EXPLORATION & DEVELOPMENT PROJECTS UPDATE November 2002
VELADERO PROJECT UPDATE – OCTOBER 2, 2002 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
Alan R. Hill Alex J. Davidson Executive Vice President, Development Senior Vice President, Exploration
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION PHILOSOPHY ! Target: Gold - Potential for >2 million oz. deposits ! Types: - Carlin Type - High/Low Sulphidation - Greenstone Hosted
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
1 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
EXPLORATION PHILOSOPHY ! Countries with the best potential for: - >2 million ounce deposits - Low-cost orebodies ! Primary: Peru, Tanzania, Australia, USA ! Secondary: Canada, Chile, Argentina, Russia
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION PHILOSOPHY ! Geographical mix of projects at various stages ! Maximize chances of near term discovery ! Advance the best projects ! Ready for third party discoveries
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
2 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
EXPLORATION PHILOSOPHY ! Reinvigorated grassroots exploration: -Peru -Tanzania - Australia - Chile / Argentina
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION TEAM
Moscow Toronto Elko ! 100 Geoscientists ! Chief Geologist, Chief Geophysicist, Chief Geochemist
Dar es Salaam Lima La Serena Perth
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
3 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
2002 BUDGET $100M BY REGION (millions of dollars)
Chile/ Canada Argentina 3 22 Nevada 11
7 Australia
9 Tanzania Peru 35 3 Former S.U. & other 10 Corporate Development and other
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
2002 BUDGET $100M BY WORK TYPE (as percentage)
Grassroots 8 Target Delineation 7
10 Drill Testing Reserve 60 Development
15 Advanced Exploration
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
4 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
REPLACING RESERVES 1990 – 2002 (millions of ounces) 82 ! Mined 37 million ounces
! Acquired 46 million ounces 60 ! Discovered 60 million ounces
20 4
46 37
1990 Total Acquisitions Divestitures Reserve 12/31/01 P&P Reserves Mined Additions P&P Reserves (net of major acquisitions/ divestitures) EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
TECHNOLOGY IN EXPLORATION Titan System (minesite exploration) ! Magnetotelluric (MT) + I.P. ! Completed over Goldstrike, Rossi and Dee properties ! Allows deeper penetration + able to map units at depth ! Higher signal to noise ratio
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
5 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
TECHNOLOGY IN EXPLORATION BLEG ! Regional geochemical sampling technique ! Works in most terrains ! Covers large areas efficiently ! Other geochemical methods ! Identified Alto Chicama
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
TECHNOLOGY IN EXPLORATION Hyperspectral Imaging Silica ! Regional remote sensing Alunite ! Aster from space Kaolinite ! Airborne regional surveys ! Identifies and maps alteration ! Interpretation is critical ! Ground follow-up
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
6 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
BALANCED EXPLORATION PIPELINE
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
Patagonia Tanami Kirondatal Eskay Creek Lagunas N. and 6 others and 15 others Buly Area and 4 others Rossi and 15 others and 2 others
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development Valdivia LOS MENUCOS Viedma Puerto Rio Negro P A T A G O N I A Montt P A T A G O N I A Chubut Puerto Madryn Esquel
ANGELA COSTA ! Large areas selected Comodoro Rivadavia on basis of favourable geology and known
DESEADO showings CORDILLERA Vanguardia ! Data searches ongoing Santa Cruz ! Then apply “Weights
EXPLORATION & DEVELOPMENT UPDATE of– NOVEMBER Evidence 2002 technique”
7 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development TARGET SELECTION Weights of Evidence 1 Assemble data from all sources, landsat, govt. maps, etc. 2 Assign favourable criteria a “score”
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development TARGET SELECTION Weights of Evidence 3 Layer the various data and highlight the higher scoring areas 4 Field visit/ map/ sample – then stake
