TORONTO, ONTARIO--(Marketwired - Nov. 12, 2015) -

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or the "company") today announced that it has entered into agreements to sell a number of non-core assets in Nevada for $720 million in cash, including 100 percent of the Bald Mountain mine, 100 percent of the Ruby Hill mine, Barrick's 50 percent interest in the Round Mountain mine and the company's 70 percent interest in the Spring Valley project.

Including these transactions, 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.

"The sale of these assets is consistent with our strategy to create long-term value for our shareholders by strengthening the balance sheet and further focusing our portfolio on core mines that will drive free cash flow growth," said Barrick President Kelvin Dushnisky. "As we move into 2016 and beyond, we will continue to take steps to strengthen our balance sheet, but we will balance debt repayments with investments to drive future growth in free cash flow and EBITDA."

Barrick has reached an agreement to sell the company's 50 percent interest in the Round Mountain mine and 100 percent of the Bald Mountain mine to Kinross Gold Corporation ("Kinross"). Barrick and Kinross have also agreed to form an exploration joint venture that will own a large land package on the Bald Mountain property. Each company will own 50 percent of the joint venture and will fund exploration activities and advance new mine development opportunities on a 50-50 basis, with Kinross acting as the operator. The consideration for these assets is $610 million in cash.

"We are excited to form a new partnership with Kinross that allows us to maintain significant exposure to a highly prospective exploration land package at Bald Mountain," said Mr. Dushnisky.

Barrick has also reached an agreement to sell the company's 70 percent interest in the Spring Valley project and Barrick's 100 percent interest in the Ruby Hill mine to subsidiaries of Waterton Precious Metals Fund II Cayman, LP ("Waterton") for $110 million in cash.

"Through this sales process we have developed a strong working relationship with Waterton and we look forward to collaborating with them in the future should the right opportunities arise," added Mr. Dushnisky.

Both transactions are subject to customary closing conditions. The transaction with Waterton is expected to be completed by the end of 2015. The transaction with Kinross is expected to be completed by mid-January 2016.

"We would like to extend our appreciation to our employees at these operations, who have made many important contributions to Barrick. We are confident that they will continue to thrive under new ownership," said Mr. Dushnisky.

CIBC World Markets Inc. is acting as financial advisor to Barrick. Parsons Behle & Latimer and Davies Ward Phillips & Vineberg LLP are acting as legal counsel to Barrick.


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 "will", "expect", "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 in light of management's experience and perception of current conditions and expected developments, 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; the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; 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; 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; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the company does or may carry on business in the future; 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 possibility that future exploration results will not be consistent with the company's expectations; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; 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.
In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact Information:

Angela Parr
Vice President, Investor Relations
+1 416 307-7426

Susan Muir
Vice President, Investor Communications
+1 416 307-5107

Andy Lloyd
Senior Vice President, Communications
+1 416 307-7414