Barrick Announces Third Quarter 2012 Results

Thu Nov 1, 2012 6:46am EDT

* Reuters is not responsible for the content in this press release.

  TORONTO, ONTARIO, Nov 01 (MARKET WIRE) --


    THIRD QUARTER REPORT 2012

    Based on IFRS and expressed in US dollars. For a full explanation of
results, the Financial Statements and Management Discussion & Analysis,
please see the company's website, www.barrick.com.

    Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the "company")
today reported net earnings of $0.62 billion ($0.62 per share) compared
to net earnings of $1.37 billion ($1.37 per share) in the same prior year
quarter. Adjusted net earnings were $0.85 billion ($0.85 per share)(1)
compared to $1.38 billion ($1.38 per share) in the third quarter of 2011.
Operating cash flow of $1.73 billion and adjusted operating cash flow of
$1.27 billion(1) for the quarter compared to operating cash flow of $1.90
billion and adjusted operating cash flow of $2.00 billion, respectively,
in the same prior year period. 

    Operating Highlights


--  Gold and copper production of 1.78 million ounces and 112 million
    pounds, respectively 
--  Gold total cash costs of $592 per ounce(1) and net cash costs of $537
    per ounce(1)
--  Gold total cash margins of $1,063 per ounce(1), and net cash margins of
    $1,118 per ounce(1)
--  C1 cash costs of $2.33 per pound(1) and C1 cash margins of $1.19 per
    pound(1)


    2012 Outlook


--  The company expects 2012 gold production of 7.3-7.5 million ounces(2),
    within the original guidance range of 7.3-7.8 million ounces. Total cash
    costs for gold are anticipated to be $575-$585 per ounce, compared to
    the previous guidance of $550-$575 per ounce, primarily due to higher
    cash costs from Australia Pacific and African Barrick Gold (ABG). Net
    cash costs are anticipated to be $480-$500 per ounce(3), within the
    previous guidance of $460-$500 per ounce. 
--  Full year 2012 copper production is expected to be about 450 million
    pounds as a result of the delay in first production at Jabal Sayid in
    Saudi Arabia. C1 cash costs in 2012 are still anticipated to be $2.10-
    $2.30 per pound. 


    Pueblo Viejo First Gold Production on Schedule and Budget


--  During the third quarter, the Pueblo Viejo mine in the Dominican
    Republic poured its first gold on schedule and within capital guidance.
    The mine is currently undergoing commissioning, with commercial
    production anticipated in December 2012. Barrick's 60 percent share of
    average annual gold production is anticipated to be 625,000-675,000
    ounces at total cash costs of $300-$350 per ounce(4) in its first full
    five years of operation. 


    Pascua-Lama Project Update


--  During the quarter, Barrick made substantial progress at Pascua-Lama.
    Along with construction advancement at site, the company strengthened
    the construction management team and hired Fluor to assume overall
    project management. Fluor is a global leader in construction of large
    mining projects, and the same firm that successfully managed
    construction of our recently completed Pueblo Viejo mine. 
--  In July, the company announced preliminary results of a review
    indicating an increase in capital costs to $7.5-$8.0 billion and a delay
    in first production to mid-2014. Since then, Barrick has been working
    with Fluor on a more comprehensive top-to-bottom review. This review
    will be complete by our 2012 year-end results release; however, work to
    date suggests capital costs will be closer to $8.0-$8.5 billion, with
    first production in the second half of 2014. 


    Disciplined Capital Allocation Framework


--  As a result of Barrick's on-going portfolio review and cost control
    focus, the company has cut or deferred approximately $1.0 billion in
    capex from the initial sustaining and minesite expansion budget for
    2013. Despite additional spending at Pascua-Lama, and continued
    inflationary industry cost pressures, Barrick expects 2013 capex to be
    largely in line with 2012. 


    "We are on track to achieve our production guidance with higher
production expected in the fourth quarter," said Jamie Sokalsky,
President and Chief Executive Officer. "Despite some cost pressures,
Barrick remains the lowest cost senior gold producer. We poured first
gold on schedule and budget at Pueblo Viejo and made substantial progress
at Pascua-Lama, which remains our top priority. Both are world-class
assets that together are expected to produce about 1.5 million ounces(5)
at low operating costs. We're also making progress in support of our
disciplined capital allocation framework. We've cut or deferred
significant capital expenditures that were previously budgeted and we're
continuing to work toward optimizing our asset portfolio. As I have said,
returns will drive production; production will not drive returns."

    FINANCIAL RESULTS

    Reported net earnings were $0.62 billion or $0.62 per share compared to
$1.37 billion or $1.37 per share in the same prior year quarter. Net
adjusting items in the quarter totaled $231 million, largely related to:


--  $148 million in impairment charges primarily related to an exploration
    property in Papua New Guinea, acquired as a result of the Kainantu
    acquisition in 2007; and 
--  $71 million in unrealized losses on non-hedge derivative instruments. 


    Third quarter 2012 adjusted net earnings were $0.85 billion or $0.85 per
share compared to $1.38 billion or $1.38 per share in the same prior year
period. The lower net earnings and adjusted net earnings primarily
reflect lower gold and copper sales volumes, higher cost of sales
applicable to gold, and lower realized gold prices. 

    Operating cash flow of $1.73 billion and adjusted operating cash flow of
$1.27 billion for the quarter compare to operating cash flow of $1.90
billion and adjusted operating cash flow of $2.00 billion, respectively,
in the third quarter of 2011. Adjusted operating cash flow excludes the
impact of approximately $0.5 billion of net proceeds related to the
settlement of a portion of our Australian dollar hedge positions.

    Third quarter EBITDA was $1.50 billion(6) compared to $2.46 billion in
the same prior year period, reflecting the same factors affecting net
earnings.

    The third quarter realized gold price was $1,655 per ounce(6), five
percent lower than the same prior year quarter. Gold total cash margins
and net cash margins were $1,063 per ounce and $1,118 per ounce,
respectively, compared to $1,290 per ounce and $1,420 per ounce in the
third quarter of 2011. C1 cash margins were $1.19 per pound compared to
$1.71 per pound in the prior year period. C1 cash costs of $2.33 per
pound compared to $1.83 per pound in the prior year period as lower cost
production from the Zaldivar mine contributed to a lesser proportion of
total copper sales. During the third quarter, sales from Zaldivar were
impacted by a labor strike at the port of Antofagasta, which delayed
shipment of 26 million pounds. The strike has ended and these sales will
be recorded in the fourth quarter.

