Strategic Review Confirms and Prioritizes Key Growth Opportunities for Nevada Gold Mines
PRESS RELEASE
NYSE : GOLD TSX : ABX
Strategic Review Confirms and Prioritizes
Key Growth Opportunities for Nevada Gold Mines
Elko, Nevada, March 18, 2021 – An intensive strategic review by executive teams from Barrick Gold
Corporation (NYSE:GOLD)(TSX:ABX) and Nevada Gold Mines (NGM) has confirmed the enormous
geological prospectivity of the NGM properties and outlined the key development projects.
Established in July 2019, the Barrick -operated joint venture is already the world’s single largest gold
mining complex, hosting three of Barrick’s Tier One mines1 and targeting production of between 3.4 and
3.7 million ounces this year2.
Barrick president and chief executive M ark Bristow said unlocking the full potential of the Nevada gold
fields, one of the world’s largest and most prospective gold endowments, had been one of the key drivers
behind the formation of NGM. With the newly integrated operation having met all its key performance
indicators last year, the focus was now shifting to the hunt for new discoveries and resource additions.
“Barrick’s emphasis on agile management and exploration and orebody knowledge was implanted at
NGM and is already delivering results. There are exciting opportunities for major new discoveries in the
area between Turquoise Ridge and Twin Creeks, between Pipeline and Robertson in the Cortez complex,
and in the Carlin Basin south of Gold Quarry. There are also good prospects of near to medi um-term
Life of Mine resource additions at North Leeville, Fourmile 3 and Goldrush, as well as at the R en project
at the Carlin complex,” he said.
Bristow said in addition to building a solid foundation for its 10-year business plan, NGM had also
established itself as a valued partner to its communities, the state of Nevada and its other local
stakeholders, as evidenced by the Covid-19 support it provided.
“NGM is now driving online learning initiatives through partnerships with Nevada’s Department of
Education and Discovery Education, and continues its long -term backing of the Western Shoshone
Scholarship Foundation. As a further demonstration of our commitment to deliver long-lasting economic
benefits to our stakeholders, we have approved an investment in broadband infrastructure for our
surrounding communities. This will complement our support for remote learning, which relies on fast and
reliable internet access, while giving our neighbours a tool that has become essential for almost every
part of their daily lives,” Bristow said.
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
Endnotes
1. A Tier One mine is an asset with a reserve potential to deliver a minimum 10-year life, 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.
2. On a 100% basis.
3. Fourmile is a 100%-owned Barrick asset with potential to be contributed to Nevada Gold Mines upon satisfaction of certain criteria.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference 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 w ords “opportunity”, “build”, “believe”, “expect”, “anticipate”, “vision”, “potential”,
“strategy”, “prospective”, “may”, “will”, “can”, “could”, “would” and similar expressions identify forward-looking statements. In particular,
this press release contains forward-looking statements including, without limitation, with respect to: the geological prospectivity of the
NGM properties and Fourmile Project in Nevada; Barrick’s forward -looking production guidance; mine life and production rates and
potential Life of Mine extensions at NGM; Barrick’s engagement with Nevada’s Department of Education and Discovery Education to
support remote learning through broadband initiatives; our plans and expected benefits of our growth projects; our support for the
Western Shoshone Scholarship Foundation and economic and social development priorities within our host communities in Nevada,
including local hiring, procurement, training and community development initiatives; and expectations regarding future price
assumptions, financial performance and other outlook or guidance.
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 ar e 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; disruption of supply routes which may cause delays
in construction and mining activities at Barrick’s more remote properties; diminishing quantities or grades of reserves; increased costs,
delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical dif ficulties 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 legislation, 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 Nevada, the United
States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; timing of receipt of, or
failure to comply with, necessary permits and approvals; uncertainty whether some or targeted investments and projects will meet the
Company’s capital allocation objectives and internal hurdle rate; risks associated with new diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid- 19 pandemic; damage to the Company’s reputation due to the actual or
perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environm ental
matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with
the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to
complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due
to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped
properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued
by, the Company; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages
and may not mat erialize; whether benefits expected from recent transactions are realized; our ability to successfully integrate
acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee rel ations
including loss of key employees; 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. Barrick also cautions that i ts 2021
guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid- 19. 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 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.