ABX.TO · 2010-04-01

Dear Sirs/Mesdames: Year End Report 2009 Press Release

Financials

April 1, 2010

BY SEDAR

Dear Sirs/Mesdames:

Year End Report 2009 Press Release

On February 18, 2010, Barrick Gold Corporation ("Barrick") issued a press release entitled “Year End Report 2009”. Subsequent to the issue of such press release, Barrick noted that, due to a typographical error, information in respect of the 2008 resources for the Goldstrike Property had been presented incorrectly in the table entitled “Summary Gold Mineral Reserves and Mineral Resources”. A corrected version of the 2009 Year End Report press release is attached hereto. Please contact Barrick’s Investor Relations department with any questions you may have.

Yours very truly,

BARRICK GOLD CORPORATION

FOURTH QUARTER AND YEAR-END REPORT 2009 For a full explanation of results, the Financial Statements and Management Discussion & Analysis, 2010 Outlook, FEBRUARY 18, 2010 mine statistics and gold reserves and resources please Based on US GAAP and expressed in US dollars see the Company’s website, www.barrick.com.

Barrick Reports Q4 2009 Financial and Operating Results

Highlights

• Adjusted Q4 net income rose 118% to a record $604 million ($0.61 per share)1 from $277 million ($0.32 per share) in Q4 2008. Adjusted operating cash flow rose 110% to a record $921 million1 from $439 million in the same prior year period. • Reported Q4 net income of $215 million ($0.22 per share) reflects a $241 million ($0.24 per share) mark-to-market (MTM) charge mainly related to the previously announced elimination of the Gold Hedges2, non-cash impairment charges of $102 million ($0.10 per share) and a $59 million ($0.06 per share) reduction in deferred tax assets resulting from a reduction in the Ontario corporate tax rate. Reported Q4 operating cash flow was negative $4.30 billion, primarily reflecting the $5.22 billion cash settlement related to the Gold Sales Contracts2. • Barrick now provides investors full leverage to the gold price on the industry’s largest unhedged production and reserves. The Company grew gold reserves for the fourth consecutive year to 139.8 million ounces3. • Q4 production was 1.90 million ounces at total cash costs of $474 per ounce or net cash costs of $321 per ounce1. Full year gold production of 7.42 million ounces at total cash costs of $466 per ounce or net cash costs of $363 per ounce was within original guidance and continued Barrick’s strong track record of meeting its operating targets. • The Pueblo Viejo and Pascua-Lama projects remain on schedule and in line with their capital budgets. • Today Barrick announced the creation of African Barrick Gold (ABG), a new company whose equity it will seek to list with the United Kingdom Listing Authority and to admit to trading on the London Stock Exchange. ABG will hold Barrick’s African gold mines and exploration properties. African Barrick Gold will offer approximately 25% of its equity in an initial public offering (IPO) and Barrick will retain the remaining interest. • Barrick has agreed to acquire an additional 25% interest in the Cerro Casale project in Chile from Kinross Gold Corporation for consideration of $475 million comprised of $455 million cash and the elimination of a $20 million contingent obligation which was payable by Kinross to Barrick on a production decision, thereby increasing the Company’s interest in Cerro Casale to 75% and gaining control of the project. • The feasibility study optimization work at Cerro Casale has been completed. Pre-production capital is expected to be about $4.2 billion (100% basis). Barrick’s 75% share of average annual production is anticipated to be about 750,000- 825,000 ounces of gold and 170-190 million pounds of copper in its first full five years of operation at total cash costs of about $240-$260 per ounce4. On a life of mine basis, the Company’s share of average annual production is anticipated to be about 600,000-650,000 ounces of gold and about 170-190 million pounds of copper at total cash costs of about $140-$160 per ounce. • Barrick’s production is expected to increase to 7.6-8.0 million ounces in 2010, net of the African Barrick Gold IPO, at lower total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce5. This assumes no operational disruption at Cortez Hills and that Barrick’s motion for a limited preliminary injunction of activities is accepted.

1 Adjusted net income, adjusted operating cash flow, total cash costs per ounce, net cash costs per ounce are non-GAAP financial measures. See pages 60-65 of Barrick’s 2009 Year-End Report.

2 The Gold Hedges are fixed price (non-participating) gold contracts and the Floating Contracts are floating spot-price (fully-participating) gold contracts. The Gold Hedges with the Floating Contracts comprise the Gold Sales Contracts. 3 Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Cerro Casale is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 126-131 of Barrick’s 2009 Year-End Report.