    OPERATING RESULTS

    North America Regional Business Unit 

    The North America Regional Business Unit (RBU) produced 0.80 million
ounces at total cash costs of $508 per ounce in the third quarter. Cortez
produced 0.23 million ounces at total cash costs of $293 per ounce, in
line with expectations, and is anticipated to return to higher production
levels in the fourth quarter primarily as a result of mine sequencing.

    Goldstrike production of 0.35 million ounces at total cash costs of $507
per ounce benefited, as anticipated, from increased productivity
following maintenance improvements in the first half of the year and from
access to higher grades in the open pit. We expect full year production
for the region to be 3.425-3.55 million ounces at total cash costs of
$475-$525 per ounce, both within the previous guidance ranges.

    South America Regional Business Unit

    South America produced 0.39 million ounces at total cash costs of $440
per ounce in the third quarter. The Veladero mine produced 0.17 million
ounces at total cash costs of $523 per ounce, reflecting the impact of
lower recoveries due to lower leach pad kinetics during the third
quarter. Leach recoveries have improved with higher solution rates and
better ore permeability, which is expected to continue and result in
higher fourth quarter production. Lagunas Norte produced 0.19 million
ounces at total cash costs of $337 per ounce with access to higher grades
following the completion of pit dewatering. We expect full year
production for the region to be 1.55-1.65 million ounces at total cash
costs of $430-$480 per ounce, both within the previous guidance ranges.

    Australia Pacific Regional Business Unit

    Australia Pacific produced 0.48 million ounces at total cash costs of
$815 per ounce in the third quarter. The Porgera mine produced 0.12
million ounces at total cash costs of $1,026 per ounce, primarily
reflecting lower equipment availability and lower underground tons mined.
Full year production for Australia Pacific is expected to be about 1.80
million ounces at total cash costs of approximately $800 per ounce, both
in line with previous guidance.

    African Barrick Gold plc

    Third quarter attributable production from ABG was 0.11 million ounces at
total cash costs of $965 per ounce. Production and cash costs have been
mainly impacted by mill maintenance shutdowns and lower grades at Buzwagi
together with equipment availability issues at Bulyanhulu. While
production from North Mara was in line with expectations during the
quarter, lower equipment availability has delayed access to higher grade
ore. As a result, Barrick's share of 2012 production is expected to be
5-10 percent below the low end of the previous guidance range of
0.500-0.535 million ounces, at total cash costs of $900-$950 per ounce,
compared to the previous guidance of $790-$860 per ounce.

    Copper

    During the third quarter, Barrick strengthened its Global Copper Business
Unit (CBU) in line with its objective of maximizing returns and free cash
flow from its assets. The changes will further assist in efforts to
address the near-term challenges at Lumwana and Jabal Sayid and to
evaluate the expansion opportunities at Lumwana and Zaldivar. The copper
assets now report to a new senior leadership team led by a CBU President,
Mark Fisher. Mr. Fisher and his team will focus exclusively on optimizing
the copper business. "Mark has been an exceptional leader at various
large scale Barrick operations and has over 30 years of global mining
experience," said Jamie Sokalsky. "I am confident that this new team is
best positioned to maximize the value of the copper assets in the CBU
through the realization of operational efficiencies and synergies, and
its dedicated focus on managing all aspects of this significant
business."

    The Zaldivar copper mine in Chile produced 66 million pounds at C1 cash
costs of $1.63 per pound in the third quarter. The Lumwana mine in Zambia
produced 45 million pounds of copper at C1 cash costs of $2.90 per pound.

    Expected 2012 production for Lumwana is 155-165 million pounds, within
prior guidance of 145-165 million pounds, at previously guided C1 cash
costs of $3.30-$3.50 per pound. In the second quarter of 2012, we
determined the need to advance a number of key initiatives in an effort
to achieve better longer-term results. The migration to an owner
maintained operation to improve maintenance practices and equipment
availability is progressing. Additional staffing and training is underway
and maintenance technicians have been redeployed from other sites to
assist with the transition. Infrastructure improvements to help mitigate
the impact of the annual rainy season have been completed.

    Overall higher grades at Lumwana are expected in 2013, with production
anticipated to be about 250 million pounds at lower C1 cash costs. The
scale of the Chimiwungo ore body is expected to allow for more productive
mining and it will be the primary future supply of ore for the operation.
Exploration results to date continue to confirm the upside potential of
Chimiwungo. We are nearing completion of a substantial in-fill drilling
program to provide a more precise model of the ore body for mine planning
purposes. We continue to expect completion of these programs at the end
of the year and the results will form the basis for an updated resource
base and life-of-mine plan. They will also be incorporated into a
prefeasibility study on the expansion opportunity for Lumwana, which has
the potential to double processing rates.

    At the recently constructed Jabal Sayid copper mine, a dedicated EPCM
team is working toward achieving full compliance with standards for
safety and security in order to commence production. During the quarter,
the company was notified the operation is not in compliance with
standards for safety and security in Saudi Arabia. The previous owner
originally designed the mine in compliance with Western Australia
standards. The operation is currently expected to achieve full compliance
in 2014, at which time production will start. Initial testing has been
completed and about 440,000 tonnes of ore at an average grade of 2.25%
copper have been stockpiled to date. Average annual production from Jabal
Sayid is expected to be 100-130 million pounds at C1 cash costs of
$1.50-$1.70 per pound(7) in its first full five years of operation. Total
project capital expenditures are still anticipated to be about $400
million(8).

    The company has floor protection on approximately 60 percent of its
expected copper production for the remainder of 2012 at an average floor
price of $3.75 per pound(9) and has full participation to any upside in
copper prices.

    COST MANAGEMENT

    Barrick continues to employ key risk management strategies, which have
helped manage our cost exposures, maximize margins and give
predictability to our earnings.