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
8 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development Valdivia LOS MENUCOS Viedma Puerto Rio Negro P A T A G O N I A Montt P A T A G O N I A Chubut Puerto Madryn Esquel
ANGELA COSTA ! Field visits to areas Comodoro Rivadavia ! Acquire areas ! Develop targets DESEADO CORDILLERA Vanguardia
Santa Cruz
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
Timor Sea A U S T R A L I A
Birrindudu ! Large Tanami Birrindudu unexplored Exploration Gulf of land position Supplejack Carpentaria Supplejack ! 50km long Tent Hill/ Fort Hill Downs Slatey Creek gold trend Billiluna Larranganni Groundrush
Tanami Tanami Mine Tanami Billiluna Balgo SW Pargee Coyote Bloodwood Mount Isa Callie Mine Western Australia Northern Territory 0 km 20 40 EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002Queensland
9 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development Lake Victoria Greenstone Belt MUSOMA-TARIME Lake Victoria
MWANZA T A N Z A N I A
Kabanga Geita GEITA Tulawaka Bulyanhulu TULAWAKA Golden Ridge BULYANHULU Shinyanga Kahama ! Dominant land position GOLDEN PRIDE SEKENKE Kirondatal ! Underexplored belts ! Numerous gold prospects TABORA EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
0 km 20 40
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
KIRONDATAL - SEKENKE DISTRICT ! New 9km long mineralized horizon ! Economic intersections in several places ! Plan is to continue drilling to establish continuity
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
10 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development BULYANHULU DISTRICT
7 K ! Consolidated land M position around Buly REEF 1 ! New strong and long anomalies parallel to Bulyanhulu Golden Horseshoe and extending south
from Buly deposit Significant RC drill intersections 8 ! Previous ore grade/ K M width intersections
5 K M
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development Eskay Creek
Stewart C A N A D A
Smithers
A L B E R T A B R I T I S H C O L U M B I A
Banff
Pacific OceanEXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 Vancouver
11 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
Deep 2002 Results - North Eskay Adrian ∗ C02-1159/975X C02-1103W C02-1146 ! Good evidence for 14.9 gpt/1.5m 9.5 gpt/2.0m continuation of C02-1148 C02-1157 mineralization to depth C02-1153 NW West NEX ! DrillingLimb from surface C02-1152 and underground 15.5 gpt/1.0m 44 Zone 24.9 gpt/9.7m C02-1154/55/56
C02-1158/1160/X Eskay Water 13.6 gpt/2.2m 6 Creek HW/NEX Tower C02-1151 Minesite 8 C02-115016.9 gpt/2.0m 109 C02-1147/1149
C02-1161/1162 East Limb C02-1163 EXPLORATION & DEVELOPMENT21B UPDATE – NOVEMBER 2002 0 150 300 metres
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration DevelopmentC02-1 21A ∗ 2002 Results - South Eskay ! New zone southwest of Eskay C02-1171
e C02-1168/1169/1178/920X ! High grade / economicr widths tu c u tr S C02-1172/73 22 g in Zone d n u o 18.3gpt/1.8m -B in s a B 32.8 gpt/4.7m l a ti n te o P
Air Magnetic Anomaly
C02-1175 Mackay MP02-11 C02-1177 Adit Assays Pending 0 400 800 EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 metres
12 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
P E R U
Cajamarca Huamachuco Trujillo Alto Chicama Cajamarca Pacific Ocean Pierina Huaraz La Libertad Huamachuco Alto Chicama Trujillo
LIMA ! Started as a grassroots project Ancash ! Progressed all the way up the pipeline Pierina BLEG and B+H technologies Arequipa ! EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 Huaraz
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
Lagunas Norte – Diamond Drill Holes (50-meter radius of influence)
EN OP
MINERALIZED
INFILL PROGRAM rn tte pa BARREN rill . d 0m 10 Volcanics and Sediments
N
E
P
O
EN OP EXPLORATION & DEVELOPMENT UPDATE 1– NOVEMBERkm. 2002
13 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
Lagunas Norte – Grade Thickness (grams x metres)
EN OP
GRADE THICKNESS (grams x metres) rn tte > 500 pa rill d 225 – 500 m. 00 1 125 – 225
75 – 125
35 – 75
0 – 35
N
E on P ti O ec l s NE ca 0 rti 20 ve 4 on EN OP EXPLORATION & DEVELOPMENT UPDATE 1– NOVEMBERkm. 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
Lagunas Norte (vertical section along 4200NE)
