Underground Mining Breaks Records as Kibali Continues to Deliver
NEWS RELEASE
Underground Mining Breaks Records
as Kibali Continues to Deliver
Kinshasa, Democratic Republic of Congo – October 23, 2019 – Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX)
The underground operation at Kibali Gold Mine set new mining and shaft production records in the third quarter to keep
the Barrick Tier 1 gold mine on track to meet or beat its guidance of 750, 000 ounces for the year 1. Throughput and
recovery for the quarter were at or above the nameplate level.
Briefing local media here today, Barrick president and chief executive Mark Bristow said Kibali – already a world leader
in automation – was taking this to the next level with the commissioning of a Newtrax system which would provide real-
time data collection, enhance predictive maintenance, track and manage the fleet, and implement a digital safety system
with personnel tracking. The mine is also working towards a proof of concept of a highly advanced system which will
allow manned and unmanned operations in the same area.
“In line with our policy of local employment and advancement, we continue to transfer the specialized skills required for
automated mining to our Congolese workforce. The success of this policy is evident in Kibali’s consistently excellent
performance and shows what can be achieved with a world -class asset in a remote and under -developed region of
Africa,” Bristow said.
Positive drill results over the last few years from Ikmava-Kalimva as well as KCD underground are expected to result in
reserve growth net of annual depletion. Ongoing exploration has positioned Kibali for continu ed reserve replacement
for years to come, with further potential open pit extensions in Gorumbwa, Sessenge and the potential KCD super pit,
in addition to the definition of the new KCD underground 11000 Lode.
He noted that Kibali was maintaining its solid health, safety and environmental record despite the size and complexity
of the operation.
“Following the transition of political power in the DRC, which happened peacefully in the face of many challenges, we
plan to engage the new administration in a review of the 2018 mining code. We believe it is still possible to arrive at a
dispensation which is more equitable to the industry,” he said.
Barrick Enquiries
President and chief
executive
Mark Bristow
+1 647 205 7694
+44 788 071 1386
COO, Africa and Middle East
Willem Jacobs
+44 779 557 5271
+243 820 678 040
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION NEWS RELEASE
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Simon Bottoms, CGeol,
MGeol, FGS, MAusIMM, Mineral Resources Manager: Africa and Middle East of Barrick, a “Qualified Person” as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Endnotes
1 100% basis
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to Barrick’s strategy, 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 “continue”, “would”, “will”, “expect”, “believe”, “develop”, “advance”, “enable”, “engage” and similar
expressions identify forward- looking statements. In particular, this press release contains forward-looking statements including,
without limitation, with respect to: 2019 operating performance and production guidance with respect to the Kibali mine; potential
advancements in automation technology and the transfer of related technical skills including the Newtr ax system; value-creating
projects including infrastructure and agribusiness projects; engagement with the government of the Democratic Republic of Congo in
relation to a new mining code introduced last year; and future contributions to the economy of the Democratic Republic of Congo.
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 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 unkno wn 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
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development; changes in mineral production performance, exploitation, and exploration successes; diminishing quantities or gr ades
of reserves; changes in national and local government legislation, taxation, controls, or regul ations and/or changes in the
administration of laws, policies, and practices, expropriation or nationalization of property and political or economic devel opments in
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access to water, power, and other required infrastructure; employee relations including loss of key employees; increased cost s 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 miner al
exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations,
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Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ material ly from
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forward-looking statements, and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking
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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.