Barrick Gold Corporation Cordilleran Exploration Roundup – January 2003 1 20 YEARS OUT: Observations on the Gold Industry 20 YEARS OUT: Observations on the Gold Industry 20 YEARS OUT: Observations on the Gold Industry 20 YEARS OUT: Observations on the Gold Industry Alan R. Hill Executive Vice President, Development 20 YEARS OUT: Observations on the Gold Industry 1983 Renabie Camflo AMERICAN BARRICK RESOURCES
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Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
1
20 YEARS OUT: Observations on the Gold Industry
20 YEARS OUT:Observations on the Gold Industry
20 YEARS OUT:Observations on the Gold Industry
20 YEARS OUT:Observations on the Gold Industry
Alan R. HillExecutive Vice President, Development
20 YEARS OUT: Observations on the Gold Industry
1983Renabie Camflo
AMERICAN BARRICK RESOURCES
Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
20032003Hemlo
Eskay Creek
GoldstrikeRound Mt.
Alto ChicamaPierina
VeladeroPascua-Lama
Bulyanhulu
YilgarnKalgoorlie
Cowal
BARRICK GOLD CORPORATION
20 YEARS OUT: Observations on the Gold Industry
BARRICK GOLD CORPORATION
MeikleMeikle
Betze-PostBetze-PostGoldstrike
8 YEARS + 2 MILLION OUNCES
Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
20-YEAR SPOT GOLD PRICES$500
$400
$300
$200
83 85 87 89 91 93 95 97 99 01 03
20 YEARS OUT: Observations on the Gold Industry
20-YEAR SPOT GOLD PRICES$500
$400
$300
$200
83 85 87 89 91 93 95 97 99 01 03
Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
GLOBAL POLITICAL SHIFTS
Build the best business plan
Remain flexible and vigilant
Opportunity or Obstacle
20 YEARS OUT: Observations on the Gold Industry
GLOBAL GOLD MINING INDUSTRY
DECLININGPRODUCTION
NEW MINEDISCOVERIES
Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
LONGER PERMITTING PROCESSES
§ Open pit permitting and construction
2003 2004 2005 2006 2007 2008 2009 2010
2003 2004 2005 2006 2007
§ Underground permitting and construction
20 YEARS OUT: Observations on the Gold Industry
GLOBAL GOLD MINING INDUSTRY
DECLININGPRODUCTION
NEW MINEDISCOVERIES
TECHNOLOGYADVANCES
Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
BARRICK DEVELOPMENT PROJECTS
§ Cowal Project, Australia- Acquired with EIS in place
§ Veladero Project, Argentina- Exploitation agreement signed- Road construction mobilized
§ Alto Chicama Project, Peru- Working on permitting and EIS
20 YEARS OUT: Observations on the Gold Industry
20232023Pascua-Lama
Bulyanhulu
BARRICK GOLD CORPORATION
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Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
2002 BUDGET $100M BY REGION(millions of dollars)
Nevada11
Peru 35
3Canada
7 Australia
9 Tanzania
Chile/Argentina
22
3 Other10
Corporate Development and other
20 YEARS OUT: Observations on the Gold Industry
EXPLORATION PROGRAM METRICS
§ Cost of Discovery
$3.00/oz.
$12.00/oz.
§ Cost of Replenishment
Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
RISING GOLD PRICE ENVIRONMENT
01 03
$500
$400
$300
$200
§ Development projects and mine production which are marginal
- Growth in GDP- Employment and training- Social progress- Economic prosperity
Barrick Gold CorporationCordilleran Exploration Roundup – January 2003
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20 YEARS OUT: Observations on the Gold Industry
FORWARD LOOKING STATEMENT
Certain statements included herein regarding realized gold prices, gold lease rates and contango constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Barrick or of the gold mining industry to be materially different from future results, performance of achievements expressed or implied by those forward looking statements. Barrick is subject to the effects of changes in the worldwide price of gold and the risks involved in mining operations. These factors are discussed in greater detail in Barrick's most recent Annual Information Form and Management's Discussion and Analysis on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.