4 Based on gold price, copper price, and oil price assumptions of $950 per ounce, $2.50 per pound and $75 per barrel, respectively, and assuming a Chilean peso foreign exchange rate of 525:1.

5 Based on a copper price assumption of $2.75 per pound.

BARRICK FOURTH QUARTER AND YEAR-END 2009 1 PRESS RELEASE

Q4 production was 1.90 million ounces of gold at significant low cost production for many years to total cash costs of $474 per ounce or net cash come. We also grew the industry’s largest reserves which are now 100% unhedged with the elimination costs of $321 per ounce. Full year production of 7.42 million ounces at total cash costs of $466 per of our Gold Hedges in the last quarter, ahead of the ounce or net cash costs of $363 per ounce was schedule we set for ourselves. Throughout, we within original guidance. The realized gold price for remained committed to strive toward the highest the quarter was a record $1,119 per ounce⁶ and social responsibility standards as evidenced by the Company’s renewed listing on the Dow Jones compares to the average spot price of $1,100 per ounce. Cash margins increased to about 58% or Sustainability Index.”

$645 per ounce⁶ from approximately 42% or $338 per ounce in the same prior year quarter. Net cash ELIMINATION OF GOLD HEDGES margins increased to about 71% or $798 per During the quarter, Barrick completed the ounce⁶ from approximately 53% or $427 per ounce elimination of its Gold Hedges based on an in Q4 2008. increasingly positive outlook for gold, using net Q4 adjusted net income rose 118% to a record proceeds from the equity and long-term debt $604 million ($0.61 per share) and reflects higher offerings. The Company now has full leverage to gold and copper margins and higher copper sales, the gold price on the industry’s largest gold partly offset by lower gold sales, compared to production and reserves. The Floating Contracts² adjusted net income of $277 million ($0.32 per obligation has been reduced to $0.7 billion. This share) in Q4 2008. Reported Q4 net income of $215 obligation is similar to a US dollar floating rate million ($0.22 per share) includes a $241 million long-term obligation and has primarily 10 year ($0.24 per share) MTM charge mainly related to the terms with commercial banks at an average previously announced elimination of the Gold financing charge of between 2% and 3%. No Hedges, non-cash impairment charges of $102 activity in the gold market is required to settle the million ($0.10 per share) and a $59 million ($0.06 obligation and the Company fully participates in per share) reduction in deferred tax assets any movements in the gold price.

resulting from a reduction in the Ontario corporate In the last two years, Barrick has eliminated its tax rate. Q4 adjusted operating cash flow legacy project Gold Hedge position of 9.5 million increased by 110% to a record $921 million ounces at a weighted average gold price of reflecting the higher adjusted net income. approximately $930 per ounce, by either settling Reported Q4 operating cash flow was negative its fixed price contracts or by converting fixed price $4.30 billion reflecting the $5.22 billion cash contracts into Floating Contracts.

settlement related to the Gold Sales Contracts.

“In addition to meeting our operating targets, PRODUCTION AND COSTS we achieved a number of significant milestones The North America region performed ahead of which have enhanced the value proposition of expectations, producing 0.60 million ounces at Barrick,” said Aaron Regent, Barrick’s President total cash costs of $523 per ounce in Q4. As and CEO. “We delivered the Buzwagi mine on time disclosed previously, the Goldstrike mine is in a and on budget and with planned new low cost waste stripping phase, which is anticipated to be production from Cortez Hills starting in Q1, we completed by mid-2010. The mine produced 0.21 expect higher production and lower cash costs in million ounces at total cash costs of $528 per 2010. We moved Pascua-Lama into construction ounce. Cortez contributed production of 0.17 and significantly advanced Pueblo Viejo and both million ounces at total cash costs of $382 per are progressing in line with expectations. All of ounce. Higher production as a result of higher these projects are anticipated to contribute grades is expected from the Cortez property once Cortez Hills is in operation.

6 Realized price, cash margins, net cash margins are non-GAAP financial measures. See pages 60-65 of Barrick’s 2009 Year-End Report.

BARRICK FOURTH QUARTER AND YEAR-END 2009 2 PRESS RELEASE

The South American business unit produced put in place floor protection on approximately 80% 0.54 million ounces at total cash costs of $253 per of its copper production for 2010 at an average ounce in Q4. The Lagunas Norte mine produced price of $2.19 per pound but can fully participate in 0.21 million ounces at total cash costs of $164 per copper price upside on approximately 100% of 2010 ounce on lower grades, which are expected to production up to a maximum average price of $3.63 continue into 2010. Despite lower grades, Lagunas per pound.

