Barrick Completes Divestiture of Three Australian Mines

TORONTO, ON - Barrick Gold Corporation has completed the divestiture of its Yilgarn South assets in Western Australia to Gold Fields Limited. The Yilgarn South assets are comprised principally of the Granny Smith, Lawlers and Darlot mines. In aggregate, these mines produced 452,000 ounces in 2012 at all-in sustaining costs (AISC) of $1,137 per ounce and 196,000 ounces in the first half of 2013 at AISC of $1,145 per ounce. Yilgarn South contained proven and probable reserves of 2.6 million ounces measured and indicated resources of 0.6 million ounces and inferred resources of 1.2 million ounces as at December 31, 2012, respectively.

Barrick sold the assets for total consideration of $300 million, subject to a closing adjustment deduction estimated at a value of $30 million. As permitted by the terms of the sale agreement, Gold Fields elected to satisfy the purchase price by delivering 28.7 million of its common shares for half the consideration at a volume weighted average price of $4.70 per share based on the five days prior to, but not including, the closing date of October 1. There are no contractual hold restrictions on the disposition of the shares. Proceeds will be used for general corporate purposes, including debt repayment, and will be recorded in the fourth quarter of 2013.

The divestiture of Yilgarn South is part of Barrick's ongoing portfolio optimization process to maximize free cash flow in line with the company's disciplined capital allocation framework. Barrick maintains its 2013 gold production guidance of 7.0-7.4 million ounces at AISC of $900-$975 per ounce, which are the lowest costs of its senior peer group.