    The largest currency exposure for the company is the Australian dollar/US
dollar exchange rate. During the quarter, with the Australian dollar
trading at historically elevated levels against the US dollar, and based
on our currency outlook, the company opportunistically unwound
approximately AUD$2.6 billion of our Australian dollar hedges at an
average spot price of $1.05. We realized net cash proceeds of
approximately $0.5 billion upon the settlement of these contracts in the
third quarter. The corresponding accounting gains will be recognized in
the consolidated statement of income based on the original hedge contract
maturity dates, which are between 2012 and 2014, with locked-in gains of
approximately $90 million, $280 million, and $110 million positively
impacting our total reported cash costs per ounce in Q4 2012, 2013 and
2014, respectively. For the remainder of 2012, every $0.01 movement in
the Australian dollar will have a $2 per ounce impact on our consolidated
total cash costs. As of the end of the third quarter, the company
continues to have approximately AUD$1.8 billion hedged, primarily in
2014-2016, at an average rate of about $0.92.

    The company has largely mitigated the direct impact of higher crude oil
prices through the use of financial contracts and production from Barrick
Energy. The contribution from Barrick Energy, along with the financial
contracts, provides hedge protection for approximately 75 percent of the
expected remaining 2012 fuel consumption.

    EXPLORATION UPDATE

    The 2012 exploration guidance is $450-$490 million(10). We have over 100
exploration drill rigs operating globally, with over one third of these
at Goldrush and Lumwana. 

    In Nevada, over 50 drill rigs are currently operating, 12 of which are
located at Goldrush. Drilling continues to expand the footprint. The
mineralized corridor has now almost doubled, delineated along seven
kilometers in strike length. The scale and continuity of the system, and
the extent of high grade zones being defined, is providing multiple
development scenarios. Based on results to date, we expect significant
increases in the already defined indicated and inferred resources by the
end of 2012.

    At Lumwana, the full contingent of 25 exploration drill rigs is operating
at Chimiwungo. As the in-fill drilling program nears completion, results
are expected to increase reserves by the end of 2012.

    PROJECT UPDATE

    Pueblo Viejo

    During the third quarter, Pueblo Viejo poured first gold on schedule and
within capital guidance of $3.6-$3.8 billion (100% basis). The company's
60 percent share of annual gold production in the first full five years
of operation is expected to average 625,000-675,000 ounces at total cash
costs of $300-$350 per ounce(11).

    The mine is ramping up to commercial production, which is expected in
December 2012. Pueblo Viejo is anticipated to produce about 80,000 ounces
of gold to Barrick in 2012, however, actual results will vary depending
on how the ramp up progresses. 

    As part of planned start up activities, the first three autoclaves have
been tested at 50 percent to 100 percent of design capacity, with results
that are in line with expectations for the initial ramp up period. The
fourth autoclave is currently undergoing pre-commissioning testing, prior
to planned commissioning in the fourth quarter. Construction of the
tailings starter dam achieved its full height of 182.5 meters and the
oxygen plant has been commissioned. Over 2.0 million contained ounces of
gold have been stockpiled to date. The operations staff have been hired
and trained by experienced personnel from our North America RBU.

    Construction progress also continued on a 215 MW dual fuel power plant at
an estimated net incremental cost of approximately $300 million (100
percent basis) or $180 million (Barrick's 60 percent share). The power
plant is expected to commence operations in 2013 utilizing heavy fuel
oil, but have the ability to subsequently transition to lower cost liquid
natural gas.

    Pascua-Lama 

    Pascua-Lama is expected to be one of the world's largest, lowest cost
mines and, once in production, is expected to contribute significant free
cash flow to the company for many years to come.

    During the third quarter, we strengthened the project management and
construction teams, and made significant progress in a number of key
areas:


--  commenced transfer of project management from Barrick to Fluor, the
    leading global EPCM contractor that successfully managed our recently
    completed Pueblo Viejo project; 
--  reorganized and strengthened the Barrick project team, including a new
    project director and the hiring of experienced construction industry
    experts to improve the oversight and leadership of the project; 
--  increased the quantity and quality of skilled labor, with approximately
    1,900 new hires over the past quarter primarily from the province of San
    Juan and the rest of Argentina; 
--  advanced review of all major contracts, material quantities and prices,
    unit costs, installation rates and productivity; and 
--  progressed a detailed review of project schedule, including related
    logistics (e.g. transportation, camps). 


    To date, approximately $3.7 billion has been spent. The tunnel is
approximately 60 percent complete and 90 percent of the required material
and equipment for the process plant has been committed. Plans are
progressing to increase the camp capacity to provide additional project
construction flexibility.

    As disclosed with Barrick's second quarter report, preliminary results of
a review indicated an increase in capital costs to $7.5-$8.0 billion and
a delay in first production to mid-2014. Since then, the company has been
working with Fluor to carry out a more comprehensive top-to-bottom
review. This review will be complete by our 2012 year-end results
release; however, work to date suggests capital costs will be closer to
$8.0-$8.5 billion, with first production in the second half of 2014.

    Delays in the earthworks and underground works for the process plant are
the main reason for the shift in schedule to the second half of 2014. The
indicated increase in capital costs is split, roughly evenly, among: i)
the impact of the delay of first gold to the second half of 2014; ii)
increased labor hours and installation rates after being reviewed in more
detail with Fluor during this quarter; and iii) incremental payments to
Fluor to assume project and additional construction management, as well
as increased incentives for Fluor and other contractors to come in on
time and on budget.

    Pascua-Lama is a world class resource of nearly 18 million ounces of
proven and probable gold reserves and 676 million ounces of silver
contained within the gold reserves and a mine life of 25 years. It is
expected to produce an average of 800,000-850,000 ounces of gold and 35
million ounces of silver in its first full five years of production.
Expected total cash costs remain in the range of $0 to negative $150 per
ounce(12) using a silver price assumption of $25 per ounce. The company
expects to update production and total cash cost guidance for Pascua-Lama
with its year-end 2012 results.

    2012 OUTLOOK

    Barrick expects 2012 gold production of 7.3-7.5 million ounces, within
its original guidance of 7.3-7.8 million ounces.

    Total cash costs for gold are anticipated to be $575-$585 per ounce,
compared to the previous guidance of $550-$575 per ounce, primarily as a
result of higher cash costs from Australia Pacific and ABG. Net cash
costs are expected to be $480-$500 per ounce, within the previous
guidance of $460-$500 per ounce.

