Statement in Relation to African Barrick Gold plc

Tue Jan 8, 2013 2:07am EST

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

TORONTO, ONTARIO, Jan 07 (MARKET WIRE) --
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) today reported that it is no
longer in discussions with China National Gold regarding its holding in
African Barrick Gold plc.

    "These discussions were part of our ongoing efforts to identify
opportunities to optimize our portfolio, however we are approaching this
in a prudent and disciplined manner and will only proceed with
opportunities that generate acceptable value for Barrick," said Jamie
Sokalsky, President and Chief Executive Officer. "African Barrick Gold's
assets hold significant potential, and we will continue to look for ways
to best realize that value for our shareholders."

    Barrick continues to implement a disciplined capital allocation framework
focused on maximizing returns and free cash flow. As part of this
process, the company is evaluating its entire portfolio against these
criteria.

    CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

    Certain information contained in this press release, including any
information as to our strategy or plans and other statements that express
management's expectations, constitute "forward-looking statements". All
statements, other than statements of historical fact, are forward-looking
statements. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Barrick cautions the reader
that such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual performance or
achievements of Barrick to be materially different from the company's
estimated future results, performance or achievements expressed or
implied by those forward-looking statements and the forward-looking
statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to: the
worldwide price of gold and copper or certain other commodities; the
ability of Barrick to complete any proposed transaction on terms
acceptable to it or at all; the impact of global liquidity and credit
availability; legislative, political or economic developments in the
jurisdictions in which Barrick carries on business and, in particular,
Tanzania; the impact of the regulatory environment applicable to any
proposed transaction or to Barrick; the timing of cash flows and the
values of assets and liabilities based on projected future cash flows;
fluctuations in currency markets; acts of war, terrorism, sabotage and
civil disturbances; operating or technical difficulties in connection
with mining or development activities; employee relations; availability
and costs associated with mining inputs and labor; the speculative nature
of exploration and development, including the risks of obtaining
necessary licenses and permits and diminishing quantities or grades of
reserves; changes in costs and estimates associated with our projects;
inflation; contests over title to properties, particularly title to
undeveloped properties; the risks involved in the exploration,
development and mining business. Certain of these factors are discussed
in greater detail in Barrick's most recent Form 40-F/Annual Information
Form on file with the U.S. Securities and Exchange Commission and
Canadian provincial securities regulatory authorities.

    Barrick 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

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