

Amable


CuatroEsquinas

FiloFederico

Amable

CuatroEsquinas

FiloFederico

Amable

EXPLORATION DRIFT

Filo Federico Decline Plan View

Assays from Channel Samples(~1 meter, in grams per tonne)

55m @2.75 g/t

187m @5.91 g/t

48m @ 4.4 g/t

N

kilometers

0 1 2

area enlargedarea enlarged


28


9,3866,6781552,551Contained Au Ounces (x 1000)

1.2651.1041.2822.049Contained Au Grade (g/t)

230,707188,2173,76838,722Total Tonnes (kt)

Total Ore

584535841Contained Au Ounces (x 1000)


43,60439,7865843,223Total Tonnes (kt)

ROM

8,8006,1431472,510Contained Au Ounces (x 1000)


187,103148,4303,18435,489Total Tonnes (kt)

Crush Feed

933,347687,7859,360236,202Total Tonnes (kt)

TotalFilo Federico

Filo MarioAmableOPEN PIT RESERVES


PROBABLE RESERVE SUMMARY

Ore tonnes (million) 231

Gold (g/t) 1.265

Silver (g/t) 15.05

Contained Gold (million oz) 9.386

Total tonnes mined in-pit (million) 934

Stripping ratio 3.051

Tonnes mined/contained oz Au 99.5


29


GOLD RECOVERIES

Amable Filo Federico

Type I 75% 80%

Type II 49% 49%

Crushed ore 81%

Run of mine 19%


RESERVES BY DEPOSIT

Deposit Tonnes Grade Ouncesmillions g/t millions

Filo Type I 173.9 1.102 6.18

Filo Type II 17.9 1.152 0.66

Amable Type I 29.1 1.811 1.69

Amable Type II 9.7 2.762 0.86

Total 9.39


30


VELADERO PROJECT

Pascua-LamaPenelope

VELADEROAmableAmableFilo

FedericoFilo

Federico

CHILE


VELADERO PROJECT

AmableOpen Pit

FiloFedericoOpen Pit

PotrerillosHeap Leach

Area

Plant Site Area


31


4 5

Merrill CroweProcess Plant

Valley Fill Heap Leach

Truck Loadout

Truckshop & Admin.


Pond

Pond

Pond

Dam

Dam

Dam

Dam

PIERINA MINE


PROCESS FLOWSHEET

GyratoryCrusher

2000 tonneSurge Stockpile

PRIMARY CRUSHINGScreens (2)

ConeCrushers(2)

Lime

SECONDARY CRUSHING

LEACHING CIRCUIT

Dam

Pregnant Solution

Valley-Fill Heap Leach

Emitters

PREGNANT SOLUTION CLARIFICATION

UnclarifiedPregnantSolution

Tank

ClarifiedPregnantSolution

Tank

PressureLeaf Filters

(5)

DeaerationTower

ZincDust

REFINING CIRCUIT

FilterPresses (5)

MercuryRetorts (2)

Induction RefiningFurnace

GoldBullion

BarrenSolutionRecirc.

NaCN


32


PRODUCTION STATISTICS

! Mining capacity: 80 million tonnes/year

! Crushing: 12.6 million tonnes/year

! Run of mine: 3.5 million tonnes/year

EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002kilometers

0 1 2 3 4 5

Open Pitoperations

Open Pitoperations

240-ton haultrucks and 37 cubic meter shovels

DM-M2Production Drills


33


0 1 2 3 4

Primary Crusher at Pierina

Crushing

Secondary Crusher at Pierina


0 1 2 3 4 5

Haultruck and Truck Loadout Bin at Pierina

TruckLoadoutBin


34


Valley-FillHeap Leach

Valley-fill heap leach at Pierina

kilometers

0 1 2 3 4 5


0 1 2 3 4 5

Merrill Crowe process plant at Pierina



35


SCHEDULE TO COMMISSIONING

! Nov. 2002: Access Road Construction

! May 2003: Environmental Impact Approval

! July 2003: Barrick Board Approval

! Oct. 2003: Mine Prestrip Begins

! Sep. 2005: Pad Loading

! Mar. 2006: Process commissioning


CAPITAL COST OF CONSTRUCTIONUS$ millions

Mining $ 155Process plant and heap leach 59Infrastructure 44Indirect cost 91Contingency 41Owners cost 35

Total capital cost $ 425


36


OPERATING COSTSUS$ per ounce

Mining $84Processing 33G&A 30Refining 3Royalties and taxes 5

Total $155


14%

12%

VELADERO PROJECT ECONOMICSrate of return as percent

at $325 gold

at $300 gold

8% cost of capital


37


VELADERO

kilometers

0 1 2 3 4 5

PASCUA-LAMA

CHILE ARGENTINA

PASCUA-LAMAPROJECT LOCATION area enlarged


PASCUA-LAMA PROJECT


38


PASCUA-LAMA PROJECT OVERVIEW

! Project status: feasibilty





! Initial capital: $1,175 million


PASCUA PROJECT ECONOMICS

! Synergies with Veladero- Administration- Mine camp- Access road

! Peso devaluation

! Optimization


39

FORWARD LOOKING STATEMENT

Certain statements included herein regarding realized gold prices, gold lease rates and contango 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 of achievements expressed or implied by those forward looking statements. Barrick is subject to the effects of changes in the worldwide price of gold and the risks involved in mining operations. These factors are discussed in greater detail in Barrick's most recent Annual Information Form and Management's Discussion and Analysison file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

EXPLORATION & DEVELOPMENT PROJECTS UPDATE€¦ · Lima EXPLORATION TEAM! 100 Geoscientists! Chief...

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