Hemlo JV

Barrick has a 50% interest in the Hemlo operations, which consist of two underground mines, the Williams (which includes an open-pit mine) and David Bell mines, located in the Hemlo Gold Camp, approximately 350 kilometers east of Thunder Bay, Ontario. The mines are operated by a company owned equally by a subsidiary of Barrick and a subsidiary of Teck Cominco Limited.

The Williams and David Bell mines share milling, processing and tailings facilities. Ore from the two mines is co-mingled and fed to a standard grind, leach and CIP extraction mill.

In 2007, Barrick’s share of Hemlo gold production was 169,000 ounces at average total cash costs of $529 per ounce¹. The company’s shares of proven and probable mineral reserves as of December 31, 2007 are estimated at 633,000 ounces of gold².