Barrick Completes Sale of 50 Percent of Zaldivar Mine, Formation of New Partnership with Antofagasta Plc

TORONTO, ONTARIO--(Marketwired - Dec. 1, 2015) -

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the "company") today announced it has completed the sale of a 50 percent interest in the Zaldívar copper mine to Antofagasta Plc.

"The sale of 50 percent of Zaldívar has strengthened our balance sheet while allowing us to maintain significant exposure to a strong cash-generating operation," said Barrick President Kelvin Dushnisky. "We are excited to form a new partnership with Antofagasta Plc that will provide a platform to collaborate and share knowledge, with the potential to deliver value for both companies."

There have been no material changes to the terms of the acquisition since the announcement of the transaction.

The proceeds of the sale will be used to reduce debt. Barrick has announced asset sales, joint ventures and partnerships worth $3.2 billion since the start of 2015. The company is on track to meet its stated debt reduction target of $3 billion for 2015, which, when completed, will represent a 23 percent reduction in total debt since the start of the year.

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Certain information contained in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "potential", "will", "target" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities; changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and political or economic developments in Chile and other jurisdictions in which the company does or may carry on business in the future; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; diminishing quantities or grades of reserves; operating or technical difficulties in connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; damage to the company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the company's handling of environmental matters or dealings with community groups, whether true or not; the speculative nature of mineral exploration and development; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; fluctuations in the currency markets; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; our ability to successfully complete transactions; and employee relations.
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