    Full year 2012 copper production is expected to be about 450 million
pounds, as a result of the delay in first production at Jabal Sayid. C1
cash costs in 2012 are still anticipated to be $2.10-$2.30 per pound.

    DISCIPLINED CAPITAL ALLOCATION FRAMEWORK 

    Barrick's renewed focus on maximizing shareholder value will be achieved
through a disciplined approach to capital allocation based on maximizing
returns on investment and free cash flow. Under this approach, all
capital allocation options, which include organic investment in
exploration and projects, and acquisitions or divestitures to improve the
quality of our portfolio, will be assessed on the basis of maximizing
risk-adjusted returns. Our increased emphasis on free cash flow will
position the company, in the future, with the potential to return more
capital to shareholders, repay debt, and make additional attractive
return investments to upgrade our portfolio.

    In June 2012, we initiated a full review of our operations and projects.
This portfolio review is an on-going, dynamic process. Cost control is
also a vital part of this review and an integral component of our capital
allocation framework. The company has been reviewing company-wide costs
and evaluating ways to reduce these, including sustaining capital and
general and administrative expenses.

    Barrick has made significant progress in support of its renewed focus on
disciplined capital allocation. In the second quarter:


--  The company cut or deferred about $3 billion in capex that was budgeted
    over a four year period as a result of recalibrating longer-term
    production to higher quality, more profitable levels. 
    --  Annual gold production is expected to be about 8 million ounces by
        2016. 
    --  Annual copper production is expected to be about 600 million pounds
        by 2015 with the opportunity to increase to more than 1 billion
        pounds if we proceed with the Zaldivar sulfides and Lumwana
        expansions. 


    During the third quarter:


--  Barrick cut or deferred about $1.0 billion in capex from the initial
    sustaining and minesite expansion budget for 2013 as a result of the
    company's on-going portfolio review and cost control focus. Despite
    additional spending at Pascua-Lama, and continued inflationary industry
    cost pressures, Barrick expects 2013 capex to be largely in line 
    with 2012. 
--  Barrick confirmed it entered into discussions with China National Gold
    Group related to the potential sale of its 73.9% equity holding in ABG,
    which is in line with the focus on portfolio optimization. 


    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. Barrick's shares are traded
on the Toronto and New York stock exchanges.


(1)   Adjusted net earnings, adjusted net earnings per share, adjusted      
      operating cash flow, gold total cash costs and net cash costs per     
      ounce, gold total cash margins and net cash margins per ounce, C1 cash
      costs and C1 cash margins per pound are non-GAAP financial measures.  
      See pages 42-47 of Barrick's Q3 2012 Report. See page 42 of Barrick's 
      Q3 2012 report for a change to the definition of adjusted operating   
      cash flow.                                                            
(2)   All production numbers for Barrick, including expectations for the    
      longer-term outlook, are inclusive of the company's 73.9% equity      
      interest in ABG.                                                      
(3)   Based on an assumed realized copper price of $3.50/lb for Q4 2012.    
(4)   Based on gold and WTI oil price assumptions of $1,300/oz and $90/bbl, 
      respectively. Does not include escalation for future inflation.       
(5)   Based on Barrick's share of the estimated combined average annual     
      production in the first full five years of operation.                 
(6)   EBITDA and realized gold price per ounce are non-GAAP financial       
      measures. See pages 42-47 of Barrick's Q3 2012 Report.                
(7)   Does not include escalation for future inflation.                     
(8)   Does not include escalation for future inflation.                     
(9)   The average realized price on total 2012 production is expected to be 
      reduced by approximately $0.17 per pound as a result of the net       
      premium paid for these positions.                                     
(10)  Barrick's exploration programs are designed and conducted under the   
      supervision of Robert Krcmarov, Senior Vice President, Global         
      Exploration of Barrick.                                               
(11)  Based on gold and WTI oil price assumptions of $1,300/oz and $90/bbl, 
      respectively. Does not include escalation for future inflation.       
(12)  First full five year average. Based on gold, silver and WTI oil price 
      assumptions of $1,300/oz, $25/oz and $90/bbl, respectively, and       
      assuming a Chilean Peso assumption of 475:1. Inflation escalation     
      assumptions are as of Q2 2012, and do not include escalation for      
      future inflation.                                                     
                                                                            
                                                                            
Key Statistics                                                              
                                                                            
Barrick Gold Corporation       Three months ended          Nine months ended
(in United States dollars)          September 30,              September 30,
                           -------------------------------------------------
(Unaudited)                       2012       2011          2012         2011
----------------------------------------------------------------------------
Operating Results                                                           
Gold production (thousands                                                  
 of ounces)(1)                   1,779      1,928         5,402        5,862
Gold sold (thousands of                                                     
 ounces)                         1,792      1,908         5,265        5,685
Per ounce data                                                              
  Average spot gold price   $    1,652 $    1,702 $       1,652 $      1,534
  Average realized gold                                                     
   price(2)                      1,655      1,743         1,652        1,550
  Net cash costs(2)                537        323           501          322
  Total cash costs(2)              592        453           584          445
  Depreciation(3)                  190        153           184          149
  Other(4)                          11         16            12           16
  Total production costs           793        622           780          610
  Copper credits                    55        130            83          123
Copper production (millions                                                 
 of pounds)                        112        140           338          308
Copper sold (millions of                                                    
 pounds)                            84        146           318          309
Per pound data                                                              
  Average spot copper price $     3.50 $     4.07 $        3.61 $       4.20
  Average realized copper                                                   
   price(2)                       3.52       3.54          3.59         3.87
  C1 cash costs(2)                2.33       1.83          2.22         1.60
  Depreciation(3)                 0.53       0.29          0.50         0.27
  Other(5)                        0.42       0.58          0.22         0.34
  C3 fully allocated                                                        
   costs(2)                       3.28       2.70          2.94         2.21
----------------------------------------------------------------------------
Financial Results                                                           
 (millions)                                                                 
Revenues                    $    3,436 $    3,971 $      10,358 $     10,474
Net earnings(6)                    618      1,365         2,397        3,525
Adjusted net earnings(2)           849      1,379         2,719        3,500
EBITDA(2)                        1,499      2,460         5,010        6,378
Operating cash flow              1,732      1,902         3,767        4,091
Adjusted operating cash                                                     
 flow(2)                         1,267      2,004         3,404        4,381
Per Share Data (dollars)                                                    
  Net earnings (basic)            0.62       1.37          2.40         3.53
  Adjusted net earnings                                                     
   (basic)(2)                     0.85       1.38          2.72         3.50
  Net earnings (diluted)          0.62       1.36          2.40         3.52
Weighted average basic                                                      
 common shares (millions)        1,001        999         1,001          999
Weighted average diluted                                                    
 common shares                                                              
 (millions)(7)                   1,001      1,001         1,001        1,001
----------------------------------------------------------------------------
                                                          As at        As at
                                                  September 30, December 31,
                                                 ---------------------------
                                                           2012         2011
----------------------------------------------------------------------------
Financial Position                                                          
 (millions)                                                                 
Cash and equivalents                              $       2,530 $      2,745
Non-cash working capital                                  2,890        2,335
Adjusted debt(2)                                         13,681       13,058
Net debt(2)                                              11,169       10,320
Average shareholders'                                                       
 equity                                                  24,268       21,418
----------------------------------------------------------------------------
(1) Production includes our equity share of gold production at Highland Gold
    up to April 26, 2012, the effective date of our sale of Highland Gold.  
(2) Realized price, net cash costs, total cash costs, C1 cash costs, C3     
    fully allocated costs, adjusted net earnings, EBITDA, adjusted operating
    cash flow, adjusted debt, and net debt are non-GAAP financial           
    performance measures with no standard definition under IFRS. See pages  
    42-47 of the Company's MD&A.                                            
(3) Represents equity depreciation expense divided by equity ounces of gold 
    sold or pounds of copper sold.                                          
(4) Represents the Barrick Energy gross margin divided by equity ounces of  
    gold sold.                                                              
(5) For a breakdown, see reconciliation of cost of sales to C1 cash costs   
    and C3 fully allocated costs per pound on page 45 of the Company's MD&A.
(6) Net earnings represents net income attributable to the equity holders of
    the Company.                                                            
(7) Fully diluted includes dilutive effect of stock options.                



