Pioneering Mine Closure Project Creates Value While Reducing Environmental Risk
PRESS RELEASE
NYSE : GOLD TSX : ABX
Pioneering Mine Closure Project Creates Value
While Reducing Environmental Risk
Golden Sunlight Mine, Montana, March 22, 2021 – Montana Governor Gianforte and Barrick Gold
Corporation (NYSE:GOLD)(TSX:ABX) president and CEO Mark Bristow have met at the closed Golden
Sunlight mine in Jefferson County to discuss an innovative project that is expected to create 75 or more
jobs and tens of millions of dollars in tax revenue and benefits to the State over the next decade, while
removing a source of potential water pollution from the mine site.
The project involves the reprocessing of ground rock, known as tailings, from which gold was previously
extracted in the Golden Sunlight mills. T he focus will be on removing and concentrating sulfur (iron
pyrite) that will then be sold to and used in gold production by Nevada Gold Mines (NGM), the largest
gold producing complex in the world. Barrick, which owns Golden Sunlight, is also the majority owner
and operator of NGM. The concentrated sulfur is not only valuable, but its removal will also eliminate a
source of potential groundwater contamination. After reprocessing, the remaining benign material will
be backfilled into the Mineral Hill pit.
Governor Gianforte said: “It’s great to see Barrick’s Golden Sunlight mine continue to invest in the
community of southwest Montana. This is the type of investment that is possible when state agencies
provide a stable, predictable regulatory process that companies can rely on - one that benefits the local
environment too.”
Speaking at the meeting, Bristow said the groundbreaking project, which combined rehabilitation with
value creation, would serve as a model for Barrick’s future mine closures.
“It’s very much in line with Barrick’s commitment to sustainability as well as our philosophy of sharing the
economic benefits generated by our mines with stakeholders. Everyone wins: the local community gets
jobs and cleaner water; the state of Montana gets taxes; and Barrick continues to get some revenue from
an operation previously judged to be terminal. We look forward to completing the permitting process this
fall and shipping the first concentrates as early as the end of this year,” he said.
The Golden Sunlight m ine produced more than 3 million ounces of gold during its nearly 40 years of
operation. The mine shut down in 2019 when gold production was no longer economically viable. Public
environmental scoping comments on the project closed on March 12, 2021 and the Montana Department
of Environmental Quality is currently completing its environmental review.
Enquiries:
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
COO North America
Catherine Raw
+1 416 307 5157
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, 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 “expect”,
“reduce”, “focus”, “continue”, “would”, “project”, “goal”, “continue”, “strategy”, “will”, “can” and similar
expressions identify forward-looking statements. In particular, this press release contains forward-looking
statements including, without limitation, with respect to Barrick’s closure strategy for the Golden Sunlight
mine and the plan to create 75 or more jobs and generate tens of millions of dollars in tax revenue over
the next decade, while removing a source of potential water pollution from the mine site and reducing
environmental risk, through the reprocessing of ground rock; the outcome of the ongoing environmental
review of this project; and expected benefits for the local community, the State of Montana, NGM and
other stakeholders.
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 the Company as at the date of this press release in light of management’s experience and
perception of current conditions and expected developments, 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 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 certai n other commodities; risks
associated with projects in the early stages of evaluation and for which additional engineering and other
analysis is required; operating or technical difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the maintenance or provision of required
infrastructure and information technology systems; failure to comply with environmental and health and
safety laws and regulations; changes in national and local government l egislation, taxation, controls or
regulations and/or changes in the administration of laws, policies and practices; expropriation or
nationalization of property and political or economic developments in the United States; timing of receipt
of, or failure to comply with, necessary permits and approvals; risks associated with new diseases,
epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic;
litigation; contests over title to properties, particularly title to undeveloped properties, or over access to
water, power and other required infrastructure; increased costs and physical 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-i ns, flooding and gold bullion, copper
cathode or gold or copper concentrate 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 press release 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 more detailed
discussion of some of the factors underlying forward-looking statements and the risks that may affect
Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this
press release. We disclaim 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.