Norte is expected to deliver another strong performance in 2010 with expected production of PROJECTS UPDATE 0.82-0.85 million ounces at total cash costs of Barrick’s three advanced projects remain on $180-$200 per ounce. As anticipated, the Veladero schedule and in line with their capital budgets. mine had a strong quarter with production of 0.28 They begin contributing significant low cost million ounces at total cash costs of $296 per production starting with Cortez Hills, which is ounce due to access to higher grades from both the essentially complete and in the final stages of Amable and Federico pits and the completion of the commissioning. The project is anticipated to be crusher expansion in Q3, which is expected to completed in line with its $500 million preincrease throughput from 50,000-85,000 tons per production capital budget and is expected to day. Production at Veladero is expected to become the seventh mine in five years which increase to 1.09-1.16 million ounces at total cash Barrick has delivered on time. The entire Cortez costs of $270-$310 per ounce in 2010 as a result of property is expected to produce 1.08-1.12 million this higher expected throughput and higher grades. ounces at total cash costs of $295-$315 per ounce Successful in-fill drilling results at the Pierina mine in 2010, subject to Cortez Hills being allowed to have extended its expected life through to mid- operate consistent with Barrick’s motion for a 2013. limited preliminary injunction of activities, currently The Australia Pacific business unit contributed before the US District Court⁷.

production of 0.54 million ounces at total cash The Pueblo Viejo project in the Dominican costs of $607 per ounce in Q4. Performance at Republic is advancing on schedule with initial Porgera of 0.15 million ounces at total cash costs of production anticipated in the fourth quarter of 2011. $532 per ounce was impacted by power supply The majority of site preparation earthworks has issues in December which have since been resolved. been completed, about 44,000 cubic meters of Q4 production from the African business unit concrete poured and 1,500 tons of steel has been was 0.21 million ounces at total cash costs of $617 erected. As a result of a plan to accelerate the per ounce. Higher production and lower cash costs previously phased expansion of the processing as compared to the prior year quarter were due to plant from 18,000-24,000 tonnes per day and the new Buzwagi mine, which produced 66,000 other updates to the mine plan, Barrick’s 60% ounces at total cash costs of $511 per ounce. By the share of annual gold production in its first full five end of the quarter, the mine had successfully years of operation is now expected to increase to ramped up and is expected to produce 0.24-0.26 an average of 625,000-675,000 ounces, up from million ounces to Barrick’s account at total cash 600,000-650,000 ounces, at lower total cash costs costs of $310-$350 per ounce in 2010. of $250-$275 per ounce⁸ compared to $275-$300 Q4 copper production was 98 million pounds at per ounce. The project continues to track within its lower than expected total cash costs of $1.08 per budget estimate, but as a result of the plan to pound, driven by a higher relative contribution from accelerate the expansion in processing capacity, the lower cost Zaldívar operation in South America. the previously disclosed expansion capital of $0.3 The Company benefited from its copper hedge 7 In December 2009, the appeal of the denial of a preliminary injunction sought by certain opponents of the position, realizing $3.44 per pound, $0.43 per Cortez Hills Project was denied in part and granted in part. As a result, the Company has sought a limited injunction that would restrict groundwater pumping to current levels and enjoin trucking of refractory ore pound higher than the average spot price in Q4. (representing approximately 3% of the ore) to Goldstrike pending completion of a supplemental EIS. The plaintiffs have sought a broader injunction that would enjoin further construction and operation of the Utilizing option collar strategies, the Company has Project pending completion of the supplemental EIS.

8 Based on gold price and oil price assumptions of $950 per ounce and $75 per barrel, respectively.

BARRICK FOURTH QUARTER AND YEAR-END 2009 3 PRESS RELEASE

billion will be brought forward such that pre- metallurgical recoveries and cost efficiencies as a production capital is expected to be about $3.0 result of the change to High Pressure Grinding billion (100% basis). Barrick has continued to grow Rolls. The next step is to review additional permit the reserves at Pueblo Viejo. Since acquiring the requirements before considering a construction project with the Placer Dome acquisition, reserves decision.