                                                                            
                                                                            
Production and Cost Summary                                                 
                                                                            
                         Gold Production                                    
                 (attributable ounces) (000's)     Total Cash Costs ($/oz)  
                 ----------------------------- -----------------------------
                   Three months    Nine months   Three months    Nine months
                          ended          ended          ended          ended
                  September 30,  September 30,  September 30,  September 30,
                 -------------- -------------- -------------- --------------
(Unaudited)         2012   2011    2012   2011    2012   2011    2012   2011
------------------------------- -------------- -------------- --------------
Gold                                                                        
 North America       795    836   2,537  2,621  $  508 $  415  $  506 $  405
 South America       394    475   1,172  1,426     440    358     437    358
 Australia                                                                  
  Pacific            481    472   1,352  1,394     815    609     804    601
 African Barrick                                                            
  Gold(1)            109    135     329    391     965    687     946    666
 Other(2)              -     10      12     30       -      -       -      -
----------------------------------------------------------------------------
Total              1,779  1,928   5,402  5,862  $  592 $  453  $  584 $  445
----------------------------------------------------------------------------
                                                                            
                       Copper Production                                    
                     (attributable pounds)                                  
                           (Millions)                C1 Cash Costs ($/lb)   
                 ----------------------------- -----------------------------
                   Three months    Nine months   Three months    Nine months
                          ended          ended          ended          ended
                  September 30,  September 30,  September 30,  September 30,
                 -------------- -------------- -------------- --------------
(Unaudited)         2012   2011    2012   2011    2012   2011    2012   2011
----------------------------------------------------------------------------
Total                112    140     338    308  $ 2.33 $ 1.83  $ 2.22 $ 1.60
----------------------------------------------------------------------------
                                                                            
                                     Total Gold Production Costs ($/oz)     
                                 -------------------------------------------
                                    Three months ended    Nine months ended 
                                         September 30,        September 30, 
                                 ---------------------- --------------------
(Unaudited)                            2012       2011       2012      2011 
------------------------------------------------------- --------------------
  Direct mining costs at market                                             
   foreign exchange rates         $     617  $     500   $    618  $    493 
  Gains realized on currency                                                
   hedge and commodity                                                      
   hedge/economic hedge contracts       (46)       (58)       (48)      (53)
  Other(3)                              (11)       (16)       (12)      (16)
  By-product credits                    (16)       (18)       (17)      (18)
  Copper credits                        (55)      (130)       (83)     (123)
----------------------------------------------------------------------------
Cash operating costs, net basis         489        278        458       283 
  Royalties                              48         45         43        39 
----------------------------------------------------------------------------
Net cash costs(4)                       537        323        501       322 
  Copper credits                         55        130         83       123 
----------------------------------------------------------------------------
Total cash costs(4)                     592        453        584       445 
  Depreciation                          190        153        184       149 
  Other(3)                               11         16         12        16 
----------------------------------------------------------------------------
Total production costs            $     793  $     622   $    780  $    610 
----------------------------------------------------------------------------
                                                                            
                                       Total Copper Production Costs ($/lb) 
                                     ---------------------------------------
                                       Three months ended  Nine months ended
                                            September 30,      September 30,
                                     -------------------- ------------------
(Unaudited)                                2012      2011      2012     2011
--------------------------------------------------------- ------------------
C1 cash costs(4)                      $    2.33 $    1.83  $   2.22 $   1.60
Depreciation                               0.53      0.29      0.50     0.27
Other(5)                                   0.42      0.58      0.22     0.34
----------------------------------------------------------------------------
C3 fully allocated costs(4)           $    3.28 $    2.70  $   2.94 $   2.21
----------------------------------------------------------------------------
(1) Figures relating to African Barrick Gold are presented on a 73.9% basis,
    which reflects our equity share of production.                          
(2) Includes our equity share of gold production at Highland Gold up to     
    April 26, 2012, the effective date of our sale of Highland Gold.        
(3) Represents the Barrick Energy gross margin divided by equity ounces of  
    gold sold.                                                              
(4) Total cash costs, net cash costs, C1 cash costs and C3 fully allocated  
    costs are non-GAAP financial performance measures with no standard      
    meaning under IFRS. See pages 44-45 of the Company's MD&A.              
(5) For a breakdown, see reconciliation of cost of sales to C1 cash costs   
    and C3 fully allocated costs per pound on page 45 of the Company's MD&A.



