Barrick Achieves 2015 Production Guidance

TORONTO, ON - Barrick Gold Corporation reported preliminary 2015 full-year production of 6.12 million ounces of gold, in line with the company's updated guidance of 6.0-6.15 million ounces. Preliminary full-year copper production of 511 million pounds also met guidance of 480-520 million pounds.

"We are pleased with the solid performance of our portfolio in 2015," said Barrick President Kelvin Dushnisky. "In addition, we significantly improved our liquidity and strengthened our balance sheet, meeting our $3 billion debt reduction target through disciplined non-core asset sales, partnerships and free cash flow. As a result, we reduced our total debt by 24 percent last year."

Preliminary fourth quarter and 2015 highlights include: Gold production of 1.62 million ounces and copper production of 138 million pounds in the fourth quarter; The realized average gold price1 is expected to be $1,105 per ounce in the fourth quarter and $1,157 per ounce for the full year. The realized average copper price is expected to be $2.16 per pound in the fourth quarter and $2.37 per pound for the full year.

Barrick is in the process of carrying out its annual accounting impairment review. Preliminary analysis indicates potential goodwill impairment charges of approximately $1.8 billion, and asset impairment charges in the range of $1.0-$1.2 billion primarily related to Pascua-Lama and Pueblo Viejo. For impairment testing purposes, the company will use a gold price assumption of $1,000 per ounce for 2016 and a long-term gold price assumption of $1,200 per ounce.

"In line with our objective of generating positive returns in virtually any foreseeable gold price environment, we have decided to use pricing for our impairment testing that is prudent in current market conditions," said Dushnisky.