have increased approximately 77% or 10.3 million Barrick has agreed to acquire an additional ounces to 23.7 million ounces³ (100% basis), 25% interest in the Cerro Casale project in Chile resulting in an expected mine life of over 25 years. from Kinross Gold Corporation for consideration of At the Pascua-Lama project on the border of $475 million comprised of $455 million cash and Chile and Argentina, detailed engineering is about the elimination of a $20 million contingent 90% complete. Major earthworks on the Chilean obligation which was payable by Kinross to Barrick side are advancing, the portal for the tunnel which on a production decision, thereby increasing the provides access for the shipment of ore between Company’s interest in the project to 75%. Cerro Chile and Argentina has been established, and the Casale is one of the world’s largest undeveloped Barrealis camp has been progressing well with gold-copper deposits, with gold reserves of 23.2 about 540 people currently on site. In Argentina, million ounces and 5.8 billion pounds of copper in contractors for early earthworks site preparation gold reserves³ (100% basis) providing for an have mobilized to site. Over 25% of the capital has expected mine life of about 20 years. The project is been committed, securing the mining fleet, located in the Maricunga district of Region III in processing mills, camp accommodation and Chile, 130 kilometers north of the Pascua-Lama earthworks contractors. The project remains in line project. Its proximity to Pascua-Lama is expected with its pre-production capital budget of $2.8-$3.0 to provide opportunities for construction and billion and is on schedule to enter production in the operating synergies. Upon completion of the first quarter of 2013. Average annual gold transaction with Kinross Gold, Barrick’s 75% share production is expected to be 750,000–800,000 of average annual production is anticipated to be ounces in its first full five years of operation at about 750,000-825,000 ounces of gold and 170total cash costs of $20-$50 per ounce⁹ assuming a 190 million pounds of copper in its first full five silver price of $12 per ounce. For every $1 per years of operation at total cash costs of about ounce increase in the silver price, total cash costs $240-$260 per ounce assuming a copper price of are expected to decrease by about $35 per ounce $2.50 per pound. A $0.25 per pound change in the over this period. copper price would result in an approximate $50 The feasibility study optimization work at per ounce impact on the expected total cash cost Cerro Casale has been completed. Pre-production per ounce over this period. On a life of mine basis, capital is expected to be about $4.2 billion (100% the Company’s share of average annual production basis) with a construction period of approximately is anticipated to be about 600,000-650,000 3 years following the receipt of key permits. Pre- ounces of gold and about 170-190 million pounds of production capital is higher than indicated in the copper at total cash costs of about $140-$160 per pre-feasibility study due to additional expected ounce.

expenditures related to increased processing Barrick’s agreement to purchase a 70% capacity, a change from SAG milling to High interest in the El Morro project from Xstrata Pressure Grinding Rolls, and an increase in the Copper Chile S.A. was not completed in the first Chilean peso foreign exchange rate. Total cash quarter of 2010, as anticipated. Rather, Xstrata costs are expected to be lower than the refused to convey the interest to Barrick, asserting prefeasibility study indicated as a result of further that it was obliged to sell the El Morro interest to optimization of the mine plan, improved New Gold Inc., which apparently had previously agreed to acquire the interest from Xstrata as a proxy for the benefit of Goldcorp. Barrick disputes 9 Total cash costs are calculated net of silver credits assuming silver, gold, and oil prices of $12 per ounce, $950 per ounce, $75 per barrel, respectively.

BARRICK FOURTH QUARTER AND YEAR-END 2009 4 PRESS RELEASE

that Xstrata or New Gold could properly sell the seek to list with the United Kingdom Listing interest to Goldcorp and has filed an action in Authority and to admit to trading on the London Ontario involving New Gold, Goldcorp and Xstrata in Stock Exchange, subject to market conditions. ABG order to protect its rights under an October 2009 also intends to seek a future listing on the Dar es Sale Agreement with Xstrata. Barrick intends to Salaam Stock Exchange in Tanzania. In each case, vigorously pursue its claims and expects that the the new listing will be subject to ABG fulfilling all of Ontario courts will ultimately respect Barrick’s the listing requirements of the London Stock rights notwithstanding the disputed Xstrata- Exchange and the Dar es Salaam Stock Exchange as Goldcorp transaction. applicable. African Barrick Gold will hold Barrick’s African gold mines and exploration properties. ABG RESERVES AND RESOURCES will offer approximately 25%¹² of its equity in an At year-end 2009, the Company grew the industry’s IPO and Barrick will retain the remaining interest. largest unhedged proven and probable reserve base The pricing and terms are yet to be determined; for the fourth consecutive year to 139.8 million however, the offering is expected to be priced in ounces, based on an $825 per ounce gold price¹⁰. late March, with closing expected to occur by the Measured and indicated resources are 61.8 end of March. ABG is expected to have an initial million ounces and inferred resources are 31.6 cash balance of $0.28 billion and the net offering million ounces³, based on a $900 per ounce gold proceeds will be paid to Barrick. This return of price. capital to Barrick is expected to provide increased The exploration¹¹ budget of $170-$180 million financial capacity to fund the Company’s pipeline of for 2010 is weighted towards near-term resource development projects.

