Barrick Achieves 2016 Production Guidance

TORONTO, ON - Barrick Gold Corporation reported preliminary full-year gold production of 5.52 million ounces for 2016, at the high end of the Company's guidance of 5.25-5.55 million ounces. The Company produced 1.52 million ounces of gold in the fourth quarter. Cost of sales applicable to gold is expected to be at the low end of the guidance range of $800-$850 per ounce for 2016. Full-year all-in sustaining costs are expected to be at or slightly below the low end of the full-year guidance range of $740-$775 per ounce of gold.

Preliminary full-year copper production was 415 million pounds, also in line with production guidance of 380-430 million pounds for 2016. Copper production in the fourth quarter was 101 million pounds. Full-year cost of sales applicable to copper is expected to be $1.35-$1.55 per pound for 2016, with all-in sustaining costs of $2.00-$2.20 per pound.

"Our portfolio delivered progressively stronger performance over the course of 2016 as we focused on driving improvements in productivity and efficiency across our operations," said Barrick President Kelvin Dushnisky. "Through the acceleration of Best-in-Class initiatives, we are driving down costs, expanding margins, and maximizing free cash flow across the portfolio. This will remain a focus in 2017 as we target step changes in performance.”