LEGEND Oxide mineralization Sulfide mineralization Faults Diamond drill holes
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
14 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Grassroots Target Drill Advanced Reserve Delineation Testing Exploration Development O R E G O N
266800 267000 267200 267400 267600 N E V A D A 292200Rossi 292200
49er GoldstrikeZONE
292000 292000Elko
PROPPOSED DRIILLLL FANS
291800 291800
DEEP NORTTH DEPPOSIITT Reno 291600 291600 2003 PROGRAM 291400 291400 ! Testing CEM targets
SSTTORM DECLLIINE 291200DECLLIINE 291200 on Dee and Rossi GLAMIISS WORKIINGSS
San Francisco 267000 267200 267400 267600 PROPOSED STORM UNDERGROUND 0 100 200 Underground NN ! RossiDEVELOPMENT Exploration DRILLING PROGRAM FEET 10/04/02 JTK/mgr 2003 drillfans w program to convert Rossi resource to reserve Las Vegas C A L I F O R N I A Pacific EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 Ocean
15 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
BARRICK GOLD EXPLORATION ! >2 million ounce gold deposits ! High priority countries ! Robust project pipeline ! Sustained exploration budget ! Low-cost reserve replacement and growth ! Latest technology + old fashioned geology
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
Alan R. Hill Alex J. Davidson Executive Vice President, Development Senior Vice President, Exploration
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
16 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Pascua-Lama GROWTH PIPELINE 800 (thousands of ounces @ cost per ounce) @ $85 Alto Chicama Veladero 500 530 @ @ $155 $130 Cowal 270 @ $170
2005 2005 2006 2008
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
GROWTH PIPELINE (millions of dollars) ! Initial capital cost: $2 billion
Alto Chicama $300- 350 Cowal $180 Pascua-Lama $1,175 $425
Veladero
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
17 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
P E R U
Cajamarca Huamachuco Trujillo Alto Chicama Cajamarca Pacific Ocean Pierina Huaraz La Libertad Huamachuco Alto Chicama Trujillo
LIMA
Ancash
Pierina Arequipa EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 Huaraz
ALTO CHICAMA PROJECT
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
18 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
ALTO CHICAMA PROJECT OVERVIEW ! Project status: pre-feasibility ! 136 million tons grading 0.054 oz/ton ! Resource: 7.3 million ounces ! Average annual production: 500,000 oz ! Average cost per ounce: $130 ! Initial capital: $300-350 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
ALTO CHICAMA NEXT 12 MONTHS ! Resource extensions & condemnation drilling ! Column testing ! Bulk sample program ! EIS preparation ! Archeological clearing ! Feasibility study
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
19 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Lagunas Norte – Diamond Drill Holes (50-meter radius of influence)
EN OP
MINERALIZED
INFILL PROGRAM rn tte pa BARREN rill . d 0m 10 Volcanics and Sediments
N
E
P
O
EN OP EXPLORATION & DEVELOPMENT UPDATE 1– NOVEMBERkm. 2002
Lagunas Norte Topsoil Stockpile Draft Minesite Plan Heap Processing Leach
e n in li r e w o P
Waste Topsoil Stockpile Waste Dump Dump
Crushing Open Pit Sulphide Stockpile Shop
Waste Dump
Topsoil Stockpile
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 Office/Camp
20 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
A U S T R A L I A
Orange Bathurst Cowal Project SYDNEY West Wyalong New South Wales
Orange
Pacific Ocean
Goulburn Cowal
Wagga CANBERRA Wagga West Wyalong
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
COWAL PROJECT
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
21 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
COWAL PROJECT OVERVIEW ! Project status: optimization of feasibility ! 56 million tons grading 0.049 oz/ton ! Reserves: 2.77 million ounces ! Average annual production: 270,000 oz ! Average cost per ounce: $170 ! Initial capital: $180 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
COWAL PROPERTY PLAN
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
22 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
COWAL PROPERTY PLAN
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
C H I L E / A R G E N T I N A
