Barrick Pours First Gold at Buzwagi

 

TORONTO, ON - Barrick Gold Corporation reported the first gold pour at its Buzwagi mine in Tanzania. In 2009, Buzwagi is expected to produce approximately 200,000 ounces of gold at total cash costs of $320-$335 per ounce. In production, the mine will be one of the country's largest mining operations. Buzwagi is the sixth Barrick project brought into production on time in the last six years.

"For any mining company, a new mine entering production is always an exciting time - particularly for the development team," said President and CEO Aaron Regent. "The team constructed Buzwagi on time and in line with its budget of about $400 million. They also successfully managed to do this with an outstanding safety record."

Buzwagi is the first of Barrick's new generation of mines to enter production. Cortez Hills in Nevada is expected to come into production in the first quarter of 2010(1) and Pueblo Viejo in the Dominican Republic is targeted for the fourth quarter of 2011. Combined, the three projects represent almost two million ounces of production(2) at lower cash costs than the current portfolio average. The Company's next project on the horizon is the Pascua-Lama project which lies on the Chile/Argentina border.

The company’s address is 161 Bay Street, Suite 3700, P.O. Box 212, Toronto, ON M5J 2S1, (416) 861-9911, fax: (416) 861-2492.