                                                                            
                                                                            
Consolidated Statements of Income                                           
                                                                            
Barrick Gold Corporation                                                    
(in millions of United States                                               
 dollars, except per share data)     Three months ended   Nine months ended 
 (Unaudited)                              September 30,       September 30, 
----------------------------------------------------------------------------
                                         2012      2011      2012      2011 
----------------------------------------------------------------------------
                                                                            
                                                                            
Revenue (notes 4 and 5)              $  3,436  $  3,971  $ 10,358  $ 10,474 
----------------------------------------------------------------------------
Costs and expenses                                                          
Cost of sales (notes 4 and 6)           1,825     1,694     5,425     4,534 
Corporate administration                   45        43       134       123 
Exploration and evaluation (note 7)       108        94       306       248 
Other expense (note 9A)                   142       135       359       391 
Impairment charges (note 9B)              152        19       274        23 
----------------------------------------------------------------------------
                                        2,272     1,985     6,498     5,319 
Other income (note 9C)                      4        76        41       238 
Income (loss) from equity investees                                         
 (note 13)                                 (3)        8        (9)       13 
Gain (loss) on non-hedge derivatives                                        
 (note 17D)                               (75)       32       (75)        8 
----------------------------------------------------------------------------
Income before finance items and                                             
 income taxes                           1,090     2,102     3,817     5,414 
Finance items (note 10)                                                     
Finance income                              3         3         9        10 
Finance costs                             (33)      (68)     (133)     (148)
----------------------------------------------------------------------------
Income before income taxes              1,060     2,037     3,693     5,276 
Income tax expense (note 11)             (438)     (654)   (1,278)   (1,698)
----------------------------------------------------------------------------
Net income                           $    622  $  1,383  $  2,415  $  3,578 
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold                                              
 Corporation                         $    618  $  1,365  $  2,397  $  3,525 
Non-controlling interests (note 21)  $      4  $     18  $     18  $     53 
----------------------------------------------------------------------------
                                                                            
Earnings per share data attributable                                        
 to the equity holders of Barrick                                           
 Gold Corporation (note 8)                                                  
Net income                                                                  
  Basic                              $   0.62  $   1.37  $   2.40  $   3.53 
  Diluted                            $   0.62  $   1.36  $   2.40  $   3.52 
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Third Quarter Report 2012 available on our website are an  
integral part of these consolidated financial statements.                   
                                                                            
                                                                            
Consolidated Statements of Comprehensive Income                             
                                                                            
Barrick Gold Corporation                                                    
(in millions of United States        Three months ended   Nine months ended 
 dollars) (Unaudited)                     September 30,       September 30, 
----------------------------------------------------------------------------
                                         2012      2011      2012      2011 
----------------------------------------------------------------------------
Net income                           $    622  $  1,383  $  2,415  $  3,578 
Other comprehensive income (loss),                                          
 net of taxes                                                               
Unrealized gains (losses) on                                                
 available-for-sale ("AFS")                                                 
 financial securities, net of tax                                           
 $2, $10, $1, $7                           13       (75)      (24)      (70)
Realized (gains) losses and                                                 
 impairments on AFS financial                                               
 securities, net of tax $nil, $1,                                           
 $2, $6                                     1        (6)       29       (50)
Unrealized gains (losses) on                                                
 derivatives designated as cash flow                                        
 hedges, net of tax $16, $4, $14,                                           
 $17                                       82      (162)      141       165 
Realized (gains) on derivatives                                             
 designated as cash flow hedges, net                                        
 of tax $25, $3, $70, $49                 (81)     (124)     (240)     (300)
Currency translation adjustments,                                           
 net of tax $nil, $nil, $nil, $nil         36       (94)       37       (61)
----------------------------------------------------------------------------
Total other comprehensive income                                            
 (loss)                                    51      (461)      (57)     (316)
----------------------------------------------------------------------------
Total comprehensive income           $    673  $    922  $  2,358  $  3,262 
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold                                              
 Corporation                         $    669  $    904  $  2,340  $  3,209 
Non-controlling interests            $      4  $     18  $     18  $     53 
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Third Quarter Report 2012 available on our website are an  
integral part of these consolidated financial statements.                   
                                                                            
                                                                            
Consolidated Statements of Cash Flow                                        
                                                                            
Barrick Gold Corporation                                                    
(in millions of United States        Three months ended   Nine months ended 
 dollars) (Unaudited)                     September 30,       September 30, 
----------------------------------------------------------------------------
                                         2012      2011      2012      2011 
----------------------------------------------------------------------------
OPERATING ACTIVITIES                                                        
Net income                           $    622  $  1,383  $  2,415  $  3,578 
Adjusted for the following items:                                           
  Depreciation                            413       376     1,211     1,017 
  Finance costs (excludes accretion)       22        52        92       108 
  Impairment charges (note 9B)            152        19       274        23 
  Income tax expense (note 11)            438       654     1,278     1,698 
  Increase in inventory                  (282)     (199)     (615)     (455)
  Proceeds from settlement of                                               
   Australian dollar hedge contracts      465         -       465         - 
  (Gain) loss on non-hedge                                                  
   derivatives                             75       (32)       75        (8)
  (Gain) on sale of long-lived                                              
   assets/investments                       2       (69)      (18)     (225)
  Other (note 12A)                         81       243      (120)      (45)
----------------------------------------------------------------------------
Operating cash flows before interest                                        
 and income taxes                       1,988     2,427     5,057     5,691 
Interest paid                              (6)      (55)      (73)     (106)
Income taxes paid                        (250)     (470)   (1,217)   (1,494)
----------------------------------------------------------------------------
Net cash provided by operating                                              
 activities                             1,732     1,902     3,767     4,091 
----------------------------------------------------------------------------
INVESTING ACTIVITIES                                                        
Property, plant and equipment                                               
    Capital expenditures (note 4)      (1,561)   (1,514)   (4,458)   (3,653)
    Sales proceeds                          5        15        14        48 
Acquisitions (note 3)                       -      (337)      (15)   (7,677)
Investments                                                                 
    Purchases                               -       (63)        -       (72)
    Sales                                   2         9       169        80 
Other investing activities (note                                            
 12B)                                     (52)      (21)     (212)     (158)
----------------------------------------------------------------------------
Net cash used in investing                                                  
 activities                            (1,606)   (1,911)   (4,502)  (11,432)
----------------------------------------------------------------------------
FINANCING ACTIVITIES                                                        
Proceeds on exercise of stock                                               
 options                                    1        10         6        41 
Long-term debt                                                              
    Proceeds                                -         -     2,000     6,659 
    Repayments                              -       (16)   (1,446)     (365)
Dividends                                (200)     (119)     (550)     (359)
Funding from non-controlling                                                
 interests                                132       119       390       298 
Deposit on silver sale agreement          137       138       137       138 
Other financing activities (note                                            
 12C)                                       -        (2)      (25)      (67)
----------------------------------------------------------------------------
Net cash provided by (used in)                                              
 financing activities                      70       130       512     6,345 
----------------------------------------------------------------------------
Effect of exchange rate changes on                                          
 cash and equivalents                       4       (19)        8        (7)
----------------------------------------------------------------------------
Net increase (decrease) in cash and                                         
 equivalents                              200       102      (215)   (1,003)
Cash and equivalents at beginning of                                        
 period (note 17A)                      2,330     2,863     2,745     3,968 
----------------------------------------------------------------------------
Cash and equivalents at end of                                              
 period (note 17A)                   $  2,530  $  2,965  $  2,530  $  2,965 
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Third Quarter Report 2012 available on our website are an  
integral part of these consolidated financial statements.                   
                                                                            