Pascua-Lama Veladero Project Project La Serena
Cordoba San Juan Pacific Ocean ! 375 km. NNW. of San Juan, Argentina Rosario SANTIAGO ! 600 km. N. of Santiago, Chile
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 BUENOS AIRES
23 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
C H I L E / A R G E N T I N A
Pascua-Lama Veladero Project Project Atacama La Serena San Juan Pascua-Lama Veladero
PotrerilloCordoba Pass San Juan (4,500 m) Despoblados Pass (4,500 m) Pacific Ocean El Indio Mine ! 120 km. access road Conconta Pass (4,850 m) from Tudcum Coquimbo Rosario Tudcum SANTIAGO! $23 million construction ! Complete by June ‘03
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 BUENOS AIRES
PROPERTY PLAN area enlarged
PASCUA-LAMA
CHILE ARGENTINA
VELADERO
012345 EXPLORATION & DEVELOPMENT kilometersUPDATE – NOVEMBER 2002
24 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
VELADERO PROJECT OVERVIEW ! Project status: feasibility completed ! 254 million tons grading 0.037 oz/ton ! Reserves: 9.4 million ounces ! Average annual production: 530,000 oz ! Average cost per ounce: $155 ! Initial capital: $425 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
LONGITUDINAL SECTION
Filo Federico Cuatro Esquinas Amable
Proposed pit outline Proposed pit outline
! 15.13 million ounce gold resource
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
25 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
AMABLE SCHEMATIC ALTERATION CROSS SECTION, LOOKING NORTH
West
Colluviu
Cerro Pelado Silica West Steam Heated Silica Silica Alunite
Alunite Silica Amable Illite Silica Propyllitic 0 1000 2000 Meters
Zone 203 East
Proposed pit outline
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
GEOLOGICAL DATA BASE ! 110 diamond drill holes ! 747 reverse circulation drill holes ! 509 meters of tunnel in Amable ! 638 meters of tunnel in Filo Federico ! 227,664 samples in total
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
26 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
DRILL HOLE AND TUNNEL
Filo LOCATIONS Federico
Cuatro Esquinas
Amable EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION areaarea enlargedenlarged DRIFT
Filo Filo Federico Decline Plan ViewFederico
55m @2.75 g/t N
Cuatro Esquinas 187m @5.91 g/t
Assays from Channel Samples (~1 meter, in grams per tonne)
48m @ 4.4 g/t
012
Amablekilometers EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
27 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
OPEN PIT RESERVES Amable Filo Mario Filo Total Federico Total Tonnes (kt) 236,202 9,360 687,785 933,347 Crush Feed Total Tonnes (kt) 35,489 3,184 148,430 187,103 Contained Au Grade (g/t) 2.200 1.438 1.287 1.463 Contained Au Ounces (x 1000) 2,510 147 6,143 8,800 ROM Total Tonnes (kt) 3,223 584 39,786 43,604 Contained Au Grade (g/t) 0.392 0.430 0.418 0.417 Contained Au Ounces (x 1000) 41 8 535 584 Total Ore Total Tonnes (kt) 38,722 3,768 188,217 230,707 Contained Au Grade (g/t) 2.049 1.282 1.104 1.265 Contained Au Ounces (x 1000) 2,551 155 6,678 9,386
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PROBABLE RESERVE SUMMARY
Ore tonnes (million) 231 Gold (g/t) 1.265 Silver (g/t) 15.05 Contained Gold (million oz) 9.386 Total tonnes mined in-pit (million) 934 Stripping ratio 3.051 Tonnes mined/contained oz Au 99.5
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
28 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
GOLD RECOVERIES
Amable Filo Federico Type I 75% 80% Type II 49% 49% Crushed ore 81% Run of mine 19%
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
RESERVES BY DEPOSIT
Deposit Tonnes Grade Ounces millions g/t millions Filo Type I 173.9 1.102 6.18 Filo Type II 17.9 1.152 0.66 Amable Type I 29.1 1.811 1.69 Amable Type II 9.7 2.762 0.86 Total 9.39
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
29 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
VELADERO PROJECT
CHILE
Pascua- Penelope Lama
Filo Amable VELADERO Federico
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
VELADERO PROJECT
Potrerillos Amable Filo Heap Leach Plant Open Pit Federico Area Site Area Open Pit
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
30 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Truck Loadout
Valley Fill Heap Leach
Merrill Crowe Dam Process Plant Truckshop & Admin.