additions and conversion at our existing mines African Barrick Gold is expected to produce while still providing support for earlier stage approximately 800,000-850,000 ounces in 2010 exploration in our operating districts. North and had total reserves of 16.8 million ounces³ America is expected to be allocated about 44% of (100% basis) as of December 31, 2009. "As an the total budget, with 38% of the total budget Africa-focused public company, we believe that the targeted for Nevada. About 35% is expected to be new company will be better positioned to generate spent in the Australia Pacific region, including shareholder value from its operating platform. Papua New Guinea, which is expected to provide African Barrick Gold’s range of growth options and future growth opportunities. Approximately 10% is ability to finance those options will be expanded to be targeted for the South America region with and the intensity with which these options will be the remainder divided between Africa and other pursued will be improved and will be driven by an emerging areas. In addition, the Company expects incentivized management team, guided by an $210-$230 million in project expenses, which are experienced Board of Directors. In addition, we primarily attributable to the expected completion of expect that listing on the Dar es Salaam Stock feasibility studies as well as the cost of studies to Exchange will enhance the profile of the new evaluate additional reserve and resource potential company in Tanzania and allow for local at Cortez Hills and project feasibility studies at participation in this national champion." said Lagunas Norte. Barrick’s President and CEO, Aaron Regent.

CORPORATE DEVELOPMENT FINANCIAL POSITION Barrick announced today the creation of African At December 31, 2009, Barrick had the gold Barrick Gold, a new company whose equity it will industry’s highest credit rating, a cash balance of $2.6 billion, a $1.5 billion undrawn credit facility, 10 Proven and probable reserves at Cerro Casale and Round Mountain are calculated assuming a gold price of $800 per ounce. and a net debt to total capitalization ratio of 11 Barrick’s exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior Vice President, Global Exploration of Barrick. For information on the geology, exploration activities generally, and drilling and analysis procedures on Barrick’s material properties, see Barrick’s most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the 12 If the overallotment option is exercised in full, additional equity will be offered leaving Barrick with a U.S. Securities and Exchange Commission. 72.5% interest in ABG.

BARRICK FOURTH QUARTER AND YEAR-END 2009 5 PRESS RELEASE

be in a similar range to 2010 at slightly higher total approximately 0.18. The Company is positioned to cash costs after factoring in inflation. Subsequent generate significant operating cash flow in 2010 in to 2011, total cash costs are expected to benefit what we expect to be a positive gold price from lower cost projects, primarily Pascua-Lama environment.

and Pueblo Viejo, as these come on stream. Copper production for 2010 is expected to be OUTLOOK AND GUIDANCE 340-365 million pounds at total cash costs of $1.10- The Company expects 2010 gold production to $1.20 per pound. Lower copper production and increase to about 7.6-8.0 million ounces, net of the lower total cash costs reflect the planned African Barrick Gold IPO, at lower total cash costs divestiture of the Osborne mine in the second half of $425-$455 per ounce or lower net cash costs of of 2010. Accordingly, copper production and $345-$375 per ounce. In the event that the District copper sales are expected to be weighted to the Court issues a decision that differs substantially first half of 2010.

from Barrick’s motion for a tailored injunction of Project capital expenditures for 2010 are activities at Cortez Hills, the Company will reexpected to be in the range of $1.6-$1.8 billion¹³ evaluate operating guidance for 2010. Higher mainly due to the accelerated construction production and lower cash cost guidance for 2010, activities at Pueblo Viejo and Pascua-Lama. Mine as compared to 2009, primarily reflects new low site expansion capital is anticipated to be $225cost production from the start-up of Cortez Hills, $275 million. Sustaining capital expenditures for higher production and lower costs from Veladero as the mine sites, regions and corporate are expected a result of higher grades and increased throughput to be $1.0-$1.2 billion.

from the crusher expansion and a full year of production from the new Buzwagi mine. Production

* * *

is weighted toward the second half of 2010 as Barrick’s vision is to be the world’s best gold Cortez Hills ramps up and Goldstrike completes its company by finding, acquiring, developing and waste-stripping phase. Total cash costs are producing quality reserves in a safe, profitable and expected to be correspondingly lower in the second socially responsible manner. Barrick’s shares are half of the year. Production for 2011 is expected to traded on the Toronto and New York stock exchanges.