                                                                            
Consolidated Balance Sheets                                                 
                                                                            
Barrick Gold Corporation                                                    
(in millions of United States dollars)                   As at         As at
 (Unaudited)                                     September 30,  December 31,
----------------------------------------------------------------------------
                                                          2012          2011
----------------------------------------------------------------------------
ASSETS                                                                      
Current assets                                                              
  Cash and equivalents (note 17A)                    $   2,530     $   2,745
  Accounts receivable                                      361           426
  Inventories (note 14)                                  2,851         2,498
  Other current assets                                     632           876
----------------------------------------------------------------------------
Total current assets                                     6,374         6,545
                                                                            
Non-current assets                                                          
  Equity in investees (note 13)                            255           440
  Other investments                                         98           161
  Property, plant and equipment (note 15)               32,412        28,979
  Goodwill (note 16)                                     9,629         9,626
  Intangible assets                                        453           569
  Deferred income tax assets                               378           409
  Non-current portion of inventory (note 14)             1,553         1,153
  Other assets                                             932         1,002
----------------------------------------------------------------------------
Total assets                                         $  52,084     $  48,884
----------------------------------------------------------------------------
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
  Accounts payable                                       2,260         2,083
  Debt (note 17B)                                        1,299           196
  Current income tax liabilities                           148           306
  Other current liabilities                                257           326
----------------------------------------------------------------------------
Total current liabilities                                3,964         2,911
                                                                            
Non-current liabilities                                                     
  Debt (note 17B)                                       12,642        13,173
  Provisions (note 19)                                   2,522         2,326
  Deferred income tax liabilities                        4,299         4,231
  Other liabilities (note 18)                              907           689
----------------------------------------------------------------------------
Total liabilities                                       24,334        23,330
----------------------------------------------------------------------------
Equity                                                                      
  Capital stock (note 20)                               17,911        17,892
  Retained earnings                                      6,409         4,562
  Accumulated other comprehensive income                   538           595
  Other                                                    314           314
----------------------------------------------------------------------------
Total equity attributable to Barrick Gold                                   
 Corporation shareholders                               25,172        23,363
  Non-controlling interests (note 21)                    2,578         2,191
----------------------------------------------------------------------------
Total equity                                            27,750        25,554
----------------------------------------------------------------------------
Contingencies and commitments (notes 14, 15 and                             
 22)                                                                        
----------------------------------------------------------------------------
Total liabilities and equity                         $  52,084     $  48,884
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Third Quarter Report 2012 available on our website are an  
integral part of these consolidated financial statements.                   
                                                                            
                                                                            
Consolidated Statements of Changes in Equity                                
                                                                            
                                        ------------------------------------
                                          Attributable to equity holders of 
Barrick Gold Corporation                             the company            
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
                                                                Accumulated 
(in millions of                   Common                              other 
United States                 Shares (in   Capital  Retained  comprehensive 
dollars) (Unaudited)          thousands)     stock  earnings         income 
----------------------------------------------------------------------------
At January 1, 2012             1,000,423 $  17,892 $   4,562  $         595 
----------------------------------------------------------------------------
 Net income                            -         -     2,397              - 
 Total other comprehensive                                                  
  income (loss)                        -         -         -            (57)
----------------------------------------------------------------------------
 Total comprehensive income            -         -     2,397            (57)
----------------------------------------------------------------------------
 Transactions with owners                                                   
  Dividends                            -         -      (550)             - 
  Issued on exercise of                                                     
   stock options                     204         6         -              - 
  Recognition of stock                                                      
   option expense                      -        13         -              - 
  Funding from non-                                                         
   controlling interests               -         -         -              - 
  Other decrease in non-                                                    
   controlling interests               -         -         -              - 
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                             204        19      (550)             - 
----------------------------------------------------------------------------
At September 30, 2012          1,000,627 $  17,911 $   6,409  $         538 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
At January 1, 2011               998,500 $  17,820 $     609  $         729 
----------------------------------------------------------------------------
 Net income                            -         -     3,525              - 
 Total other comprehensive                                                  
  income                               -         -         -           (316)
----------------------------------------------------------------------------
 Total comprehensive income            -         -     3,525           (316)
----------------------------------------------------------------------------
 Transactions with owners                                                   
  Dividends                            -         -      (359)             - 
  Issued on exercise of                                                     
   stock options                   1,295        41         -              - 
  Recognition of stock                                                      
   option expense                      -        12         -              - 
  Funding from non-                                                         
   controlling interests               -         -         -              - 
  Other increase in non-                                                    
   controlling interests               -         -         -              - 
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                           1,295        53      (359)             - 
----------------------------------------------------------------------------
At September 30, 2011            999,795 $  17,873 $   3,775  $         413 
----------------------------------------------------------------------------