Pond Dam
Pond
Dam Merrill Crowe Process Plant PIERINA MINE Pond
45
EXPLORATION & DEVELOPMENTDam UPDATE – NOVEMBER 2002
PROCESS FLOWSHEET SECONDARY CRUSHING PRIMARY CRUSHING Screens (2) 2000 tonne Cone Lime Surge Crushers Stockpile Gyratory (2) Crusher
Emitters LEACHING CIRCUIT
Dam Valley-Fill Heap Leach REFINING CIRCUIT Pregnant Solution
PREGNANT SOLUTION CLARIFICATION Filter Presses (5) NaCN Deaeration Tower Mercury Pressure Retorts (2) Leaf Filters (5) Zinc Dust Induction Unclarified Clarified Refining Barren Pregnant Pregnant Furnace Solution Solution Solution Recirc. Tank EXPLORATIONTank & DEVELOPMENT UPDATE – NOVEMBERGold 2002 Bullion
31 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
PRODUCTION STATISTICS ! Mining capacity: 80 million tonnes/year ! Crushing: 12.6 million tonnes/year ! Run of mine: 3.5 million tonnes/year
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
DM-M2 Production Drills
Open Pit operations
Open Pit operations
012345
EXPLORATIONkilometers & DEVELOPMENT240-ton UPDATE haultrucks – NOVEMBER and 372002 cubic meter shovels
32 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Crushing
Primary Crusher at Pierina
01234
EXPLORATIONkilometers & DEVELOPMENTSecondary UPDATE Crusher – NOVEMBER at Pierina 2002
Truck Loadout Bin
Haultruck and Truck Loadout Bin at Pierina
012345
EXPLORATIONkilometers & DEVELOPMENT UPDATE – NOVEMBER 2002
33 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
Valley-fill heap leach at Pierina
Valley-Fill Heap Leach
012345
EXPLORATIONkilometers & DEVELOPMENT UPDATE – NOVEMBER 2002
Merrill Crowe process plant at Pierina
Merrill Crowe Process Plant
012345
EXPLORATIONkilometers & DEVELOPMENT UPDATE – NOVEMBER 2002
34 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
SCHEDULE TO COMMISSIONING ! Nov. 2002: Access Road Construction ! May 2003: Environmental Impact Approval ! July 2003: Barrick Board Approval ! Oct. 2003: Mine Prestrip Begins ! Sep. 2005: Pad Loading ! Mar. 2006: Process commissioning
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
CAPITAL COST OF CONSTRUCTION US$ millions Mining $ 155 Process plant and heap leach 59 Infrastructure 44 Indirect cost 91 Contingency 41 Owners cost 35 Total capital cost $ 425
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
35 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
OPERATING COSTS US$ per ounce Mining $84 Processing 33 G&A 30 Refining 3 Royalties and taxes 5
Total $155
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
VELADERO PROJECT ECONOMICS rate of return as percent
14% at $325 gold
12% at $300 gold
8% cost of capital
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
36 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
PASCUA-LAMA PROJECT LOCATION area enlarged
PASCUA-LAMA
CHILE ARGENTINA
VELADERO
012345 EXPLORATION & DEVELOPMENTkilometers UPDATE – NOVEMBER 2002
PASCUA-LAMA PROJECT
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
37 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
PASCUA-LAMA PROJECT OVERVIEW ! Project status: feasibilty ! 296 million tons grading 0.057 oz/ton ! Reserves: 16.9 million ounces ! Average annual production: 800,000 oz ! Average cost per ounce: $85 ! Initial capital: $1,175 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PASCUA PROJECT ECONOMICS ! Synergies with Veladero - Administration -Mine camp - Access road ! Peso devaluation ! Optimization
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
38 Barrick Gold Corporation Exploration and Development Projects Update – November 2002
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.
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