Nevada Gold Mines Exceeded All Expectations in First Year, Says Barrick
NEWS RELEASE
Nevada Gold Mines Exceeded All Expectations in First Year,
Says Barrick
Toronto – July 1, 2020 – Nevada Gold Mines (NGM), established a year ago today, has posted an exceptional
performance in its first 12 months of operation, delivering real value to all its stakeholders, says Mark Bristow,
president and chief executive of Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX). Barrick operates NGM,
the world’s largest gold mining complex, and owns 61.5% of the business, with Newmont Corporation holding
the rest.
In its first year of combined operation, NGM not only met the production and cost targets set out at the start of
the joint venture, but did so despite the past few months of stress experienced as a result of the Covid- 19
pandemic. Bristow said this was a significant achievement, considering that the merger had required the
integration of multiple assets, including three Tier One1 mines into a unified complex under a new leadership
team. At the same time, the company has been working with the State of Nevada and its stakeholders to
provide financial and logistical support to mitigate the i mpact of the pandemic on its employees, local
communities and the State.
“The new team was drawn from both legacy companies. It started with a clean slate in a fit-for-purpose structure,
integrating the two bodies of knowledge to produce new models and fresh opportunities, and introduced a strong
geological focus to the operations. It was the strength of the team and the structure, incidentally, that enabled
NGM to deal so quickly and effectively with the unprecedented threat posed by the pandemic,” he said.
“By removing the fences that had previously separated geologically connected assets, mines and projects that
clearly belonged together could be combined into larger and more efficient operations, with substantial savings
as an immediate benefit. Even more important, this merger has created a platform from where we can see a
bright new future for NGM as the leader of its industry in every respect: truly a case of the best assets and the
best people delivering the best returns.”
Barrick Enquiries
Website: www.barrick.com
Mark Bristow
President and CEO
+1 647 205 7694
+44 788 071 1386
Catherine Raw
COO, North America
+1 416 307 5157
Kathy du Plessis
Investor and media relations
+44 20 7557 7738
Email: [email protected]
BARRICK GOLD CORPORATION NEWS RELEASE
Endnotes
1 A Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces of gold and
total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
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Certain information contained in this press release, including any information as to Barrick’s strategy, emergency response
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 “exceed”, “create”, “future”, “opportunity”, “support”,
“target”, “will”, “achieve” and similar expressions identify forward-looking statements. In particular, this press release contains
forward-looking statements including, without limitation, with respect to the benefits expected to be realized from the Nevada
Gold Mines joint venture, including improved efficiency from integrated operations and cost savings; future production and cost
performance from Nevada Gold Mines; and measures taken by Nevada Gold Mines to mitigate the impact of the Covid-19
pandemic and support its employees, community stakeholders and the State of Nevada.
Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates
and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press
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cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not
be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward
price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature
of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes;
risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is
required; the benefits expected from recent transactions being realized, including Nevada Gold Mines; diminishing quantities or
grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital
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risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs
associated with mining inputs and labor. 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, copper cathode, or gold or copper concentrate losses (and the risk
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Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially
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