Outlook Assumptions and Economic Sensitivity Analysis

2010 Guidance Hypothetical Impact on Assumption Change Total Cash Cost

Gold total cash costs

Gold royalties and production taxes	$ 1,050/oz	$50/oz	$2/oz
Crude oil price*	$ 75/bbl	$10/bbl	$1/oz
Australian dollar exchange rate*	0.90 : 1	10%	-
Argentinean peso exchange rate	4 : 1	10%	$1/oz

Copper total cash costs Crude oil price* $75/bbl $10/bbl $0.01/lb Chilean peso exchange rate 525 : 1 10% $0.01/lb

Due to hedging activities, we are largely protected against changes in these factors.

13 Represents Barrick’s share of expenditures and includes capitalized interest of about $250 million in 2010.

BARRICK FOURTH QUARTER AND YEAR-END 2009 6 PRESS RELEASE

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Production and Cost Summary Gold Production (attributable ounces) (000's) Total Cash Costs (US$/oz)

	Three months ended			Year ended		Three months ended	Year ended
	December 31,			December 31,		December 31,	December 31,
(Unaudited)	2009	2008	2009		2008	2009 2008	2009 2008
North America1	597	946	2,810		3,028	$523 $

483 $ 504 $ 493

South America	542	512	1,889	2,111	253	275	265	251
Australia Pacific	537	532	1,977	1,942	607	610	588	550
Africa	213	115	716	545	617	656	545	560
	9		31		494		494
Other		7		31		410		410
Total	1,898	2,112	7,423	7,657	$474 $

471 $ 466 $ 443

Copper Production (attributable pounds) (Millions) Total Cash Costs (US$/lb)

	Three months ended			Year ended		Three months ended	Year ended
	December 31,			December 31,		December 31,	December 31,
(Unaudited)	2009	2008	2009		2008	2009 2008	2009 2008
South America	75	89	302		295	$

1.03 $ 1.11 $ 1.17 $ 1.08 Australia Pacific 23 20 91 75 1.25 1.43 1.15 1.64 Total 98 109 393 370 $ 1.08 $ 1.16 $ 1.17 $ 1.19

Total Gold Production Costs (US$/oz) Three months ended Year ended December 31, December 31, (Unaudited) 2009 2008 2009 2008 Direct mining costs at market foreign exchange rates $ 462 $ 415 $ 430 $ 441 (Gains) losses realized on currency hedge and commodity hedge/economic hedge

(14) 31 11 (17) contracts

By-product credits	(15)	(6)	(11)	(13)
Copper credits	(153)	(89)	(103)	(106)
Cash operating costs, net basis	280	351	327	305
Royalties	36	24	30	27
Production taxes	5	7	6	5
	321	382	363	337

Net cash costs²

Copper credits	153	89	103	106
Total cash costs2	474	471	466	443
Amortization	119	104	117	109
Unrealized losses (gains) on non-hedge currency and commodity contracts	(1)	8	(1)	2
Inventory purchase accounting adjustments and other	4	3	3	4

Total production costs $ 596 $ 586 $ 585 $ 558

Total Copper Production Costs (US$/lb) Three months ended Year ended December 31, December 31, (Unaudited) 2009 2008 2009 2008 Cash operating costs $ 1.07 $ 1.15 $ 1.16 $ 1.17 Royalties 0.01 0.01 0.01 0.02 Total cash costs² 1.08 1.16 1.17 1.19 Amortization 0.19 0.25 0.20 0.33 Total production costs $ 1.27 $ 1.41 $ 1.37 $ 1.52 1 Barrick's share of Cortez production and total cash costs increased to 100% effective March 1, 2008. Barrick's share of Storm production and total cash costs increased to 100% effective October 1, 2008. Production includes an additional 50% interest in Hemlo from January 1, 2009 onwards and Barrick's share of Hemlo total cash costs increased to 100% effective May 1, 2009.

2 Total cash costs and net cash costs are non-GAAP financial performance measures with no standard meaning under US GAAP.

See page 62 of the Company's MD&A.

BARRICK FOURTH QUARTER 2009 8 SUMMARY INFORMATION

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