Consolidated Statements of Changes in Equity                                
                                                                            
                            ------------------------                        
                             Attributable to equity                         
Barrick Gold Corporation     holders of the company                         
----------------------------------------------------                        
                                                                            
                                                                            
                                                                            
                                       Total equity                         
(in millions of                        attributable         Non-            
United States                   Other            to  controlling      Total 
dollars) (Unaudited)              (1)  shareholders    interests     equity 
----------------------------------------------------------------------------
At January 1, 2012           $    314 $      23,363 $      2,191  $  25,554 
----------------------------------------------------------------------------
 Net income                         -         2,397           18      2,415 
 Total other comprehensive                                                  
  income (loss)                     -           (57)           -        (57)
----------------------------------------------------------------------------
 Total comprehensive income         -         2,340           18      2,358 
----------------------------------------------------------------------------
 Transactions with owners                                                   
  Dividends                         -          (550)           -       (550)
  Issued on exercise of                                                     
   stock options                    -             6            -          6 
  Recognition of stock                                                      
   option expense                   -            13            -         13 
  Funding from non-                                                         
   controlling interests            -             -          390        390 
  Other decrease in non-                                                    
   controlling interests            -             -          (21)       (21)
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                            -          (531)         369       (162)
----------------------------------------------------------------------------
At September 30, 2012        $    314 $      25,172 $      2,578  $  27,750 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
At January 1, 2011           $    314 $      19,472 $      1,745  $  21,217 
----------------------------------------------------------------------------
 Net income                         -         3,525           53      3,578 
 Total other comprehensive                                                  
  income                            -          (316)           -       (316)
----------------------------------------------------------------------------
 Total comprehensive income         -         3,209           53      3,262 
----------------------------------------------------------------------------
 Transactions with owners                                                   
  Dividends                         -          (359)           -       (359)
  Issued on exercise of                                                     
   stock options                    -            41            -         41 
  Recognition of stock                                                      
   option expense                   -            12            -         12 
  Funding from non-                                                         
   controlling interests            -             -          298        298 
  Other increase in non-                                                    
   controlling interests            -             -           (7)        (7)
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                            -          (306)         291        (15)
----------------------------------------------------------------------------
At September 30, 2011        $    314 $      22,375 $      2,089  $  24,464 
----------------------------------------------------------------------------
                                                                            
(1) Includes additional paid-in capital as at September 30, 2012: $276      
million (December 31, 2011: $276 million; September 30, 2011: $276 million) 
and convertible borrowings - equity component as at September 30, 2012: $38 
million (December 31, 2011: $38 million; September 30, 2011: $38 million).  
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Third Quarter Report 2012 available on our website are an  
integral part of these consolidated financial statements.                   
                                                                            
                                                                            
CORPORATE OFFICE                       TRANSFER AGENTS AND REGISTRARS       
Barrick Gold Corporation               CIBC Mellon Trust Company            
Brookfield Place, TD Canada Trust      c/o Canadian Stock Transfer Company  
Tower                                  Inc.,                                
Suite 3700                             as administrative agent              
161 Bay Street, P.O. Box 212           P.O. Box 700, Postal Station B       
Toronto, Canada M5J 2S1                Montreal, Quebec, Canada H3B 3K3     
Tel: (416) 861-9911                    or American Stock Transfer           
Fax: (416) 861-0727                    & Trust Company, LLC                 
Toll-free throughout North America:    6201 - 15 Avenue                     
1-800-720-7415                         Brooklyn, NY 11219                   
Email: investor@barrick.com            Tel: (416) 682-3860                  
Website: www.barrick.com               Fax: (514) 985-8843                  
                                       Toll-free throughout North America:  
                                       Tel: 1-800-387-0825                  
SHARES LISTED                          Fax: 1-888-249-6189                  
ABX - The New York Stock Exchange      Email: inquiries@canstockta.com      
The Toronto Stock Exchange             Website: www.canstockta.com          


    CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

    Certain information contained or incorporated by reference in this Third
Quarter Report 2012, including any information as to our strategy,
projects, plans or future financial or operating performance, constitutes
"forward-looking statements". All statements, other than statements of
historical fact, are forward-looking statements. The words "believe",
"expect", "anticipate", "contemplate", "target", "plan", "intend",
"continue", "budget", "estimate", "may", "will", "schedule" 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 the company, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause
actual results to differ materially from those projected in the
forward-looking statements. Such factors include, but are not limited to:
fluctuations in the spot and forward price of gold and copper or certain
other commodities (such as silver, diesel fuel and electricity);
diminishing quantities or grades of reserves; the impact of inflation;
changes in national and local government legislation, taxation, controls,
regulations, expropriation or nationalization of property and political
or economic developments in Canada, the United States and other
jurisdictions in which the company does or may carry on business in the
future; the impact of global liquidity and credit availability on the
timing of cash flows and the values of assets and liabilities based on
projected future cash flows; 
fluctuations in the currency markets; changes in U.S. dollar interest
rates; risks arising from holding derivative instruments; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances; business
opportunities that may be presented to, or pursued by, the company; the
ability of the company to successfully integrate acquisitions or complete
divestitures; operating or technical difficulties in connection with
mining or development activities; employee relations; availability and
increased costs associated with mining inputs and labor; increased costs
and technical challenges associated with the construction of capital
projects; litigation; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses and
permits; adverse changes in our credit rating; contests over title to
properties, particularly title to undeveloped properties; and the
organization of our previously held African gold operations and
properties under a separate listed company. In addition, there are risks
and hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion or copper cathode losses (and the risk of
inadequate insurance, or inability to obtain insurance, to cover these
risks). Many of these uncertainties and contingencies can affect our
actual results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made by, or
on behalf of, us. Readers are cautioned that forward-looking statements
are not guarantees of future performance. All of the forward-looking
statements made in this Third Quarter Report 2012 are qualified by these
cautionary statements. Specific reference is made to the most recent Form
40-F/Annual Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a discussion of some of the factors
underlying forward-looking statements.

    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.

Contacts:
INVESTOR CONTACT: Greg Panagos
Senior Vice President
Investor Relations and Communications
(416) 309-2943
gpanagos@barrick.com

MEDIA CONTACT: Andy Lloyd
Director, Media Relations
(416) 307-7414
alloyd@barrick.com

Copyright 2012, Market Wire, All rights reserved.

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